Business: Public Storage, Inc., 4.625% Depositary Shares each representing 1/1000 Cumulative Preferred Shares of Beneficial Interest, Series L, liquidation preference $25 per depositary share, redeemable at the issuer's option on or after 06/17/2025 at $25 per depositary share plus accrued and unpaid dividends, and with no stated maturity. <p> Cumulative distributions of 4.625% per annum ($1.15625 per annum or $0.2890625 per quarter) are paid quarterly on 3/31, 6/30, 9/30 & 12/31 to holders of record on the record date fixed by the board, not more than 45 days or less than 15 days prior to the payment date (NOTE: the ex-dividend date is one business day prior to the record date). Dividends paid by preferreds issued by REITs are NOT eligible for the preferential 15% to 20% tax rate on dividends and are also NOT eligible for the dividend received deduction for corporate holders. </p> This security was rated as A3 by Moody's and BBB+ by S&P at the date of its IPO. In regard to the payment of dividends and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.