PSA 424B5: Shelf registration

Filed with the SEC on Oct 30, 2026 · accession 0001193125-26-441741

PSA filed a 424B5 (prospectus (offering)) with the SEC on Oct 30, 2026. Public Storage Operating Company priced an offering of $500 million aggregate principal amount of 5.600% senior notes due 2036, fully and unconditionally guaranteed by Public Storage. The stock moved +2.4% by the first close after the filing.

Summary of the filing

Public Storage Operating Company priced an offering of $500 million aggregate principal amount of 5.600% senior notes due 2036, fully and unconditionally guaranteed by Public Storage. The notes were offered at 98.293% of par, generating approximately $489.2 million in net proceeds before offering expenses.

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Key details

Aggregate principal amount of notes offered$500.0M

Public offering price (98.293% of par)$491.5M

Underwriting discount$2.3M

Net proceeds before offering expenses$489.2M

IssuerPublic Storage Operating Company

GuarantorPublic Storage

Joint book-running managerBofA Securities

Joint book-running managerBNP PARIBAS

Joint book-running managerMorgan Stanley

Co-managerCitigroup

Co-managerHuntington Capital Markets

Co-managerJ.P. Morgan

Co-managerPNC Capital Markets LLC

Co-managerRBC Capital Markets

Co-managerSMBC Nikko

Co-managerTD Securities

Co-managerUS Bancorp

Co-managerGoldman Sachs & Co. LLC

Co-managerWells Fargo Securities

How PSA stock reacted

Close before

$317.06

Oct 29, 2026

First close after

+2.43%

$324.77

5 trading days

+7.39%

$340.50

Since filing

+6.43%

$337.46

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Frequently asked questions

What did PSA file with the SEC on Oct 30, 2026?

PSA filed a 424B5 (Shelf registration). Public Storage Operating Company priced an offering of $500 million aggregate principal amount of 5.600% senior notes due 2036, fully and unconditionally guaranteed by Public Storage. The notes were offered at 98.293% of par, generating approximately $489.2 million in net proceeds before offering expenses.

What does a shelf registration mean for PSA stock?

New shares dilute existing holders and are often sold at a discount to the market price.

How do I read a 424B5?

The final terms of an offering of shares or bonds. Look at price, number of shares and the discount to the market price. Large offerings dilute existing shareholders.

Why are SEC filings important?

Public companies must tell the SEC about anything that can change their value — results, leadership changes, big deals, new shares, bankruptcy. Filings are the official source, often before the news. A 424B5 (prospectus (offering)): The final terms of an offering of shares or bonds.

How did PSA stock react to this filing?

PSA closed at $317.06 before the filing and $324.77 on Oct 30, 2026 (+2.43%). Five trading days later: $340.50 (+7.39%).

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