Public Storage Announces Pricing of 4.625% Cumulative Preferred Shares of Beneficial Interest, Series L
June 08 2020 - 5:35PM
Business Wire
Tom Boyle, Chief Financial Officer of Public Storage (NYSE:PSA,
the “Company”), announced that the Company has priced a public
offering of 20,000,000 depositary shares at $25.00 per depositary
share, with each depositary share representing 1/1,000 of a 4.625%
Cumulative Preferred Share of Beneficial Interest, Series L. The
offering is expected to result in $500 million of gross proceeds
(assuming no exercise of the underwriters’ overallotment option)
and to close on or about June 17, 2020, 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, which
may include redemption of, in whole or in part, its 5.375%
Cumulative Preferred Shares, Series V, or any other series of its
preferred shares.
BofA Securities, Inc., 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: BofA
Securities, Inc., 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@bofa.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. At March 31, 2020, we had: (i) interests
in 2,492 self-storage facilities located in 38 states with
approximately 170 million net rentable square feet in the United
States, (ii) an approximate 35% common equity interest in Shurgard
Self Storage SA (Euronext Brussels:SHUR) which owned 234
self-storage facilities located in seven Western European nations
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 28 million rentable square feet of
commercial space at March 31, 2020. Our headquarters are located in
Glendale, California.
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20200608005748/en/
Ryan Burke (818) 244-8080, Ext. 1141
Public Storage (NYSE:PSA)
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