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PSA · Public Storage · Debt

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$309.89 +0.76 (+0.25%) At close · Oct 23
Market Cap
$54.42B
Shares
175.62M
Volume · Oct 23 780.48K Avg daily vol (3M) 897.81K

Debt Profile

Reported borrowing balances, repayment dates and agreement terms, with links to the underlying filings.

Latest reported total
USD 10,100,000,000
As of Mar 31, 2026
Tracked instruments
3
Loans, facilities and note series
Annual baseline
—
Latest approved annual total
Reported total debt history
As of Reported label Amount Source
2026-03-31 our total indebtedness USD 10,100,000,000 10-Q filed 2026-04-27
Our total indebtedness as of March 31, 2026 was $10.1 billion. This amount excludes the outstanding indebtedness of NSA, which may be repaid or remain outstanding (or a combination thereof) in connection with the Mergers. The instruments governing our existing indebtedness permit us to incur substantial additional debt, including secured debt, and we may satisfy its capital and liquidity needs through additional borrowings. A high level of indebtedness would require us to dedicate a substantial portion of our cash flow from operations to the payment of debt service, thereby reducing the funds available to implement its business strategy and make distributions to our shareholders. A high level of indebtedness on an absolute basis or as a ratio to its cash flow could also have the following consequences:

Reported debt balances

Each amount keeps its reported scope. Related balance-sheet measures appear under the borrowing they describe.

Reported balanceAs ofAmountSource
Long-term debt, including current maturities 2026-06-30 USD 10,180,215,000 10-Q filed 2026-07-29
1 filing observation remains unmatched and is excluded from instrument histories.
Instrument and agreement coverage is incomplete. Additional filings are awaiting review.
3 filings have incomplete source or extraction coverage. Verified observations are shown; missing observations do not establish that debt was unchanged.

Covenants

Covenant terms have not yet been verified for this profile.

The balance figures do not establish whether covenants apply or whether the company complies with them.

Loans, facilities and notes

4.700% Senior Notes due 2032

Note · Public Storage Operating Company

Reference: 4.700% Senior Notes due 2032

Active
Original principal
USD 400,000,000
Outstanding
—
Commitment
—
Availability
—
Maturity
Feb 1, 2032

Last reported interest terms: 4.7% Reported 2026-07-20 Later filings may not restate these terms; this does not confirm they still apply.

Covenant terms for this agreement are not yet verified.

Documents and filing history
  1. Issuance · 2026-07-20 Original principal USD 400,000,000 Exact source document Parent 8-K filing · 2026-07-20
    On July 20, 2026, Public Storage Operating Company (“PSOC”), a subsidiary of Public Storage (the “Company”), completed the previously announced offering of $400 million 4.700% Senior Notes due 2032 (the “2032 Notes”) and $500 million 5.150% Senior Notes due 2036 (the “2036 Notes” and, together with the 2032 Notes, the “Notes”). The Notes are issued by PSOC and guaranteed by the Company.
    Issuer evidence: On July 20, 2026, Public Storage Operating Company (“PSOC”), a subsidiary of Public Storage (the “Company”), completed the previously announced offering of $400 million 4.700% Senior Notes due 2032 (the “2032 Notes”) and $500 million 5.150% Senior Notes due 2036 (the “2036 Notes” and, together with the 2032 Notes, the “Notes”). The Notes are issued by PSOC and guaranteed by the Company.
    Supporting evidence: The 2032 Notes bear interest at 4.700% per annum and the 2036 Notes bear interest at 5.150% per annum, both accruing from July 20, 2026. Interest on the 2032 Notes is payable semi-annually on February 1 and August 1 of each year, commencing on February 1, 2027. Interest on the 2036 Notes is payable semi-annually on February 15 and August 15 of each year, commencing on February 15, 2027. The 2032 Notes will mature on February 1, 2032 and the 2036 Notes will mature on August 15, 2036. The Notes are PSOC's direct, unsecured and unsubordinated obligations and will rank equally in right of payment with all of PSOC's existing and future unsecured and unsubordinated indebtedness.
    Supporting evidence: On July 20, 2026, Public Storage Operating Company (“PSOC”), a subsidiary of Public Storage (the “Company”), completed the previously announced offering of $400 million 4.700% Senior Notes due 2032 (the “2032 Notes”) and $500 million 5.150% Senior Notes due 2036 (the “2036 Notes” and, together with the 2032 Notes, the “Notes”). The Notes are issued by PSOC and guaranteed by the Company.
    Supporting evidence: On July 20, 2026, Public Storage Operating Company (“PSOC”), a subsidiary of Public Storage (the “Company”), completed the previously announced offering of $400 million 4.700% Senior Notes due 2032 (the “2032 Notes”) and $500 million 5.150% Senior Notes due 2036 (the “2036 Notes” and, together with the 2032 Notes, the “Notes”). The Notes are issued by PSOC and guaranteed by the Company.

