• Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • AI SuperconnectorNEW
  • Settings
  • RSS Feeds
Quantisnow Logo
  • Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • AI SuperconnectorNEW
  • Settings
  • RSS Feeds
PublishGo to AppAI Superconnector
    Quantisnow Logo

    © 2025 quantisnow.com
    Democratizing insights since 2022

    Services
    Live news feedsRSS FeedsAlertsPublish with Us
    Company
    AboutQuantisnow PlusContactJobsAI superconnector for talent & startupsNEW
    Legal
    Terms of usePrivacy policyCookie policy

    SEC Form FWP filed by Public Storage

    9/26/25 4:15:12 PM ET
    $PSA
    Real Estate Investment Trusts
    Real Estate
    Get the next $PSA alert in real time by email
    FWP 1 d166808dfwp.htm FWP FWP

    Issuer Free Writing Prospectus

    Filed Pursuant to Rule 433

    Registration Statement No. 333-283556 and 333-283556-01

    September 26, 2025

    PUBLIC STORAGE

    €425,000,000 3.500% Senior Notes due 2034

    Final Term Sheet

     

    Issuer:

      Public Storage Operating Company

    Guarantor:

      Public Storage (PSA)

    Security:

      3.500% Senior Notes due 2034 (the “Notes”)

    Offering Format:

      SEC Registered; Classic Global Notes

    Trade Date:

      September 26, 2025

    Settlement Date:

      October 3, 2025 (London T+5)

    Aggregate Principal Amount:

      €425,000,000

    Maturity Date:

      January 20, 2034

    Coupon:

      3.500% per annum

    Mid-Swap Yield (Interpolated):

      2.630%

    Spread to Interpolated Mid-Swap Yield:

      + 95 basis points

    Yield to Maturity (annual):

      3.580%

    Price to Public:

      99.447% of principal amount

    Benchmark Government Security:

      DBR 2.200% due February 15, 2034

     

    1


    Benchmark Government Price:

      €96.75

    Spread to Benchmark Government Security:

      + 94.3 basis points

    Underwriting Discount:

      0.420% of principal amount

    Interest Payment Date:

      January 20 of each year, commencing on January 20, 2026

    Record Date:

      January 5

    Day Count Convention:

      ACTUAL/ACTUAL (ICMA)

    Redemption Provision:

     

    The notes will be redeemable at any time in whole, or from time to time in part, at the issuer’s option at a redemption price equal to the greater of (i) 100% of the aggregate principal amount of notes being redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the notes being redeemed assuming that the notes being redeemed matured on October 20, 2033 (not including any portion of any payments of interest accrued to the redemption date), discounted to the redemption date on an annual basis (ACTUAL/ACTUAL (ICMA)) at the applicable Comparable Government Bond Rate, plus 15 basis points, plus, in each case, accrued and unpaid interest on such notes to, but not including, the redemption date.

     

    Notwithstanding the foregoing, if the notes are redeemed on or after October 20, 2033 (three months prior to the Maturity Date), the redemption price will equal 100% of the aggregate principal amount of the notes being redeemed plus accrued and unpaid interest on such notes to, but not including, the redemption date.

    Listing:

      The issuer intends to apply to list the notes on the New York Stock Exchange.

    Expected Ratings:*

     

    A2 (Stable) by Moody’s Investors Service, Inc.

     

    A (Stable) by Standard & Poor’s

     

    2


    Denominations:

      €100,000 and integral multiples of €1,000 in excess thereof.

    Joint Book-Running Managers:

      BNP PARIBAS
    Goldman Sachs & Co. LLC
    Morgan Stanley & Co. International plc
    Scotiabank (Ireland) Designated Activity Company
    UBS AG London Branch

    Common Code:

      319224904

    ISIN Number:

      XS3192249046

    CUSIP Number:

      74464AAE1

    Terms used herein but not defined shall have the respective meanings as set forth in the issuer’s preliminary prospectus supplement dated September 26, 2025.

    * Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.

