9 thoughts on “Public Storage Announces New Preferred Issue”

  1. That yield was SAD. I presume most went institutional. I can’t see much retail demand at that rate w 10 yr Treasuries pushing 1.70

  2. Obviously in an entirely different ballpark reqarding credit quality but PSA sort of reminds me of PSEC – Every time you turn around they’re issuing another preferred…..PSA is more consistent about calling in with new proceeds though…

  3. Countdown to the inevitable call of whatever higher yielding preferred is about to hit its first call date in 3…2…1..

    1. Justin:

      Their next issue eligible for redemption isn’t until June of this year (5.15% PSA+F), so PSA is letting everyone know where they think rates are headed.

      Have to give the company credit for reeling in a few more chumps and ETFs with yet another rock-bottom rate preferred issue.

      2022 is likely going to be a wild, wild ride for income investors.

      1. ok, a little longer than usual 10 days they did it before, but they are definitely telegraphing that they are loading up the pantry with cash before the sale ends and rates start rising, either to keep it for a rainy day and use it for an opportunistic purchase, or to get their cost of capital down into the basement, leaving their preferred stockholders with the check when the prices on their preferreds plummet.

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