Public Storage Announces $875 Million Senior Notes Offering

Summary

On June 26, 2025, Public Storage (PSA) and its subsidiary, Public Storage Operating Company (PSOC), entered into an underwriting agreement with BofA Securities, Inc. and Wells Fargo Securities, LLC for the sale of $875 million aggregate principal amount of senior notes. The notes are divided into two tranches: $475 million due in 2030 with an annual interest rate of 4.375%, and $400 million due in 2035 with an annual interest rate of 5.000%. The offering is expected to close on June 30, 2025, and PSOC intends to use the net proceeds to repay existing debt and for general corporate purposes.