    The issuer has filed a registration statement (including a base prospectus) and prospectus supplement with the U.S. 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 BNP PARIBAS toll-free at +44 (0)20-7595-8222, Goldman Sachs & Co. LLC toll-free at +1-866-471-2526, or Morgan Stanley & Co. International plc toll-free at +44 (0)20-7677-0582.

    EEA

    PRIIPs/ Important – EEA Retail Investors

    The notes are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the EEA. For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, “MiFID II”); or (ii) a customer within the meaning of Directive (EU) 2016/97 (as amended), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II. Consequently no key information document required by Regulation (EU) No 1286/2014 (as amended, the “PRIIPs Regulation”) for offering or selling the notes or otherwise making them available to retail investors in the EEA has been prepared and therefore offering or selling the notes or otherwise making them available to any retail investor in the EEA may be unlawful under the PRIIPS Regulation.

     

    3


    United Kingdom

    UK PRIIPs/ Important – UK Retail Investors

    The notes are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the United Kingdom. For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client, as defined in point (8) of Article 2 of Regulation (EU) No 2017/565 as it forms part of United Kingdom domestic law by virtue of the EUWA; or (ii) a customer within the meaning of the provisions of the United Kingdom Financial Services and Markets Act 2000 (as amended, the “FSMA”) and any rules or regulations made under the FSMA to implement Directive (EU) 2016/97 (as amended), where that customer would not qualify as a professional client, as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of United Kingdom domestic law by virtue of the EUWA. Consequently no key information document required by the PRIIPs Regulation as it forms part of domestic law by virtue of the EUWA (the “UK PRIIPs Regulation”) for offering or selling the notes or otherwise making them available to retail investors in the United Kingdom has been prepared and therefore offering or selling the notes or otherwise making them available to any retail investor in the United Kingdom may be unlawful under the UK PRIIPs Regulation.

    UK MiFIR product governance / Professional investors and ECPs only target market

    Solely for the purposes of each manufacturer’s product approval process, the target market assessment in respect of the notes has led to the conclusion that: (i) the target market for the notes is only eligible counterparties, as defined in the FCA Handbook Conduct of Business Sourcebook (“COBS”), and professional clients, as defined in Regulation (EU) No 600/2014 as it forms part of domestic law by virtue of the EUWA (“UK MiFIR”); and (ii) all channels for distribution of the notes to eligible counterparties and professional clients are appropriate. Any distributor should take into consideration the manufacturers’ target market assessment; however, a distributor subject to the FCA Handbook Product Intervention and Product Governance Sourcebook (the “UK MiFIR Product Governance Rules”) is responsible for undertaking its own target market assessment in respect of the notes (by either adopting or refining the manufacturers’ target market assessment) and determining appropriate distribution channels.

    In the United Kingdom, this final term sheet is being distributed to, and is directed only at, persons who (i) are investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the “Financial Promotion Order”), (ii) are high net worth entities or other persons falling within Article 49(2)(a) to (d) of the Financial Promotion Order, or (iii) are persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the FSMA in connection with the issue or sale of any securities may otherwise lawfully be communicated or caused to be communicated (all such persons being referred to as “relevant persons”). Accordingly, this final term sheet is directed only at relevant persons and must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this final term sheet relates is available only to relevant persons and will be engaged in only with relevant persons. Any person who is not a relevant person should not act or rely on this final term sheet or any of its contents.

    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.

     

    4

    Get the next $PSA alert in real time by email

    Crush Q3 2025 with the Best AI Superconnector

    Stay ahead of the competition with Standout.work - your AI-powered talent-to-startup matching platform.

