01—Abstract
Summary
Summary of the 8-K filed April 6, 2026. Cited figures are marked; the original filing is the authoritative source.
Public Storage (PSA) announced the completion of a $500 milliona offering of 5.000% Senior Notes due 2035.
These notes are issued by its subsidiary, Public Storage Operating Company (PSOC), and guaranteed by the parent company. The offering was made under a shelf registration statement filed in December 2024 and a prospectus supplement dated April 1, 2026. This issuance represents a significant debt financing for Public Storage, increasing its long-term obligations.
The notes mature in 2035 and carry a fixed interest rate of 5.000%b, payable semi-annually. The Indenture governing these notes includes covenants that place limitations on PSOC's ability to incur additional debt, merge, or sell assets, and requires the maintenance of a minimum level of unencumbered assets relative to unsecured indebtedness.
02—Key points
Key Highlights
- Public Storage subsidiary, PSOC, completed a $500 million offering of Senior Notes due 2035.
- The notes carry a fixed interest rate of 5.000% per annum.
- Interest payments are due semi-annually on June 15 and December 15.
- The notes mature on December 15, 2035.
- The parent company, Public Storage, provides a guarantee for the notes.
- The governing Indenture includes covenants restricting additional debt, mergers, and asset sales, along with a minimum unencumbered asset requirement.
- The offering was conducted under a previously filed shelf registration statement.
03—Questions
Frequently Asked Questions
What is the total amount of the new debt issuance?
Public Storage Operating Company (PSOC) completed an offering of $500 million in Senior Notes.
What is the interest rate and maturity date of these new notes?
The notes have a fixed interest rate of 5.000% per annum and mature on December 15, 2035.
What are the key restrictions or covenants associated with these notes?
The Indenture contains covenants that limit PSOC's ability to incur secured and unsecured indebtedness, merge or consolidate, or sell substantially all of its assets. It also requires PSOC to maintain total unencumbered assets of at least 125% of total unsecured indebtedness, subject to exceptions.
Who is the issuer and guarantor of these notes?
The notes are issued by Public Storage Operating Company (PSOC), a subsidiary of Public Storage, and are guaranteed by the parent company, Public Storage.
04—Continue