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Public Storage prices $275M preferred stock offering

Public Storage priced a public offering of 11.0 million depositary shares, each representing 0.001 of a 4.875% series I cumulative preferred share of beneficial interest, at $25.00 apiece for expected gross proceeds of $275 million.

The self-storage real estate investment trust aims to use the net proceeds to invest in self-storage facilities and in entities that own such facilities, for the development of such facilities and for general corporate purposes.

BofA Securities Inc., Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities LLC are joint book-running managers of the offering, which is expected to close on or about Sept. 12.