Public Storage Operating Company – Senior Notes Offering

Public Storage Operating Company, a subsidiary of Public Storage, has completed an offering of $500 million in 5.000% Senior Notes due 2035. These notes are unsecured and unsubordinated obligations of the issuer, guaranteed by Public Storage. The notes bear interest at 5.000% per annum, payable semi-annually on June 15 and December 15, with the first payment on June 15, 2026. The maturity date for these notes is December 15, 2035. The Indenture governing the notes includes covenants that limit the incurrence of secured and unsecured debt and restrict mergers or sales of assets. Specifically, Public Storage Operating Company must maintain total unencumbered assets at least 125% of total unsecured indebtedness. The company may redeem the notes at any time at a make-whole redemption price, or at 100% of the principal amount plus accrued interest if redeemed on or after September 15, 2035. The offering was made under a shelf registration statement filed in December 2024.