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 an additional 1,200,000 depositary shares at $25.00 per
depositary share plus accrued interest from April 14, 2011, with each
depositary share representing 1/1,000 of a 6.5% Cumulative Preferred
Share of Beneficial Interest, Series Q. The offering is expected to
close on May 4, 2011. Combined with the earlier sale of Series Q
Preferred Shares announced on April 5, 2011, and the underwriters’
exercise of the over-allotment option in connection with such earlier
sale on April 27, 2011, the Company expects to sell a total of
15,000,000 depositary shares for gross proceeds of $375 million.
Merrill Lynch, Pierce, Fenner & Smith Incorporated acted as the sole
underwriter 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.
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 Company’s headquarters are located
in Glendale, California. At December 31, 2010, the Company had interests
in 2,048 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 December
31, 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, Ext. 1141