GLENDALE, Calif.--(BUSINESS WIRE)--April 26, 2006--John Reyes,
Senior Vice President and Chief Financial Officer of Public Storage,
Inc. (NYSE:PSA) (PCX:PSA), announced that the Company has priced a
public offering of 18,000,000 depositary shares, with each depositary
share representing 1/1,000 of a share of 7.25% Cumulative Preferred
Stock, Series I at $25.00 per share. The offering is expected to
result in $450 million of gross proceeds (assuming no exercise of the
underwriters' overallotment option) and is expected to close on or
about May 3, 2006.
Citigroup Global Markets Inc., Merrill Lynch & Co., Morgan Stanley
and Wachovia Securities acted as joint book-running managers for the
offering. Copies of the prospectus and prospectus supplement may be
obtained by contacting Morgan Stanley & Co. Incorporated. Please send
requests for prospectuses to Morgan Stanley & Co. Incorporated at
prospectus@morganstanley.com.
Company Information
Public Storage, Inc., a member of the S&P 500 and the Forbes
Global 2000, is a fully integrated, self-administered and self-managed
real estate investment trust that primarily acquires, develops, owns
and operates storage facilities. The Company's headquarters are
located in Glendale, California. The Company's storage properties are
located in 37 states. At December 31, 2005, the Company had interests
in 1,501 storage facilities with approximately 92 million net rentable
square feet.
Additional information about Public Storage, Inc. is available on
the Internet. The Company's web site is www.publicstorage.com.
CONTACT: Public Storage, Inc.
Mr. Clemente Teng, 818-244-8080
SOURCE: Public Storage, Inc.