Issuer Free Writing Prospectus
Filed Pursuant To Rule 433
Registration Statement No. 333-144026
June 27, 2007
PUBLIC STORAGE
DEPOSITARY SHARES
EACH REPRESENTING 1/1000 OF A 7.000% CUMULATIVE
PREFERRED SHARE OF BENEFICIAL INTEREST, SERIES N
Final Term Sheet
Issuer: Public Storage (PSA)
Security: Depositary Shares Each Representing 1/1000 Of A 7.000% Cumulative Preferred Share of Beneficial Interest, Series N
Size: 6,000,000 shares
Over-allotment Option: 900,000 shares at $25.00 per share
Type of Security: SEC Registered—Registration Statement No. 333-144026
Public Offering Price: $25.00 per share; $150,000,000 total (not including over-allotment option)
Underwriting Discounts and Commissions: $0.7875 per share for Retail Orders; $3,906,000 total; and $0.500 per share for Institutional Orders; $520,000 total;
Proceeds to the Company, before expenses: $145,574,000 total;
Estimated Company Expenses: $200,000, other than underwriting discounts and commissions
| Bookrunners: | Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley & Co. Incorporated and Wachovia Capital Markets, LLC |
| Co-managers: | UBS Securities LLC, Banc of America Securities LLC, Credit Suisse Securities (USA) LLC, Raymond James & Associates, Inc., RBC Dain Rauscher Inc., Wells Fargo Securities, LLC. |
Underwriting:
| Number of Firm Shares | ||
| Citigroup Global Markets Inc. |
961,500 | |
| Merrill Lynch, Pierce, Fenner & Smith Incorporated |
961,500 | |
| Morgan Stanley & Co. Incorporated |
961,500 | |
| Wachovia Capital Markets, LLC |
961,500 | |
| UBS Securities LLC |
961,500 | |
| Banc of America Securities LLC |
120,000 | |
| Credit Suisse Securities (USA) LLC |
120,000 | |
| Raymond James & Associates, Inc. |
120,000 | |
| RBC Dain Rauscher Inc. |
120,000 | |
| Wells Fargo Securities, LLC |
120,000 | |
| A.G. Edwards & Sons, Inc. |
52,500 | |
| Bear, Stearns & Co. Inc. |
52,500 | |
| Charles Schwab & Co., Inc. |
52,500 | |
| Fidelity Capital Markets, a division of National Financial Services LLC |
52,500 | |
| H&R Block Financial Advisors, Inc. |
52,500 |
| Oppenheimer & Co. Inc. |
52,500 | |
| Robert W. Baird & Co. Incorporated |
52,500 | |
| B.C. Ziegler and Company |
15,000 | |
| BB&T Capital Markets, a division of Scott & Stringfellow, Inc. |
15,000 | |
| D.A. Davidson & Co. |
15,000 | |
| Davenport & Company LLC |
15,000 | |
| Ferris, Baker Watts, Incorporated |
15,000 | |
| Guzman & Company |
15,000 | |
| J.J.B. Hilliard, W.L. Lyons, Inc. |
15,000 | |
| Janney Montgomery Scott LLC |
15,000 | |
| Keefe, Bruyette & Woods, Inc. |
15,000 | |
| Mesirow Financial, Inc. |
15,000 | |
| Morgan Keegan & Company, Inc. |
15,000 | |
| Pershing LLC |
15,000 | |
| Ryan Beck & Co., Inc. |
15,000 | |
| Wedbush Morgan Securities Inc. |
15,000 | |
| William Blair & Company, L.L.C. |
15,000 |
Distribution Rights: 7.000% of the liquidation preference per annum; Distributions begin on September 30, 2007
Redemption: The shares may not be redeemed until on or after July 2, 2012
Settlement Date: July 2, 2007 (T+3)
Delivery Date: July 2, 2007 (T+3)
Selling Concession: $0.500/Share for Retail Orders; $0.300/Share for Institutional Orders
Reallowance to other dealers: $0.450/share
CUSIP Number: 74460D190
ISIN Number: US74460D1900
The Issuer has filed a registration statement (including a prospectus with the SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement 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 if you request it by calling (i) Citi Markets & Banking toll-free 1-877-858-5407, (ii) Merrill Lynch & Co. toll-free 1-866-500-5408, (iii) Morgan Stanley toll-free 1-866-718-1649, or (iv) Wachovia Securities toll-free 1-866-289-1262.
Any disclaimers or other notices that may appear below are not applicable to this communication and should be disregarded. Such disclaimers or other notices were automatically generated as a result of this communication being sent via Bloomberg or another email system.
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