Public Storage to Redeem Convertible Preferred Stock
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Public Storage Inc. will call for redemption of all of its outstanding shares of 8.25% convertible preferred stock on July 1. Dividends on the stock will stop accruing on June 30.
Glendale-based Public Storage, the nation’s largest self-storage firm, will redeem all outstanding shares at the price of 1.6835 shares of common stock for each share of 8.25% convertible preferred stock. Cash will be paid in lieu of fractional shares of common stock.
The company’s common stock has been trading in $28-$30 range for several weeks.
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