Public Storage Announces the Pricing of an Additional $30 Million of its 6.5% Cumulative Preferred Shares of Beneficial Interest, Series Q

John Reyes, Senior Vice President and Chief Financial Officer of Public Storage (NYSE:PSA), announced that the Company has priced a public offering of an additional 1,200,000 depositary shares at $25.00 per depositary share plus accrued interest from April 14, 2011, with each depositary share representing 1/1,000 of a 6.5% Cumulative Preferred Share of Beneficial Interest, Series Q. The offering is expected to close on May 4, 2011. Combined with the earlier sale of Series Q Preferred Shares announced on April 5, 2011, and the underwriters’ exercise of the over-allotment option in connection with such earlier sale on April 27, 2011, the Company expects to sell a total of 15,000,000 depositary shares for gross proceeds of $375 million.

Merrill Lynch, Pierce, Fenner & Smith Incorporated acted as the sole underwriter for the offering. This announcement shall not constitute an offer to sell or a solicitation of an offer to buy these securities nor shall there be any offer or sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful. The offering will be made only by means of a prospectus and prospectus supplement, copies of which may be obtained by contacting Merrill Lynch, Pierce, Fenner & Smith Incorporated toll-free at 1-800-294-1322.

Company Information

Public Storage, a member of the S&P 500, The Forbes Global 2000 and FT Global 500, is a fully integrated, self-administered and self-managed real estate investment trust that primarily acquires, develops, owns and operates self-storage facilities. The Company’s headquarters are located in Glendale, California. At December 31, 2010, the Company had interests in 2,048 self-storage facilities located in 38 states with approximately 130 million net rentable square feet in the United States and 189 storage facilities located in seven Western European nations with approximately ten million net rentable square feet operated under the "Shurgard” brand. The Company also owns a 41% common equity interest in PS Business Parks, Inc. (NYSE:PSB) which owned and operated approximately 21.8 million rentable square feet of commercial space, primarily flex, multi-tenant office and industrial space, at December 31, 2010.

Additional information about Public Storage is available on the Internet. The Company’s web site is www.publicstorage.com.