Market Overview

Public Storage Announces Redemption of All Outstanding Depositary Shares Representing Interests in its 6.00% Cumulative Preferred Shares, Series Z

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Public Storage (NYSE:PSA) announced today that it is calling for
redemption all outstanding depositary shares representing interests in
its 6.00% Cumulative Preferred Shares, Series Z (NYSE:PSAPRZ) on June
27, 2019 at $25 per depositary share. The aggregate redemption amount to
be paid to all holders of the depositary shares is $287,500,000.

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. At March 31, 2019, we had: (i) interests in 2,444
self-storage facilities located in 38 states with approximately 164
million net rentable square feet in the United States, (ii) an
approximate 35% common equity interest in Shurgard Self Storage SA
(Euronext Brussels:SHUR) which owned 231 self-storage facilities located
in seven Western European nations with approximately 13 million net
rentable square feet operated under the "Shurgard" brand and (iii) an
approximate 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 March 31, 2019. Our headquarters are
located in Glendale, California.

Additional information about Public Storage is available on the
Internet. The Company's website is PublicStorage.com.

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