Red Flags Detected

• ⚠ Public Storage Has No Material Assets Other Than Its Indirect Ownership of the Equity Interests of Psoc. (new) — The parent guarantor's lack of material assets means its guarantee may provide little additional protection to noteholders if the issuer and PSOC default.
• ⚠ The Notes and Psoc’s Guarantee Will Be Structurally Subordinated In Right of Payment to All Existing and Future Indebtedness and Other Liabilities... of Psoc’s Subsidiaries (new) — Structural subordination means noteholders have no direct claim on the assets of PSOC's subsidiaries, which may hold significant value, reducing recovery prospects in bankruptcy.
• ⚠ As of June 30, 2026, Psoc Had Approximately $1.5 Million of Secured Indebtedness, $2.0 Billion of Euro-denominated Unsecured Indebtedness and $8.2 Billion of U.s. Dollar-denominated Unsecured Indebtedness Outstanding On a Consolidated Basis. (new) — The guarantor PSOC carries substantial existing debt, which could strain its ability to meet obligations under the notes, especially given the structural subordination.