Self storage giant Public Storage (NYSE:PSA) has announced a new preferred stock offering. It was only a matter of time before PSA came to the market as they have a 5.625% (PSA-U) redeemable now and a 5.875% (PSA-A) redeemable in December.
No details are yet known, but reader mcg who wins the early morning trophy today for catching this one early, posits a sub 5% coupon.
The issue will be cumulative, non qualified (as a REIT preferred–REITs pay non qualified distributions). The company states they may use the proceeds to redeem preferred stock–I would bet money they will unquestionably redeem issues.