On April 1, 2026, Public Storage (the "Company") and its subsidiary, Public Storage Operating Company ("PSOC"), entered into an underwriting agreement with BofA Securities, Inc. and J.P. Morgan Securities LLC for the sale of $500 million aggregate principal amount of senior notes due 2035 (the "Notes"). The Notes will bear an interest rate of 5.000% and will be issued at 99.182% of par value, maturing on December 15, 2035. Interest payments will be made semi-annually, starting June 15, 2026. The offering is expected to close on April 6, 2026, subject to customary closing conditions. The proceeds from this offering are intended to be used to repay amounts under PSOC's revolving credit facility and for general corporate purposes, including investments in self-storage facilities and debt repayment. This move is seen as a strategic effort to enhance liquidity and support ongoing operational investments. The underwriting agreement reflects the confidence of the underwriters in the Company's financial stability and growth prospects, despite the current market conditions. Public Storage has a strong track record in the self-storage industry, and this offering is expected to bolster its financial position further.

Press Release distribution

National Press Distribution across U.S. Media. Direct Access to Key Decision Making Editors.