Public Storage Announces Pricing of 5.60% Cumulative Preferred Shares of Beneficial Interest, Series H

GLENDALE, Calif.–(BUSINESS WIRE)–Tom Boyle, Chief Financial Officer of Public Storage (NYSE:PSA, the
“Company”), announced that the Company has priced a public offering of
11,400,000 depositary shares at $25.00 per depositary share, with each
depositary share representing 1/1,000 of a 5.60% Cumulative Preferred
Share of Beneficial Interest, Series H. The offering is expected to
result in $285 million of gross proceeds and to close on or about March
11, 2019, 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, including the redemption of our 6.375%
Series Y Preferred Shares.

Merrill Lynch, Pierce, Fenner & Smith Incorporated, 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
Alternatively, copies of the prospectus and prospectus supplement may be
obtained by contacting: 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:;
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:

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 preferred 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.


Ryan Burke
(818) 244-8080, Ext. 1141

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