Item 1.01 Entry Into a Material Definitive Agreement

On November 9, 2021, Public Storage (the "Company") completed the previously announced offering of $650 million 1.500% Senior Notes due 2026 (the "2026 Notes"), $550 million 1.950% Senior Notes due 2028 (the "2028 Notes") and $550 million 2.250% Senior Notes due 2031 (the "2031 Notes" and, together with the 2026 Notes and the 2028 Notes, 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 Computershare Trust Company, N.A. (as successor to Wells Fargo Bank, National Association), as trustee (the "Trustee"), as supplemented by the Ninth Supplemental Indenture, dated as of November 9, 2021, relating to the 2026 Notes (the "Ninth Supplemental Indenture"), the Tenth Supplemental Indenture, dated as of November 9, 2021, relating to the 2028 Notes (the "Tenth Supplemental Indenture"), and the Eleventh Supplemental Indenture, dated as of November 9, 2021, relating to the 2031 Notes (the "Eleventh Supplemental Indenture" and, collectively with the Ninth Supplemental Indenture, the Tenth Supplemental Indenture and the Base Indenture, the "Indenture"), each between the Company and the Trustee.

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 November 9, 2021. Interest on the Notes is payable semi-annually on May 9 and November 9 of each year, commencing May 9, 2022. The 2026 Notes will mature on November 9, 2026, the 2028 Notes will mature on November 9, 2028 and the 2031 Notes will mature on November 9, 2031. 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 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 October 9, 2026 (one month prior to the applicable maturity date), on or after September 9, 2028 (two months prior to the applicable maturity date) or on or after August 9, 2031 (three month prior to the applicable maturity date), respectively, 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 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 Securities and Exchange Commission (the "SEC") on May 15, 2019. A prospectus supplement, dated November 4, 2021, 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.

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Item 9.01. Financial Statements and Exhibits






(d) Exhibits




Exhibit
  No.

4.1           Indenture, dated as of September 18, 2017, between Public Storage
            and Computershare Trust Company, N.A. (as successor to 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           Ninth Supplemental Indenture, dated as of November 9, 2021, between
            Public Storage and Computershare Trust Company, N.A. (as successor to
            Wells Fargo Bank, National Association), as trustee.

4.3           Tenth Supplemental Indenture, dated as of November 9, 2021, between
            Public Storage and Computershare Trust Company, N.A. (as successor to
            Wells Fargo Bank, National Association), as trustee.

4.4           Eleventh Supplemental Indenture, dated as of November 9, 2021,
            between Public Storage and Computershare Trust Company, N.A. (as
            successor to Wells 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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