On June 4, 2014, Public Storage sold 10 million shares of 6.00% "Series Z" cumulative preferred stock with a par value of $25.00 per share. The company sold the shares at par value.

The preferred shares pay dividends at an annual rate of $1.50 per share, which equals the par value times the stated dividend rate. The company will pay the dividends on the preferred shares quarterly ($0.375 per share), beginning on September 30, 2014.

The preferred shares have no stated maturity.

The preferred shares have no voting rights, except if the company fails to pay distributions for six or more quarters or as required by law.

In the event of any voluntary or involuntary liquidation, dissolution, or winding up of the company, the holders of the preferred shares would be entitled to receive out of the company's assets distributions in the amount of $25.00 per share, before any distribution of assets is made to holders of common shares.

The company's common stock has a par value of $0.10 per share and voting rights. Holders of common shares are entitled to receive dividends when and if declared by the board of directors out of any funds legally available for that purpose.

The company has two U.S. dollar denominated bond issues outstanding: $500 million in principal of 2.37% coupon notes due in September 2022 and $500 million in principal of 3.094% coupon notes due in September 2027. Holders of the bonds do not have voting rights.

In what ways is Public Storage's preferred stock like its bonds and not like its common stock?