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Public Storage prices $350M depositary shares offering

Public Storage priced a public offering of 14.0 million depositary shares, each representing 0.001 of a 4.90% series E cumulative preferred share of beneficial interest.

The offering, set to close on or about Oct. 14, was priced at $25.00 per depositary share for expected gross proceeds of $350 million.

Public Storage expects to use the net proceeds to invest in self-storage facilities and in entities that own such facilities, to develop self-storage 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.