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Notes Payable
 9 Months Ended
Sep. 30, 2023
Notes Payable [Abstract]  
Notes Payable Notes Payable
Our notes payable (all of which were issued by PSOC), are reflected net of issuance costs (including original issue discounts), which are amortized as interest expense on the effective interest method over the term of each respective note. Our notes payable at September 30, 2023 and December 31, 2022 are set forth in the tables below:
   
Amounts at September 30, 2023
Amounts at
 December 31, 2022
 Coupon RateEffective Rate PrincipalUnamortized CostsBook
 Value		Fair
 Value		Book
 Value		Fair
 Value
   ($ amounts in thousands)
U.S. Dollar Denominated Unsecured Debt
Notes due April 23, 2024
SOFR+0.47%
5.791%$700,000 $(397)$699,603 $699,950 $699,075 $691,309 
Notes due July 25, 2025
SOFR+0.60%
5.932%400,000 (1,481)398,519 400,277 — — 
Notes due February 15, 2026
0.875%1.030%500,000 (1,766)498,234 448,646 497,678 441,849 
Notes due November 9, 20261.500%1.640%650,000 (2,704)647,296 580,053 646,643 578,899 
Notes due September 15, 2027
3.094%3.218%500,000 (2,096)497,904 460,565 497,508 466,029 
Notes due May 1, 2028
1.850%1.962%650,000 (3,091)646,909 556,154 646,401 558,197 
Notes due November 9, 20281.950%2.044%550,000 (2,457)547,543 465,373 547,182 468,509 
Notes due January 15, 20295.125%5.260%500,000 (3,093)496,907 491,674 — — 
Notes due May 1, 2029
3.385%3.459%500,000 (1,714)498,286 450,606 498,053 456,855 
Notes due May 1, 2031
2.300%2.419%650,000 (5,183)644,817 517,832 644,303 530,390 
Notes due November 9, 20312.250%2.322%550,000 (2,872)547,128 429,370 546,866 443,514 
Notes due August 1, 20335.100%5.207%700,000 (5,697)694,303 669,161 — — 
Notes due August 1, 20535.350%5.442%600,000 (8,050)591,950 546,860 — — 
 7,450,000 (40,601)7,409,399 6,716,521 5,223,709 4,635,551 
Euro Denominated Unsecured Debt
Notes due April 12, 2024
1.540%1.540%105,744 — 105,744 103,939 107,035 104,344 
Notes due November 3, 2025
2.175%2.175%255,915 — 255,915 244,650 259,039 246,119 
Notes due September 9, 20300.500%0.640%740,208 (7,771)732,437 566,585 740,634 566,204 
Notes due January 24, 2032
0.875%0.978%528,720 (4,456)524,264 396,406 530,317 396,297 
   1,630,587 (12,227)1,618,360 1,311,580 1,637,025 1,312,964 
 Mortgage Debt, secured by 2 real estate facilities with a net book value of $11.7 million
4.414%4.414%1,863 — 1,863 1,653 10,092 9,568 
 $9,082,450 $(52,828)$9,029,622 $8,029,754 $6,870,826 $5,958,083 

Public Storage has provided a full and unconditional guarantee of PSOC’s obligations under each series of unsecured notes.
U.S. Dollar Denominated Unsecured Notes
On July 26, 2023, we completed a public offering of $400 million, $500 million, $700 million, and $600 million aggregate principal amount of unsecured senior notes bearing interest at an annual rate of Compounded SOFR + 0.60% (reset quarterly), 5.125%, 5.100%, and 5.350%, respectively, and maturing on July 25, 2025, January 15, 2029, August 1, 2033, and August 1, 2053, respectively. Interest on the 2025 notes is payable quarterly, commencing on October 25, 2023. Interest on the 2029 notes is payable semi-annually, commencing on January 15, 2024. Interest on the 2033 notes and 2053 notes is payable semi-annually, commencing on February 1, 2024. In connection with the offering, we incurred a total of $18.7 million in costs.
The U.S. Dollar denominated unsecured notes (the “U.S. Dollar Denominated Unsecured Notes”) have various financial covenants with which we were in compliance at September 30, 2023. Included in these covenants are (a) a maximum Debt to Total Assets of 65% (approximately 16% at September 30, 2023) and (b) a minimum ratio of Adjusted EBITDA to Interest Expense of 1.5x (approximately 21x for the twelve months ended September 30, 2023) as well as covenants limiting the amount we can encumber our properties with mortgage debt.
Euro Denominated Unsecured Notes
Our Euro denominated unsecured notes (the “Euro Notes”) consist of four tranches: (i) €242.0 million issued to institutional investors on November 3, 2015, (ii) €100.0 million issued to institutional investors on April 12, 2016, (iii) €500.0 million issued in a public offering on January 24, 2020, and (iv) €700.0 million issued in a public offering on September 9, 2021. The Euro Notes have financial covenants similar to those of the U.S. Dollar Denominated Unsecured Notes.
We reflect changes in the U.S. Dollar equivalent of the amount payable including the associated interest, as a result of changes in foreign exchange rates as “Foreign currency exchange gain” on our income statement (gains of $48.2 million and $20.1 million for the three and nine months ended September 30, 2023, respectively, as compared to gains of $100.9 million and $239.2 million for the three and nine months ended September 30, 2022, respectively).
Mortgage Notes
We assumed our non-recourse mortgage debt in connection with property acquisitions, and we recorded such debt at fair value with any premium or discount to the stated note balance amortized using the effective interest method.
At September 30, 2023, the related contractual interest rates of our mortgage notes are fixed, ranging between 3.9% and 7.1%, and mature between September 1, 2028 and July 1, 2030.
At September 30, 2023, approximate principal maturities of our Notes Payable are as follows (amounts in thousands):
 Unsecured DebtMortgage DebtTotal
Remainder of 2023$—$30$30
2024805,744124805,868
2025655,915131656,046
20261,150,0001381,150,138
2027500,000146500,146
Thereafter 5,968,9281,2945,970,222
$9,080,587$1,863$9,082,450
Weighted average effective rate 3.1%4.4%3.1%
Cash paid for interest totaled $97.5 million and $87.6 million for the nine months ended September 30, 2023 and 2022, respectively. Interest capitalized as real estate totaled $6.8 million and $4.2 million for the nine months ended September 30, 2023 and 2022, respectively.