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Slideshow Secondary Stock Offerings

By The Online Investor Staff, updated Wed., Oct. 26, 3:28 AM

Slide #23. Public Storage Secondary Offering

Company: Public Storage (NYSE:PSA)
Date announced: 10/6/2016
Shares Offered: 14,000,000
Date of Pricing: 10/6/2016
Price Per Share: $25.00
Secondary Offering Details: John Reyes, Senior Vice President and Chief Financial Officer of Public Storage (NYSE:PSA,theCompany), 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.

Public Storage is a real estate investment trust. At Dec 31 2015, Co.'s business activities were: self-storage operations, whereby Co. acquires, develops, owns and operates self-storage facilities; ancillary operations, whereby Co. reinsures policies; Investment in Shurgard Europe, in which Co. had a 49.0% equity interest in Shurgard Self Storage Europe Ltd that owned self-storage facilities in Western Europe under Shugard brand name; and Investment in PSB, in which Co. had a 42.0% equity interest in PS Business Parks, Inc., which owns and operates commercial space. At Dec 31 2015, Co. had direct and indirect equity interests in 2,277 self-storage facilities in 38 states.

Public Storage SEC Filing Email Alerts Service


Open the PSA Page at The Online Investor »

Company Name:  Public Storage
Sector:  REITs
Number of ETFs Holding PSA:  84
Total Market Value Held by ETFs:  $2.22B

Open the PSA Page at The Online Investor (in a new window) »

October 26, 2016    3:28 AM Eastern
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