5.000% Senior Notes due 2035

Note · PUBLIC STORAGE OPERATING COMPANY

Reference: 5.000% Senior Notes due 2035

Active
Original principal
USD 500,000,000
Outstanding
—
Commitment
—
Availability
—
Maturity
Dec 15, 2035

Last reported interest terms: 5% Reported 2026-04-06 Later filings may not restate these terms; this does not confirm they still apply.

Covenant terms for this agreement are not yet verified.

Documents and filing history
  1. Issuance · 2026-04-06 Original principal USD 500,000,000 Exact source document Parent 8-K filing · 2026-04-06
    On April 6, 2026, Public Storage Operating Company (“PSOC”), a subsidiary of Public Storage (the “Company”), completed the previously announced offering of $500 million 5.000% Senior Notes due 2035 (the “Notes”). The Notes are issued by PSOC and guaranteed by the Company.
    Issuer evidence: On April 6, 2026, Public Storage Operating Company (“PSOC”), a subsidiary of Public Storage (the “Company”), completed the previously announced offering of $500 million 5.000% Senior Notes due 2035 (the “Notes”). The Notes are issued by PSOC and guaranteed by the Company.
    Supporting evidence: The Notes bear interest at 5.000% per annum, accruing from April 6, 2026. Interest on the Notes is payable semi-annually on June 15 and December 15 of each year, commencing on June 15, 2026. The Notes will mature on December 15, 2035. The Notes are PSOC’s direct, unsecured and unsubordinated obligations and will rank equally in right of payment with all of PSOC’s existing and future unsecured and unsubordinated indebtedness.
    Supporting evidence: On April 6, 2026, Public Storage Operating Company (“PSOC”), a subsidiary of Public Storage (the “Company”), completed the previously announced offering of $500 million 5.000% Senior Notes due 2035 (the “Notes”). The Notes are issued by PSOC and guaranteed by the Company.
    Supporting evidence: On April 6, 2026, Public Storage Operating Company (“PSOC”), a subsidiary of Public Storage (the “Company”), completed the previously announced offering of $500 million 5.000% Senior Notes due 2035 (the “Notes”). The Notes are issued by PSOC and guaranteed by the Company.
  2. Issuance · 2026-04-06 Original principal USD 500,000,000 Exact source document Parent 8-K filing · 2026-04-06
    Section 1.2 Creation of the Notes. In accordance with Section 301 of the Base Indenture, the Issuer hereby creates the Notes as a separate series of its senior debt securities, entitled “5.000% Senior Notes due 2035”, issued pursuant to the Indenture. The Notes shall initially be limited to an aggregate principal amount equal to $500,000,000, subject to the exceptions set forth in Section 301(2) of the Base Indenture and Section 1.4(f) hereof.
    Issuer evidence: TWENTY-SECOND SUPPLEMENTAL INDENTURE, dated as of April 6, 2026 (this “Twenty-Second Supplemental Indenture”), among PUBLIC STORAGE OPERATING COMPANY, a Maryland real estate investment trust (the “Issuer”), having its principal executive office located at 2811 Internet Boulevard, Frisco, TX 75034, PUBLIC STORAGE, a Maryland real estate investment trust (the “Guarantor”), and COMPUTERSHARE TRUST COMPANY, N.A., as successor to WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association organized and existing under the laws of the United States, as trustee (the “Trustee”), which supplements that certain Indenture, dated as of September 18, 2017, as supplemented by the Sixteenth Supplemental Indenture, dated as of August 14, 2023, among the Issuer, the Guarantor and the Trustee (the “Base Indenture,” and together with this Twenty-Second Supplemental Indenture, the “Indenture”).
    Supporting evidence: (b) Payment of Principal and Interest. All payments of principal, premiums, if any, and interest in respect of the Global Notes will be made by the Issuer in immediately available funds to the Depository or its nominee, as the case may be, as the Holder of each of the Global Notes. The Notes shall mature, and the unpaid principal thereon, shall be payable, on December 15, 2035, subject to the provisions of the Base Indenture. The rate per annum at which interest shall be payable on the Notes shall be 5.000%. Interest on the Notes will be payable semi-annually in arrears on each June 15 and December 15, commencing June 15, 2026 (each, an “Interest Payment Date”) and on the Stated Maturity as specified in this Section 1.4(b), to the Persons in whose names the Notes are registered in the Security Register applicable to the Notes at the close of business on June 1 and December 1 (whether or not a Business Day) immediately preceding each Interest Payment Date. Interest on the Notes shall be computed on the basis of a 360-day year of twelve 30-day months. Interest on the Notes shall accrue from April 6, 2026.
    Supporting evidence: WHEREAS, the Issuer intends by this Twenty-Second Supplemental Indenture to (i) create a series of the Issuer’s debt securities, in an initial aggregate principal amount equal to $500,000,000 entitled 5.000% Senior Notes due 2035 (the “Notes”) and (ii) establish the form and the terms and provisions of the Notes.
    Supporting evidence: WHEREAS, the Issuer intends by this Twenty-Second Supplemental Indenture to (i) create a series of the Issuer’s debt securities, in an initial aggregate principal amount equal to $500,000,000 entitled 5.000% Senior Notes due 2035 (the “Notes”) and (ii) establish the form and the terms and provisions of the Notes.

