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Public Storage prices $200M preferred stock offering

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Public Storage prices $200M preferred stock offering

Public Storage priced a public offering of 8.0 million depositary shares at $25.00 apiece, expecting to raise gross proceeds of $200 million.

Each depository share represents 0.001 of a 4.75% series K cumulative preferred share of beneficial interest.

The self-storage real estate investment trust expects to use the net proceeds to invest in self-storage facilities and in entities that own such facilities, among other uses.

BofA Securities Inc., Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities LLC were joint book-running managers of the offering, which is expected to close on or about Dec. 20.