Public Storage to Issue €700M Euro-Denominated Senior Notes
Market News

Public Storage to Issue €700M Euro-Denominated Senior Notes

Public Storage (PSA), a leading acquirer, owner, developer and operator of self-storage facilities, recently announced that it has priced a public offering of €700 million aggregate principal amount of Senior Notes due 2030.

Following the news, shares of the company declined marginally to close at $330.76 on Friday.

The company said the Notes will bear interest at an annual rate of 0.500%, will be issued at 99.388% of par value and will mature on September 9, 2030.

Notably, the company intends to use the net proceeds from the offering to strengthen its self-storage facilities and make further investments in the same. (See Public Storage stock chart on TipRanks)

Recently, Evercore ISI analyst Steve Sakwa reiterated a Hold rating on the stock with a price target of $339. The analyst’s price target implies upside potential of 2.5% from current levels.

The Wall Street community is cautiously optimistic about the stock with a Moderate Buy consensus rating based on 3 Buys and 8 Holds. The average Public Storage price target of $330 implies that the stock has downside potential of 0.23% from current levels.

Public Storage scores a 9 out of 10 from TipRanks’ Smart Score rating system, indicating that the stock has strong potential to outperform market expectations. Shares have gained about 54.6% over the past year.

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