Public Storage (NYSE: PSA) completed a $900 million senior notes offering on July 20, 2026, through its subsidiary Public Storage Operating Company (PSOC).

The offering consists of two tranches: $400 million in 4.700% Senior Notes due February 1, 2032, and $500 million in 5.150% Senior Notes due August 15, 2036. Both are guaranteed by Public Storage and rank as unsecured, unsubordinated obligations of PSOC.

Interest on the 2032 Notes is payable semi-annually on February 1 and August 1, beginning February 1, 2027. Interest on the 2036 Notes is payable semi-annually on February 15 and August 15, beginning February 15, 2027.

The notes include a special mandatory redemption provision linked to Public Storage's planned acquisition of National Storage Affiliates Trust. If the acquisition is not completed by December 16, 2026, or by any extended outside date agreed upon by the parties, or if PSOC notifies the trustee it will not pursue the deal, PSOC must redeem the outstanding notes at 101% of principal plus accrued interest.

Public Storage may otherwise redeem the notes at any time at a make-whole redemption price. Redemptions at par are permitted beginning one month before the 2032 maturity date and three months before the 2036 maturity date.

The indenture governing the notes requires PSOC to maintain total unencumbered assets of at least 125% of total unsecured indebtedness and places limitations on secured and unsecured borrowing and certain merger or asset sale transactions.