Preferred Stock Channel
Public Storage | 5.90% Cumulative Preferred Share of Beneficial Interest, Series S (PSA.PRS)

Prospectus excerpt:  We are selling 16,000,000 depositary shares (˘Depositary Shares÷) each representing 1/1,000 of a share of a 5.90% Cumulative Preferred Share of Beneficial Interest, Series S (˘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 2,400,000 additional Depositary Shares to cover over-allotments. The following is a summary of the Preferred Shares: We will pay cumulative distributions on the Preferred Shares, from the date of original issuance, at the rate of 5.90% of the liquidation preference per year ($1.475 per year per Depositary Share). We will pay distributions on the Preferred Shares quarterly, beginning on March 31, 2012 (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 January 12, 2017, except in order to preserve our status as a real estate investment trust. On and after January 12, 2017, 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. Investors in the Depositary Shares representing interests in the Preferred Shares generally have no voting rights, except if we fail to pay distributions for six or more quarters or as required by law.

Full Prospectus PDF », PSA Page »

Alternate symbology:PSA-S, PSA-PS, PSAprS
Call Date:1/12/2017 (Now Trading Post Call Date)
Shares Offered:16,000,000
Liquidation Preference:$25
Recent Market Price:$18.83
Discount to Liquidation Preference:
(More Preferreds Trading at a Discount »)
$-6.17 (-24.68%)
Annualized Dividend:1.025
Recent Ex-Date:12/13/2022
Current Yield:5.44%
Original Coupon:5.90%
Pay Period:Quarterly
Pay Dates:31-Mar, 30-Jun, 30-Sep, 31-Dec
CDx3 Compliance Rating: Learn PSA.PRS's Rating
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.


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Name:  Public Storage
Sector:  REITs
Number of ETFs Holding PSA:  109 (see which ones)
Total Market Value Held by ETFs:  $7,978,493,573.81
Total Market Capitalization:  $51,604,000,000
% of Market Cap. Held by ETFs:  15.46%

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