Public Storage Announces Price of 4,000% Cumulative Genuine Interest Preferred Shares, Series P |

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GLENDALE, Calif .– (BUSINESS WIRE) – June 7, 2021–

Tom Boyle, Chief Financial Officer of Public Storage (NYSE: PSA, the “Company”), announced that the Company has priced a public offering of 21,000,000 Custodian Shares at $ 25.00 per Custodian Share, each custodian share representing 1 / 1,000 of a% of the cumulative preferred share of the beneficial interest, Series P (the “Series P Preferred Shares”). The offering is expected to generate gross proceeds of $ 525 million (assuming there is no exercise of the underwriters’ over-allotment option) and close on or around June 16, 2021, subject to the satisfaction of customary closing conditions.

The Company expects to use the net proceeds for general corporate purposes, including the repurchase of its 5.125% Cumulative Preferred Shares, Series C. The issuance reflects the continued execution of Public Storage’s strategy to reduce cost. of its capital in place. Since 2015, Public Storage has repurchased or requested the repurchase of $ 4.6 billion of preferred shares, reducing the average cost in place of preferred shares by approximately 120 basis points to 4.7% (including shares preferred series P). During the same period, the Company issued $ 5 billion of unsecured debt at an average rate of 1.9% to finance its strategic growth as well as its free cash flow.

BofA Securities, Inc., Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities, LLC acted as co-managers of the offering. This announcement does not constitute an offer to sell or a solicitation of an offer to buy such securities and there will be no offer or sale of such securities in any state or jurisdiction in which such an offer, solicitation or sale would be illegal. The Company has filed a registration statement (including a prospectus with the Securities and Exchange Commission (the “SEC”) and a prospectus supplement for the offering to which this communication relates. Before investing, you must read the prospectus of this registration statement, the prospectus supplement and other documents that the Company has filed with the SEC for more complete information about the issuer and this offering. Investors can obtain these documents free of charge by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, copies of the Prospectus and Prospectus Supplement can be obtained by contacting: BofA Securities, Inc., 200 North College Street, NC1-004-03-43, Charlotte, NC 28255-0001, Attention: Prospectus Department, phone: 1- 800-294-1322 or e-mail: dg.prospectus—[email protected]; Morgan Stanley & Co. LLC, 180 Varick Street, 2nd Floor, New York, NY 10014, Attn: Prospectus Department, phone 1-866-718-1649; UBS Securities LLC, 1285 Avenue of the Americas, New York, NY 10019, Attention: Prospectus Department, phone: 1-888-827-7275; or Wells Fargo Securities, LLC, 608 2nd Avenue South, Suite 1000, Minneapolis, MN 55402, Attn: WFS Customer Service, phone: 1-800-645-3751 or e-mail: [email protected]

Public Storage, a member of the S&P 500 and the FT Global 500, is a REIT that primarily acquires, develops, owns and operates self-storage facilities. As at March 31, 2021, we held: (i) interests in 2,563 self-storage facilities located in 38 states with approximately 176.2 million net rentable square feet in the United States, (ii) an interest of approximately 35% in ordinary shares in Shurgard Self Storage SA (Euronext Brussels: SHUR) which owned 243 self-storage facilities located in seven Western European countries with approximately 13 million net rentable square feet operated under the “Shurgard” brand and (iii) an approximate 42% common equity interest in PS Business Parks, Inc. (NYSE: PSB) which owned and operated approximately 27.8 million square feet of leasable retail space as of March 31, 2021. Our head office is located in Glendale, California.

Forward-looking statements

When used in this press release, the words “outlook”, “direction”, “expects”, “believes”, “anticipates”, “should”, “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 the net proceeds from such offering. These forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause our actual results to differ materially from those expressed or implied in the forward-looking statements. These factors include market conditions and demand for the Company’s preferred securities and the risks detailed in the Company’s prospectus and prospectus supplement filed with the SEC in connection with this offering and in the SEC’s reports. Company, including Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and Annual Reports on Form 10-K. We assume no obligation to publicly update or revise any forward-looking statements that may be made to reflect events or circumstances after the date of this release or to reflect the occurrence of unforeseen events, except as required by law. required.

(818) 244-8080, ext. 1141

KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: COMMERCIAL BUILDING AND REAL ESTATE CONSTRUCTION AND REAL ESTATE REIT

Copyright Business Wire 2021.

PUB: 06/07/2021 17:11 / DISC: 06/07/2021 17:11

Copyright Business Wire 2021.



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