{"url_path":"/sec/psa/8-k/2026-07-22/item-2-03","section_key":"item-2-03","section_title":"Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.","topic":"sec","document":{"doc_type":"8-K","doc_date":"2026-07-22","source_url":"https://www.sec.gov/Archives/edgar/data/1393311/0001193125-26-312563-index.html","accession_number":"0001193125-26-312563","cik":"0001393311","ticker":"PSA","issuer_name":"Public Storage","edgar_url":"https://www.sec.gov/Archives/edgar/data/1393311/0001193125-26-312563-index.html","primary_entity_key":"0001393311","primary_entity_name":"Public Storage"},"word_count":125,"has_tables":true,"body_markdown":"Item 2.03\n\nCreation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.\n\nIn connection with entry into the Mortgage Loan, a subsidiary of Public Storage provided a customary limited non-recourse carveout guaranty (the “Limited Guaranty”) in respect of certain obligations under the Mortgage Loan. Under the terms of the Limited Guaranty, the guarantor guaranteed certain specified losses arising from customary non-recourse carve-out events, including, among other things, intentional or grossly negligent waste, fraud or intentional material misrepresentation, willful misconduct and misappropriation of funds. In addition, the Limited Guaranty provides for springing recourse liability upon the occurrence of certain customary events, including specified voluntary bankruptcy or insolvency actions, certain prohibited changes of control and other customary recourse carve-out events."}