Public Storage Announces Pricing of 5.60% Cumulative Preferred Shares of Beneficial Interest, Series H
February 28 2019 - 5:16PM
Business Wire
Tom Boyle, Chief Financial Officer of Public Storage (NYSE:PSA,
the “Company”), announced that the Company has priced a public
offering of 11,400,000 depositary shares at $25.00 per depositary
share, with each depositary share representing 1/1,000 of a 5.60%
Cumulative Preferred Share of Beneficial Interest, Series H. The
offering is expected to result in $285 million of gross proceeds
and to close on or about March 11, 2019, subject to the
satisfaction of 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, including the redemption of our 6.375% Series Y
Preferred Shares.
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, telephone 1-866-718-1649; 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 REIT that primarily acquires, develops, owns and operates
self-storage facilities. The Company’s headquarters are located in
Glendale, California. At December 31, 2018, we had interests in
2,429 self-storage facilities located in 38 states with
approximately 162 million net rentable square feet in the United
States and we owned a 35.2% common equity interest in Shurgard Self
Storage SA (Euronext Brussels:SHUR), which owned 232 self-storage
facilities located in seven Western European nations with
approximately 13 million net rentable square feet operated under
the “Shurgard” brand. We also own 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
at December 31, 2018.
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, current 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190228006055/en/
Ryan Burke(818) 244-8080, Ext. 1141
Public Storage (NYSE:PSA)
Historical Stock Chart
From Aug 2024 to Sep 2024
Public Storage (NYSE:PSA)
Historical Stock Chart
From Sep 2023 to Sep 2024