Cash Machine REIT Public Storage Announces New Preferred

Storage REIT Public Storage (PSA) has announced the issuance of a perpetual preferred.

Previously the company had announced the redemption of the 5.875% PSA-A issue which became redeemable on 12/2. The redemption date is 12/30/2019.

The company had sold a preferred issue on 9/5/2019 with a coupon of 4.875%, PSA-I, and a 4.70% issue PSA-J on 11/5/2019 so we know this will be a darned low coupon.

All of their outstanding issues can be seen here.

The issue will be investment grade.

The preliminary prospectus can be found here

Thanks to mcg, EarlyBird and if you prefer–all right on top of the announcement.

2 thoughts on “Cash Machine REIT Public Storage Announces New Preferred”

    1. Tom–dollars from this new issue will be used on the PSA-A issue being redeemed 12/30. The new issue is 9.2 million shares in total and the ‘A’ issue is 8.050 million so there will only be $25-$30 million excess on the issuance.

      The ‘V’ issue is massive – almost 21 million shares so no it won’t be called THIS MOMENT. It goes ex-dividend tomorrow for about 34 cents so should open tomorrow around $25. Any purchase above $25 is dicey.

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