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.
EarlyBird was the early bird on this one and posits yield talk in the 4% area.