Public Storage filed an 8-K on October 30, 2026, disclosing that its subsidiary Public Storage Operating Company entered an underwriting agreement on October 29, 2026, for the sale of $500 million aggregate principal amount of 5.600% senior notes due November 15, 2036.

Key Highlights

  • Offering size: $500 million aggregate principal amount of senior notes due 2036, issued by Public Storage Operating Company and guaranteed by Public Storage.
  • Interest rate and issue price: The notes bear interest at 5.600% per year and will be issued at 98.293% of par value.
  • Expected closing: The offering is expected to close on November 6, 2026, subject to customary closing conditions.
  • Use of proceeds: Net proceeds are expected to repay amounts outstanding under PSOC's $1.0 billion commercial paper program and to partially repay the outstanding $650 million aggregate principal amount of PSOC's 1.500% Senior Notes due 2026.
  • Interest payment schedule: Interest will be paid semi-annually on May 15 and November 15 each year, commencing May 15, 2027.
  • Lead underwriters: BofA Securities, Inc., BNP Paribas Securities Corp., and Morgan Stanley & Co. LLC served as representatives of the underwriters.

Public Storage Operating Company's $500 Million Notes Offering Details

According to the filing, Public Storage (NYSE:PSA) and its subsidiary Public Storage Operating Company ("PSOC") entered into an underwriting agreement dated October 29, 2026, with BofA Securities, Inc., BNP Paribas Securities Corp., and Morgan Stanley & Co. LLC as representatives of several underwriters. The agreement covers the sale of $500 million aggregate principal amount of senior notes maturing on November 15, 2036. The notes will be issued by PSOC and guaranteed by the Company, the filing disclosed.

The filing states that the notes carry an annual interest rate of 5.600% and are priced at 98.293% of par value. Semi-annual interest payments are scheduled for May 15 and November 15 of each year, beginning May 15, 2027. The offering was made pursuant to a shelf registration statement on Form S-3 (File Nos. 333-283556 and 333-283556-01), which was amended via a post-effective amendment filed with the SEC on September 8, 2026. A preliminary prospectus supplement dated October 29, 2026, was also filed with the SEC under Rule 424(b)(5), according to the filing.

The Company disclosed it expects to use the net proceeds to repay amounts outstanding under PSOC's $1.0 billion commercial paper program, with the remaining proceeds intended to partially repay at maturity the outstanding $650 million aggregate principal amount of PSOC's 1.500% Senior Notes due 2026. The filing also noted that PSOC and the Company agreed to indemnify the underwriters against certain liabilities, including liabilities under the Securities Act of 1933, or to contribute to payments the underwriters may be required to make in respect of those liabilities. The underwriting agreement is attached to the report as Exhibit 1.1.

What Was Disclosed

Public Storage and PSOC disclosed the execution of an underwriting agreement for a $500 million senior notes offering at 5.600%, priced at 98.293% of par, due November 15, 2036, with proceeds intended to repay outstanding commercial paper and senior notes due 2026.