Issuer Free Writing Prospectus

Filed Pursuant to Rule 433

Registration Statement No. 333-231510

January 4, 2022

PUBLIC STORAGE

10,000,000 DEPOSITARY SHARES

EACH REPRESENTING 1/1000 OF A 4.100% CUMULATIVE

PREFERRED SHARE OF BENEFICIAL INTEREST, SERIES S

Final Term Sheet

 

Issuer:    Public Storage (PSA)
Security:    Depositary Shares Each Representing 1/1000 of a 4.100% Cumulative Preferred Share of Beneficial Interest, Series S
Size:    10,000,000 depositary shares
Over-allotment Option:    1,500,000 depositary shares at $25.00 per depositary share
Type of Security:    SEC Registered - Registration Statement No. 333-231510
Public Offering Price:    $25.00 per depositary share; $250,000,000 total (not including over-allotment option)
Underwriting Discounts:    $0.7875 per share for Retail Orders; $5,285,188.13 total; and $0.50 per share for Institutional Orders; $1,644,325.00 total
   The underwriters have agreed to reimburse Public Storage expenses in an amount equal to $411,081.25
Estimated Issuer Expenses:    $725,000, other than the underwriting discounts
Net proceeds to the Issuer, after all anticipated issuance costs and the agreed reimbursement:    $242,756,568.13 total (not including over-allotment option)
Use of Proceeds:    The Issuer expects to use the net proceeds for general corporate purposes, including to fund acquisitions of self-storage facilities and the redemption of its preferred shares
Joint Book-Running Managers:    BofA Securities, Inc.
   Morgan Stanley & Co. LLC
   UBS Securities LLC
   Wells Fargo Securities, LLC
Co-Managers:    Citigroup Global Markets Inc.
   J.P. Morgan Securities LLC


Underwriting:

 

     Number of
Firm Shares
 

BofA Securities, Inc.

     2,350,000  

Morgan Stanley & Co. LLC

     2,350,000  

UBS Securities LLC

     2,350,000  

Wells Fargo Securities, LLC

     2,350,000  

Citigroup Global Markets Inc.

     300,000  

J.P. Morgan Securities LLC

     300,000  
  

 

 

 

Total

     10,000,000  

 

Distribution Rights:    4.100% of the liquidation preference per annum; Distributions begin on March 31, 2022 (prorated from the settlement date)
Redemption:    The depositary shares may not be redeemed until January 13, 2027, except in order to preserve our status as a real estate investment trust
Trade Date:    January 4, 2022
Settlement Date:    January 13, 2022 (T+7)
Selling Concession:    $0.50/depositary share for Retail Orders; $0.30/depositary share for Institutional Orders
Reallowance to other dealers:    $0.45/depositary share for Retail Orders
CUSIP Number:    74460W 396
ISIN Number:    US74460W3960

The Issuer has filed a registration statement (including a prospectus with the SEC) and prospectus supplement for the offering to which this communication relates. Before you invest, you should read the 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 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 or prospectus supplement if you request it by calling or emailing (i) BofA Securities, Inc. toll-free at 1-800-294-1322 or dg.prospectus_requests@bofa.com; (ii) Morgan Stanley & Co. LLC toll-free at 1-866-718-1649; (iii) UBS Securities LLC toll-free at 1-888-827-7275; or (iv) 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.

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