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Public Storage Completes Mergers of Property Series Partnerships

^{Published on 2011-08-23 14:21:27 - Market Wire}
 

GLENDALE, Calif.--([ BUSINESS WIRE ])--Public Storage (NYSE:PSA) announced today the closing of the mergers to acquire the limited and general partnership interests which the company did not already own in five affiliated partnerships. The aggregate value of the merger transactions totaled $154.3 million of which $98.2 was elected in cash and $56.1million in Public Storage common shares, based on a 20-day average closing price of $117.15 per share.

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 June 30, 2011, the Company had interests in 2,054 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 21.9 million rentable square feet of commercial space, primarily flex, multi-tenant office and industrial space, at June 30, 2011.

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