Recent Updates — PSA-PG

Public Storage entered into an underwriting agreement on September 9, 2026, for the sale of C$400 million in aggregate principal amount of senior notes due 2033. The notes are issued by PS Canada Finance ULC and guaranteed by Public Storage and its subsidiary, bearing interest at 4.540% with semi-annual payments commencing March 16, 2027. The offering is expected to close on September 16, 2026, with net proceeds intended to replenish cash used for the Public Storage Canada acquisition and for general corporate purposes, including facility investments and debt repayment. Public Storage operates in the self-storage industry.

On July 20, 2026, Public Storage Operating Company, a subsidiary of Public Storage, completed the offering of $900 million in senior notes. The issuance consists of $400 million in 4.700% Senior Notes due February 1, 2032, and $500 million in 5.150% Senior Notes due August 15, 2036. Both tranches are guaranteed by Public Storage. The notes include a special mandatory redemption provision at 101% of the principal if the acquisition of National Storage Affiliates Trust is not consummated by December 16, 2026, or if the company ceases to pursue the acquisition. The indenture requires the subsidiary to maintain total unencumbered assets of at least 125% of total unsecured indebtedness. Public Storage operates in the real estate industry and provides self-storage and portable storage solutions.