Company: PSA-PH
Filing Date: 2025-06-30
Form Type: 8-K
Source: 0001193125-25-152693
Chunk: 0

Company: Public Storage
Filing Date: 2025-06-30
Form: 8-K
Item: Item 1.01
Chunk 0
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Item 1.01      Entry Into a Material Definitive Agreement  

On June 30, 2025, Public Storage Operating Company (“ PSOC”), a subsidiary of Public Storage (the “ Company”), completed the previously announced offering of $475 million 4.375% Senior Notes due 2030 (the “2030 Notes”) and $400 million 5.000% Senior Notes due 2035 (the “2035 Notes” and, together with the 2030 Notes, 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 Nineteenth Supplemental Indenture, dated as of June 30, 2025, relating to the 2030 Notes (the “ Nineteenth Supplemental Indenture”) and the Twentieth Supplemental Indenture, dated as of June 30, 2025, relating to the 2035 Notes (the “ Twentieth Supplemental Indenture” and, collectively with the Nineteenth Supplemental Indenture and the Base Indenture, the “ Indenture”), each among PSOC, the Company and the Trustee.

The 2030 Notes bear interest at 4.375% per annum and the 2035 Notes bear interest at 5.000% per annum, both accruing from June 30, 2025. Interest on the Notes is payable semi-annually on January 1 and July 1 of each year, commencing on January 1, 2026. The 2030 Notes will mature on July 1, 2030 and the 2035 Notes will mature on July 1, 2035. 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