Public Storage Announces Pricing of 4.90% Cumulative Preferred Shares of Beneficial Interest, Series E
October 06 2016 - 6:21PM
Business Wire
John Reyes, Senior Vice President and Chief Financial Officer of
Public Storage (NYSE:PSA, the “Company”), announced that the
Company has priced a public offering of 14,000,000 depositary
shares at $25.00 per depositary share, with each depositary share
representing 1/1,000 of a 4.90% Cumulative Preferred Share of
Beneficial Interest, Series E. The offering is expected to result
in $350 million of gross proceeds (assuming no exercise of the
underwriters’ overallotment option) and to close on or about
October 14, 2016, subject to customary closing conditions. The
Company expects to use the net proceeds to make investments in
self-storage facilities and in entities that own self-storage
facilities, for the development of self-storage facilities and for
general corporate purposes.
Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan
Stanley & Co. LLC, UBS Securities LLC and Wells Fargo
Securities, LLC acted as joint book-running managers of the
offering. This announcement shall not constitute an offer to sell
or a solicitation of an offer to buy these securities nor shall
there be any offer or sale of these securities in any state or
jurisdiction in which such an offer, solicitation or sale would be
unlawful. The offering is being made pursuant to an effective shelf
registration statement filed with the Securities and Exchange
Commission (the “SEC”) and only by means of a prospectus and
prospectus supplement. Investors may obtain these documents for
free by visiting EDGAR on the SEC’s website at www.sec.gov.
Alternatively, copies of the prospectus and prospectus supplement
may be obtained by contacting: Merrill Lynch, Pierce, Fenner &
Smith Incorporated, 200 North College Street, NC1-004-03-43,
Charlotte, NC 28255-0001, Attention: Prospectus Department,
telephone: 1-800-294-1322 or email:
dg.prospectus_requests@baml.com; Morgan Stanley & Co. LLC, 180
Varick Street, 2nd Floor, New York, NY 10014, Attn: Prospectus
Department; UBS Securities LLC, 1285 Avenue of the Americas, New
York, NY 10019, Attention: Prospectus Department, telephone:
1-888-827-7275; or Wells Fargo Securities, LLC, 608 2nd Avenue
South, Suite 1000, Minneapolis, MN 55402, Attn: WFS Customer
Service, telephone: 1-800-645-3751 or email:
wfscustomerservice@wellsfargo.com.
Company Information
Public Storage, a member of the S&P 500 and FT Global 500,
is a fully integrated, self-administered and self-managed real
estate investment trust that primarily acquires, develops, owns and
operates self-storage facilities. The Company’s headquarters are
located in Glendale, California. At June 30, 2016, the Company had
interests in 2,310 self-storage facilities located in 38 states
with approximately 151 million net rentable square feet in the
United States and 218 storage facilities located in seven
Western European nations with approximately 12 million net
rentable square feet operated under the “Shurgard” brand. The
Company also owns a 42% common equity interest in PS Business
Parks, Inc. (NYSE:PSB), which owned and operated approximately 28
million rentable square feet of commercial space, primarily flex,
multi-tenant office and industrial space, at June 30, 2016.
Forward-Looking
Statements
When used within this press release, the words “expects,”
“believes,” “anticipates,” “plans,” “would,” “should,” “may,”
“estimates” and similar expressions are intended to identify
“forward-looking statements,” including but not limited to,
statements about the completion, timing and size of the proposed
offering of securities by the Company and the use of net proceeds
of such offering. Such forward-looking statements involve known and
unknown risks, uncertainties and other factors, which may cause our
actual results to be materially different from those expressed or
implied in the forward-looking statements. Such factors include
market conditions and the demand for the Company’s preferred
securities and risks detailed in the Company’s prospectus and
prospectus supplement filed with the SEC in connection with this
offering and in the Company’s SEC reports, including quarterly
reports on Form 10-Q, reports on Form 8-K and annual reports on
Form 10-K. We undertake no obligation to publicly update or revise
forward-looking statements which may be made to reflect events or
circumstances after the date of this release or to reflect the
occurrence of unanticipated events, except as required by law.
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Public StorageClemente Teng(818) 244-8080, Ext. 1141
Public Storage (NYSE:PSA)
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