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Public Storage prices $300M series G preferred share offering

Public Storage priced an offering of 12.0 million depositary shares at $25.00 apiece for $300 million in gross proceeds.

Each depositary share represents 0.001 of a 5.05% series G cumulative preferred share of beneficial interest.

Public Storage aims to use the net proceeds to invest in self-storage facilities and in entities that own self-storage facilities, to develop such facilities, and for general corporate purposes.

Merrill Lynch Pierce Fenner & Smith Inc., Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities LLC were the joint book-running managers of the offering, which should close on or about Aug. 9.