Issuer Free Writing Prospectus
Filed Pursuant to Rule 433
Registration Statement No. 333-167458
April 29, 2011
PUBLIC STORAGE
1,200,000 DEPOSITARY SHARES
EACH REPRESENTING 1/1000 OF A 6.5% CUMULATIVE
PREFERRED SHARE OF BENEFICIAL INTEREST, SERIES Q
Final Term Sheet
| Issuer: |
Public Storage (PSA) |
| Security: |
Depositary Shares Each Representing 1/1000 of a 6.5% Cumulative Preferred Share of Beneficial Interest, Series Q |
| Size: |
1,200,000 depositary shares |
| Type of Security: |
SEC Registered—Registration Statement No. 333-167458 |
| Public Offering Price: |
$25.00 per depositary share, plus accrued dividends from and including April 14, 2011; $30,108,333.33 total |
| Underwriting Discounts and Commissions: |
$0.50 per share; $600,000 total |
| Proceeds to the Company, before expenses: |
$29,508,333.33 total |
| Estimated Company Expenses: |
$50,000, other than underwriting discounts and commissions |
| Bookrunner: |
Merrill Lynch, Pierce, Fenner & Smith Incorporated |
Underwriting:
| Number of Shares |
||||
| Merrill Lynch, Pierce, Fenner & Smith Incorporated |
1,200,000 | |||
| Distribution Rights: |
6.5% of the liquidation preference per annum; Distributions begin on June 30, 2011 (prorated from April 14, 2011) |
| Redemption: |
The depositary shares may not be redeemed until on or after April 14, 2016, except in order to preserve our status as a real estate investment trust. |
| Settlement Date: |
May 4, 2011 (T+3) |
| Selling Concession: |
$0.30/depositary share |
| Reallowance to other dealers: |
$0.45/depositary share |
| CUSIP Number: |
74460D 141 |
| ISIN Number: |
US74460D1413 |
The Issuer has filed a registration statement (including a prospectus with the SEC) and preliminary prospectus supplement for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement, the preliminary prospectus supplement, and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, the underwriter or any dealer participating in the offering will arrange to send you the prospectus or preliminary prospectus supplement if you request it by calling Merrill Lynch, Pierce, Fenner & Smith Incorporated toll-free 1-800-294-1322.
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