Public Storage Announces $2.3 Billion Special Dividend Related to PS Business Parks Merger Consideration | Company

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GLENDALE, Calif.–(BUSINESS WIRE)–July 22, 2022–

Public Storage (NYSE: PSA, the “Company”) today announced that its Board of Directors has declared a one-time dividend of $13.15 per common share, payable August 4, 2022 to shareholders of record August 1, 2022.

The Company is distributing the projected $2.3 billion tax gain realized in connection with the completion on July 20, 2022 of the previously announced acquisition of PS Business Parks, Inc. (“PSB”) by affiliates of Blackstone Real Estate. Public Storage, like all PS Business Parks common stock and unit holders, received $187.50 in cash per common stock and unit for its approximately 41% interest in PS Business Parks. The Company and its board of directors distribute the tax gain in order to meet the distribution requirements as a real estate investment trust (“REIT”) as defined by the Internal Revenue Code of 1986, as amended, on the basis an estimate of its 2022 REIT taxable income.

Public Storage expects to update its 2022 guidance regarding the impact of the transaction in conjunction with the release of its second quarter 2022 results on August 4, 2022.

“PS Business Parks has an impressive history of operations, portfolio growth and value creation,” said Joe Russell, managing director of Public Storage. “As the largest shareholder, we congratulate PSB CEO Steve Wilson and the management team for their partnership and the significant value they have created through this transaction.”

Company Information

Public Storage, a member of the S&P 500 and the FT Global 500, is a REIT that acquires, develops, owns and operates primarily self-storage facilities. As of March 31, 2022, we held: (i) interests in 2,797 self-storage facilities located in 39 states representing approximately 199 million net leasable square feet in the United States, (ii) a common interest of approximately 35% in Shurgard Self-Storage SA (Euronext Brussels:SHUR), which owned 254 self-storage facilities located in seven Western European countries with approximately 14 million net leasable square feet operated under the Shurgard® brand, and (iii) an approximate 41% common equity interest in PS Business Parks, Inc. (NYSE: PSB), which owned and operated approximately 27 million square feet of leasable retail space as of March 31, 2022. Our corporate headquarters are located at Glendale, California.

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CONTACT: Ryan Burke

(818) 244-8080, ext. 1141

KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA

SECTOR KEYWORD: OTHER CONSTRUCTION & REAL ESTATE COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & REAL ESTATE SCI

SOURCE: Public Storage

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PUBLISHED: 7/22/2022 4:05 PM / DISK: 7/22/2022 4:05 PM

http://www.businesswire.com/news/home/20220721006121/en

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