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 5,600,000 depositary shares at $25.00 per depositary share,
with each depositary share representing 1/1,000 of a 6.875% Cumulative
Preferred Share of Beneficial Interest, Series O. The offering is
expected to result in $140 million of gross proceeds (assuming no
exercise of the underwriters' overallotment option) and is expected to
close on or about April 13, 2010.
Banc of America Securities LLC and Wells Fargo Securities, LLC acted as
joint book-running managers 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 or Wells Fargo Securities, LLC at 1-800-326-5897.
Company Information
Public Storage, 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
self-storage facilities. The Company's headquarters are located in
Glendale, California. At December 31, 2009, the Company had interests in
2,010 self-storage facilities located in 38 states with approximately
127 million net rentable square feet in the United States and 188
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 19.8
million rentable square feet of commercial space, primarily flex,
multi-tenant office and industrial space at March 16, 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