| Issuer Free Writing Prospectus Filed Pursuant To Rule 433 Registration Statement No. 333-136169 January 4, 2007 |
PUBLIC STORAGE, INC.
DEPOSITARY SHARES
EACH REPRESENTING 1/1000 OF A SHARE OF
6.625% CUMULATIVE PREFERRED STOCK, SERIES M
Final Term Sheet
Issuer: Public Storage, Inc. (PSA)
Security: Depositary Shares Each Representing 1/1000 Of A Share Of 6.625% Cumulative Preferred Stock, Series M
Size: 20,000,000 shares
Over-allotment Option: 0 shares at $25.00 per share
Type of Security: SEC Registered - Registration Statement No. 333-136169
Public Offering Price: $25.00 per share; $500,000,000 total (not including over-allotment option)
Underwriting
Discounts and Commissions: $0.7875 per share for Retail Orders; $12,605,827.50 total; and $0.500 per share for Institutional Orders; $1,996,300.00 total;
Proceeds to the
Company, before expenses: $485,397,872.50 total;
Estimated Company Expenses: $200,000, other than underwriting discounts and commissions
| Bookrunners: | Merrill Lynch, Pierce, Fenner & Smith Incorporated, Citigroup Global Markets Inc., 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 | ||
| Merrill Lynch, Pierce, Fenner & Smith Incorporated |
3,240,000 | |
| Citigroup Global Markets Inc. |
3,240,000 | |
| Morgan Stanley & Co. Incorporated |
3,240,000 | |
| Wachovia Capital Markets, LLC |
3,240,000 | |
| UBS Securities LLC |
3,240,000 | |
| Banc of America Securities LLC |
400,000 | |
| Credit Suisse Securities (USA) LLC |
400,000 | |
| Raymond James & Associates, Inc. |
400,000 | |
| RBC Dain Rauscher Inc. |
400,000 | |
| Wells Fargo Securities, LLC |
400,000 | |
| Bear, Stearns & Co. Inc. |
100,000 | |
| Charles Schwab & Co., Inc. |
100,000 | |
| H&R Block Financial Advisors, Inc. |
100,000 | |
| HSBC Securities (USA) Inc. |
100,000 | |
| J.P. Morgan Securities Inc. |
100,000 | |
| KeyBanc Capital Markets, a division of McDonald Investments Inc. |
100,000 | |
| Oppenheimer & Co. Inc. |
100,000 | |
| Piper Jaffray & Co. |
100,000 | |
| Robert W. Baird & Co. Incorporated |
100,000 | |
| TD Ameritrade, Inc. |
100,000 | |
| B.C. Ziegler and Company |
50,000 | |
| BB&T Capital Markets, a division of Scott & Stringfellow, Inc. |
50,000 | |
| D.A. Davidson & Co. |
50,000 | |
| Davenport & Company LLC |
50,000 | |
| Ferris, Baker Watts, Incorporated |
50,000 | |
| Guzman & Company |
50,000 | |
| J.J.B. Hilliard, W.L. Lyons, Inc. |
50,000 | |
| Janney Montgomery Scott LLC |
50,000 | |
| Keefe, Bruyette & Woods, Inc. |
50,000 | |
| Mesirow Financial, Inc. |
50,000 | |
| Morgan Keegan & Company, Inc. |
50,000 | |
| Pershing LLC |
50,000 | |
| Ryan Beck & Co., Inc. |
50,000 | |
| Sandler, O’Neill & Partners, L.P. |
50,000 | |
| Wedbush Morgan Securities Inc. |
50,000 | |
| William Blair & Company, L.L.C. |
50,000 |
Dividend Rights: 6.625% of the liquidation preference per annum; Distributions begin on March 31, 2007
Redemption: The shares may not be redeemed until on or after January 9, 2012
Settlement Date: January 9, 2007 (T+3)
Delivery Date: January 9, 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: 74460D232
ISIN Number: US 74460D2320
Use of Proceeds
“We estimate net proceeds from this offering of approximately $485,197,872.50, after all anticipated issuance costs. We intend to use the net proceeds from this offering primarily to redeem our 7.625% Cumulative Preferred Stock, Series T and 7.625% Cumulative Preferred Stock, Series U. Additional amounts are expected to be used to make investments in self-storage facilities and in entities that own self-storage facilities and for other general corporate purposes, including repayment of a portion of the borrowings under our revolving credit facility and Credit Agreement.
Pending application of the net proceeds as described above, we expect to deposit the net proceeds of this offering in interest bearing accounts or invested in certificates of deposit, United States government obligations or other short-term, high-quality debt instruments selected at our discretion.”
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) Citigroup 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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