News Release                                                        Exhibit 99.1

Public Storage, Inc.
701 Western Avenue
Glendale, CA 91201-2349
www.publicstorage.com


                                                For Release:  Immediately
                                                Date:         May 9, 2006
                                                Contact:      Mr. Clemente Teng
                                                              (818) 244-8080


             PSA Institutional Partners, L.P. Announces Placement of
      $100 Million of 7.25% Series J Cumulative Redeemable Preferred Units

GLENDALE,  California--PSA  Institutional Partners, L.P., an affiliate of Public
Storage,  Inc.  (NYSE:PSA),  announced  today  that it has  completed  a private
placement  of $100  million of  preferred  units.  The 7.25% series J cumulative
redeemable preferred units are non-callable for five years and have no mandatory
redemption.  Upon the occurrence of certain  events,  the preferred units may be
exchanged for depositary shares representing an interest in the 7.25% cumulative
redeemable  preferred  stock,  series J of  Public  Storage.  Proceeds  from the
issuance are expected to be used for general corporate purposes.


COMPANY INFORMATION
-------------------

Public  Storage,  Inc., 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 storage facilities.
The Company's  headquarters are located in Glendale,  California.  The Company's
storage  properties are located in 37 states. At March 31, 2006, the Company had
interests in 1,508 storage facilities with approximately 92 million net rentable
square feet.


Additional  information about Public Storage, Inc. is available on the Internet.
The Company's web site is www.publicstorage.com.

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