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Buy (3.18 out of 4)
43rd percentile
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Preferred Stock Offerings
By Preferred Stock Channel Staff, updated Friday, April 26, 12:53 PM
Slide #458. Public Storage — Preferred Stock Offering
Company: |
Public Storage (NYSE:PSA) |
Date announced: |
4/10/2014 |
Shares Offered: |
2,000,000 |
Date of Pricing: |
4/10/2014 |
Price Per Share: |
$25 |
Preferred Stock Offering Details: |
John Reyes, Senior Vice President and Chief Financial Officer of Public Storage (NYSE:PSA), announced that the Company has priced a public offering of an additional 2,000,000 depositary shares at $25.00 per depositary share plus accrued dividends from and including March 17, 2014, with each depositary share representing 1/1,000 of a 6.375% Cumulative Preferred Share of Beneficial Interest, Series Y. The offering is expected to close on April 10, 2014. Combined with the earlier sale of Series Y Preferred Shares announced on March 10, 2014, and the underwriters' exercise of the over-allotment option in connection with such earlier sale on March 31, 2014, the Company expects to sell a total of 11,400,000 depositary shares for gross proceeds of approximately $285 million. |
Public Storage is a real estate investment trust. Co. acquires, develops, owns and operates self-storage facilities, which provide storage spaces for lease on a month-to-month basis, for personal and business use. Co. is an owner and operator of self-storage facilities in the U.S. in most primary markets and states. A wholly-owned, consolidated subsidiary of Co. reinsures such policies and thereby assumes various risk of losses under these policies and receives reinsurance premiums substantially equal to the premiums collected from its tenants, from the non-affiliated insurance company. In addition, Co. sells merchandise, primarily locks and cardboard boxes at its self-storage facilities. Preferreds: PSA.PRT, PSA.PRU, PSA.PRV, PSA.PRW, PSA.PRX, PSA.PRY, PSA.PRZ, PSA.PRA, PSA.PRB, PSA.PRC, PSA.PRD, PSA.PRE, PSA.PRF, PSA.PRG, PSA.PRH, PSA.PRI, PSA.PRJ, PSA.PRK, PSA.PRL, PSA.PRM, PSA.PRN, PSA.PRO, PSA.PRP, PSA.PRQ, PSA.PRR, PSA.PRS
Open the PSA Page at Preferred Stock Channel »
Name: |
Public Storage |
Website: |
www.publicstorage.com |
Sector: |
REITs |
Number of ETFs Holding PSA: |
109 (see which ones) |
Total Market Value Held by ETFs: |
$7,134,017,877.36 |
Total Market Capitalization: |
$46,061,000,000 |
% of Market Cap. Held by ETFs: |
15.49% |
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Open the PSA Page at Preferred Stock Channel (in a new window) »
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