---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-25-230340"
form_type: "8-K"
ticker: "PSA"
cik: "0001393311"
company_name: "Public Storage"
filed_at: "2025-10-03T23:59:59+00:00"
generated_at: "2026-05-17T04:43:27.670570+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.55
calibrated_materiality_score: 0.55
confidence: "high"
source: SEC EDGAR
---

# Public Storage Operating Company closes €425M 3.5% senior notes due 2034

## Summary
- PSOC issued €425M 3.500% senior notes due Jan 20, 2034; parent Public Storage guarantees.
- Interest payable annually from Jan 20, 2026; notes rank equally with existing unsecured debt.
- Make-whole redemption before Oct 20, 2033; after that par plus accrued.
- Covenants limit secured/unsecured debt and require unencumbered assets ≥125% of unsecured debt.
- Issued under shelf registration; prospectus supplement filed Sep 26, 2025.

## SEC filing metadata
- accession: 0001193125-25-230340
- form_type: 8-K
- ticker: PSA
- cik: 0001393311
- company_name: Public Storage
- filed_at: 2025-10-03T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.55
- calibrated_materiality_score: 0.55
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1393311/000119312525230340/0001193125-25-230340-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1393311/000119312525230340/d82339d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-230340
- JSON: https://secwatch.observer/filing/0001193125-25-230340.json
- Plain text: https://secwatch.observer/filing/0001193125-25-230340.txt

## Key facts
- Debt Financings
  Public Storage incurred senior notes of €425,000,000 with investors at 3.500% per annum maturing January 20, 2034.
  - Instrument: senior notes
  - Principal: €425,000,000
  - Counterparty: investors
  - Rate: 3.500% per annum
  - Maturity: January 20, 2034
  - Event: incurrence
  source text: On October 3, 2025, Public Storage Operating Company (“PSOC”), a subsidiary of Public Storage (the “Company”), completed the previously announced offering of €425,000,000 3.500% Senior Notes due 2034 (the “Notes”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1393311/000119312525230340/0001193125-25-230340-index.htm

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