Public Storage Operating Co. offers senior notes due 2032 and 2036 to fund NSA acquisition

Filed July 9, 2026 · ~2 min read

Key Changes

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  Public Storage Operating Company is offering two tranches of senior notes (2032 and 2036 maturities) with amounts and interest rates to be determined at pricing. The notes are guaranteed by parent Public Storage.

  The Offering verify on EDGAR →
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  If the NSA Acquisition does not close by December 16, 2026 (or a later agreed date), or if the company abandons the acquisition, the notes must be redeemed at 101% of principal plus accrued interest. Proceeds are not escrowed and may be used for other purposes before the acquisition closes.

  The Offering verify on EDGAR →
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  Public Storage (the guarantor) is a holding company with no material assets other than its indirect ownership of PSOC. If PSOC defaults, Public Storage has no independent source of funds to honor the guarantee.

  Risk Factors verify on EDGAR →