Public Storage has priced a $500 million public offering of fixed-rate senior notes due in 2036, with proceeds primarily intended to refinance existing short-term and maturing debt.
The notes will be issued by Public Storage Operating Company and guaranteed by Public Storage.
The securities carry a stated annual interest rate of 5.600% and will be issued at 98.293% of par value. After accounting for the effect of prior interest rate swaps, Public Storage said the effective interest rate will be approximately 5.200%.
The notes mature on November 15, 2036. Interest will be paid semiannually on May 15 and November 15, beginning May 15, 2027.
The offering is expected to close on November 6, 2026, subject to customary closing conditions.
Public Storage plans to use the net proceeds first to repay amounts outstanding under Public Storage Operating Company’s $1 billion commercial paper program. Remaining proceeds are expected to be used to partially repay the company’s outstanding $650 million of 1.500% senior notes due in 2026 when those securities mature.
BofA Securities, BNP Paribas Securities, and Morgan Stanley served as joint book-running managers for the offering.
Public Storage is one of the largest self-storage operators in North America. As of September 30, 2026, the company owned or operated 4,764 self-storage facilities containing approximately 339 million net rentable square feet across 42 states, Puerto Rico, and Canada.
The company also owned a 35% common equity interest in Shurgard Self Storage, which operated 338 facilities with approximately 19 million net rentable square feet across seven Western European countries.
The debt transaction extends a portion of Public Storage’s maturity profile into 2036 while refinancing commercial paper and lower-coupon debt reaching maturity. The effective rate reflects hedging activity the company completed before pricing the offering.
