Public Storage completes C$400M 4.54% 2033 notes

Public Storage completes C$400M 4.54% 2033 notes

Rhea-AI Filing Summary

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Filing Exhibits & Attachments

Rhea-AI Filing Summary

Q: What are the key terms of Public Storage’s new C$400 million notes?

Q: What financial covenant applies to Public Storage Operating Company under this indenture?

Q: Under what SEC registration did Public Storage (PSA) offer these notes?

8-K Event Classification

Key Figures

Key Terms

What type of financing did Public Storage (PSA) complete in this 8-K?

What are the key terms of Public Storage’s new C$400 million notes?

Can Public Storage (PSA) redeem the new 4.540% notes early?

What financial covenant applies to Public Storage Operating Company under this indenture?

Under what SEC registration did Public Storage (PSA) offer these notes?

Positive

Negative

The notes bear 4.540% interest per year, payable semi-annually on March 16 and September 16, starting March 16, 2027, and mature on September 16, 2033. They are unsecured, unsubordinated obligations of PS Canada and are guaranteed by Public Storage and PSOC.

Public Storage Operating Company must maintain total unencumbered assets of at least 125% of total unsecured indebtedness. The indenture also limits its ability, subject to exceptions, to incur additional secured and unsecured indebtedness.

The notes were offered under a Form S-3 shelf registration statement (File Nos. 333-283556, 333-283556-01 and 333-283556-02) filed on September 8, 2026, with a related prospectus supplement dated September 9, 2026 filed under Rule 424(b)(5).

Public Storage (PSA) reports that subsidiary PS Canada Finance ULC has completed an offering of C$400 million 4.540% Senior Notes due 2033, issued September 16, 2026 and guaranteed by Public Storage and Public Storage Operating Company (PSOC).

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

8-K

Public Storage (PSA) reports that subsidiary PS Canada Finance ULC has completed an offering of C$400 million 4.540% Senior Notes due 2033, issued September 16, 2026 and guaranteed by Public Storage and Public Storage Operating Company (PSOC). The notes are direct, unsecured and unsubordinated obligations of PS Canada.

The notes bear 4.540% annual interest, payable semi-annually on March 16 and September 16, starting March 16, 2027, and mature on September 16, 2033. Public Storage may redeem them at a make-whole redemption price, or at 100% of principal plus accrued interest if redeemed on or after July 16, 2033. The indenture includes covenants requiring PSOC to maintain total unencumbered assets of at least 125% of total unsecured indebtedness and limiting additional secured and unsecured debt, along with customary events of default.

Analyzing...

3 items: 1.01, 2.03, 9.01

3 items

Item 1.01 Entry into a Material Definitive Agreement Business

The company signed a significant contract such as a merger agreement, credit facility, or major partnership.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement Financial

The company incurred a new significant debt or off-balance-sheet obligation.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Senior Notes Principal Amount: C$400 million Coupon Rate: 4.540% per year Maturity Date: September 16, 2033 +3 more

6 metrics

Senior Notes Principal Amount C$400 million Principal amount of 4.540% Senior Notes due 2033 issued by PS Canada

Coupon Rate 4.540% per year Interest rate on the Senior Notes, accruing from September 16, 2026

Maturity Date September 16, 2033 Stated maturity of the Senior Notes

First Interest Payment Date March 16, 2027 First semi-annual interest payment on the Senior Notes

Par Redemption Eligibility Date July 16, 2033 From this date, notes redeemable at 100% of principal plus accrued interest

Unencumbered Assets Covenant 125% of total unsecured indebtedness Required minimum level of total unencumbered assets for PSOC

Senior Notes, make-whole redemption price, unencumbered assets, events of default, +1 more

5 terms

Senior Notes financial

"completed the previously announced offering of C$400 million 4.540% Senior Notes due 2033"

Senior notes are a type of loan that a company borrows from investors, promising to pay it back with interest. They are called "senior" because in case the company faces financial trouble, these lenders are paid back before others. This makes senior notes safer for investors compared to other types of loans or bonds.

make-whole redemption price financial

"may redeem the Notes at any time in whole, or from time to time in part, at the applicable make-whole redemption price"

The make-whole redemption price is the amount an issuer pays to buy back debt early that compensates bondholders for the interest they will miss out on. It is usually calculated by taking the present value of the remaining scheduled payments, discounted at a specified rate (often a Treasury yield plus a spread), sometimes with a small premium — like refunding a prepaid service by reimbursing the remaining value today. It matters because it determines how much bondholders receive if the debt is called and affects the issuer’s cost of early repayment.

unencumbered assets financial

"requires PSOC to maintain total unencumbered assets of at least 125% of total unsecured indebtedness"

events of default financial

"The Indenture also provides for customary events of default which, if any of them occurs, would permit or require the principal"

Events of default are specific breaches or failures listed in a loan, bond, or credit agreement that give lenders the right to act, such as demanding immediate repayment, raising interest rates, or taking secured assets. They matter to investors because triggering one is like setting off a financial alarm: it raises the chance of foreclosure, restructuring, or bankruptcy and can sharply reduce the value of a company’s stock or bonds and increase borrowing costs.

shelf registration statement regulatory

"The offering of the Notes was made pursuant to a shelf registration statement on Form S-3"

A shelf registration statement is a document a company files with regulators that allows it to sell shares or bonds quickly when it’s a good time to raise money. It’s like having a pre-approved plan ready so the company can act fast without going through lengthy paperwork each time they want to sell, making fundraising more flexible.

