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Section 1: FWP (FWP)

FWP

Issuer Free Writing Prospectus

Filed Pursuant to Rule 433

Registration Statement No. 333-211758

February 28, 2019

PUBLIC STORAGE

11,400,000 DEPOSITARY SHARES

EACH REPRESENTING 1/1000 OF A 5.60% CUMULATIVE

PREFERRED SHARE OF BENEFICIAL INTEREST, SERIES H

Final Term Sheet

 

Issuer:

   Public Storage (PSA)

Security:

   Depositary Shares Each Representing 1/1000 of a 5.60% Cumulative Preferred Share of Beneficial Interest, Series H

Size:

   11,400,000 depositary shares

Over-allotment Option:

   None

Type of Security:

   SEC Registered - Registration Statement No. 333-211758

Public Offering Price:

   $25.00 per depositary share; $285,000,000 total

Underwriting Discounts:

   $0.7875 per share for Retail Orders; $5,278,102.20 total; and $0.50 per share for Institutional Orders; $2,348,824.00 total

Proceeds to the Company, before expenses:

   $277,373,073.80 total

Estimated Company Expenses:

   $600,000, other than the underwriting discounts

Joint Book-Running Managers:

  

Merrill Lynch, Pierce, Fenner & Smith

                     Incorporated

   Morgan Stanley & Co. LLC
   UBS Securities LLC
   Wells Fargo Securities, LLC

Co- Managers:

   Citigroup Global Markets Inc.
   J.P. Morgan Securities LLC

Underwriting:

  

 

     Number of
Shares
 
Merrill Lynch, Pierce, Fenner & Smith
                     Incorporated
     2,679,000  

Morgan Stanley & Co. LLC

     2,679,000  

UBS Securities LLC

     2,679,000  

Wells Fargo Securities, LLC

     2,679,000  

Citigroup Global Markets Inc.

     342,000  

J.P. Morgan Securities LLC

     342,000  
  

 

 

 

Total

     11,400,000  


Distribution Rights:

   5.60% of the liquidation preference per annum; Distributions begin on March 31, 2019 (prorated from the settlement date)

Redemption:

   The depositary shares may not be redeemed until on or after March 11, 2024, except in order to preserve our status as a real estate investment trust.

Trade Date:

   February 28, 2019

Settlement Date:

   March 11, 2019 (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 644

ISIN Number:

   US74460W6443

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 (i) Merrill Lynch, Pierce, Fenner & Smith Incorporated toll-free 1-800-294-1322; (ii) Morgan Stanley & Co. LLC toll-free 1-866-718-1649; (iii) UBS Securities LLC toll-free 1-888-827-7275; or (iv) Wells Fargo Securities, LLC toll-free 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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