Glendale REIT to Offer 6 Million Common Shares

Public Storage Advantaged Investments Inc., a Glendale-based real estate investment trust, plans to raise up to $60 million with an initial public offering of 6 million common shares.

In a filing with the Securities and Exchange Commission, the company said it was formed to invest in distressed properties and is affiliated with Public Storage Inc., a Glendale-based operator of self-storage warehouses and a real estate syndicator.

Public Storage Advantaged Investments said its stock would be offered through PSC Securities Corp., also an affiliate of Public Storage. The shares of Storage Equities Inc., another real estate investment trust affiliated with Public Storage, are traded on the New York Stock Exchange.