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Slideshow Secondary Stock Offerings

By The Online Investor Staff, updated Tue., Nov. 25, 7:00 PM

Slide #6. Public Storage Secondary Offering

Company: Public Storage (NYSE:PSA)
Date announced: 11/20/2014
Shares Offered: 7,000,000
Date of Pricing: 11/20/2014
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 7,000,000 depositary shares at $25.00 per depositary share, with each depositary share representing 1/1,000 of a 5.875% Cumulative Preferred Share of Beneficial Interest, Series A. The offering is expected to result in $175 million of gross proceeds (assuming no exercise of the underwriters' overallotment option) and to close on or about December 2, 2014. 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 2013, Co.'s business activities are: domestic self-storage, whereby Co. acquires, develops, owns and operates self-storage facilities which provide storage spaces for lease for personal and business use; European self-storage, in which Co. has a 49.0% equity interest in Shurgard Europe that owned 187 self-storage facilities in seven countries in Western Europe under Shugard brand name; and Commercial, in which Co. has a 42.0% equity interest in PS Business Parks, Inc., which owns and operates commercial space. At Dec 31 2013, Co. had direct and indirect equity interests in 2,200 self-storage facilities in 38 states within the U.S.

Preferreds: PSA.PRS, PSA.PRA, PSA.PRD, PSA.PRF, PSA.PRO, PSA.PRX, PSA.PRZ, PSA.PRU, PSA.PRT, PSA.PRR, PSA.PRP, PSA.PRQ, PSA.PRV, PSA.PRW, PSA.PRY


Open the PSA Page at The Online Investor »

Company Name:  Public Storage
Website:  www.publicstorage.com
Sector:  REITs
Number of ETFs Holding PSA:  90
Total Market Value Held by ETFs:  $3.95B
Total Market Capitalization:  $32.04B
% of Market Cap. Held by ETFs:  12.34%
 

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

November 25, 2014    7:00 PM Eastern
Quotes delayed 20 minutes



Buy (2.57 out of 4)
21st percentile
(ranked lower than approx. 79% of all stocks covered)
Based on Zacks ABR data;
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