Public Storage Announces Pricing of 5.750% Cumulative Preferred Shares of Beneficial Interest, Series T

John Reyes, Senior Vice President and Chief Financial Officer of Public Storage

, 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 5.750% Cumulative Preferred Share of Beneficial Interest, Series T. The offering is expected to result in $425 million of gross proceeds (assuming no exercise of the underwriters' overallotment option) and to close on or about March 13, 2012. The Company expects to use the net proceeds, together with cash on hand, to redeem our 6.625% Cumulative Preferred Shares, Series M.