Item 1.01 Entry Into a Material Definitive Agreement

On January 24, 2020, Public Storage (the "Company") completed the previously announced offering of €500,000,000 0.875% Senior Notes due 2032 (the "Notes").

The Notes have been issued pursuant to an Indenture, dated as of September 18, 2017 (the "Base Indenture"), between the Company, as issuer, and Wells Fargo Bank, National Association, as trustee (the "Trustee"), as supplemented by the Third Supplemental Indenture, dated as of January 24, 2020 (the "Supplemental Indenture" and, together with the Base Indenture, the "Indenture"), between the Company and the Trustee.

The Notes bear interest at a rate of 0.875% per annum. Interest on the Notes is payable annually on January 24 of each year, commencing on January 24, 2021. The Notes will mature on January 24, 2032. The Notes are the Company's direct, unsecured and unsubordinated obligations and will rank equally in right of payment with all of the Company's existing and future unsecured and unsubordinated indebtedness.

The Company may redeem the Notes at any time in whole, or from time to time in part, at a redemption price equal to the greater of (x) 100 of the aggregate principal amount of the Notes being redeemed and (y) the applicable make-whole amount specified in the Indenture, plus, in each case, accrued and unpaid interest thereon to, but not including, the redemption date. If the Notes are redeemed on or after October 24, 2031 (three months prior to the maturity date), the redemption price will be equal to 100% of the principal amount of the Notes being redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date.

The Company may also redeem all, but not less than all, of the Notes in the event of certain changes in the tax law of the United States (or any political subdivision or taxing authority thereof or therein) which would obligate the Company to pay additional amounts as may be necessary so that every net payment made in respect of each Note after deduction or withholding for, or on account of, any present or future tax, duty, assessment or other governmental charge of whatever nature imposed, levied or collected as a result of such payment by the United States (or any political subdivision or taxing authority thereof or therein) will not be less than the amount provided for in such Note to be then due and payable. This redemption would be at a redemption price equal to 100% of the principal amount of the Notes being redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date.

The Indenture contains certain covenants that, among other things, limit the ability of the Company, subject to exceptions, to incur secured and unsecured indebtedness and to consummate a merger, consolidation or sale of all or substantially all of its assets. In addition, the Indenture requires the Company to maintain total unencumbered assets of at least 125% of total unsecured indebtedness. These covenants are subject to a number of important exceptions and qualifications. The Indenture also provides for customary events of default which, if any of them occurs, would permit or require the principal of and accrued interest on the Notes to become or to be declared due and payable.

The foregoing description is a summary of the terms of the Indenture and the Notes and does not purport to be a complete statement of the parties' rights and obligations thereunder. The foregoing description is qualified in its entirety by reference to the full text of the Base Indenture and the Supplemental Indenture (including the form of Notes), copies of which are attached as Exhibits 4.1 and 4.2 to this Current Report on Form 8-K and incorporated by reference herein.

The offering of the Notes was made pursuant to a shelf registration statement on Form S-3 (File No. 333-231510) filed by the Company with the Securities and Exchange Commission (the "SEC") on May 15, 2019. A prospectus supplement, dated January 17, 2020, relating to the Notes and supplementing the prospectus was filed with the SEC pursuant to Rule 424(b)(5) under the Securities Act of 1933, as amended.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation Under an

Off-Balance Sheet Arrangement of the Registrant.

The information set forth above under Item 1.01 is hereby incorporated by reference into this Item 2.03.

Item 9.01. Financial Statements and Exhibits




(d) Exhibits

 Exhibit
   No.

    4.1            Indenture, dated as of September 18, 2017, between Public Storage
                 and Wells Fargo Bank, National Association, as trustee. Filed with
                 Public Storage's Current Report on Form 8-K dated September 18, 2017
                 and incorporated by reference herein.

    4.2            Third Supplemental Indenture, dated as of January 24, 2020,
                 between Public Storage and Wells Fargo Bank, National Association,
                 as trustee.

    4.3            Form of Global Note representing the Notes (included in Exhibit
                 4.2).

   104           Cover Page Interactive Data File (embedded within the Inline XBRL
                 document)

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