Public Storage Completes $500 Million Senior Notes Offering

Summary

On April 6, 2026, Public Storage Operating Company, a subsidiary of Public Storage, completed the issuance of $500 million 5.000% Senior Notes due 2035. The notes, guaranteed by Public Storage, bear interest at 5.000% per annum and are payable semi-annually. The offering was made under an indenture dated September 18, 2017, as supplemented by a Sixteenth Supplemental Indenture dated August 14, 2023, and a Twenty-Second Supplemental Indenture dated April 6, 2026. The indenture includes covenants that limit the company's ability to incur additional debt and engage in certain transactions. The notes are the company's direct, unsecured, and unsubordinated obligations.