Terms

Series

4.75% Cumulative Preferred Share of Beneficial Interest, Series K

Liquidation Preference

$25.00

Coupon Rate

4.75%

Rate Type

Fixed

Annual Dividend

$1.19

Payment Frequency

Quarterly

Cumulative

Yes

Perpetual

Yes

Convertible

No

Callable

Yes

First Call Date

December 20, 2024

First Call Price

$25.00

Redemption Notice Period

30 days

Capital Stack Ranking

Junior To: All Debt Obligations Of Public Storage (Senior Notes And Revolving Credit Facility); Pari Passu With: 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, 4.875% Cumulative Preferred Shares Series I, 4.700% Cumulative Preferred Shares Series J; Senior To: Common Shares Of Beneficial Interest, Any Other 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

8,000,000

Prospectus Summary

Public Storage is offering 8,000,000 Depositary Shares (NYSE: PSAPrK), each representing 1/1,000th of a share of its 4.75% Cumulative Preferred Share of Beneficial Interest, Series K, with a liquidation preference equivalent to $25.00 per Depositary Share. The fixed annual dividend is $1.1875 per Depositary Share ($0.296875 quarterly), paid on March 31, June 30, September 30, and December 31, with the first payment due March 31, 2020. The shares are cumulative, meaning any skipped or deferred dividends accumulate and must be paid in full before Public Storage can pay any dividends on its common shares — providing holders meaningful downside protection against dividend interruption. The Series K Preferred sits pari passu with 13 other outstanding series of Public Storage preferred shares (Series A through J, V, W, X) and ranks senior to common equity. It is junior to all of Public Storage's debt obligations, including its senior notes and revolving credit facility. Public Storage is a Maryland REIT operating at the entity level, so there is no structural subordination from a holding company layer above an operating subsidiary. The sole early-redemption provision before the December 20, 2024 call date is a REIT-preservation call: if retaining the Preferred Shares would jeopardize Public Storage's tax status as a REIT, it may redeem them at any time — a remote but meaningful risk that could accelerate redemption ahead of the scheduled call window. At the $25.00 offering price, the Series K yields exactly 4.75% annually. Dividends do not qualify for the preferential 15%/20% qualified dividend income (QDI) rate available to individual investors, nor for the corporate dividends-received deduction (DRD), because Public Storage is a REIT — distributions are generally taxed at ordinary income rates (except to the extent characterized as capital gain dividends or return of capital). Record dates are set by the Board of Trustees, falling not less than 15 nor more than 45 days before each quarterly payment date. The dividend stopper is activated if any past-period cumulative dividends remain unpaid: in that scenario, Public Storage is barred from paying dividends on or repurchasing its common shares or any junior or parity equity until all Series K arrears are cleared.

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 accrued cumulative dividends on the Series K Preferred Shares for all past periods, it is blocked from paying dividends on or repurchasing its common shares or any other junior or parity securities until all arrears are satisfied.

Other Preferreds from Public Storage

Div Score Breakdown

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