Public Storage has raised $325 million in a sale of depositary shares, Reuters reports. The 13 million depositary shares are priced at $25 per share, with each depositary share representing 1/1,000 of a 6.5% cumulative preferred share of beneficial interest, Series Q.

The REIT intends to use the net proceeds of about $315 million to redeem a portion of its $517.5 million of 7.25% series I preferred stock and for general corporate purposes. Bank of America Merrill Lynch, Citi and Wells Fargo were the joint bookrunning managers for the transaction.

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