Public Storage filed a current report on November 6, 2026, disclosing that its subsidiary, Public Storage Operating Company, completed a $500 million offering of 5.600% Senior Notes due 2036, guaranteed by Public Storage.

Key Highlights

  • Offering size: $500 million in 5.600% Senior Notes due November 15, 2036, issued by Public Storage Operating Company.
  • Interest payments: Interest accrues from November 6, 2026, and is payable semi-annually on May 15 and November 15 each year, commencing May 15, 2027.
  • Guarantee: The Notes are guaranteed by Public Storage, the parent company.
  • Redemption feature: PSOC may redeem the Notes at any time, in whole or in part, at the applicable make-whole redemption price; on or after August 15, 2036, redemption is at 100% of principal plus accrued and unpaid interest.
  • Key covenant: The Indenture requires PSOC to maintain total unencumbered assets of at least 125% of total unsecured indebtedness.
  • Governing indenture: The Notes were issued under the Twenty-Fifth Supplemental Indenture, dated November 6, 2026, supplementing the Base Indenture dated as of September 18, 2017.

Public Storage Operating Company Closes $500 Million Senior Notes Offering

According to the filing, Public Storage Operating Company ("PSOC"), a subsidiary of Public Storage (NYSE:PSA), completed the previously announced offering of $500 million aggregate principal amount of 5.600% Senior Notes due 2036 on November 6, 2026. The Notes are PSOC's direct, unsecured, and unsubordinated obligations and, the filing states, "will rank equally in right of payment with all of PSOC's existing and future unsecured and unsubordinated indebtedness." Public Storage serves as guarantor.

The filing disclosed that the Notes were issued pursuant to the Amended and Restated Indenture originally dated September 18, 2017, as supplemented by the Sixteenth Supplemental Indenture dated August 14, 2023, and further supplemented by the Twenty-Fifth Supplemental Indenture dated November 6, 2026. Computershare Trust Company, N.A., as successor to Wells Fargo Bank, National Association, serves as trustee. The offering was made under a shelf registration statement on Form S-3 (File Nos. 333-283556 and 333-283556-01), filed December 2, 2024, and amended September 8, 2026, with a prospectus supplement dated October 29, 2026.

The Indenture, according to the filing, contains covenants that, among other things, limit PSOC's ability, subject to exceptions, "to incur secured and unsecured indebtedness and to consummate a merger, consolidation or sale of all or substantially all of its assets." The filing also notes that the Indenture provides for customary events of default which, if any occur, "would permit or require the principal of and accrued interest on the Notes to become or to be declared due and payable." The filing was signed by S. Wade Sheek, Chief Legal Officer and Corporate Secretary.

What Was Disclosed

Public Storage filed a current report disclosing the completion of a $500 million, 5.600% Senior Notes offering by its subsidiary PSOC, maturing November 15, 2036, guaranteed by the parent company, with semi-annual interest payments and specified redemption and covenant terms.