Public Storage (NYSE: PSA) entered into an underwriting agreement on July 9, 2026, for the sale of $900 million in senior notes through its subsidiary, Public Storage Operating Company (PSOC), with Goldman Sachs & Co. LLC and Wells Fargo Securities, LLC acting as representatives of the underwriters.

The offering is split into two tranches. The first consists of $400 million in senior notes due February 1, 2032, carrying an annual interest rate of 4.700% and issued at 99.283% of par value. The second tranche totals $500 million in senior notes maturing August 15, 2036, with an annual interest rate of 5.150% and issued at 98.553% of par value. Both tranches will pay interest semi-annually, beginning in February 2027, and will be guaranteed by Public Storage.

The offering is expected to close on July 20, 2026, subject to customary closing conditions.

According to the company's statement, PSOC intends to use the net proceeds to partially finance Public Storage's pending acquisition of National Storage Affiliates Trust. Proceeds may also cover related fees and expenses, general corporate purposes, investments in self-storage facilities, debt repayment, and the redemption of outstanding securities.

The offering was made pursuant to a shelf registration statement filed with the Securities and Exchange Commission on December 2, 2024.