Public Storage Announces Pricing of 4.125% Cumulative Preferred Shares

Public Storage Announces Pricing of 4.125% Cumulative Preferred Shares of Beneficial Interest, Series M

GLENDALE, CA (STL.News) Tom Boyle, Chief Financial Officer of Public Storage (NYSE:PSA, the “Company”), announced Tuesday that the Company has priced a public offering of 8,000,000 depositary shares at $25.00 per depositary share, with each depositary share representing 1/1,000 of a 4.125% Cumulative Preferred Share of Beneficial Interest, Series M.  The offering is expected to result in $200 million of gross proceeds (assuming no exercise of the underwriters’ overallotment option) and to close on or about August 14, 2020, subject to the satisfaction of 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, which may include redemption of its preferred shares.

BofA Securities, Inc., 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 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 www.sec.gov.  Alternatively, copies of the prospectus and prospectus supplement may be obtained by contacting: BofA Securities, Inc., 200 North College Street, NC1-004-03-43, Charlotte, NC 28255-0001, Attention: Prospectus Department, telephone: 1-800-294-1322 or email: dg.prospectus_requests@bofa.com; Morgan Stanley & Co. LLC, 180 Varick Street, 2nd Floor, New York, NY 10014, Attn: Prospectus Department, telephone 1-866-718-1649; UBS Securities LLC, 1285 Avenue of the Americas, New York, NY 10019, Attention: Prospectus Department, telephone: 1-888-827-7275; 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: wfscustomerservice@wellsfargo.com.