Public Storage Operating Company filed a free writing prospectus on October 29, 2026, disclosing the final term sheet for a $500,000,000 offering of 5.600% Senior Notes due November 15, 2036, guaranteed by Public Storage (NYSE:PSA).

Key Highlights

  • Aggregate principal: $500,000,000 in 5.600% Senior Notes due 2036
  • Price to public: 98.293% of principal amount, with a reoffer yield of 5.827%
  • Spread to benchmark: T+83 basis points over the 4.625% Treasury due August 15, 2036
  • Settlement date: November 6, 2026 (T+6), with maturity on November 15, 2036
  • Underwriting discount: 0.450% of principal amount
  • Joint book-running managers: BofA Securities, Inc., BNP Paribas Securities Corp., and Morgan Stanley & Co. LLC
  • CUSIP / ISIN: 74464A AJ0 / US74464AAJ07

Public Storage Operating Company's $500 Million Senior Note Offering: Key Terms

According to the filing, Public Storage Operating Company priced $500,000,000 aggregate principal amount of 5.600% Senior Notes due November 15, 2036, with a trade date of October 29, 2026, and a scheduled settlement date of November 6, 2026 (T+6). The notes are guaranteed by Public Storage, listed on the NYSE as PSA. The offering was filed pursuant to Rule 433 under Registration Statement Nos. 333-283556 and 333-283556-01.

The filing discloses that the notes were priced at 98.293% of principal amount, producing a reoffer yield of 5.827%. The spread to the benchmark Treasury, identified as the 4.625% note due August 15, 2036, was set at T+83 basis points. The benchmark Treasury was quoted at a price of 97-04+ and a yield of 4.997%, according to the term sheet. The underwriting discount is 0.450% of principal amount. Interest will be payable semi-annually on May 15 and November 15 of each year, commencing May 15, 2027, with record dates of May 1 and November 1.

The filing states that the notes include a make-whole call provision exercisable prior to August 15, 2036 (three months before maturity) based on U.S. Treasury plus 15 basis points, or may be redeemed at par on or after August 15, 2036. Three joint book-running managers led the transaction: BofA Securities, Inc., BNP Paribas Securities Corp., and Morgan Stanley & Co. LLC. Eight co-managers are also listed, including J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC, and Wells Fargo Securities, LLC, among others.

What Was Disclosed

Public Storage Operating Company disclosed the final terms of a $500,000,000 Senior Note offering due 2036, including pricing, yield, spread, redemption provisions, interest payment schedule, underwriter roster, and CUSIP and ISIN identifiers.