Public Storage (PSA) prices $500 million offering of 4.625% preferred stock.

Public Storage announced today that it has priced a $500 million offering of its 4.625% Series L Cumulative Preferred Stock. Among other uses, the company said that proceeds from the offering might be used to redeem its outstanding 5.375% Series V Cumulative Preferred Stock, which is callable.

Established in 1972, Public Storage is the largest owner / operator of self-storage properties in the U.S. with 2,492 properties in 38 states. As of March 31, 2020, PSA had a total market capitalization of approximately $41 billion and is a member of the S&P 500 and FT Global 500 equity indexes.