Public Storage Completes Offering of Senior Notes

Summary

On July 20, 2026, Public Storage Operating Company, a subsidiary of Public Storage, completed the offering of $400 million 4.700% Senior Notes due 2032 and $500 million 5.150% Senior Notes due 2036. These notes are guaranteed by Public Storage and issued under an indenture. The notes bear interest at 4.700% and 5.150% per annum, respectively, and are PSOC's direct, unsecured, and unsubordinated obligations. The indenture includes covenants that limit PSOC's ability to incur additional debt and requires PSOC to maintain total unencumbered assets of at least 125% of total unsecured indebtedness.