    AI-Powered Inbox
    Context-aware email replies
    Strategic Decision Support
    Get Started with Standout.work

    Recent Analyst Ratings for
    $PSA

    DatePrice TargetRatingAnalyst
    6/24/2025$331.00Outperform
    BNP Paribas Exane
    6/20/2025$325.00Outperform → Market Perform
    BMO Capital Markets
    4/22/2025$368.00Neutral → Buy
    BofA Securities
    4/10/2025Hold → Buy
    Truist
    4/9/2025$305.00Sector Perform → Sector Outperform
    Scotiabank
    1/10/2025$298.00 → $299.00Sell → Hold
    Deutsche Bank
    9/10/2024$358.00Sector Perform
    RBC Capital Mkts
    8/5/2024$318.00Buy → Neutral
    BofA Securities
    More analyst ratings

    $PSA
    SEC Filings

    View All

    SEC Form 8-K filed by Public Storage

    8-K - Public Storage (0001393311) (Filer)

    9/29/25 4:50:06 PM ET
    $PSA
    Real Estate Investment Trusts
    Real Estate

    SEC Form FWP filed by Public Storage

    FWP - Public Storage (0001393311) (Subject)

    9/26/25 4:15:12 PM ET
    $PSA
    Real Estate Investment Trusts
    Real Estate

    Public Storage filed SEC Form 8-K: Regulation FD Disclosure, Other Events

    8-K - Public Storage (0001393311) (Filer)

    9/8/25 4:06:48 PM ET
    $PSA
    Real Estate Investment Trusts
    Real Estate

    $PSA
    Press Releases

    Fastest customizable press release news feed in the world

    View All

    Public Storage Prices Public Offering of Euro-Denominated Senior Notes

    Public Storage (NYSE:PSA, the "Company")) announced today that the Company's subsidiary, Public Storage Operating Company ("PSOC"), has priced a public offering of €425 million aggregate principal amount of senior notes due 2034 (the "Notes"). The Notes will be guaranteed by the Company. The Notes will bear interest at an annual rate of 3.500%, will be issued at 99.447% of par value and will mature on January 20, 2034. Interest on the Notes is payable annually on January 20 of each year, commencing January 20, 2026. The offering is expected to close on October 3, 2025, subject to the satisfaction of customary closing conditions. PSOC expects to use the net proceeds to repay the outstandin

    9/26/25 5:21:00 PM ET
    $PSA
    Real Estate Investment Trusts
    Real Estate

    Public Storage Declares Third Quarter 2025 Dividends

    Public Storage (NYSE:PSA) announced today that on August 26, 2025, our Board of Trustees declared a regular quarterly common dividend of $3.00 per common share. The Board also declared dividends with respect to our various series of preferred shares. All the dividends are payable on September 30, 2025, to shareholders of record as of September 15, 2025. About Public Storage Public Storage, a member of the S&P 500, is a REIT that primarily acquires, develops, owns, and operates self-storage facilities. At June 30, 2025, we: (i) owned and/or operated 3,432 self-storage facilities located in 40 states with approximately 250 million net rentable square feet in the United States and (ii) own

    8/26/25 4:05:00 PM ET
    $PSA
    Real Estate Investment Trusts
    Real Estate

    Ki Corporation and Public Storage Withdraw Offer to Acquire Abacus Storage King

    Ki Corporation and Public Storage (NYSE:PSA) (together, the "Consortium") announced today the withdrawal of their non-binding indicative offer to acquire Abacus Storage King (ASX:ASK) following a comprehensive due diligence period. "We appreciate Abacus Storage King's partnership through the due diligence processes," said Joe Russell, Public Storage's Chief Executive Officer. "Following extensive review, we were unable to match their Independent Board Committee's value assessment. This decision reflects our financial discipline and confidence in the wide array of opportunities available to continue enhancing our portfolio. Our opportunity set is expanding and, with more than $785 million

    8/25/25 7:35:00 PM ET
    $PSA
    Real Estate Investment Trusts
    Real Estate

    $PSA
    Insider Trading

    Insider transactions reveal critical sentiment about the company from key stakeholders. See them live in this feed.

    View All

    Director Petherbridge Luke J bought $198,975 worth of shares (700 units at $284.25) (SEC Form 4)

    4 - Public Storage (0001393311) (Issuer)

    8/11/25 1:54:24 PM ET
    $PSA
    Real Estate Investment Trusts
    Real Estate

    SEC Form 4 filed by Director Petherbridge Luke J

    4 - Public Storage (0001393311) (Issuer)

    7/31/25 1:26:34 PM ET
    $PSA
    Real Estate Investment Trusts
    Real Estate

    SEC Form 3 filed by new insider Petherbridge Luke J

    3 - Public Storage (0001393311) (Issuer)

    7/31/25 12:51:21 PM ET
    $PSA
    Real Estate Investment Trusts
    Real Estate

    $PSA
    Insider Purchases

    Insider purchases reveal critical bullish sentiment about the company from key stakeholders. See them live in this feed.

