Company: PSA-PH
Filing Date: 2025-10-03
Form Type: 8-K
Source: 0001193125-25-230340
Chunk: 0

Company: Public Storage
Filing Date: 2025-10-03
Form: 8-K
Item: Item 1.01
Chunk 0
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Item 1.01      Entry Into a Material Definitive Agreement  

On October 3, 2025, Public Storage Operating Company (“ PSOC”), a subsidiary of Public Storage (the “ Company”), completed the previously announced offering of €425,000,000 3.500% Senior Notes due 2034 (the “ Notes”). The Notes are issued by PSOC and guaranteed by the Company.

The Notes have been issued pursuant to an Indenture, dated as of September 18, 2017, as supplemented by the Sixteenth Supplemental Indenture, dated as of August 14, 2023 (the “ Base Indenture”), among PSOC, as issuer, the Company, as guarantor, and Computershare Trust Company, N. A. (as successor to Wells Fargo Bank, National Association, as trustee) (the “ Trustee”), as supplemented by the Twenty-First Supplemental Indenture, dated as of October 3, 2025, relating to the Notes (the “ Twenty-First Supplemental Indenture” and, together with the Base Indenture, the “ Indenture”), among PSOC, the Company and the Trustee.

The Notes bear interest at a rate of 3.500% per annum. Interest on the Notes is payable annually on January 20 of each year, commencing on January 20, 2026. The Notes will mature on January 20, 2034. The Notes are PSOC’s direct, unsecured and unsubordinated obligations and will rank equally in right of payment with all of PSOC’s existing and future unsecured and unsubordinated indebtedness.

The Company may redeem the Notes at any time in whole, or from time to time in part, at the applicable make-whole redemption price specified in the Indenture. If the Notes are redeemed on or after October 20, 2033 (three months prior to the maturity date), the redemption price will be equal to 100% of the principal amount of the Notes being redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date.

The Company may also redeem all, but not less than all, of the Notes in the event of certain changes in the tax law of the United States (or any political subdivision or taxing authority thereof or therein) which would obligate the Company to pay additional amounts as may be necessary so that every net payment made in respect of each Note after deduction or withholding for, or on