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Public Storage Announces Pricing of 6.5% Cumulative Preferred Shares of Beneficial Interest, Series P

^{Published on 2010-10-05 09:41:23 - Market Wire}
 

GLENDALE, Calif.--([ BUSINESS WIRE ])--John Reyes, Senior Vice President and Chief Financial Officer of Public Storage (NYSE:PSA), announced that the Company has priced a public offering of 4,800,000 depositary shares at $25.00 per depositary share, with each depositary share representing 1/1,000 of a 6.5% Cumulative Preferred Share of Beneficial Interest, Series P. The offering is expected to result in $120 million of gross proceeds (assuming no exercise of the underwritersa™ overallotment option) and is expected to close on or about October 7, 2010.

Banc of America Securities LLC acted as book-running manager for the offering. This announcement shall not constitute an offer to sell or a solicitation of an offer to buy these securities nor shall there be any offer or sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful. The offering will be made only by means of a prospectus and prospectus supplement, copies of which may be obtained by contacting Banc of America Securities LLC at 1-800-294-1322.

Company Information

Public Storage, a member of the S&P 500, The Forbes Global 2000 and the FT Global 500, is a fully integrated, self-administered and self-managed real estate investment trust that primarily acquires, develops, owns and operates self-storage facilities. The Companya™s headquarters are located in Glendale, California. At June 30, 2010, the Company had interests in 2,037 self-storage facilities located in 38 states with approximately 129 million net rentable square feet in the United States and 187 storage facilities located in seven Western European nations with approximately tenmillion net rentable square feet operated under the aShurgarda brand. The Company also owns a 41% common equity interest in PS Business Parks (NYSE:PSB) which owned and operated approximately 21million rentable square feet of commercial space, primarily flex, multi-tenant office and industrial space, at June30, 2010.

Additional information about Public Storage is available on the Internet. The Companya™s web site is [ www.publicstorage.com ].