Summary
Public Storage (PSA) announced the completion of a $500 million 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%, 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.
Key Highlights
- 1Public Storage subsidiary, PSOC, completed a $500 million offering of Senior Notes due 2035.
- 2The notes carry a fixed interest rate of 5.000% per annum.
- 3Interest payments are due semi-annually on June 15 and December 15.
- 4The notes mature on December 15, 2035.
- 5The parent company, Public Storage, provides a guarantee for the notes.
- 6The governing Indenture includes covenants restricting additional debt, mergers, and asset sales, along with a minimum unencumbered asset requirement.
- 7The offering was conducted under a previously filed shelf registration statement.