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Public Storage sees $200M proceeds from depositary share offering

Dec. 11, 2019 4:51 PM ETPublic Storage (PSA) StockBy: Liz Kiesche, SA News Editor
  • Public Storage (NYSE:PSA) prices a public offering of 8M depositary shares at $25.00 per depositary share, with each share representing 1/1,000 of a 4.75% cumulative preferred share of beneficial interest, series K.
  • The offering is expected to result in $200M in gross proceeds and to close on or about Dec. 20, 2019.
  • Sees using 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, including the redemption of its 5.875% cumulative preferred shares, series A.

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