October 6, 2016
Public Storage Announces Pricing of 4.90% Cumulative Preferred Shares of Beneficial Interest, Series E
John Reyes , Senior Vice President and Chief Financial Officer of Public Storage (NYSE:PSA, the “Company”), announced that the Company has priced a public offering of 14,000,000 depositary shares at $25.00 per depositary share, with each depositary share representing 1/1,000 of a 4.90% Cumulative Preferred Share of Beneficial Interest, Series E. The offering is expected to result in $350 million of gross proceeds (assuming no exercise of the underwriters’ overallotment option) and to close on or about October 14, 2016 , subject to 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. 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...