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Public Storage Announces Redemption

Public Storage (PSA) has called for the redemption of the 5.40% perpetual preferred effective on 1/20/2021 at the normal $25 plus accrued dividends.

The company press release is here.

The issue was trading at $25.76 last Friday so there will be small losses on the call for some–the issue goes ex dividend today for about 34 cents and there will be a small stub payment on redemption.

3 thoughts on “Public Storage Announces Redemption”

  1. It would have been a quite a surprise if PSA hadn’t redeemed these. Anyone paying more than par for any of the 2021 issues needs to pay attention.

  2. Isn’t Elliott Management trying to get something like 6 board seats? Restructure deal.

    1. Marc–yes they are–kind of a surprise, but hopefully on a long term basis they keep using preferreds for equity.

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