Public Storage unit PSOC prices USD 900 million senior notes offering, adds new debt financing

• Public Storage Operating Company priced USD 900 million of senior notes, split between USD 400 million 4.700% Senior Notes due 2032 and USD 500 million 5.150% Senior Notes due 2036.
• The notes are unsecured obligations of PSOC, guaranteed by Public Storage, with interest starting July 20, 2026.
• PSOC must redeem the notes at 101% if the National Storage Affiliates Trust acquisition fails to close by the merger agreement’s outside date.
• The indenture includes leverage constraints, including a requirement to keep unencumbered assets at least 125% of unsecured debt.

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