Gigantic self storage company Public Storage (PSA) is coming to market with a new perpetual preferred stock issue.
The serial issuer of preferred stock will sell the Series R with proceeds to ‘potentially’ redeem the 4.90% issue (PSA-E) which became redeemable on 10/14/2021.
Shares will be cumulative and non qualified.
PSA has a long list of outstanding preferred stock issues which can be seen here.
The preliminary prospectus can be found here.
EarlyBird was the early bird on this one and posits yield talk in the 4% area.
any word on final pricing?
Drat! Own PSA E. Will be second one I’ve had called in a month (previous NNN).
Don’t think I’ll buy anything right now. I think inflation will ratchet up interest rates, too.
Got some cash on the sidelines right now.
3.5%….
These are going to 15-20 bucks a share if interest rates even get a whiff of rising…
And Public storage will be laughing all the way to the bank…
When interest rates take off, it is not likely they’ll come down anytime soon, and these low interest rate issues will be stuck in discount land until they mature (which is NEVER).
Probably 3.5%…..