Public Storage 8-K, filed Jul 20, 2026

Summary

Public Storage subsidiary Public Storage Operating Company completed a $900 million senior notes offering — $400 million of 4.700% notes due 2032 and $500 million of 5.150% notes due 2036 — guaranteed by Public Storage, with proceeds tied to the company's pending acquisition of National Storage Affiliates Trust. The notes must be redeemed at 101% of principal plus accrued interest if the NSA Acquisition is not completed by December 16, 2026 or a later date agreed by the merger parties, or if Public Storage notifies the trustee it will not pursue the deal.

Key points

• Public Storage Operating Company issued $400 million of 4.700% senior notes due February 1, 2032, and $500 million of 5.150% senior notes due August 15, 2036, both issued July 20, 2026 and guaranteed by Public Storage.
• The notes are unsecured and unsubordinated obligations of PSOC ranking equally with its existing and future unsecured unsubordinated debt.
• A special mandatory redemption at 101% of principal plus accrued interest applies if the acquisition of National Storage Affiliates Trust is not consummated by the later of December 16, 2026 or an agreed outside date, or if PSOC tells the trustee it will not pursue the acquisition.
• The indenture requires PSOC to maintain total unencumbered assets of at least 125% of total unsecured indebtedness and limits additional secured and unsecured borrowing and asset sales.

Written by an AI model from the filing text. It can be incomplete or wrong; the filing on SEC.gov is the record.