Self storage giant Public Storage (PSA) will be selling a new low coupon (assumed) preferred stock issue. This issue will be strongly investment grade.
PSA is redeeming the PSA-C 5.125% issue with some of the proceeds of this new issue.
Terms on the new issue are typical–optionally redeemable in 2026, cumulative and non qualified.
EarlyBird was right on top of this one.
Yield talk seems to be in the 3.875% to 4.00% area.