Public Storagepriced a public offering of 8.0 million depositary shares at $25.00 apiece, expectingto generate gross proceeds of $200 million.
Each depositary share represents 0.001 of a 5.125% series C cumulativepreferred share of beneficial interest.
The company expects to use the net proceeds to make investmentsin self-storage facilities and in entities that own self-storage facilities. Italso plans to use the proceeds for the development of self-storage facilities andfor general corporate purposes.
The offering is expected to close by May 17, subject to customaryclosing conditions.
Merrill Lynch Pierce Fenner & Smith Inc., Morgan Stanley& Co. LLC, UBS Securities LLC and Wells Fargo Securities LLC acted as jointbook-running managers of the offering.