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Public Storage — Capital/Financing Update 2021
Nov 4, 2021
30014_rns_2021-11-04_4812d9f2-39a9-4b8f-ba9b-aca172b25be2.zip
Capital/Financing Update
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Issuer Free Writing Prospectus
Filed Pursuant to Rule 433
Registration Statement No. 333-231510
November 4, 2021
PUBLIC STORAGE
$650,000,000 1.500% Senior Notes due 2026
$550,000,000 1.950% Senior Notes due 2028
$550,000,000 2.250% Senior Notes due 2031
Final Term Sheet
| Issuer: | Public Storage (PSA) |
|---|---|
| Security: | 1.500% Senior Notes due 2026 (the 2026 Notes) |
| 1.950% Senior Notes due 2028 (the 2028 Notes) | |
| 2.250% Senior Notes due 2031 (the 2031 Notes) | |
| Trade Date: | November 4, 2021 |
| Settlement Date: | November 9, 2021 (T+3) |
| Aggregate Principal Amount: | 2026 Notes: $650,000,000 |
| 2028 Notes: $550,000,000 | |
| 2031 Notes: $550,000,000 | |
| Maturity Date: | 2026 Notes: November 9, 2026 |
| 2028 Notes: November 9, 2028 | |
| 2031 Notes: November 9, 2031 | |
| Coupon: | 2026 Notes: 1.500% per annum |
| 2028 Notes: 1.950% per annum | |
| 2031 Notes: 2.250% per annum | |
| Benchmark Treasury: | 2026 Notes: 1.125% due October 31, 2026 |
| 2028 Notes: 1.375% due October 31, 2028 | |
| 2031 Notes: 1.250% due August 15, 2031 |
| Benchmark Treasury Price / Yield: | 2026 Notes: 100-03+ / 1.102% |
|---|---|
| 2028 Notes: 99-31+ / 1.377% | |
| 2031 Notes: 97-17 / 1.523% | |
| Spread to Benchmark Treasury: | 2026 Notes: T+ 43 basis points |
| 2028 Notes: T+ 58 basis points | |
| 2031 Notes: T+ 73 basis points | |
| Yield to Maturity: | 2026 Notes: 1.532% |
| 2028 Notes: 1.957% | |
| 2031 Notes: 2.253% | |
| Price to Public: | 2026 Notes: 99.847% of principal amount |
| 2028 Notes: 99.954% of principal amount | |
| 2031 Notes: 99.973% of principal amount | |
| Underwriting Discount: | 2026 Notes: 0.600% of principal amount |
| 2028 Notes: 0.600% of principal amount | |
| 2031 Notes: 0.650% of principal amount | |
| The underwriters have agreed to make a payment to Public Storage in an amount equal to $3,825,000, including in respect of expenses. | |
| Interest Payment Dates: | May 9 and November 9 of each year, commencing on May 9, 2022 |
| Record Dates: | April 24 and October 25 |
| Redemption Provision: | 2026 Notes: Make-whole call prior to October 9, 2026 (one month prior to the maturity date of the Notes) based on U.S. Treasury + 10 basis points or at par on or after October 9, 2026 |
| 2028 Notes: Make-whole call prior to September 9, 2028 (two months prior to the maturity date of the Notes) based on U.S. Treasury + 10 basis points or at par on or after September 9, 2028 2031 Notes: Make-whole call | |
| prior to August 9, 2031 (three months prior to the maturity date of the Notes) based on U.S. Treasury + 15 basis points or at par on or after August 9, 2031 |
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| Joint Book-Running Managers: | Citigroup Global Markets Inc. |
|---|---|
| J.P. Morgan Securities LLC | |
| Wells Fargo Securities, LLC | |
| BofA Securities, Inc. | |
| Morgan Stanley & Co. LLC | |
| UBS Securities LLC | |
| Co-Managers: | BNP Paribas Securities Corp. |
| Scotia Capital (USA) Inc. | |
| ISIN Number: | 2026 Notes: US74460DAG43 |
| 2028 Notes: US74460DAH26 | |
| 2031 Notes: US74460DAJ81 | |
| CUSIP Number: | 2026 Notes: 74460D AG4 |
| 2028 Notes: 74460D AH2 | |
| 2031 Notes: 74460D AJ8 |
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 Citigroup Global Markets Inc. toll-free at 1-800-831-9146; J.P. Morgan Securities LLC collect at 1-212-834-4533; or Wells Fargo Securities, LLC toll-free at 1-800-645-3751.
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.