Item 1.01 Entry Into a Material Definitive Agreement

On September 2, 2021, Public Storage (the "Company") entered into an underwriting agreement (the "Underwriting Agreement"), among the Company and Merrill Lynch International, Morgan Stanley & Co. International plc and UBS AG London Branch, as representatives of the several underwriters named therein (the "Underwriters"), for the sale of €700 million aggregate principal amount of Senior Notes due 2030 (the "Notes"). The Notes will bear interest at an annual rate of 0.500%, will be issued at 99.388% of par value and will mature on September 9, 2030. The Underwriting Agreement is filed as Exhibit 1.1 hereto and is incorporated herein by reference.

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 ("SEC") on May 15, 2019. A preliminary prospectus supplement, dated September 2, 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.

The Underwriters have performed investment banking and advisory services for the Company from time to time for which they have received customary fees and expenses. The Underwriters may, from time to time, engage in transactions with and perform services for the Company in the ordinary course of their business.

The lenders under the Company's revolving credit facility include, among other financial institutions from time to time as lenders party thereto, Bank of America, N.A., an affiliate of Merrill Lynch International; Morgan Stanley Bank, N.A., an affiliate of Morgan Stanley & Co. International plc; and UBS AG, Stamford Branch, an affiliate of UBS AG London Branch.

Item 9.01. Financial Statements and Exhibits




(d) Exhibits



Exhibit
  No.

1.1           Underwriting Agreement, dated September 2, 2021, by and among the
            Company and Merrill Lynch International, Morgan Stanley & Co.
            International plc and UBS AG London Branch, as representatives of the
            several underwriters named therein

5.1           Opinion of Hogan Lovells US LLP

23.1          Consent of Hogan Lovells US LLP (included in Exhibit 5.1)

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

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