Public Storage Files to Sell Depositary Shares Valued at $25 per Share

Public Storage

: "We are selling depositary shares each representing 1/1,000 of a share of a % Cumulative Preferred Share of Beneficial Interest, Series Q . The Preferred Shares represented by the Depositary Shares will be deposited with Computershare Trust Company, N. A., as depositary. As a holder of Depositary Shares, you will be entitled to all proportional rights, preferences and privileges of the Preferred Shares. We have granted the underwriters an option to purchase up to additional Depositary Shares to cover over-allotments."