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Public Storage Reports Results For The Third Quarter Ended September 30, 2012

Capital Activities

In the three months ended September 30, 2012, we issued $495.0 million of our 5.375% Series V Cumulative Preferred Shares and called a total of $367.3 million of our 6.45% Series F and 6.45% Series X Cumulative Preferred Shares for redemption. We classified these series as a liability on our September 30, 2012 balance sheet and we recognized the associated EITF D-42 charges during the three months ended September 30, 2012. We redeemed these securities on October 15, 2012.

On December 27, 2012, we will redeem our 6.250% Series Z, 6.125% Series A, and 6.180% Series D Cumulative Preferred Shares, at par, totaling $362.5 million. We expect to incur EITF D-42 allocations to the preferred shareholders totaling approximately $12.0 million in the three months ending December 31, 2012 in connection with these redemptions.

Distributions Declared

On November 8, 2012, our Board of Trustees declared a regular common quarterly dividend of $1.10 per common share. The Board also declared dividends with respect to our various series of preferred shares. All the dividends are payable on December 27, 2012 to shareholders of record as of December 12, 2012.

Third Quarter Conference Call

A conference call is scheduled for November 9, 2012 at 10:00 a.m. (PST) to discuss the third quarter ended September 30, 2012 earnings results. The domestic dial-in number is (866) 406-5408 and the international dial-in number is (973) 582-2770 (conference ID number for either domestic or international is 40169788). A simultaneous audio web cast may be accessed by using the link at under “Company Info, Investor Relations, Upcoming Events.” A replay of the conference call may be accessed through November 23, 2012 by calling (800) 585-8367 (domestic) or (404) 537-3406 (international) or by using the link at under “Company Info, Investor Relations, Webcasts.” All forms of replay utilize conference ID number 40169788.

About Public Storage

Public Storage, a member of the S&P 500 and FT Global 500, is a REIT that primarily acquires, develops, owns and operates self-storage facilities. The Company’s headquarters are located in Glendale, California. At September 30, 2012, the Company had interests in 2,069 self-storage facilities located in 38 states with approximately 132 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 28.2 million rentable square feet of commercial space, primarily flex, multitenant office and industrial space, at September 30, 2012.

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