Exhibit 99.1
News Release
Public Storage
701 Western Avenue
Glendale, CA 91201-2349
www.publicstorage.com
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For Release: Immediately
Date: February 11, 2009
Contact: Clemente Teng
(818) 244-8080
PUBLIC STORAGE ANNOUNCES RESULTS OF FIXED PRICE CASH
TENDER OFFER FOR 7.75% NOTES DUE 2011 AND 5.875% NOTES DUE 2013
GLENDALE, California-Public Storage ("Public Storage" or the "Company")
(NYSE:PSA) announced today that it has accepted for purchase the principal
amount of its 7.75% Notes due 2011 and 5.875% Notes due 2013 (collectively, the
"Notes") of its subsidiary, Shurgard Storage Centers, LLC, set forth below, that
were validly tendered pursuant to its previously announced fixed price cash
tender offer for such Notes (the "Tender Offer"). The Tender Offer expired at
5:00 p.m., New York City time, on Tuesday, February 10, 2009. Payment for the
Notes purchased pursuant to the Tender Offer is expected to be made on Thursday,
February 12, 2009. The aggregate consideration for the Notes accepted for
payment, including accrued and unpaid interest, is $113,070,648.
Aggregate Principal
Amount
CUSIP Number Security Description Accepted for Purchase
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82567DAE4 7.75% Notes due 2011 $96,683,000
82567DAF1 5.875% Notes due 2013 $13,540,000
The Tender Offer was made pursuant to the Offer to Purchase and the related
Letter of Transmittal dated February 3, 2009.
This press release is neither an offer to purchase nor a solicitation to buy any
of these Notes, nor is it a solicitation for acceptance of the Tender Offer.
Goldman, Sachs & Co. and J.P. Morgan Securities Inc. acted as the Dealer
Managers for the Tender Offer.
About Public Storage
Public Storage, a member of the S&P 500 and The Forbes Global 2000, 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,
2008, the Company had interests in 2,017 self-storage facilities located in 38
states with approximately 127 million net rentable square feet in the United
States and 179 storage facilities in seven Western European nations with
approximately nine million net rentable square feet. Additional information
about Public Storage is available on our website, www.publicstorage.com.
Forward-looking statements
This press release contains "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. These forward-looking statements are subject to a number
of risks and uncertainties, many of which are beyond Public Storage's control,
which could cause actual results to differ materially from those set forth in,
or implied by, such forward-looking statements. All statements other than
statements of historical fact included in this press release are forward-looking
statements and speak only as of the date of this press release. Public Storage
undertakes no obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise. Risks and
uncertainties that could impact these forward-looking statements include without
limitation, possible changes and timing and consummation of the tender offer and
other matters detailed in Public Storage's filings with the Securities and
Exchange Commission, including its Annual Report on Form 10-K for the year ended
December 31, 2007, and subsequent Quarterly Reports on Form 10-Q and Current
Reports on Form 8-K.
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