Company: PSA-PH
Filing Date: 2025-06-27
Form Type: 8-K
Source: 0001193125-25-151300
Chunk: 0

Company: Public Storage
Filing Date: 2025-06-27
Form: 8-K
Item: Item 1.01
Chunk 0
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Item 1.01      Entry Into a Material Definitive Agreement  

On June 26, 2025, Public Storage (the “ Company”) and Public Storage Operating Company, a subsidiary of the Company (“ PSOC”), entered into an underwriting agreement (the “ Underwriting Agreement”) with BofA Securities, Inc. and Wells Fargo Securities, LLC, as joint book-running managers of the several underwriters named therein (the “ Underwriters”), for the sale of $875 million aggregate principal amount of senior notes in two tranches (collectively, the “ Notes”). The Notes will be issued by PSOC and guaranteed by the Company.

The first tranche of $475 million aggregate principal amount of senior notes due 2030 will bear interest at an annual rate of 4.375%, will be issued at 99.707% of par value and will mature on July 1, 2030 (the “2030 notes”). PSOC will pay interest on the 2030 notes semi-annually on January 1 and July 1 of each year, commencing January 1, 2026.

The second tranche of $400 million aggregate principal amount of senior notes due 2035 will bear interest at an annual rate of 5.000%, will be issued at 99.557% of par value and will mature on July 1, 2035 (the “2035 notes”). PSOC will pay interest on the 2035 notes semi-annually on January 1 and July 1 of each year, commencing January 1, 2026.

The offering of the Notes was made pursuant to a shelf registration statement on FormS-3(File Nos. 333-283556and333-283556-01)filed by the Company and PSOC with the Securities and Exchange Commission (the “ SEC”) on December 2, 2024. A preliminary prospectus supplement, dated June 26, 2025, relating to the Notes and supplementing the prospectus was filed with the SEC pursuant to Rule 424(b)(5) under the Securities Act of 1933, as amended (the “ Securities Act”).