Public Storage (NYSE:PSA) announced that it has entered into a $700 million one-year term loan with Wells Fargo Bank.
John Reyes, the Company’s Senior Vice President and Chief Financial Officer, stated, “Given the state of the preferred equity market, we have decided to take advantage of the attractive rate on a short-term bank loan. We intend to use the borrowings to fund acquisition and development activities and for general corporate purposes. Wells Fargo, our bank for over 30 years, once again has supported us with this financing.”
Public Storage, a member of the S&P 500 and FT Global 500, is a fully integrated, self-administered and self-managed real estate investment trust that primarily acquires, develops, owns and operates self-storage facilities. The Company’s headquarters are located in Glendale, California. At September 30, 2013, the Company had interests in 2,110 self-storage facilities located in 38 states with approximately 135 million net rentable square feet in the United States and 188 storage facilities located in seven Western European nations with approximately ten million net rentable square feet operated under the “Shurgard” brand. The Company also owns a 43% common equity interest in PS Business Parks, Inc. (NYSE:PSB) which owned and operated approximately 28.6 million rentable square feet of commercial space, primarily flex, multi-tenant office and industrial space, at September 30, 2013.Additional information about Public Storage is available on the Internet. The Company’s web site is www.publicstorage.com.