Issuer Free Writing Prospectus
Filed Pursuant to Rule 433
Registration Statement No. 333-283556 and 333-283556-01
April 1, 2026
PUBLIC STORAGE OPERATING COMPANY
$500,000,000 5.000% Senior Notes due 2035
| Final Term Sheet | ||
| Issuer: | Public Storage Operating Company | |
| Guarantor: | Public Storage (PSA) | |
| Security: | 5.000% Senior Notes due 2035 | |
| Trade Date: | April 1, 2026 | |
| Settlement Date: | April 6, 2026 (T+2) | |
| Aggregate Principal Amount: | $500,000,000 | |
| Maturity Date: | December 15, 2035 | |
| Coupon: | 5.000% per annum | |
| Benchmark Treasury: | 4.125% due February 15, 2036 | |
| Benchmark Treasury Price / Yield: | 98-17 / 4.309% | |
| Spread to Benchmark Treasury: | T+ 80 basis points | |
| Reoffer Yield: | 5.109% | |
| Price to Public: | 99.182% of principal amount | |
| Underwriting Discount: | 0.45% of principal amount | |
| Interest Payment Dates: | June 15 and December 15 of each year, commencing on June 15, 2026 | |
| Record Dates: | June 1 and December 1 | |
| Redemption Provision: | Make-whole call prior to September 15, 2035 (3 months prior to the maturity date of the Notes) based on U.S. Treasury +15 basis points or at par on or after September 15, 2035 | |
| Joint Book-Running Managers: | BofA Securities, Inc. J.P. Morgan Securities LLC Goldman Sachs & Co. LLC Wells Fargo Securities, LLC PNC Capital Markets LLC | |
| SMBC Nikko Securities America, Inc. TD Securities (USA) LLC | ||
| Co-Managers: | Citigroup Global Markets Inc. Scotia Capital (USA) Inc. | |
| ISIN Number: | US74464AAF84 | |
| CUSIP Number: | 74464AAF8 | |
The issuer has filed a registration statement (including a base prospectus) and prospectus supplement with the 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 BofA Securities, Inc. toll-free at 1-800-294-1322 or J.P. Morgan Securities LLC collect at 1-212-834-4533.
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