Public Storage Prices Public Offering of $900 Million of Senior Notes at an Effective Interest Rate of 4.855% to Fund the Acquisition of National Storage Affiliates Trust

Public Storage announced a $900 million senior notes offering through subsidiary PSOC to help fund its pending acquisition of National Storage Affiliates Trust (NSA) and for general corporate purposes. The debt is split into $400 million due 2032 at 4.700% and $500 million due 2036 at 5.150%, with a weighted average effective interest rate of 4.855% after swaps. The offering is expected to close on July 20, 2026, and is not contingent on the NSA deal closing. If the acquisition fails, the notes must be redeemed at 101% of principal plus accrued interest. The transaction signals continued financing activity and leverage management ahead of the REIT’s expansion, with limited immediate equity impact but potential implications for debt costs and acquisition execution.