    View All

    $PSA
    Analyst Ratings

    Analyst ratings in real time. Analyst ratings have a very high impact on the underlying stock. See them live in this feed.

    View All

    Director Petherbridge Luke J bought $198,975 worth of shares (700 units at $284.25) (SEC Form 4)

    4 - Public Storage (0001393311) (Issuer)

    8/11/25 1:54:24 PM ET
    $PSA
    Real Estate Investment Trusts
    Real Estate

    Pipes Kristy bought $599,485 worth of shares (2,149 units at $278.96) (SEC Form 4)

    4 - Public Storage (0001393311) (Issuer)

    5/15/24 7:44:57 PM ET
    $PSA
    Real Estate Investment Trusts
    Real Estate

    BNP Paribas Exane initiated coverage on Public Storage with a new price target

    BNP Paribas Exane initiated coverage of Public Storage with a rating of Outperform and set a new price target of $331.00

    6/24/25 8:23:37 AM ET
    $PSA
    Real Estate Investment Trusts
    Real Estate

    Public Storage downgraded by BMO Capital Markets with a new price target

    BMO Capital Markets downgraded Public Storage from Outperform to Market Perform and set a new price target of $325.00

    6/20/25 7:52:40 AM ET
    $PSA
    Real Estate Investment Trusts
    Real Estate

    Public Storage upgraded by BofA Securities with a new price target

    BofA Securities upgraded Public Storage from Neutral to Buy and set a new price target of $368.00

    4/22/25 7:19:50 AM ET
    $PSA
    Real Estate Investment Trusts
    Real Estate

    $PSA
    Financials

    Live finance-specific insights

    View All

    Public Storage Declares Third Quarter 2025 Dividends

    Public Storage (NYSE:PSA) announced today that on August 26, 2025, our Board of Trustees declared a regular quarterly common dividend of $3.00 per common share. The Board also declared dividends with respect to our various series of preferred shares. All the dividends are payable on September 30, 2025, to shareholders of record as of September 15, 2025. About Public Storage Public Storage, a member of the S&P 500, is a REIT that primarily acquires, develops, owns, and operates self-storage facilities. At June 30, 2025, we: (i) owned and/or operated 3,432 self-storage facilities located in 40 states with approximately 250 million net rentable square feet in the United States and (ii) own

    8/26/25 4:05:00 PM ET
    $PSA
    Real Estate Investment Trusts
    Real Estate

    Ki Corporation and Public Storage Withdraw Offer to Acquire Abacus Storage King

    Ki Corporation and Public Storage (NYSE:PSA) (together, the "Consortium") announced today the withdrawal of their non-binding indicative offer to acquire Abacus Storage King (ASX:ASK) following a comprehensive due diligence period. "We appreciate Abacus Storage King's partnership through the due diligence processes," said Joe Russell, Public Storage's Chief Executive Officer. "Following extensive review, we were unable to match their Independent Board Committee's value assessment. This decision reflects our financial discipline and confidence in the wide array of opportunities available to continue enhancing our portfolio. Our opportunity set is expanding and, with more than $785 million

    8/25/25 7:35:00 PM ET
    $PSA
    Real Estate Investment Trusts
    Real Estate

    Ki Corporation and Public Storage Update Offer to Acquire Abacus Storage King

    Abacus Storage King and the Consortium agree to proceed with due diligence Ki Corporation and Public Storage (NYSE:PSA) (together, the "Consortium") announced today a revised non-binding indicative offer (NBIO) to acquire Abacus Storage King (ASX:ASK) for cash consideration of A$1.65 per stapled security. The Consortium and Abacus Storage King have agreed to proceed with due diligence based on the revised terms. "We are excited to take the next step towards this potential combination with Abacus Storage King in partnership with Ki Corporation," said Joe Russell, Public Storage's Chief Executive Officer. "Public Storage has proven success internationally, and we are excited by the prospe

