Public Storage Announces Redemption of All Outstanding Depositary Shares Representing Interests in its 6.375% Cumulative Preferred Shares, Series Y

GLENDALE, Calif.–(BUSINESS WIRE)–Public Storage (NYSE:PSA) announced today that it is calling for
redemption all outstanding depositary shares representing interests in
its 6.375% Cumulative Preferred Shares, Series Y (NYSE:PSAPrY) on March
28, 2019 at $25 per depositary share. The aggregate redemption amount to
be paid to all holders of the depositary shares is $285,000,000.

Company Information

Public Storage, a member of the S&P 500 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 September 30, 2018, the Company had interests in 2,418
self-storage facilities located in 38 states with approximately 161
million net rentable square feet in the United States and 228 storage
facilities located in seven Western European nations with approximately
12 million net rentable square feet operated under the “Shurgard” brand.
The Company also owns a 42% common equity interest in PS Business Parks,
Inc. (NYSE:PSB) which wholly owned and operated approximately 28 million
rentable square feet of commercial space at September 30, 2018.

Additional information about Public Storage is available on the
Internet. The Company’s website is PublicStorage.com.

Contacts

Ryan Burke
(818) 244-8080, Ext. 1141

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