Public Storage expands credit facility to $3B and adds $500M term loan

Public Storage (NYSE: PSA) announced it has closed a new $3.0 billion unsecured revolving credit facility, a $500 million delayed draw term loan facility, and established a $1.0 billion unsecured commercial paper program, according to a press release from the company.

The new revolving credit facility replaces the company's previous $1.5 billion revolving credit facility, which had been scheduled to mature June 12, 2027. The new facility matures on June 25, 2030, with extension options available through June 25, 2031.

The term loan is available to be drawn in up to four advances on or before December 22, 2026, and matures on June 25, 2031. The credit facility also includes an accordion feature that allows Public Storage to increase total commitments by up to $2.0 billion, subject to obtaining additional lender commitments.

Borrowings under the revolving credit facility bear interest at SOFR plus 0.650%, based on the company's current credit ratings, representing a reduction of 15 basis points compared to the prior facility. The term loan will bear interest at SOFR plus 0.700% once drawn.

Commercial paper notes issued under the new program will rank equally with all of Public Storage's other senior unsecured debt and will be fully and unconditionally guaranteed by Public Storage.

Wells Fargo Bank, National Association is serving as agent for the credit facility. Wells Fargo Securities, LLC, BofA Securities, Inc., and JPMorgan Chase Bank, N.A. acted as joint bookrunners.

Public Storage is a REIT that owns and operates self-storage facilities, with 3,546 locations across 40 U.S. states as of March 31, 2026.

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