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 underwriters’ 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 Company’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 ten million net rentable square feet operated under the
“Shurgard” brand. The Company also owns a 41% common equity interest in
PS Business Parks (NYSE:PSB) which owned and operated approximately
21 million rentable square feet of commercial space, primarily flex,
multi-tenant office and industrial space, at June 30, 2010.
Additional information about Public Storage is available on the
Internet. The Company’s web site is www.publicstorage.com.
Source: Public Storage
Contact:
Public Storage
Clemente Teng
(818) 244-8080