Sunday, January 24WE ACCEPT QUALIFIED GUEST POSTS

Public Storage Prices Public Offering of Senior Notes

GLENDALE, CA (STL.News) Tom Boyle, Chief Financial Officer of Public Storage (NYSE:PSA, the “Company”), announced today that the Company has priced a public offering of $500 million aggregate principal amount of Senior Notes due 2026 (the “Notes”).  The Notes will bear interest at an annual rate of 0.875%, will be issued at 99.817% of par value and will mature on February 15, 2026.  Interest on the Notes is payable semi-annually on February 15 and August 15 of each year, commencing August 15, 2021.  The offering is expected to close on January 19, 2021, subject to the satisfaction of customary closing conditions.  The Company expects to use the net proceeds to make investments in self-storage facilities and in entities that own self-storage facilities, for the development of self-storage facilities and for general corporate purposes, including the redemption of its preferred shares.

BofA Securities, Inc., J.P. Morgan 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 offering is being made pursuant to an effective shelf registration statement filed with the Securities and Exchange Commission (the “SEC”) and only by means of a prospectus and prospectus supplement.  Investors may obtain these documents for free by visiting EDGAR on the SEC’s 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; J.P. Morgan Securities LLC, 383 Madison Avenue, New York, New York 10179, Attention: Investment Grade Syndicate Desk, telephone: 212-834-4533; 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.

READ  Realty Income Prices Debut Public Offering Of Sterling-Denominated Senior Unsecured Notes