The following press release was issued by Public Storage on December 14, 2020.
News Release
Public Storage
701 Western Avenue
Glendale, CA
91201-2349
PublicStorage.com
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For release:
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Immediately
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Date:
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December 14, 2020
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Contact:
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Ryan Burke
(818)
244-8080, Ext. 1141
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Public Storage Announces Redemption of All Outstanding Depositary Shares Representing Interests in Its 5.40%
Cumulative Preferred Shares, Series B
GLENDALE, Calif.(BUSINESS WIRE)Public Storage (NYSE:PSA) announced today that it is calling for
redemption all outstanding depositary shares representing interests in its 5.40% Cumulative Preferred Shares, Series B (NYSE:PSAPrB) on January 20, 2021 at $25 per depositary share plus accrued dividends from January 1, 2021 through the
date of redemption. The aggregate redemption amount, before payment of accrued dividends, to be paid to all holders of the depositary shares is $300,000,000.
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 September 30, 2020, we had: (i) interests in 2,504 self-storage facilities located in 38 states with
approximately 171 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 239 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 September 30, 2020. Our headquarters are located in Glendale, California.
Additional information about Public Storage is available on the Companys website at www.PublicStorage.com.
Forward-Looking Statements
This press release
contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements in this press release, other than statements of historical fact, are forward-looking statements which may be identified by
the use of the words expects, believes, anticipates, should, estimates and similar expressions. These forward-looking statements involve known and unknown risks and uncertainties, which may
cause our actual results and performance to be materially different from those expressed or implied in the forward-looking statements. Factors and risks that may impact future results and performance include, but are not limited to, those described
in Part 1, Item 1A, Risk Factors in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the SEC) on February 25, 2020 and in our other
filings with the SEC including: general risks associated with the ownership and operation of real estate, including changes in demand, risk related to development, expansion and acquisition of self-storage facilities, potential liability for
environmental contamination, natural disasters and adverse changes in laws and regulations governing property tax, real estate and zoning; risks associated with downturns in the national and local economies in the markets in which we operate,
including risks related to current economic conditions and the economic health of our customers; risks associated with the COVID Pandemic or similar events, including but not limited to illness or death of our employees or customers, negative
impacts to the economic environment and to self-storage customers which could reduce the demand for self-storage or reduce our ability to collect rent, and/or potential regulatory actions to (i) close our facilities if we were determined not to
be an essential business or for other reasons, (ii) limit our ability to increase rent or otherwise limit the rent we can charge or (iii) limit our ability to collect rent or evict delinquent tenants; risk that even after the
initial restrictions due to the COVID Pandemic ease, they could be reinstituted in case of future waves of infection or if additional pandemics occur; risk that we could experience a change in the move-out
patterns of our long-term customers due to economic uncertainty and the significant increase in unemployment in the last 30 days. This could lead to lower occupancies and rent roll down as long-term