Public Storage (NYSE: PSA) announced that its subsidiary, Public Storage Operating Company, has priced a public offering of $500 million in senior notes due 2035. The notes will be guaranteed by Public Storage.

The notes will carry an annual interest rate of 5.000% and will be issued at 99.182% of par value. They mature on December 15, 2035, with interest payments scheduled semi-annually on June 15 and December 15, beginning June 15, 2026.

The offering is expected to close on April 6, 2026, subject to customary closing conditions. Public Storage Operating Company plans to use net proceeds to repay amounts under its revolving credit facility and for general corporate purposes, including investments in self-storage facilities, acquisitions, development, mortgage loans, debt repayment and securities redemption.

BofA Securities and J.P. Morgan Securities served as joint book-running managers for the offering. The offering is being conducted under an effective shelf registration statement filed with the Securities and Exchange Commission.

Public Storage is a real estate investment trust that acquires, develops, owns and operates self-storage facilities. As of December 31, 2025, the company owned and operated 3,533 self-storage facilities in 40 states with approximately 258 million net rentable square feet. The company also owns a 35% equity interest in Shurgard Self Storage Limited, which operates 332 facilities across seven Western European countries.