Public Storage prices $900M dual-tranche note offering at 4.700% (2032) and 5.150% (2036)

Filed July 13, 2026 · ~2 min read

Key Changes

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  Public Storage Operating Company is offering $400 million of 4.700% notes due 2032 and $500 million of 5.150% notes due 2036, guaranteed by parent Public Storage, for a total of $900 million.

  The Offering verify on EDGAR →
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  Net proceeds of approximately $884.3 million will partially finance the pending acquisition of National Storage Affiliates (NSA), with any remainder for general corporate purposes including facility investments and debt repayment.

  Use of Proceeds 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.

  The Offering verify on EDGAR →