Terms

Series

5.05% Cumulative Preferred Share of Beneficial Interest, Series G

Liquidation Preference

$25.00

Coupon Rate

5.05%

Rate Type

Fixed

Annual Dividend

$1.26

Payment Frequency

Quarterly

Cumulative

Yes

Perpetual

Yes

Convertible

No

Callable

Yes

First Call Date

August 9, 2022

First Call Price

$25.00

Redemption Notice Period

30 days

Capital Stack Ranking

Junior To: All Debt Obligations Of Public Storage; Pari Passu With: 5.750% Cumulative Preferred Shares Series T, 5.625% Cumulative Preferred Shares Series U, 5.375% Cumulative Preferred Shares Series V, 5.200% Cumulative Preferred Shares Series W, 5.200% Cumulative Preferred Shares Series X, 6.375% Cumulative Preferred Shares Series Y, 6.000% Cumulative Preferred Shares Series Z, 5.875% Cumulative Preferred Shares Series A, 5.400% Cumulative Preferred Shares Series B, 5.125% Cumulative Preferred Shares Series C, 4.95% Cumulative Preferred Shares Series D, 4.90% Cumulative Preferred Shares Series E, 5.15% Cumulative Preferred Shares Series F; Senior To: Common Shares Of Beneficial Interest, Any Shares Of Beneficial Interest Ranking Junior To The Preferred Shares

Regulatory (Basel III) Call

Yes

Tax Classification

Reit Passthrough

Qualifies for QDI

No

Qualifies for DRD

No

Depositary Share Fraction

0.001

Shares Offered

12,000,000

Prospectus Summary

Public Storage is offering 12,000,000 depositary shares, each representing 1/1,000th of a Series G 5.05% Cumulative Preferred Share of Beneficial Interest, with a liquidation preference equivalent to $25.00 per depositary share. The fixed annual dividend of $1.2625 per depositary share ($0.3156 per quarter) is cumulative — meaning any unpaid distributions accrue and must be paid in full before Public Storage can resume dividends on its common shares. The shares are perpetual with no stated maturity and are not callable until August 9, 2022, after which Public Storage may redeem them at $25.00 per depositary share plus accrued distributions. The Series G Preferred Shares rank senior to Public Storage's common shares and any junior beneficial interest shares with respect to distributions and liquidation proceeds. They rank pari passu with thirteen existing series of Public Storage cumulative preferred shares (Series T through F). As a holding company operating as a REIT, these preferred shares are structurally subordinate to all of Public Storage's debt obligations. There is a regulatory call provision allowing early redemption before August 9, 2022 solely to preserve the company's REIT qualification under U.S. tax law — a relatively narrow trigger tied to tax status rather than banking capital adequacy requirements. At the $25.00 offering price, the effective yield is 5.05%, paid quarterly on March 31, June 30, September 30, and December 31, commencing September 30, 2017. Record dates are set by the Board of Trustees between 15 and 45 days before each payment date. Because Public Storage is a REIT, dividends generally do not qualify for the preferential 15%/20% qualified dividend income (QDI) rate available on C-corporation dividends, nor for the dividends-received deduction (DRD) for corporate holders — distributions are typically taxed at ordinary income rates, except to the extent designated as capital gain dividends. The dividend stopper prevents any distributions on common or junior shares if cumulative Series G distributions are in arrears, providing a meaningful structural protection for preferred holders.

Summarized from the SEC prospectus filing.

Distribution History

Ranking vs. Other Preferreds

Dividend Stopper Provisions

Dividend Stopper Description

If Public Storage has not paid all accumulated distributions on the Series G Preferred Shares, it cannot pay dividends on its common shares or any junior-ranking shares, and cannot repurchase or redeem common or junior preferred shares.

Other Preferreds from Public Storage

Div Score Breakdown

Reinvesty's multi-factor safety analysis for this preferred, composite score: 42 (Average)