Public Storage to Redeem Convertible Preferred Stock

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.