Public Storage (PSA) which had issued a new 4.125% cumulative preferred last week (a $200-$225 million issue) announced a call on 2 older issues late today.
While the new issue provided enough new money to call 1 issue, obviously the company dug into their cash hoard (they had $1.3 billion in cash on 6/30/2020) to call both issues
PSA-W ($500 milion) and PSA-X ($225 million) , both which carry coupons of 5.20%, are being called. The press release is here.
The call will occur on 9/30/2020–a normal dividend payment date.