$PSA · Public Storage
On November 6, 2026, Public Storage Operating Company completed its previously announced offering of $500 million 5.600% Senior Notes due 2036, guaranteed by Public Storage. The Notes accrue interest from November 6, 2026, payable semi-annually on May 15 and November 15, maturing November 15, 2036. They are unsecured, unsubordinated obligations ranking equally with existing and future unsecured debt, issued under a shelf registration statement.
- $500M principal amount of 5.600% Senior Notes due November 15, 2036.
- Interest payable semi-annually on May 15 and November 15, starting May 15, 2027.
- Notes are PSOC's direct, unsecured, unsubordinated obligations guaranteed by Public Storage.
- Indenture requires PSOC to maintain unencumbered assets of at least 125% of total unsecured indebtedness.
- Redeemable at make-whole price, or at 100% of principal if redeemed on/after August 15, 2036.
Markets closed — no regular-session reaction yet; extended-hours move not captured here.
A $500M unsecured debt raise at 5.600% adds leverage but is routine financing for a $63B-cap REIT.
Routine investment-grade REIT balance-sheet financing; Public Storage continues to tap unsecured debt markets to fund operations and growth.
Covenants limit PSOC's ability to incur secured/unsecured debt and consummate mergers or asset sales, subject to exceptions.