Terms

Series

4.875% Cumulative Preferred Share of Beneficial Interest, Series I

Liquidation Preference

$25.00

Coupon Rate

4.875%

Rate Type

Fixed

Annual Dividend

$1.22

Payment Frequency

Quarterly

Cumulative

Yes

Perpetual

Yes

Convertible

No

Callable

Yes

First Call Date

September 12, 2024

First Call Price

$25.00

Redemption Notice Period

30 days

Capital Stack Ranking

Junior To: All Debt Obligations Of Public Storage; Pari Passu With: 5.625% 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, 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, 5.05% Cumulative Preferred Shares Series G, 5.600% Cumulative Preferred Shares Series H; 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

11,000,000

Prospectus Summary

Public Storage is offering 11,000,000 Depositary Shares (NYSE: PSAPrI), each representing 1/1,000th of a 4.875% Cumulative Preferred Share of Beneficial Interest, Series I, with a liquidation preference of $25.00 per Depositary Share. The fixed annual dividend of $1.21875 per Depositary Share ($0.3046875 quarterly) accrues cumulatively — meaning any missed payments must be fully caught up before the issuer can pay dividends on common shares or junior securities. The shares are not callable until September 12, 2024, after which Public Storage may redeem at $25.00 plus accrued dividends, and have no stated maturity. The Series I Preferred ranks pari passu with 12 other outstanding Public Storage preferred series (Series A through H, U through X) and senior to common shares. It is junior to all of Public Storage's debt obligations, including its senior unsecured notes and revolving credit facility. As a Maryland REIT holding company, there is no bank subsidiary subordination concern, though all debt ranks ahead of the preferred in a wind-down. Notably, Public Storage may redeem the preferred before the September 2024 call date solely to preserve its REIT qualification — a REIT-specific regulatory call that could be triggered if ownership concentration threatens the company's tax status. At the $25.00 offering price, the effective yield is 4.875%, paid quarterly on March 31, June 30, September 30, and December 31 (commencing December 31, 2019), with record dates set 15–45 days prior to 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 for C-corporation dividends and are instead taxed as ordinary income for individual holders; the dividends-received deduction for corporate holders similarly does not apply to REIT distributions. If Public Storage has not paid full cumulative dividends for all prior periods, it is blocked from paying any dividends on common shares or repurchasing junior or parity securities until arrearages are cured.

Summarized from the SEC prospectus filing.

Distribution History

Ranking vs. Other Preferreds

Dividend Stopper Provisions

Dividend Stopper Description

If Public Storage has not paid full cumulative distributions on the Series I Preferred Shares for all past periods, it may not declare or pay dividends on its common shares or any junior/parity securities, and may not repurchase or redeem those securities.

Other Preferreds from Public Storage

Div Score Breakdown

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