8-KMaterial AgreementsFinancial EventsExhibits & Filings

Public Storage 8-K Report, Material Agreement (Sep 16, 2026)

Filed September 16, 2026For Securities:PSAPSA-PRPSA-PFPSA-PGPSA-PHPSA-PIPSA-PJPSA-PMPSA-PNPSA-POPSA-PPPSA-PQPSA-PSPSA-PKPSA-PL

Summary

Public Storage (PSA) announced on September 16, 2026, through its subsidiary PS Canada Finance ULC, the successful completion of a C$400 million offering of Senior Notes due 2033. These notes carry a fixed interest rate of 4.540% and mature on September 16, 2033, with semi-annual interest payments commencing March 16, 2027. The Company and its subsidiary, Public Storage Operating Company (PSOC), have provided guarantees for these notes, enhancing their credit profile. The issuance of these notes provides Public Storage with long-term financing, strengthening its capital structure. The indenture governing the notes includes covenants that limit certain corporate actions, such as mergers and asset sales, and impose asset coverage requirements on PSOC. These provisions are standard for debt issuances and are designed to protect bondholders while allowing for operational flexibility within defined parameters. Investors should note that these notes are unsecured and unsubordinated obligations of PS Canada.

Key Highlights

  • 1Public Storage subsidiary, PS Canada Finance ULC, completed a C$400 million Senior Notes offering.
  • 2The notes mature on September 16, 2033, with a coupon rate of 4.540% per annum.
  • 3The Company and PSOC provide guarantees for the notes.
  • 4Interest payments are semi-annual, commencing March 16, 2027.
  • 5The indenture includes covenants limiting mergers, asset sales, and requiring PSOC to maintain specific unencumbered asset ratios.
  • 6The offering was made under a shelf registration statement previously filed with the SEC.
  • 7These notes represent unsecured and unsubordinated obligations of PS Canada.

Frequently Asked Questions

The new notes have a principal amount of C$400 million and carry a fixed interest rate of 4.540% per annum.

The Senior Notes will mature on September 16, 2033. Interest will be paid semi-annually on March 16 and September 16 of each year, with the first payment due on March 16, 2027.

The notes are unsecured and unsubordinated obligations of PS Canada Finance ULC. However, both Public Storage and its subsidiary, Public Storage Operating Company (PSOC), provide guarantees for the notes.

The indenture includes covenants that limit PS Canada's ability to engage in mergers or sell substantially all of its assets. It also requires PSOC to maintain total unencumbered assets at least 125% of total unsecured indebtedness and restricts PSOC's ability to incur further secured and unsecured indebtedness, subject to certain exceptions.