---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-23-165399"
form_type: "8-K"
ticker: "PSA"
cik: "0001393311"
company_name: "Public Storage"
filed_at: "2023-06-12T23:59:59+00:00"
generated_at: "2026-06-14T02:48:58.342687+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.5
calibrated_materiality_score: 0.5
confidence: "high"
source: SEC EDGAR
---

# Public Storage enters $1.5B unsecured revolver, replacing $500M facility

## Summary
- New $1.5B unsecured revolving credit facility matures June 12, 2027; can be extended up to one year.
- Borrowing capacity can be increased by up to $1.0B additional commitments or term loans.
- Interest based on SOFR plus margin of 0.65%-1.40% or base rate plus 0%-0.40% depending on credit rating.
- Replaces prior $500M facility from April 2019; no outstanding borrowings at closing.
- Financial covenants include max leverage, secured leverage, unsecured asset coverage, and debt service coverage.

## SEC filing metadata
- accession: 0001193125-23-165399
- form_type: 8-K
- ticker: PSA
- cik: 0001393311
- company_name: Public Storage
- filed_at: 2023-06-12T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.5
- calibrated_materiality_score: 0.5
- confidence: high
- sec_items: 1.01, 1.02, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1393311/000119312523165399/0001193125-23-165399-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1393311/000119312523165399/d518836d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-23-165399
- JSON: https://secwatch.observer/filing/0001193125-23-165399.json
- Plain text: https://secwatch.observer/filing/0001193125-23-165399.txt

## Key facts
- Material Agreements
  Public Storage entered into Third Amended and Restated Credit Agreement with Wells Fargo Bank, National Association, as Agent, Bank of America, N.A. and JPMorgan Chase Bank, N.A., as Co-Syndication Agents and the other lenders and agents, arrangers and bookrunners party thereto valued at $1.5 billion (effective 2023-06-12).
  - Action: entry
  - Agreement: credit facility
  - Counterparty: Wells Fargo Bank, National Association, as Agent, Bank of America, N.A. and JPMorgan Chase Bank, N.A., as Co-Syndication Agents and the other lenders and agents, arrangers and bookrunners party thereto
  - Value: $1.5 billion
  - Effective: 2023-06-12
  source text: On June 12, 2023, Public Storage (the “Company”) entered into a Third Amended and Restated Credit Agreement (the “Credit Agreement”) with Wells Fargo Bank, National Association, as Agent, Bank of America, N.A. and JPMorgan Chase Bank, N.A., as Co-Syndication Agents and the other lenders and agents, arrangers and bookrunners party thereto.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1393311/000119312523165399/0001193125-23-165399-index.htm
- Material Agreements
  Public Storage terminated Second Amended and Restated Credit Agreement (effective 2023-06-12).
  - Action: termination
  - Agreement: credit facility
  - Effective: 2023-06-12
  source text: Item 1.02 Termination of a Material Definitive Agreement The information set forth under Item 1.01 is incorporated by reference into this Item 1.02.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1393311/000119312523165399/0001193125-23-165399-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.