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Get filing alertsPublic Storage issues $900M in senior notes to finance National Storage Affiliates acquisition
Filed July 13, 2026 · Period ending July 9, 2026 · ~1 min read
Key Changes
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Public Storage's operating subsidiary issued $900M in senior notes across two tranches ($400M 4.700% 2032 notes at 99.283% of par, $500M 5.150% 2036 notes at 98.553% of par) to partially finance the pending National Storage Affiliates Trust acquisition.
Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR → -
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Proceeds will fund the NSA acquisition, including transaction fees and expenses, with additional uses for general corporate purposes including facility investments, debt repayment, and securities redemption.
Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR → -
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The 2032 notes carry a 4.700% annual rate with semi-annual interest payments starting February 2027; the 2036 notes carry a 5.150% rate with semi-annual payments starting February 2027.
Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR →
Summary
Public Storage entered into an underwriting agreement to issue $900 million in senior notes through its operating subsidiary, with the parent company guaranteeing the debt. The offering consists of two tranches: $400 million in 2032 notes at 4.700% (issued at 99.283% of par) and $500 million in 2036 notes at 5.150% (issued at 98.553% of par). Both tranches will pay interest semi-annually starting in early 2027.
The proceeds will partially finance Public Storage's pending acquisition of National Storage Affiliates Trust, including transaction-related fees and expenses. Additional uses include general corporate purposes such as self-storage facility investments, debt repayment, and securities redemption. The offering is expected to close July 20, 2026. The financing represents a standard capital markets execution to fund a previously announced strategic acquisition, with the company accessing long-term debt at market rates to support its growth strategy.
Section-by-Section Diff
Event · Item 1.01 — Entry into a Material Definitive Agreement
Item 1.01 — Entry into a Material Definitive Agreement filed; see Key Changes for terms.
Added in current filing · verify on EDGAR →
On July 9, 2026, Public Storage (the “Company”) and Public Storage Operating Company, a subsidiary of the Company (“PSOC”), entered into an underwriting agreement (the “Underwriting Agreement”) with Goldman Sachs & Co. LLC and Wells Fargo Securities, LLC, as representatives of the several underwriters named therein (the “Underwriters”), for the sale of $900 million aggregate principal amount of senior notes in two tranches (collectively, the “Notes”). The Notes will be issued by PSOC and guaranteed by the Company.
Public Storage's operating subsidiary entered into an underwriting agreement to issue $900 million in senior notes across two tranches, with the parent company guaranteeing the debt. The offering is structured as a registered public offering under an existing shelf registration statement filed in December 2024.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jul 16, 2026 · How we verify