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 17,000,000 depositary shares at $25.00 per depositary share,
with each depositary share representing 1/1,000 of a 6.35% Cumulative
Preferred Share of Beneficial Interest, Series R. The offering is
expected to result in $425 million of gross proceeds (assuming no
exercise of the underwriters’ overallotment option) and is expected to
close on or about July 26, 2011. The proceeds are expected to be used to
redeem our 7.25% Cumulative Preferred Shares, Series K.
Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley & Co.
LLC, UBS 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 Merrill Lynch, Pierce, Fenner & Smith Incorporated toll-free
at 1-800-294-1322, Morgan Stanley & Co. LLC toll-free at 1-866-718-1649,
UBS Securities LLC toll-free at 1-877-827-6444 ext. 561-3884 or Wells
Fargo Securities, LLC toll-free 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 March 31, 2011, the Company had interests in
2,052 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
“Shurgard” brand. The Company also owns a 41% common equity interest in
PS Business Parks, Inc. (NYSE:PSB) which owned and operated
approximately 21.8 million rentable square feet of commercial space,
primarily flex, multi-tenant office and industrial space, at March 31,
2011.
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, Ext. 1141