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    Public Storage filed SEC Form 8-K: Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation

    6/30/25 4:15:34 PM ET
    $PSA
    Real Estate Investment Trusts
    Real Estate
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    8-K
    false 0001393311 0001393311 2025-06-30 2025-06-30 0001393311 us-gaap:CommonStockMember 2025-06-30 2025-06-30 0001393311 us-gaap:SeriesFPreferredStockMember 2025-06-30 2025-06-30 0001393311 us-gaap:SeriesGPreferredStockMember 2025-06-30 2025-06-30 0001393311 us-gaap:SeriesHPreferredStockMember 2025-06-30 2025-06-30 0001393311 psa:DepositarySharesEachRepresenting11000OfA4.875CumPrefShareSeriesI0.01ParValueMember 2025-06-30 2025-06-30 0001393311 psa:DepositarySharesEachRepresenting11000OfA4.700CumPrefShareSeriesJ0.01ParValueMember 2025-06-30 2025-06-30 0001393311 psa:DepositarySharesEachRepresenting11000OfA4.750CumPrefShareSeriesK0.01ParValueMember 2025-06-30 2025-06-30 0001393311 psa:DepositarySharesEachRepresenting11000OfA4.625CumPrefShareSeriesL0.01ParValueMember 2025-06-30 2025-06-30 0001393311 psa:DepositarySharesEachRepresenting11000OfA4.125CumPrefShareSeriesM0.01ParValueMember 2025-06-30 2025-06-30 0001393311 psa:DepositarySharesEachRepresenting11000OfA3.875CumPrefShareSeriesN0.01ParValueMember 2025-06-30 2025-06-30 0001393311 psa:DepositarySharesEachRepresenting11000OfA3.900CumPrefShareSeriesO0.01ParValueMember 2025-06-30 2025-06-30 0001393311 psa:DepositarySharesEachRepresenting11000OfA4.000CumPrefShareSeriesP0.01ParValueMember 2025-06-30 2025-06-30 0001393311 psa:DepositarySharesEachRepresenting11000OfA3.950CumPrefShareSeriesQ0.01ParValueMember 2025-06-30 2025-06-30 0001393311 psa:DepositarySharesEachRepresenting11000OfA4.000CumPrefShareSeriesR0.01ParValueMember 2025-06-30 2025-06-30 0001393311 psa:DepositarySharesEachRepresenting11000OfA4.100CumPrefShareSeriesS0.01ParValueMember 2025-06-30 2025-06-30 0001393311 psa:GuaranteeNotesDue2032Member 2025-06-30 2025-06-30 0001393311 psa:GuaranteeNotesDue2030Member 2025-06-30 2025-06-30
     
     

    UNITED STATES

    SECURITIES AND EXCHANGE COMMISSION

    Washington, D.C. 20549

     

     

    FORM 8-K

     

     

    CURRENT REPORT

    PURSUANT TO SECTION 13 OR 15(d)

    OF THE SECURITIES EXCHANGE ACT OF 1934

    Date of Report (Date of earliest event reported): June 30, 2025

     

     

    Public Storage

    (Exact Name of Registrant as Specified in its Charter)

     

     

     

    Maryland   001-33519   93-2834996
    (State or Other Jurisdiction
    of Incorporation)
      (Commission
    File Number)
      (I.R.S. Employer
    Identification No.)