    7/13/25 6:58:00 PM ET
    $PSA
    Real Estate Investment Trusts
    Real Estate

    $PSA
    Leadership Updates

    Live Leadership Updates

    View All

    Public Storage Appoints New Independent Trustee

    Public Storage (NYSE:PSA) (the "Company") announced today the appointment of Maria R. Hawthorne to its Board of Trustees, effective immediately, with an initial term expiring at the 2025 annual meeting of shareholders. Ms. Hawthorne will serve as a member of the Audit Committee. Ms. Hawthorne brings over 35 years of real estate industry experience, including extensive executive management, operational, and leadership development experience. Ms. Hawthorne has been a member of the board of directors of Essex Property Trust, Inc. (NYSE:ESS), a REIT that acquires, develops, redevelops, and manages multifamily residential properties, since March 2020, and of ASGN Incorporated (NYSE:ASGN), a le

    7/25/24 4:17:00 PM ET
    $ASGN
    $ESS
    $PSA
    Professional Services
    Consumer Discretionary
    Real Estate Investment Trusts
    Real Estate

    WillScot Mobile Mini Announces Appointment of Natalia Johnson to Board of Directors

    PHOENIX, Aug. 09, 2023 (GLOBE NEWSWIRE) -- WillScot Mobile Mini Holdings Corp. ("WillScot Mobile Mini" or the "Company") (NASDAQ:WSC), the North American leader in innovative flexible space and storage solutions, today announced the appointment of Natalia Johnson to the WillScot Mobile Mini Board of Directors, effective 8, 2023. Erik Olsson, Chairman of WillScot Mobile Mini, commented, "We are thrilled that Natalia Johnson is joining the WillScot Mobile Mini Board. Her appointment will continue to support our efforts to enhance and diversify our Board's skills, expertise, and knowledge. She is an energetic leader with a proven track record to identify, design, and execute strategic transf

    8/9/23 4:01:00 PM ET
    $PSA
    $WSC
    Real Estate Investment Trusts
    Real Estate
    Misc Corporate Leasing Services
    Industrials

    AECOM announces appointment of Kristy Pipes to its Board of Directors

    AECOM (NYSE:ACM), the world's trusted infrastructure consulting firm, announced today the appointment of Kristy Pipes to its Board of Directors. Ms. Pipes brings to the Board extensive management, financial and accounting experience, having held several senior leadership positions throughout her career, including most recently as Managing Director and CFO at Deloitte Consulting, a global management consulting firm. The appointment will be effective on October 1, 2022, and Ms. Pipes will become a member of the Audit Committee upon her appointment to the Board. "I am pleased to welcome Kristy Pipes to our Board of Directors," said Douglas Stotlar, AECOM's chairman of its Board of Directors.

    9/19/22 4:05:00 PM ET
    $ACM
    $EXLS
    $PSA
    Military/Government/Technical
    Consumer Discretionary
    Real Estate
    Real Estate Investment Trusts

    $PSA
    Large Ownership Changes

    This live feed shows all institutional transactions in real time.

    View All

    SEC Form SC 13G/A filed by Public Storage (Amendment)

    SC 13G/A - Public Storage (0001393311) (Subject)

    2/14/24 9:42:11 AM ET
    $PSA
    Real Estate Investment Trusts
    Real Estate

    SEC Form SC 13G/A filed by Public Storage (Amendment)

    SC 13G/A - Public Storage (0001393311) (Subject)

    2/13/24 5:12:14 PM ET
    $PSA
    Real Estate Investment Trusts
    Real Estate

    SEC Form SC 13G/A filed by Public Storage (Amendment)

    SC 13G/A - Public Storage (0001393311) (Subject)

    1/30/24 11:34:38 AM ET
    $PSA
    Real Estate Investment Trusts
    Real Estate