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Public Storage Announces Partial Redemption of 14,000,000 Depositary Shares Representing Interests in its 7.25% Cumulative Pref

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^{Published in Business and Finance on Wednesday, April 6th 2011 at 17:20 GMT by Market Wire}  

GLENDALE, Calif.--([ BUSINESS WIRE ])--Public Storage (NYSE:PSA) announced that it is calling for a partial redemption of 14,000,000 of its outstanding 20,700,000 depositary shares (or approximately 67.6%) representing interests in its 7.25% Cumulative Preferred Shares, Series I (NYSE:PSAPrI) on May 9, 2011 at $25 per share plus accrued dividends from April 1, 2011 through the date of redemption. The aggregate redemption amount, before payment of accrued dividends, to be paid to the holders of the depositary shares being redeemed is $350,000,000.

Company Information

Public Storage, a member of the S&P 500, The Forbes Global 2000 and 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 December 31, 2010, the Company had interests in 2,048 self-storage facilities located in 38 states with approximately 130 million net rentable square feet in the United States and 189 storage facilities located in seven Western European nations with approximately ten million net rentable square feet operated under the aShurgarda brand. The Company also owns a 41% common equity interest in PS Business Parks, Inc. (NYSE:PSB) which owned and operated approximately 21.8million rentable square feet of commercial space, primarily flex, multi-tenant office and industrial space, at December 31, 2010.

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