Public Storage has priced C$400 million of senior notes in its inaugural Canadian debt offering following the company’s acquisition of Public Storage Canada.
The fixed-rate senior notes are due in 2033 and will carry an annual interest rate of 4.540%.
The notes will be issued at par and mature on September 16, 2033.
Interest will be paid semiannually on March 16 and September 16, beginning March 16, 2027.
The notes will be issued by Public Storage’s PS Canada Finance ULC subsidiary and guaranteed by Public Storage and Public Storage Operating Company.
The offering is expected to close on September 16, 2026, subject to customary closing conditions.
Public Storage plans to use the net proceeds in part to replenish cash that was used to finance its recently completed acquisition of Public Storage Canada.
Proceeds may also be used for general corporate purposes, including investments in self-storage properties, acquisitions, development projects, mortgage loans secured by storage properties, debt repayment and the redemption of outstanding securities.
The Canadian offering gives Public Storage an additional funding source as it expands its operations in the country.
As of September 1, 2026, Public Storage owned or operated 4,647 self-storage facilities across 41 U.S. states and Puerto Rico, representing approximately 329 million net rentable square feet.
The company also owned 68 self-storage facilities in Canada totaling approximately 5.3 million net rentable square feet.
Public Storage additionally owned a 35% common equity interest in Shurgard Self Storage, which operated 335 facilities across seven Western European countries representing approximately 19 million net rentable square feet.
Scotiabank and TD Securities served as joint book-running managers for the C$400 million offering.
