Terms

Series

4.625% Cumulative Preferred Shares of Beneficial Interest, Series L

Liquidation Preference

$25.00

Coupon Rate

4.625%

Rate Type

Fixed

Annual Dividend

$1.16

Payment Frequency

Quarterly

Cumulative

Yes

Perpetual

Yes

Convertible

No

Callable

Yes

First Call Date

June 17, 2025

First Call Price

$25.00

Redemption Notice Period

30 days

Capital Stack Ranking

Junior To: Debt Obligations Of The Company; Pari Passu With: 5.375% Cumulative Preferred Shares, Series V, 5.200% Cumulative Preferred Shares, Series W, 5.200% Cumulative Preferred Shares, Series X, 5.400% 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, 4.75% Cumulative Preferred Shares, Series K; Senior To: Common Shares, 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

20,000,000

Prospectus Summary

Public Storage is offering 20,000,000 Depositary Shares (NYSE: PSAPrL), each representing 1/1,000th of a 4.625% Cumulative Preferred Share of Beneficial Interest, Series L, with a liquidation preference of $25.00 per Depositary Share. The fixed annual dividend of $1.15625 per Depositary Share ($0.2891 per quarter) is paid on March 31, June 30, September 30, and December 31, commencing September 30, 2020. These shares are cumulative, meaning any unpaid dividends accrue and must be paid in full before common shareholders receive any distributions. Public Storage may not redeem the shares before June 17, 2025 (except to preserve REIT status), after which it may call them at $25.00 per Depositary Share plus accrued distributions. The shares have no stated maturity and are not convertible. The Series L Preferred Shares rank pari passu with 13 other outstanding series of Public Storage cumulative preferred shares (ranging from 4.625% to 5.600%) and senior to common shares with respect to distributions and liquidation proceeds. As a Maryland REIT holding company that directly owns operating assets, there is no bank subsidiary structural subordination, but all preferred shares rank junior to the Company's senior unsecured notes and other debt obligations. The REIT-qualification call provision allows early redemption only if the preferred shares would otherwise cause Public Storage to lose its REIT status — a narrow, tax-driven trigger rather than a broad regulatory capital trigger typical of bank issuers. At the $25.00 offering price, the Series L yields 4.625% annually. Because Public Storage is a REIT, dividends are generally taxed as ordinary income at the investor's marginal rate and do not qualify for the 15%/20% qualified dividend income (QDI) preferential rate applicable to C-corporation dividends, nor for the corporate dividends-received deduction (DRD) — though a portion may be designated as capital gain dividends or qualify under REIT-specific QDI rules in limited circumstances. Record dates are set by the Board between 15 and 45 days before each payment date. The dividend stopper is triggered if any accumulated distributions remain unpaid: Public Storage cannot pay common dividends or repurchase common/junior shares until all past-due Series L (and parity preferred) distributions are fully satisfied.

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 L Preferred Shares, it cannot pay dividends on its common shares or any junior/parity shares, and cannot redeem or repurchase common or junior/parity shares (other than through conversion into junior-ranking shares).

Other Preferreds from Public Storage

Div Score Breakdown

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