Public Storage filed a current report on September 10, 2026, disclosing that it entered into an underwriting agreement on September 9, 2026, for the sale of C$400 million aggregate principal amount of senior notes due 2033, to be issued by its subsidiary PS Canada Finance ULC and guaranteed by the company and Public Storage Operating Company.

Key Highlights

  • Issuance size: C$400 million aggregate principal amount of senior notes due 2033.
  • Interest rate: Notes bear interest at an annual rate of 4.540%, issued at par value.
  • Maturity date: September 16, 2033, with semi-annual interest payments on March 16 and September 16 each year, commencing March 16, 2027.
  • Issuer and guarantors: Notes issued by PS Canada Finance ULC, guaranteed by Public Storage and Public Storage Operating Company.
  • Underwriters: Scotia Capital Inc. and TD Securities Inc. served as representatives of the underwriters.
  • Expected closing: September 16, 2026, subject to customary closing conditions.
  • Stated use of proceeds: To replenish cash used to fund the Public Storage Canada acquisition and for general corporate purposes, including self-storage facility investments, debt repayment, and redemption of outstanding securities.

Public Storage's C$400 Million Canadian Dollar Note Offering Details

According to the filing, Public Storage (NYSE:PSA), its subsidiary Public Storage Operating Company ("PSOC"), and PS Canada Finance ULC ("PS Canada"), a subsidiary of the company, entered into an underwriting agreement on September 9, 2026, with Scotia Capital Inc. and TD Securities Inc. as representatives of the underwriters. The agreement covers the issuance of C$400 million in senior notes by PS Canada, with both the company and PSOC providing guarantees on the notes.

The filing states that the notes will bear interest at 4.540% per annum, will be issued at par value, and will mature on September 16, 2033. Interest payments are to be made semi-annually on March 16 and September 16 of each year, with the first payment scheduled for March 16, 2027. The offering was made pursuant to a shelf registration statement on Form S-3 (File Nos. 333-283556, 333-283556-01, and 333-283556-02), which was amended via a post-effective amendment filed with the SEC on September 8, 2026.

The company disclosed that net proceeds are expected to be used "to replenish cash used to fund the Public Storage Canada acquisition and for other general corporate purposes," including investments in self-storage facilities such as acquisitions, development, and mortgage loans, as well as repayment of debt and redemption of outstanding securities. The filing also notes that PSOC, the company, and PS Canada made customary representations, warranties, and covenants in the underwriting agreement and agreed to indemnify the underwriters against certain liabilities, including liabilities under the Securities Act.

What Was Disclosed

Public Storage reported entering into an underwriting agreement for a C$400 million senior note offering by PS Canada Finance ULC, guaranteed by Public Storage and PSOC, at a 4.540% annual rate, maturing September 16, 2033, with closing expected September 16, 2026.