||Public Storage | 6.375% Cumulative Preferred Share of Beneficial Interest, Series Y (PSA.PRY)
This preferred is marked as having been called.
We are selling 9,000,000 depositary shares (˘Depositary Shares÷) each representing 1/1,000 of a 6.375% Cumulative Preferred Share of Beneficial Interest, Series Y (˘Preferred Shares÷). The Preferred Shares represented by the Depositary Shares will be deposited with Computershare Trust Company, N. A., as depositary. As a holder of Depositary Shares, you will be entitled to all proportional rights, preferences and privileges of the Preferred Shares. We have granted the underwriters an option to purchase up to 1,350,000 additional Depositary Shares solely to cover over-allotments, if any. The following is a summary of the Preferred Shares:
We will pay cumulative distributions on the Preferred Shares, from, and including, the date of original issuance, at the rate of 6.375% of the liquidation preference per year ($1.59375 per year per Depositary Share).
We will pay distributions on the Preferred Shares quarterly, beginning on June 30, 2014 (with the payment on that date being based pro rata on the number of days from the original issuance of the Preferred Shares).
We are not allowed to redeem the Preferred Shares before March 17, 2019, except in order to preserve our status as a real estate investment trust.
On and after March 17, 2019, we may, at our option, redeem the Preferred Shares by paying you $25.00 per Depositary Share, plus any accrued and unpaid distributions.
The Preferred Shares have no stated maturity and are not subject to any sinking fund or mandatory redemption and are not convertible into any other securities.
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|Alternate symbology:||PSA-Y, PSA-PY, PSAprY|
|Call Date:||3/17/2019 (Now Trading Post Call Date)|
|Liquidation Preference:||$25 |
|Pay Dates:||31-Mar, 30-Jun, 30-Sep, 31-Dec|
|CDx3 Compliance Rating:||
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Public Storage is a real estate investment trust. Co.'s business activities include: Self-storage Operations, which acquires, develops, owns and operates self-storage facilities that provide storage spaces for lease on a month-to-month basis, for personal and business use; Ancillary Operations, which reinsures policies against losses to goods stored by customers in Co.'s self-storage facilities and sells merchandise, mainly locks and cardboard boxes, at its self-storage facilities; and Investment in PS Business Parks Inc. (PSB), in which Co. has an equity interest in PSB that owns, operates, acquires and develops commercial properties, mainly multi-tenant flex, office, and industrial parks. |
Preferreds: PSA.PRS, PSA.PRA, PSA.PRD, PSA.PRF, PSA.PRO, PSA.PRX, PSA.PRZ, PSA.PRU, PSA.PRT, PSA.PRR, PSA.PRP, PSA.PRQ, PSA.PRV, PSA.PRW, PSA.PRY, PSA.PRB, PSA.PRC, PSA.PRE, PSA.PRG, PSA.PRH, PSA.PRI, PSA.PRJ
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