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Public Storage to redeem 5.625% series U preferred stock

Public Storage will fully redeem on Oct. 14 all outstanding depositary shares representing interests in its 5.625% series U cumulative preferred shares at $25 per share plus applicable dividends.

The self-storage real estate investment trust said the total redemption amount, before payment of accrued dividends, to be paid to the depositary share holders is $287.5 million.