Public Storage subsidiary signs $3.0 billion revolving credit facility, replacing $1.5 billion facility
Public Storage Operating Company, a subsidiary of Public Storage, entered a Fourth Amended and Restated Credit Agreement on June 25, 2026, providing a $3.0 billion revolving credit facility and a $500 million delayed draw term loan, and the company set up a $1.0 billion commercial paper program. The new revolver replaces the prior $1.5 billion facility, and as of June 25, 2026, no borrowings were outstanding under the agreement. The filing describes lower borrowing spreads on the revolver, which may matter to shareholders over time, but it does not report any change to revenue, profit or guidance.
Key points
- Revolving credit facility: $3.0 billion, maturing June 25, 2030, with extension options through June 25, 2031
- Delayed draw term loan: $500 million, drawable in up to four advances through 180 days after closing, maturing June 25, 2031
- Revolver interest set at SOFR plus 0.650%, a 15 basis point reduction from the prior facility
- Company said the $1.0 billion commercial paper program is backstopped by the revolver; no borrowings were outstanding as of June 25, 2026
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 1:42 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on June 25, 2026.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.