Public Storage — Capital/Financing Update 2026

Apr 1, 2026

FWP 1 d124207dfwp.htm FWP FWP

Issuer Free Writing Prospectus

Filed Pursuant to Rule 433

Registration Statement No. 333-283556 and 333-283556-01

April 1, 2026

PUBLIC STORAGE OPERATING COMPANY

$500,000,000 5.000% Senior Notes due 2035

Final Term Sheet
Issuer:	Public Storage Operating Company
Guarantor:	Public Storage (PSA)
Security:	5.000% Senior Notes due 2035
Trade Date:	April 1, 2026
Settlement Date:	April 6, 2026 (T+2)
Aggregate Principal Amount:	$500,000,000
Maturity Date:	December 15, 2035
Coupon:	5.000% per annum
Benchmark Treasury:	4.125% due February 15, 2036
Benchmark Treasury Price / Yield:	98-17 / 4.309%
Spread to Benchmark Treasury:	T+ 80 basis points
Reoffer Yield:	5.109%
Price to Public:	99.182% of principal amount
Underwriting Discount:	0.45% of principal amount
Interest Payment Dates:	June 15 and December 15 of each year, commencing on June 15, 2026
Record Dates:	June 1 and December 1
Redemption Provision:	Make-whole call prior to September 15, 2035 (3 months prior to the maturity date of the Notes) based on U.S. Treasury +15 basis points or at par on or after September 15, 2035
Joint Book-Running Managers:	BofA Securities, Inc. J.P. Morgan Securities
LLC Goldman Sachs & Co. LLC Wells Fargo Securities,
LLC PNC Capital Markets LLC

| | SMBC Nikko Securities America, Inc. TD
Securities (USA) LLC |
| --- | --- |
| Co-Managers: | Citigroup Global Markets Inc. Scotia Capital
(USA) Inc. |
| ISIN Number: | US74464AAF84 |
| CUSIP Number: | 74464AAF8 |

The issuer has filed a registration statement (including a base prospectus) and prospectus supplement with the Securities and Exchange Commission (the “SEC”) for the offering to which this communication relates. Before you invest, you should read the base prospectus in that registration statement, the prospectus supplement, 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 website at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the base prospectus and the prospectus supplement related thereto if you request it by contacting BofA Securities, Inc. toll-free at 1-800-294-1322 or J.P. Morgan Securities LLC collect at 1-212-834-4533.

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.