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

Public Storage’s subsidiary PS Canada Finance ULC completed an offering of C$400 million 4.540% Senior Notes due 2033, issued under an indenture dated September 16, 2026 and guaranteed by Public Storage and Public Storage Operating Company.

The notes bear 4.540% interest per year, payable semi-annually on March 16 and September 16, starting March 16, 2027, and mature on September 16, 2033. They are unsecured, unsubordinated obligations of PS Canada and are guaranteed by Public Storage and PSOC.

Yes. The company may redeem the notes at any time in whole or in part at a make-whole redemption price. If redeemed on or after July 16, 2033, the redemption price equals 100% of principal plus accrued and unpaid interest to the redemption date.

Public Storage Operating Company must maintain total unencumbered assets of at least 125% of total unsecured indebtedness. The indenture also limits its ability, subject to exceptions, to incur additional secured and unsecured indebtedness.

The notes were offered under a Form S-3 shelf registration statement (File Nos. 333-283556, 333-283556-01 and 333-283556-02) filed on September 8, 2026, with a related prospectus supplement dated September 9, 2026 filed under Rule 424(b)(5).

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 09/16/2026 - 04:36 PM Accepted by SEC EDGAR 09/16/2026 - 04:36 PM

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): September 16, 2026

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.)


2811 Internet Boulevard, Frisco, Texas		75034
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s telephone number, including area code (469) 649-9486

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 each 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
6.000% Cumulative Preferred Shares, Series T, $0.01 par value	PSAPrT	New York Stock Exchange
6.000% Cumulative Preferred Shares, Series U, $0.01 par value	PSAPrU	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
Guarantee of 3.500% Senior Notes due 2034 issued by Public Storage Operating Company	PSA/34	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 September 16, 2026, PS Canada Finance ULC (“PS Canada”), a subsidiary of Public Storage (the “Company”), completed the previously announced offering of C$400 million 4.540% Senior Notes due 2033 (the “Notes”). The Notes are issued by PS Canada and guaranteed by the Company and Public Storage Operating Company, a subsidiary of the Company (“PSOC”).

The Notes have been issued pursuant to an Indenture, dated as of September 16, 2026 (the “Base Indenture”), among PS Canada, as issuer, the Company and PSOC, as guarantors, and Computershare Trust Company, N.A., as trustee (the “Trustee”), as supplemented by the First Supplemental Indenture, dated as of September 16, 2026 (the “Supplemental Indenture” and, together with the Base Indenture, the “Indenture”), among PS Canada, the Company, PSOC and the Trustee.

The Notes bear interest at 4.540% per annum, accruing from September 16, 2026. Interest on the Notes is payable semi-annually on March 16 and September 16 of each year, commencing on March 16, 2027. The Notes will mature on September 16, 2033. The Notes are PS Canada’s direct, unsecured and unsubordinated obligations and will rank equally in right of payment with all of PS Canada’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 Notes are redeemed on or after July 16, 2033 (two months prior to the maturity date), 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 excluding, the redemption date.

The Indenture contains certain covenants that, among other things, limit the ability of PS Canada, subject to exceptions, to consummate a merger, consolidation, amalgamation 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 and limits its ability, subject to exceptions, to incur secured and 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 and the Supplemental Indenture, as applicable (including the form of Notes), copies of which are attached as Exhibits 4.1, 4.2 and 4.3 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, as amended (File Nos. 333-283556, 333-283556-01 and 333-283556-02) filed by the Company, PSOC and PS Canada with the Securities and Exchange Commission (the “SEC”) on September 8, 2026. A prospectus supplement, dated September 9, 2026, 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		Indenture, dated as of September 16, 2026, among PS Canada Finance ULC, Public Storage, Public Storage Operating Company and Computershare Trust Company, N.A., as trustee.

4.2		First Supplemental Indenture, dated as of September 16, 2026, among PS Canada Finance ULC, Public Storage, Public Storage Operating Company and Computershare Trust Company, N.A., as trustee.

4.3		Form of Global Note representing the Notes (included in Exhibit 4.2).

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.

Source: View Original Filing on SEC EDGAR

6 documents

PUBLIC STORAGE

/s/ S. Wade Sheek

Date: September 16, 2026

S. Wade Sheek

Chief Legal Officer & Corporate Secretary