Public Storage’s 4.95% cumulative preferred stock lists on NYSE

By Stephanie N. Rotondo

Seattle, July 21 – Public Storage’s $300 million of 4.95% series D cumulative preferred shares were admitted to the New York Stock Exchange on Thursday.

The ticker is “PSAPD.” The deal came July 13.

Price talk was 4.95% to 5%.

BofA Merrill Lynch, Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities LLC are the joint bookrunners. Citigroup Global Markets Inc. was a co-manager.

The bookrunners each subscribed for 2.88 million of the preferreds. Citigroup subscribed for 480,000 preferreds.

Dividends will be payable on the last day of March, June, September and December, beginning Sept. 30. The preferreds become redeemable on or after July 20, 2021 at par plus accrued dividends.

The Glendale, Calif.-based real estate investment trust will use 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.

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