Public Storage subsidiary issues $900M in senior notes; special redemption tied to NSA deal

Public Storage

PSOC issued $400M 4.700% Senior Notes due 2032 and $500M 5.150% Senior Notes due 2036.
Notes are unsecured, unsubordinated obligations of PSOC, guaranteed by Public Storage.
Special mandatory redemption at 101% if NSA Acquisition not closed by Dec 16, 2026 or abandoned.
Interest payable semi-annually; 2032 Notes mature Feb 1, 2032; 2036 Notes mature Aug 15, 2036.
Offering completed July 20, 2026 under shelf registration statement.

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