When will the redemption take place?

The redemption is scheduled to occur on February 9, 2012.

What will shareholders receive for each depositary share?

Shareholders will receive $25 per depositary share, plus any dividends that have accrued from January 1, 2012, through the redemption date.

What is the total cost of this redemption for Public Storage?

The aggregate redemption amount, before accounting for accrued dividends, is approximately $206,665,000.

Public Storage 8-K SEC Disclosure

Q: What is happening to the Series L Preferred Shares?

Public Storage is calling for the redemption of all outstanding depositary shares representing interests in its 6.75% Cumulative Preferred Shares, Series L (PSAPrL).

Summary

Public Storage (PSA) announced on January 4, 2012, its intention to redeem all outstanding depositary shares representing interests in its 6.75% Cumulative Preferred Shares, Series L (PSAPrL). This redemption will occur on February 9, 2012, with each depositary share being redeemed at $25, plus any accrued dividends from January 1, 2012, up to the redemption date. The total redemption amount, excluding accrued dividends, will be approximately $206.7 million.

Key Highlights

1Public Storage is redeeming its 6.75% Cumulative Preferred Shares, Series L (PSAPrL).
2The redemption date is set for February 9, 2012.
3Each depositary share will be redeemed at $25.
4Holders will also receive accrued dividends from January 1, 2012, up to the redemption date.
5The total redemption value, excluding accrued dividends, is approximately $206.7 million.
6This action impacts holders of PSA's Series L preferred stock.

Public Storage 8-K Report, Corporate Update (Jan 5, 2012)

Summary

Key Highlights

Frequently Asked Questions