Self storage giant Public Storage (PSA) has announced that they will issue new preferred stock.
The company which has long depended on preferred equity issuance to finance the business currently has no older issues redeemable. The PSA-X and PSA-W issues will be redeemed tomorrow (both 5.2% coupons).
There is a 5.40% (PSA-B) issue which will be redeemable 1/31/2021. This issue is trading at $25.73 right now and holders may want to consider exiting now–this issue will be called 1/31/2021 and thus has about 50 cents worth of dividends to be collected up until call date.
If you prefer was right on top of this with EarlyBird and mcg chiming in. EarlyBird says ‘yield talk’ is in the 4-4.125% area. If you Prefer is tossing out a 3 handle guess.