FWP 1 d258501dfwp.htm FWP FWP

Issuer Free Writing Prospectus

Filed Pursuant to Rule 433

Registration Statement No. 333-231510

November 9, 2021

PUBLIC STORAGE

17,400,000 DEPOSITARY SHARES

EACH REPRESENTING 1/1000 OF A 4.00% CUMULATIVE

PREFERRED SHARE OF BENEFICIAL INTEREST, SERIES R

 

     Final Term Sheet
Issuer:     

Public Storage (PSA)

Security:     

Depositary Shares Each Representing 1/1000 of a 4.00%
Cumulative Preferred Share of Beneficial Interest, Series R

Size:     

17,400,000 depositary shares

Over-allotment Option:     

2,600,000 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; $435,000,000 total (not including
over-allotment option)

Underwriting Discounts:     

$0.7875 per share for Retail Orders; $9,718,832.81 total; and
$0.50 per share for Institutional Orders; $2,529,312.50 total

    

The underwriters have agreed to reimburse Public Storage
expenses in an amount equal to $632,328.13

Estimated Issuer Expenses:     

$1,000,000, other than the underwriting discounts

Net proceeds to the Issuer, after all anticipated issuance costs and the agreed reimbursement:     

$422,384,182.81 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

Underwriting:   
     Number of       
     Firm Shares       

BofA Securities, Inc.

      4,350,000     

Morgan Stanley & Co. LLC

      4,350,000     

UBS Securities LLC

      4,350,000     

Wells Fargo Securities, LLC

      4,350,000     
  

 

 

     

Total

      17,400,000     

Distribution Rights:   

4.00% 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 November 19, 2026, except in order to preserve our status as a real estate investment trust

Trade Date:   

November 9, 2021

Settlement Date:   

November 19, 2021 (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 420

ISIN Number:   

US74460W4208

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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