Public Storage Inc. today announced the completion of its acquisition of Shurgard Storage Centers Inc. in a transaction with a total value of approximately $5.5 billion. The purchase furthers expand the nation's largest self-storage company, which has an ownership interest in more than 2,100 facilities in 38 states and seven European countries.

All of Shurgard's shares of common stock have been converted into the right to receive 0.82 shares of Public Storage common stock. Public Storage assumed approximately $1.9 billion of Shurgard debt, and $136 million of Shurgard preferred stock has been redeemed. The shareholders of both companies approved the transaction. Shurgard common stock will be de-listed from the New York Stock Exchange effective at the close of business today.

"We are pleased to have successfully completed the transaction combining Public Storage and Shurgard and look forward to the rapid integration of our two companies," said Ronald Havner Jr., president and CEO of Public Storage.

In connection with the transaction, Goldman Sachs served as exclusive financial advisor to Public Storage, and Wachtell, Lipton, Rosen & Katz and Preston Gates & Ellis LLP served as its legal counsel. Citigroup Corporate and Investment Banking and Banc of America Securities LLC served as financial advisors to Shurgard, and Willkie Farr & Gallagher LLP and Perkins Coie LLP served as its legal counsel.

Gary E. Pruitt, formerly an independent member of Shurgard's Board of Directors, will join the Public Storage Board.

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. With headquarters in Glendale, Calif., the company owns properties in 38 states. As of June 30, it had interests in 1,516 storage facilities with approximately 92 million net rentable square feet. For more information, visit www.publicstorage.com.