Item 1.01 Entry Into a Material Definitive Agreement
On
The Notes have been issued pursuant to an Indenture, dated as of
The 2026 Notes bear interest at 1.500% per annum, the 2028 Notes bear interest
at 1.950% per annum and the 2031 Notes bear interest at 2.250% per annum, in
each case accruing from
The Company may redeem the Notes at any time in whole, or from time to time in
part, at the applicable make-whole redemption price specified in the Indenture.
If the 2026 Notes, the 2028 Notes or the 2031 Notes are redeemed on or after
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 Ninth Supplemental Indenture, the Tenth Supplemental Indenture and the Eleventh Supplemental Indenture, as applicable (including the forms of Notes), copies of which are attached as Exhibits 4.1, 4.2, 4.3 and 4.4 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
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.
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Item 9.01. Financial Statements and Exhibits
(d) Exhibits Exhibit No. 4.1 Indenture, dated as ofSeptember 18, 2017 , betweenPublic Storage andComputershare Trust Company, N.A. (as successor toWells Fargo Bank, National Association ), as trustee. Filed withPublic Storage's Current Report on Form 8-K datedSeptember 18, 2017 and incorporated by reference herein. 4.2 Ninth Supplemental Indenture, dated as ofNovember 9, 2021 , betweenPublic Storage andComputershare Trust Company, N.A. (as successor toWells Fargo Bank, National Association ), as trustee. 4.3 Tenth Supplemental Indenture, dated as ofNovember 9, 2021 , betweenPublic Storage andComputershare Trust Company, N.A. (as successor toWells Fargo Bank, National Association ), as trustee. 4.4 Eleventh Supplemental Indenture, dated as ofNovember 9, 2021 , betweenPublic Storage andComputershare Trust Company, N.A. (as successor toWells Fargo Bank, National Association ), as trustee. 4.5 Form of Global Note representing the 2026 Notes (included in Exhibit 4.2). 4.6 Form of Global Note representing the 2028 Notes (included in Exhibit 4.3). 4.7 Form of Global Note representing the 2031 Notes (included in Exhibit 4.4). 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
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