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 2,000,000 depositary shares at $25.00 per depositary share plus accrued dividends from and including March 17, 2014, with each depositary share representing 1/1,000 of a 6.375% Cumulative Preferred Share of Beneficial Interest, Series Y. The offering is expected to close on April 10, 2014. Combined with the earlier sale of Series Y Preferred Shares announced on March 10, 2014, and the underwriters’ exercise of the over-allotment option in connection with such earlier sale on March 31, 2014, the Company expects to sell a total of 11,400,000 depositary shares for gross proceeds of approximately $285 million. Merrill Lynch, Pierce, Fenner & Smith Incorporated, Jefferies LLC, Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities, LLC acted as joint book-running managers of 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, 222 Broadway, 11th Floor, New York, NY 10038, Attention: Prospectus Department, telephone: 1-800-294-1322 or email: email@example.com; Jefferies LLC, 520 Madison Avenue, New York, New York 10022, Attn: Prospectus Department, telephone: 1-877-547-6340 or email: firstname.lastname@example.org; Morgan Stanley & Co. LLC, 180 Varick Street, New York, NY 10014, Attn: Prospectus Department, telephone: 1-866-718-1649 or email: email@example.com; UBS Securities LLC, 299 Park Avenue, New York, NY 10171, Attention: Prospectus Department, telephone: 1-877-827-6444, ext. 561-3884; or Wells Fargo Securities, LLC, 1525 West W.T. Harris Blvd., NC0675, Charlotte, North Carolina 28262, Attn: Capital Markets Client Support, telephone: 1-800-326-5897 or email: firstname.lastname@example.org. Company Information Public Storage, a member of the S&P 500 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, 2013, the Company had interests in 2,200 self-storage facilities located in 38 states with approximately 141 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 42% common equity interest in PS Business Parks, Inc. (NYSE:PSB) which owned and operated approximately 29.7 million rentable square feet of commercial space, primarily flex, multi-tenant office and industrial space, at December 31, 2013.
Forward-Looking StatementsWhen used within this press release, the words “expects,” “anticipates,” “intends” and similar expressions are intended to identify “forward-looking statements,” including but not limited to, statements about the completion, timing and size of the proposed offering of securities by the Company and the use of net proceeds of such offering. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause our actual results to be materially different from those expressed or implied in the forward-looking statements. Such factors include market conditions and the demand for the Company’s preferred securities and risks detailed in the Company’s prospectus and prospectus supplement filed with the SEC in connection with this offering and in the Company’s SEC reports, including quarterly reports on Form 10-Q, reports on Form 8-K and annual reports on Form 10-K. We undertake no obligation to publicly update or revise forward-looking statements which may be made to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events, except as required by law.