Public Storage and its subsidiary Public Storage Operating Company entered into an underwriting agreement to sell $500 million in aggregate principal amount of senior notes maturing on November 15, 2036. The notes bear interest at an annual rate of 5.600%, were issued at 98.293% of par value, and pay semi-annual interest commencing May 15, 2027. Public Storage guarantees the debt issued by its subsidiary. The offering is expected to close on November 6, 2026, with net proceeds designated to repay amounts outstanding under a $1.0 billion commercial paper program and partially retire $650 million in existing senior notes due 2026. Public Storage operates self-storage facilities across the United States.
