Public Storage

$3.5bn committed across 1 active facility, next covenant test Sep 30, 2026. PSA · PSA-PH · PSA-PU · PSA-PF · PSA-PI · PSA-PJ · PSA-PK · PSA-PL · PSA-PS · PSA-PT · PSA-PM · PSA-PN · PSA-PO · PSA-PP · PSA-PQ · PSA-PR · PSA-PG

Real Estate Investment Trusts

Recent changes

  1. Jun 25, 2026Public Storage signs $3.5bn FOURTH AMENDED AND RESTATED CREDIT AGREEMENT, matures Jun 2030SEC ↗
Tested quarterlyHeadroom not yet measured0.60x
The Initial Borrower shall not permit the ratio of (i) Total Indebtedness to (ii) Gross Asset Value to exceed 0.60 to 1.00 as of the last day of each fiscal quarter;
Read the filing on sec.gov ↗
Tested quarterlyHeadroom not yet measured0.50x
The Initial Borrower shall not permit the ratio of (i) Secured Indebtedness of the Guarantor and its Subsidiaries on a consolidated basis to (ii) Gross Asset Value of the Guarantor and its Subsidiaries to exceed 0.50 to 1:00 as of the last day of each fiscal quarter.
Read the filing on sec.gov ↗
Tested quarterlyHeadroom not yet measured1.50
The Initial Borrower shall not permit the ratio of (i) Unencumbered Asset Value to (ii) Unsecured Indebtedness of the Guarantor and its Subsidiaries on a consolidated basis to be less than 1.50 to 1:00 as of the last day of each fiscal quarter.
Read the filing on sec.gov ↗
Tested quarterlyHeadroom not yet measured1.50x
The Initial Borrower shall not permit the ratio of (i) Adjusted EBITDA of the Guarantor and its Subsidiaries determined on a consolidated basis for the four fiscal-quarter period most recently ended to (ii) Debt Service Charges of the Guarantor and its Subsidiaries determined on a consolidated basis for such four fiscal-quarter period, to be less than 1.50 to 1.0 as of the last day of each fiscal quarter.
Read the filing on sec.gov ↗

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FOURTH AMENDED AND RESTATED CREDIT AGREEMENT

Signed Jun 25, 2026

Committed
$3.5bn
Matures
Jun 2030
Agent
Wells Fargo Bank, National Association
TrancheSizeMaturesMargin
Revolving credit facility$3bnJun 203063–135 bps
Delayed draw term loan$500mJun 203168–155 bps

Priced over Term SOFR, floor 0 bps (Revolving credit facility).

LevelConditionMarginUnused fee
Level 1A+/A1 or higher63 bpsn/a
Level 2A/A265 bpsn/a
Level 3A-/A368 bpsn/a
Level 4BBB+/Baa173 bpsn/a
Level 5BBB/Baa280 bpsn/a
Level 6BBB-/Baa3100 bpsn/a
Level 7Lower than BBB-/Baa3135 bpsn/a

§1.1

Priced over Term SOFR, floor 0 bps (Delayed draw term loan).

LevelConditionMarginUnused fee
Level 1A+/A1 or higher68 bpsn/a
Level 2A/A270 bpsn/a
Level 3A-/A375 bpsn/a
Level 4BBB+/Baa180 bpsn/a
Level 5BBB/Baa290 bpsn/a
Level 6BBB-/Baa3115 bpsn/a
Level 7Lower than BBB-/Baa3155 bpsn/a

§1.1

Lenders: Wells Fargo Securities, LLC, BOFA Securities, Inc., JPMorgan Chase Bank, N.A., The Bank of Nova Scotia, BNP Paribas Securities Corp., Sumitomo Mitsui Banking Corporation, Goldman Sachs Bank USA, Morgan Stanley Senior Funding, Inc., PNC Capital Markets LLC, Wells Fargo Bank, N.A., Bank of America, N.A., BNP Paribas

No amendments on file yet.

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