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Buy (3.38 out of 4)
48th percentile
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 Preferred Stock Offerings
By Preferred Stock Channel Staff, updated Wednesday, August 17, 8:34 AM
Slide #529. Public Storage — Preferred Stock Offering
| Company: |
Public Storage (NYSE:PSA) |
| Shares Offered: |
18,000,000 |
| Date of Pricing: |
1/8/2013 |
| 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 18,000,000 depositary shares at $25.00 per depositary share, with each depositary share representing 1/1,000 of a 5.20% Cumulative Preferred Share of Beneficial Interest, Series W. The offering is expected to result in $450 million of gross proceeds (assuming no exercise of the underwriters' overallotment option) and to close on or about January 16, 2013. The Company expects to use a portion of the net proceeds to repay all the outstanding indebtedness under its revolving credit facility. The Company also expects to use any additional net proceeds for general corporate purposes, which may include investments in self-storage facilities and in entities that own self-storage facilities. |
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
 Open the PSA Page at Preferred Stock Channel »
| Name: |
Public Storage |
| Website: |
www.publicstorage.com |
| Sector: |
REITs |
| Number of ETFs Holding PSA: |
117 (see which ones) |
| Total Market Value Held by ETFs: |
$9,799,820,524.65 |
| Total Market Capitalization: |
$61,738,000,000 |
| % of Market Cap. Held by ETFs: |
15.87% |
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Open the PSA Page at Preferred Stock Channel (in a new window) »
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