Issuer Free Writing Prospectus
Filed Pursuant to Rule 433
Registration Statement No. 333-167458
April 5, 2011
PUBLIC STORAGE
13,000,000 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: |
13,000,000 depositary shares |
| Over-allotment Option: |
1,950,000 depositary shares at $25.00 per depositary share |
| Type of Security: |
SEC Registered - Registration Statement No. 333-167458 |
| Public Offering Price: |
$25.00 per depositary share; $325,000,000 total (not including over-allotment option) |
| Underwriting Discounts and Commissions: |
$0.7875 per share for Retail Orders; $8,287,650 total; and $0.50 per share for Institutional Orders; $1,238,000 total |
| Proceeds to the Company, before expenses: |
$315,474,350 total |
| Estimated Company Expenses: |
$325,000, other than underwriting discounts and commissions |
| Bookrunners: |
Merrill Lynch, Pierce, Fenner & Smith Incorporated, Citigroup Global Markets Inc., and Wells Fargo Securities, LLC |
| Underwriting: |
| Number of Firm Shares |
||||
| Merrill Lynch, Pierce, Fenner & Smith Incorporated |
2,707,500 | |||
| Citigroup Global Markets Inc. |
2,707,500 | |||
| Wells Fargo Securities, LLC |
2,707,500 | |||
| UBS Securities LLC |
2,707,500 | |||
| RBC Capital Markets, LLC |
650,000 | |||
| Credit Suisse Securities (USA) LLC |
260,000 | |||
| Fidelity Capital Markets, a division of National Financial Services LLC |
97,500 | |||
| Janney Montgomery Scott LLC |
97,500 | |||
| Keefe, Bruyette & Woods, Inc. |
97,500 | |||
| Morgan Keegan & Company, Inc. |
97,500 | |||
| Oppenheimer & Co. Inc. |
97,500 | |||
| Raymond James & Associates, Inc. |
97,500 | |||
| Robert W. Baird & Co. Incorporated |
97,500 | |||
| Stifel, Nicolaus & Company, Incorporated |
97,500 | |||
| Ameriprise Financial Services, Inc. |
40,000 | |||
| B.C. Ziegler and Company |
40,000 | |||
| BB&T Capital Markets, a division of Scott & Stringfellow, LLC |
40,000 | |||
| D.A. Davidson & Co. |
40,000 | |||
| Davenport & Company LLC |
40,000 | |||
| InCapital LLC |
40,000 | |||
| J.J.B. Hilliard, W.L. Lyons, LLC |
40,000 | |||
| KeyBanc Capital Markets Inc. |
40,000 | |||
| Pershing LLC |
40,000 | |||
| The Williams Capital Group, L.P. |
40,000 | |||
| Wedbush Securities Inc. |
40,000 | |||
| William Blair & Company, L.L.C. |
40,000 | |||
| Distribution Rights: |
6.5% of the liquidation preference per annum; Distributions begin on June 30, 2011 (prorated from the settlement date) |
| 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: |
April 14, 2011 (T+7) |
| Selling Concession: |
$0.50/depositary share for Retail Orders; $0.30/depositary share for Institutional Orders |
| 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 prospectus supplement for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement, the 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, any underwriter or any dealer participating in the offering will arrange to send you the prospectus or prospectus supplement if you request it by calling (i) Merrill Lynch, Pierce, Fenner & Smith Incorporated toll-free 1-800-294-1322, (ii) Citigroup Global Markets, Inc. toll-free 1-877-858-5407, or (iii) Wells Fargo Securities, LLC toll-free 1-800-326-5897.
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