Public Storagepriced a public offering of 12.0 million depositary shares at $25.00 apiece,expecting to generate gross proceeds of $300 million.
Each depositary share represents 1/1,000 of a 4.95% series Dcumulative preferred share of beneficial interest.
The net proceeds are expected to go toward investments inself-storage facilities and in entities that own self-storage facilities, forthe development of self-storage facilities and for general corporate purposes.
The company expects the offering to close on or about July20, subject to customary closing conditions.
Merrill Lynch Pierce Fenner & Smith Inc., Morgan Stanley& Co. LLC, UBS Securities LLC and Wells Fargo Securities LLC served asjoint book-running managers of the offering.