Summary
Public Storage (PSA) announced on March 5, 2012, its intention to redeem all outstanding depositary shares representing interests in its 6.625% Cumulative Preferred Shares, Series M (PSAPrM). The redemption date is set for April 11, 2012, with each depositary share being redeemed at $25, plus any accrued dividends from April 1, 2012, through the redemption date. This action affects approximately $476.6 million in preferred equity, excluding accrued dividends. This redemption represents a significant financial decision by Public Storage, likely aimed at optimizing its capital structure, managing its cost of capital, or taking advantage of favorable market conditions to refinance debt or equity. Investors holding PSAPrM shares should note the specific redemption date and the terms of the payout, including the $25 per share redemption price and the treatment of accrued dividends. The company has provided a press release as Exhibit 99.1 to this filing for further details.
Key Highlights
- 1Public Storage is calling for redemption of all outstanding depositary shares for its 6.625% Cumulative Preferred Shares, Series M (PSAPrM).
- 2The redemption date is scheduled for April 11, 2012.
- 3Each depositary share will be redeemed at a price of $25.
- 4Holders will also receive accrued dividends from April 1, 2012, up to the redemption date.
- 5The total redemption amount, before accrued dividends, is approximately $476,633,825.
- 6A press release dated March 5, 2012, contains further details and is attached as Exhibit 99.1.