Issuer Free Writing Prospectus
Filed Pursuant to Rule 433
Registration Statement No. 333-283556 and 333-283556-01
June 26, 2025
PUBLIC STORAGE
$475,000,000 4.375% Senior Notes due 2030 (the “2030 Notes”)
$400,000,000 5.000% Senior Notes due 2035 (the “2035 Notes”)
Final Term Sheet
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| Issuer: |
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Public Storage Operating Company |
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| Guarantor: |
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Public Storage (PSA) |
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| Security: |
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4.375% Senior Notes due 2030 |
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5.000% Senior Notes due 2035 |
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| Trade Date: |
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June 26, 2025 |
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| Settlement Date: |
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June 30, 2025 (T+2) |
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| Aggregate Principal Amount: |
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2030 Notes: $475,000,000 |
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2035 Notes: $400,000,000 |
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| Maturity Date: |
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2030 Notes: July 1, 2030 |
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2035 Notes: July 1, 2035 |
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| Coupon: |
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2030 Notes: 4.375% per annum |
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2035 Notes: 5.000% per annum |
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| Benchmark Treasury: |
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2030 Notes: 4.000% due May 31, 2030 |
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2035 Notes: 4.250% due May 15, 2035 |
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| Benchmark Treasury Price / Yield: |
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2030 Notes: 100-29 3/4 / 3.791% |
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2035 Notes: 99-30 / 4.257% |
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| Spread to Benchmark Treasury: |
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2030 Notes: T+ 65 basis points |
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2035 Notes: T+ 80 basis points |
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| Reoffer Yield: |
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2030 Notes: 4.441% |
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2035 Notes: 5.057% |
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| Price to Public: |
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2030 Notes: 99.707% of principal amount |
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2035 Notes: 99.557% of principal amount |
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| Underwriting Discount: |
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2030 Notes: 0.35% of principal amount |
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2035 Notes: 0.45% of principal amount |
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| Interest Payment Dates: |
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2030 Notes: January 1 and July 1 of each year, commencing on January 1, 2026 |
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2035 Notes: January 1 and July 1 of each year, commencing on January 1, 2026 |
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| Record Dates: |
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2030 Notes: December 15 and June 15 |
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2035 Notes: December 15 and June 15 |
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| Redemption Provision: |
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2030 Notes: Make-whole call prior to June 1, 2030 (one month prior to the maturity date of the 2030 Notes) based on U.S. Treasury +10 basis points or at par on or after June 1, 2030 |
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2035 Notes: Make-whole call prior to April 1, 2035 (three months prior to the maturity date of the 2035 Notes) based on U.S. Treasury +15 basis points or at par on or after April 1, 2035 |
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| Joint Book-Running Managers: |
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BofA Securities, Inc. |
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Wells Fargo Securities, LLC |
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BNP Paribas Securities Corp. |
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Goldman Sachs & Co. LLC |
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J.P. Morgan Securities LLC |
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Scotia Capital (USA) Inc. |
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SMBC Nikko Securities America, Inc. |
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| Co-Managers: |
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Morgan Stanley & Co. LLC |
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TD Securities (USA) LLC |
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UBS Securities LLC |
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| ISIN Number: |
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2030 Notes: US74464AAC53 |
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2035 Notes: US74464AAD37 |
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| CUSIP Number: |
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2030 Notes: 74464A AC5 |
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2035 Notes: 74464A AD3 |
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 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.
