Public Storage completes $900M notes offering to fund National Storage Affiliates acquisition

Filed July 20, 2026 · Period ending July 20, 2026 · ~1 min read

Key Changes

• high

  Issued $400M 4.700% notes due 2032 and $500M 5.150% notes due 2036 through operating subsidiary, guaranteed by parent, to finance pending NSA acquisition.

  Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR →
• high

  Notes include special mandatory redemption at 101% of principal if NSA acquisition fails to close by December 16, 2026 or is abandoned, protecting noteholders from acquisition-financing mismatch.

  Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR →
• medium

  Indenture requires maintaining unencumbered assets at 125% of unsecured debt and limits additional secured/unsecured borrowing and asset sales, standard REIT covenants.

  Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR →