Summary
Public Storage (PSA) announced on September 10, 2012, its decision to redeem all outstanding depositary shares representing its 6.45% Cumulative Preferred Shares, Series F (NYSE: PSAPrF). The redemption is scheduled for October 15, 2012, with each depositary share being redeemed at $25, plus any accrued dividends from October 1, 2012, to the redemption date. This action represents a significant financial event for holders of PSA's Series F preferred shares. The total aggregate redemption amount, excluding accrued dividends, will be approximately $247.3 million. Investors holding these shares should be aware of the redemption date and the terms of the redemption, as it marks the end of the dividend payments for this series of preferred stock.
Key Highlights
- 1Public Storage is redeeming all outstanding depositary shares for its 6.45% Cumulative Preferred Shares, Series F (PSAPrF).
- 2The redemption date is set for October 15, 2012.
- 3Each depositary share will be redeemed at $25 per share.
- 4Holders will also receive accrued dividends from October 1, 2012, up to the redemption date.
- 5The total aggregate redemption amount, before accrued dividends, is $247,325,000.
- 6This filing includes the press release announcing the redemption as Exhibit 99.1.