Market Overview

Public Storage Prices Public Offering of Senior Notes


Tom Boyle, Senior Vice President and Chief Financial Officer of Public
Storage (NYSE:PSA, the "Company")), announced today that the Company has
priced a public offering of $500 million aggregate principal amount of
Senior Notes due 2029 (the "Notes"). The Notes will bear interest at an
annual rate of 3.385%, will be issued at 99.998% of par value and will
mature on May 1, 2029. Interest on the Notes is payable semi-annually on
May 1 and November 1 of each year, commencing November 1, 2019. The
offering is expected to close on April 12, 2019, subject to customary
closing conditions. The Company expects to use the net proceeds to make
investments in self-storage facilities and in entities that own
self-storage facilities, for the development of self-storage facilities
and for general corporate purposes.

Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner & Smith
Incorporated and Wells Fargo Securities 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 is being made pursuant to an effective shelf
registration statement filed with the Securities and Exchange Commission
(the "SEC") and only by means of a prospectus and prospectus supplement.
Investors may obtain these documents for free by visiting EDGAR on the
SEC's website at
Alternatively, copies of the prospectus and prospectus supplement may be
obtained by contacting: Citigroup Global Markets Inc., c/o Broadridge
Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717,
telephone: 1-800-831-9146 or email:;
Merrill Lynch, Pierce, Fenner & Smith Incorporated, 200 North College
Street, NC1-004-03-43, Charlotte, NC 28255-0001, Attention: Prospectus
Department, telephone: 1-800-294-1322 or email:;
or Wells Fargo Securities, LLC, 608 2nd Avenue South, Suite 1000,
Minneapolis, MN 55402, Attn: WFS Customer Service, telephone:
1-800-645-3751 or email:

Company Information

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 December 31, 2018, we had interests in 2,429 self-storage
facilities located in 38 states with approximately 162 million net
rentable square feet in the United States and we owned a 35.2% common
equity interest in Shurgard Self Storage SA (Euronext Brussels:SHUR),
which owned 232 self-storage facilities located in seven Western
European nations with approximately 13 million net rentable square feet
operated under the "Shurgard" brand. We also own a 42% common equity
interest in PS Business Parks, Inc. (NYSE:PSB) which owned and operated
approximately 28 million rentable square feet of commercial space at
December 31, 2018.

Forward-Looking Statements

When used within this press release, the words "expects," "believes,"
"anticipates," "plans," "would," "should," "may," "estimates" 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 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, current 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.

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