Issuer Free Writing Prospectus
Filed Pursuant to Rule 433
Registration Statement No. 333-231510
August 10, 2021
News Release
Public Storage
701 Western Avenue
Glendale, CA
91201-2349
PublicStorage.com
|
|
|
|
|
|
|
For Release:
|
|
Immediately
|
|
|
Date:
|
|
August 10, 2021
|
|
|
Contact:
|
|
Ryan Burke
|
|
|
|
|
(818) 244-8080, Ext. 1141
|
Public Storage Announces Pricing of 3.950% Cumulative Preferred Shares of Beneficial Interest, Series Q
GLENDALE, Calif.Tom Boyle, Chief Financial Officer of Public Storage (NYSE:PSA, the Company), announced that the Company has
priced a public offering of 5,000,000 depositary shares at $25.00 per depositary share, with each depositary share representing 1/1,000 of a 3.950% Cumulative Preferred Share of Beneficial Interest, Series Q (the Series Q Preferred
Shares). The offering is expected to result in $125 million of gross proceeds (assuming no exercise of the underwriters overallotment option) and to close on or about August 17, 2021, subject to the satisfaction of customary
closing conditions.
The Company expects to use the net proceeds for general corporate purposes, including the potential redemption of its 4.900%
Cumulative Preferred Shares, Series E, which are redeemable as of October 14, 2021. The issuance reflects continuing execution of Public Storages strategy to lower the cost of its in-place capital.
Since 2015, Public Storage has redeemed $4.9 billion of preferred equity, reducing its average in-place cost of preferred equity approximately 123 basis points to 4.6% (including the Series Q Preferred
Shares). Over the same time period, the Company has issued $5 billion of unsecured debt at a 1.9% average rate to fund its strategic growth along with free cash flow.
BofA Securities, Inc., Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities, LLC acted as joint book-running managers of the
offering. This announcement shall not constitute an offer to sell or a solicitation of an offer to buy these securities nor shall there be any offer or sale of these securities in any state or jurisdiction in which such an offer, solicitation or
sale would be unlawful. The Company has filed a registration statement (including a prospectus with the Securities and Exchange Commission (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 Company has filed with the SEC for more complete information about the issuer and this offering. Investors may obtain these
documents for free by visiting EDGAR on the SECs website at www.sec.gov. Alternatively, copies of the prospectus and prospectus supplement may be obtained by contacting: BofA Securities, Inc., 200 North College Street, NC1-004-03-43, Charlotte, NC 28255-0001, Attention: Prospectus Department, telephone: 1-800-294-1322 or email: dg.prospectus_requests@bofa.com; Morgan Stanley & Co. LLC, 180 Varick Street, 2nd Floor, New York, NY 10014, Attn: Prospectus
Department, telephone: 1-866-718-1649; UBS Securities LLC, 1285 Avenue of the Americas, New York, NY 10019, Attention: Prospectus
Department, telephone: 1-888-827-7275; or Wells Fargo Securities, LLC, 608 2nd Avenue South, Suite 1000, Minneapolis, MN 55402,
Attn: WFS Customer Service, telephone: 1-800-645-3751 or email: wfscustomerservice@wellsfargo.com.