     

    701 Western Avenue, Glendale, California   91201-2349
    (Address of Principal Executive Offices)   (Zip Code)

    Registrant’s telephone number, including area code (818) 244-8080

    N/A

    (Former name or former address, if changed since last report)

     

     

    Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

     

    ☐

    Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

     

    ☐

    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

     

    ☐

    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

     

    ☐

    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

    Securities registered pursuant to Section 12(b) of the Act:

     

    Title of Class

     

    Trading
    Symbol

     

    Name of exchange
    on which registered

    Common Shares, $0.10 par value

      PSA   New York Stock Exchange
    Depositary Shares Each Representing 1/1,000 of a 5.150% Cum Pref Share, Series F, $0.01 par value   PSAPrF   New York Stock Exchange
    Depositary Shares Each Representing 1/1,000 of a 5.050% Cum Pref Share, Series G, $0.01 par value   PSAPrG   New York Stock Exchange
    Depositary Shares Each Representing 1/1,000 of a 5.600% Cum Pref Share, Series H, $0.01 par value   PSAPrH   New York Stock Exchange
    Depositary Shares Each Representing 1/1,000 of a 4.875% Cum Pref Share, Series I, $0.01 par value   PSAPrI   New York Stock Exchange
    Depositary Shares Each Representing 1/1,000 of a 4.700% Cum Pref Share, Series J, $0.01 par value   PSAPrJ   New York Stock Exchange
    Depositary Shares Each Representing 1/1,000 of a 4.750% Cum Pref Share, Series K, $0.01 par value   PSAPrK   New York Stock Exchange
    Depositary Shares Each Representing 1/1,000 of a 4.625% Cum Pref Share, Series L, $0.01 par value   PSAPrL   New York Stock Exchange
    Depositary Shares Each Representing 1/1,000 of a 4.125% Cum Pref Share, Series M, $0.01 par value   PSAPrM   New York Stock Exchange
    Depositary Shares Each Representing 1/1,000 of a 3.875% Cum Pref Share, Series N, $0.01 par value   PSAPrN   New York Stock Exchange
    Depositary Shares Each Representing 1/1,000 of a 3.900% Cum Pref Share, Series O, $0.01 par value   PSAPrO   New York Stock Exchange
    Depositary Shares Each Representing 1/1,000 of a 4.000% Cum Pref Share, Series P, $0.01 par value   PSAPrP   New York Stock Exchange
    Depositary Shares Each Representing 1/1,000 of a 3.950% Cum Pref Share, Series Q, $0.01 par value   PSAPrQ   New York Stock Exchange
    Depositary Shares Each Representing 1/1,000 of a 4.000% Cum Pref Share, Series R, $0.01 par value   PSAPrR   New York Stock Exchange
    Depositary Shares Each Representing 1/1,000 of a 4.100% Cum Pref Share, Series S, $0.01 par value   PSAPrS   New York Stock Exchange

    Guarantee of 0.875% Senior Notes due 2032 issued by Public Storage Operating Company

      PSA/32   New York Stock Exchange

    Guarantee of 0.500% Senior Notes due 2030 issued by Public Storage Operating Company

      PSA/30   New York Stock Exchange

    Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

    Emerging growth company ☐

    If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

     

     
     


    Item 1.01

    Entry Into a Material Definitive Agreement

    On June 30, 2025, Public Storage Operating Company (“PSOC”), a subsidiary of Public Storage (the “Company”), completed the previously announced offering of $475 million 4.375% Senior Notes due 2030 (the “2030 Notes”) and $400 million 5.000% Senior Notes due 2035 (the “2035 Notes” and, together with the 2030 Notes, the “Notes”). The Notes are issued by PSOC and guaranteed by the Company.

    The Notes have been issued pursuant to an Indenture, dated as of September 18, 2017, as supplemented by the Sixteenth Supplemental Indenture, dated as of August 14, 2023 (the “Base Indenture”), among PSOC, as issuer, the Company, as guarantor, and Computershare Trust Company, N.A. (as successor to Wells Fargo Bank, National Association), as trustee (the “Trustee”), as supplemented by the Nineteenth Supplemental Indenture, dated as of June 30, 2025, relating to the 2030 Notes (the “Nineteenth Supplemental Indenture”) and the Twentieth Supplemental Indenture, dated as of June 30, 2025, relating to the 2035 Notes (the “Twentieth Supplemental Indenture” and, collectively with the Nineteenth Supplemental Indenture and the Base Indenture, the “Indenture”), each among PSOC, the Company and the Trustee.

