FWP 1 d100575dfwp.htm FWP FWP

Issuer Free Writing Prospectus

Filed Pursuant to Rule 433

Registration Statement No. 333-189100

January 12, 2016

PUBLIC STORAGE

11,000,000 DEPOSITARY SHARES

EACH REPRESENTING 1/1000 OF A 5.40% CUMULATIVE

PREFERRED SHARE OF BENEFICIAL INTEREST, SERIES B

Final Term Sheet

 

Issuer:

    Public Storage (PSA)

Security:

    Depositary Shares Each Representing 1/1000 of a 5.40% Cumulative Preferred Share of Beneficial Interest, Series B

Size:

    11,000,000 depositary shares

Over-allotment Option:

    1,000,000 depositary shares at $25.00 per depositary share

Type of Security:

    SEC Registered – Registration Statement No. 333-189100

Public Offering Price:

    $25.00 per depositary share; $275,000,000 total (not including over-allotment option)

Underwriting Discounts:

    $0.7875 per share for Retail Orders; $7,862,715.00 total; and $0.50 per share for Institutional Orders; $507,800.00 total

Proceeds to the Company, before expenses:

    $266,629,485 total (not including the over-allotment option)

Estimated Company Expenses:

    $125,000, 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-Manager:

    Citigroup Global Markets Inc.

Underwriting:

   

 

     Number of
Firm Shares		  

Merrill Lynch, Pierce, Fenner & Smith

                      Incorporated

      2,640,000   

Morgan Stanley & Co. LLC

      2,640,000   

UBS Securities LLC

      2,640,000   

Wells Fargo Securities, LLC

      2,640,000   

Citigroup Global Markets Inc.

      440,000   
  

 

 

  

Total

      11,000,000   

Distribution Rights:

    5.40% of the liquidation preference per annum; Distributions begin on March 31, 2016 (prorated from the settlement date)

Redemption:

    The depositary shares may not be redeemed until on or after January 20, 2021, except in order to preserve our status as a real estate investment trust.

Trade Date:

    January 12, 2016

Settlement Date:

    January 20, 2016 (T+5)

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 776

ISIN Number:

    US74460W7763

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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