Public Storage announced that it has closed a new $3 billion unsecured revolving credit facility, a $500 million delayed draw term loan facility, and established a $1 billion unsecured commercial paper program.
The new revolving credit facility replaces Public Storage’s previous $1.5 billion revolving credit facility, which was scheduled to mature on June 12, 2027.
Public Storage said the financing actions strengthen its balance sheet, enhance liquidity, lower its effective cost of capital, and expand financial flexibility. The company said the facilities support its PS4.0 strategy and provide scalable access to capital for acquisitions, development and redevelopment, lending, and other growth opportunities.
The revolver has total commitments of $3 billion available for borrowings in U.S. dollars and certain foreign currencies. It matures on June 25, 2030, with extension options available through June 25, 2031.
The $500 million delayed draw term loan can be drawn in up to four advances on or before December 22, 2026. The term loan matures on June 25, 2031.
The credit facility documentation includes an accordion feature that allows Public Storage to increase total commitments under the revolver or incur additional term loans by up to $2 billion, subject to additional lender commitments.
Borrowings under the revolver bear interest at SOFR plus 0.650% based on Public Storage’s current credit ratings. This represents a reduction of 15 basis points compared to the prior facility. Once drawn, the term loan will bear interest at SOFR plus 0.700%, based on the company’s current credit ratings.
Commercial paper notes issued under the new program will rank equally with Public Storage’s other senior unsecured debt and will be fully and unconditionally guaranteed by Public Storage.
Wells Fargo Bank served as agent for the credit facility. Wells Fargo Securities, BofA Securities, and JPMorgan Chase Bank acted as joint bookrunners.
Public Storage is a self-storage REIT and member of the S&P 500. As of March 31, 2026, the company owned and/or operated 3,546 self-storage facilities across 40 U.S. states, totaling approximately 259 million net rentable square feet. It also owned a 35% common equity interest in Shurgard Self Storage, which owned 333 self-storage facilities across seven Western European countries.
KEY QUOTES:
“The successful closing of our new credit facilities and the establishment of our Commercial Paper Program further strengthens Public Storage’s fortress balance sheet, enhances our liquidity, lowers our effective cost of capital, and expands our financial flexibility.”
“These actions are fully aligned with our PS4.0 strategy and reinforce the capability of our value creation engine — giving us efficient, scalable access to capital to fund accretive acquisitions, development and redevelopment, lending, and other high-return opportunities, while continuing to support the long-term per share growth of the business. We appreciate the continued confidence and support of our banking partners.”
Joe Fisher, President and Chief Financial Officer of Public Storage
