Public Storage Operating Company completed a $500 million offering of 5.000% Senior Notes due 2035, guaranteed by Public Storage, under an existing shelf registration statement.
Key takeaways
PSOC issued $500 million in 5.000% Senior Notes due December 15, 2035, fully guaranteed by the parent Company.
Interest accrues from April 6, 2026, with semi-annual payments on June 15 and December 15 starting June 2026.
Notes are redeemable at any time at a make-whole price, or at par if redeemed on or after September 15, 2035.
The Indenture requires PSOC to maintain total unencumbered assets of at least 125% of total unsecured indebtedness.
The offering was conducted under a shelf registration statement filed on December 2, 2024 (File Nos. 333-283556).