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Get filing alertsPublic Storage completes $500M 5.600% senior notes offering due 2036
Filed November 6, 2026 · Period ending November 6, 2026 · ~1 min read
Key Changes
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Public Storage Operating Company completed a $500 million offering of 5.600% Senior Notes due November 15, 2036, guaranteed by Public Storage.
Item 1.01 verify on EDGAR → -
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The notes pay interest semi-annually on May 15 and November 15, starting May 15, 2027, locking in a fixed 5.600% rate for a decade.
Item 1.01 verify on EDGAR → -
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The indenture requires PSOC to maintain total unencumbered assets of at least 125% of total unsecured indebtedness.
Item 1.01 verify on EDGAR → -
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The notes can be redeemed at par plus accrued interest during the final three months before maturity, with earlier redemptions at a make-whole price.
Item 1.01 verify on EDGAR → -
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The company also filed this under Item 2.03, reporting the arrangement as a direct financial obligation.
Item 2.03 verify on EDGAR →
Summary
Public Storage's operating subsidiary completed a $500 million senior notes offering with a 5.600% coupon, maturing in 2036. The notes are guaranteed by Public Storage and rank equally with its other unsecured debt. Interest is payable semi-annually, and the indenture includes a covenant requiring unencumbered assets to cover at least 125% of unsecured indebtedness.
For retail holders, this is a straightforward debt issuance that locks in a fixed rate for a decade and adds to the company's unsecured obligations. The covenant provides some protection for noteholders, and the redemption terms give the company flexibility to refinance if rates fall. No red flags are present in the filing.
Section-by-Section Diff
Event · Item 2.03 — Creation of a Direct Financial Obligation
Item 2.03 also reports this as a direct financial obligation (body incorporates the primary Item by reference).
Added in current filing · verify on EDGAR →
Item 2.03 Creation of a Direct Financial Obligation or an Obligation Under an Off-Balance Sheet Arrangement of the Registrant.
The information set forth above under Item 1.01 is hereby incorporated by reference into this Item 2.03.
The company also filed this under Item 2.03, which means it is reporting the arrangement as a direct financial obligation. The Item 2.03 text refers back to the Item 1.01 entry for the terms rather than restating them.
Event · Item 1.01 — Entry into a Material Definitive Agreement
Item 1.01 — Entry into a Material Definitive Agreement filed; see Key Changes for terms.
Added in current filing · verify on EDGAR →
the Indenture requires PSOC to maintain total unencumbered assets of at least 125% of total unsecured indebtedness
The indenture includes a covenant requiring PSOC to keep unencumbered assets at 125% of unsecured debt. This protects noteholders by ensuring sufficient collateral-free assets back the unsecured obligations.
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Figures/quotes linked to EDGAR · Narrative written by AI · Nov 9, 2026 · How we verify