8-KMaterial AgreementsExhibits & Filings

Public Storage 8-K Report, Material Agreement (Jul 13, 2026)

Filed July 13, 2026For Securities:PSAPSA-PRPSA-PFPSA-PGPSA-PHPSA-PIPSA-PJPSA-PMPSA-PNPSA-POPSA-PPPSA-PQPSA-PSPSA-PKPSA-PL

Summary

Public Storage (PSA) announced on July 13, 2026, through an 8-K filing, its entry into a material definitive agreement to issue $900 million in aggregate principal amount of senior notes via its subsidiary, Public Storage Operating Company (PSOC). These notes are being issued in two tranches: $400 million due 2032 with a 4.700% interest rate, and $500 million due 2036 with a 5.150% interest rate. The offering, underwritten by Goldman Sachs & Co. LLC and Wells Fargo Securities, LLC, is expected to close on July 20, 2026. The primary use of the net proceeds from this debt issuance is to finance, in part, the Company's pending acquisition of National Storage Affiliates Trust, along with related fees and expenses. The remaining proceeds will be allocated to general corporate purposes, including investments in self-storage facilities, debt repayment, and redemption of outstanding securities. This strategic debt financing underscores PSA's commitment to expanding its portfolio through significant acquisitions and continued operational growth.

Key Highlights

  • 1Public Storage (PSA) is issuing $900 million in senior notes through its subsidiary PSOC, with the Company providing a guarantee.
  • 2The debt offering consists of two tranches: $400 million in notes due 2032 at 4.700% interest and $500 million in notes due 2036 at 5.150% interest.
  • 3Proceeds are primarily intended to fund the pending acquisition of National Storage Affiliates Trust.
  • 4The offering is being conducted under a shelf registration statement filed in December 2024.
  • 5The offering is expected to close on July 20, 2026, subject to customary closing conditions.
  • 6Net proceeds will also be used for general corporate purposes, including facility investments and debt management.

Frequently Asked Questions

The primary purpose of the $900 million senior notes issuance is to finance, in part, Public Storage's pending acquisition of National Storage Affiliates Trust, including associated fees and expenses. Remaining proceeds will support general corporate activities.

The notes are issued in two tranches: $400 million due February 1, 2032, with a 4.700% annual interest rate, issued at 99.283% of par. The second tranche is $500 million due August 15, 2036, with a 5.150% annual interest rate, issued at 98.553% of par.

The offering is expected to close on July 20, 2026, contingent upon the satisfaction of standard closing conditions.

The underwriters for this offering are Goldman Sachs & Co. LLC and Wells Fargo Securities, LLC, acting as representatives for the several underwriters named in the agreement.