    The 2030 Notes bear interest at 4.375% per annum and the 2035 Notes bear interest at 5.000% per annum, both accruing from June 30, 2025. Interest on the Notes is payable semi-annually on January 1 and July 1 of each year, commencing on January 1, 2026. The 2030 Notes will mature on July 1, 2030 and the 2035 Notes will mature on July 1, 2035. The Notes are PSOC’s direct, unsecured and unsubordinated obligations and will rank equally in right of payment with all of PSOC’s existing and future unsecured and unsubordinated indebtedness.

    The Company may redeem the Notes at any time in whole, or from time to time in part, at the applicable make-whole redemption price specified in the Indenture. If the 2030 Notes or the 2035 Notes are redeemed on or after June 1, 2030 (one month prior to the applicable maturity date) or on or after April 1, 2035 (three months prior to the applicable maturity date), respectively, the redemption price will be equal to 100% of the principal amount of the notes being redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date.

    The Indenture contains certain covenants that, among other things, limit the ability of PSOC, subject to exceptions, to incur secured and unsecured indebtedness and to consummate a merger, consolidation or sale of all or substantially all of its assets. In addition, the Indenture requires PSOC to maintain total unencumbered assets of at least 125% of total unsecured indebtedness. These covenants are subject to a number of important exceptions and qualifications. The Indenture also provides for customary events of default which, if any of them occurs, would permit or require the principal of and accrued interest on the Notes to become or to be declared due and payable.

    The foregoing description is a summary of the terms of the Indenture and the Notes and does not purport to be a complete statement of the parties’ rights and obligations thereunder. The foregoing description is qualified in its entirety by reference to the full text of the Base Indenture, the Nineteenth Supplemental Indenture and the Twentieth Supplemental Indenture, as applicable (including the forms of Notes), copies of which are attached as Exhibits 4.1, 4.2, 4.3, 4.4 and 4.5 to this Current Report on Form 8-K and incorporated by reference herein.

    The offering of the Notes was made pursuant to a shelf registration statement on Form S-3 (File Nos. 333-283556 and 333-283556-01) filed by the Company and PSOC with the Securities and Exchange Commission (the “SEC”) on December 2, 2024. A prospectus supplement, dated June 26, 2025, relating to the Notes and supplementing the prospectus was filed with the SEC pursuant to Rule 424(b)(5) under the Securities Act of 1933, as amended.

     

    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.


    Item 9.01.

    Financial Statements and Exhibits

    (d) Exhibits

     

    Exhibit

     No. 

        
    4.1    Amended and Restated Indenture, dated as of August 14, 2023, among Public Storage, Public Storage Operating Company and Computershare Trust Company, N.A. (as successor to Wells Fargo Bank, National Association), as trustee. Filed as Exhibit A to Exhibit 4.1 to the Company’s Current Report on Form 8-K dated August 14, 2023 and incorporated herein by reference.
    4.2    Nineteenth Supplemental Indenture, dated as of June 30, 2025, among Public Storage Operating Company, Public Storage and Computershare Trust Company, N.A. (as successor to Wells Fargo Bank, National Association), as trustee.
    4.3    Twentieth Supplemental Indenture, dated as of June 30, 2025, among Public Storage Operating Company, Public Storage, and Computershare Trust Company, N.A. (as successor to Wells Fargo Bank, National Association), as trustee.
    4.4    Form of Global Note representing the 2030 Notes (included in Exhibit 4.2).
    4.5    Form of Global Note representing the 2035 Notes (included in Exhibit 4.3).
    104    Cover Page Interactive Data File (embedded within the Inline XBRL document).


    SIGNATURES

    Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

     

        PUBLIC STORAGE
        By:  

    /s/ Nathaniel A. Vitan

    Date: June 30, 2025      

    Nathaniel A. Vitan

    Senior Vice President, Chief Legal Officer & Corporate Secretary

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