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Slideshow Secondary Stock Offerings

By The Online Investor Staff, updated Sat., Apr. 19, 6:28 AM

Slide #11. Public Storage Secondary Offering

Company: Public Storage (NYSE:PSA)
Date announced: 4/10/2014
Shares Offered: 2,000,000
Date of Pricing: 4/10/2014
Price Per Share: $25
Secondary Offering Details: John Reyes, Senior Vice President and Chief Financial Officer of Public Storage (NYSE:PSA), announced that the Company has priced a public offering of an additional 2,000,000 depositary shares at $25.00 per depositary share plus accrued dividends from and including March 17, 2014, with each depositary share representing 1/1,000 of a 6.375% Cumulative Preferred Share of Beneficial Interest, Series Y. The offering is expected to close on April 10, 2014. Combined with the earlier sale of Series Y Preferred Shares announced on March 10, 2014, and the underwriters' exercise of the over-allotment option in connection with such earlier sale on March 31, 2014, the Company expects to sell a total of 11,400,000 depositary shares for gross proceeds of approximately $285 million.

Public Storage is engaged in the acquisition, development, ownership and operation of self-storage facilities which provides storage spaces for lease. At Dec 31 2012, Co. had equity interests in 2,078 self-storage facilities located in the U.S. operated under the Public Storage name. Co. owns one self-storage facility in England and has a 49.0% interest in Shurgard Europe, which owns 188 self-storage facilities located in seven Western European countries operating under the Shurgard name. Co. has equity interests of commercial space located in the U.S. primarily owned and operated by PS Business Parks, Inc. (PSB) under the PS Business Parks name. Co. has an approx. 41.0% interest in PSB.


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Company Name:  Public Storage
Sector:  REITs
Number of ETFs Holding PSA:  80
Total Market Value Held by ETFs:  $3.20B
Total Market Capitalization:  $29.62B
% of Market Cap. Held by ETFs:  10.81%

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April 19, 2014    6:28 AM Eastern
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