5.150% Senior Notes due 2036

Note · Public Storage Operating Company

Reference: 5.150% Senior Notes due 2036

Active
Original principal
USD 500,000,000
Outstanding
—
Commitment
—
Availability
—
Maturity
Aug 15, 2036

Last reported interest terms: 5.15% Reported 2026-07-20 Later filings may not restate these terms; this does not confirm they still apply.

Covenant terms for this agreement are not yet verified.

Documents and filing history
  1. Issuance · 2026-07-20 Original principal USD 500,000,000 Exact source document Parent 8-K filing · 2026-07-20
    On July 20, 2026, Public Storage Operating Company (“PSOC”), a subsidiary of Public Storage (the “Company”), completed the previously announced offering of $400 million 4.700% Senior Notes due 2032 (the “2032 Notes”) and $500 million 5.150% Senior Notes due 2036 (the “2036 Notes” and, together with the 2032 Notes, the “Notes”). The Notes are issued by PSOC and guaranteed by the Company.
    Issuer evidence: On July 20, 2026, Public Storage Operating Company (“PSOC”), a subsidiary of Public Storage (the “Company”), completed the previously announced offering of $400 million 4.700% Senior Notes due 2032 (the “2032 Notes”) and $500 million 5.150% Senior Notes due 2036 (the “2036 Notes” and, together with the 2032 Notes, the “Notes”). The Notes are issued by PSOC and guaranteed by the Company.
    Supporting evidence: The 2032 Notes bear interest at 4.700% per annum and the 2036 Notes bear interest at 5.150% per annum, both accruing from July 20, 2026. Interest on the 2032 Notes is payable semi-annually on February 1 and August 1 of each year, commencing on February 1, 2027. Interest on the 2036 Notes is payable semi-annually on February 15 and August 15 of each year, commencing on February 15, 2027. The 2032 Notes will mature on February 1, 2032 and the 2036 Notes will mature on August 15, 2036. The Notes are PSOC's direct, unsecured and unsubordinated obligations and will rank equally in right of payment with all of PSOC's existing and future unsecured and unsubordinated indebtedness.
    Supporting evidence: On July 20, 2026, Public Storage Operating Company (“PSOC”), a subsidiary of Public Storage (the “Company”), completed the previously announced offering of $400 million 4.700% Senior Notes due 2032 (the “2032 Notes”) and $500 million 5.150% Senior Notes due 2036 (the “2036 Notes” and, together with the 2032 Notes, the “Notes”). The Notes are issued by PSOC and guaranteed by the Company.
    Supporting evidence: On July 20, 2026, Public Storage Operating Company (“PSOC”), a subsidiary of Public Storage (the “Company”), completed the previously announced offering of $400 million 4.700% Senior Notes due 2032 (the “2032 Notes”) and $500 million 5.150% Senior Notes due 2036 (the “2036 Notes” and, together with the 2032 Notes, the “Notes”). The Notes are issued by PSOC and guaranteed by the Company.
Key facts CIK 1393311 CUSIP 74460D109 13F (30d) 272 filings 267 filers Visit website Investor relations