Public Storage Prices C$400 Million Canadian Notes

Public Storage announced on September 9, 2026, that it priced a public offering of C$400 million aggregate principal amount of fixed-rate senior notes due 2033. This marks the company's inaugural offering in the Canadian debt market. The transaction follows its recently completed acquisition of Public Storage Canada and provides the trust with another source of funding.

The notes will be issued at par value by its finance subsidiary, PS Canada Finance ULC, and will carry an annual interest rate of 4.540%. Interest is payable semi-annually on March 16 and September 16, beginning March 16, 2027. The notes mature on September 16, 2033, with the closing expected on September 16, 2026, subject to customary closing conditions. Both Public Storage and Public Storage Operating Company will guarantee the debt.

Public Storage plans to use the net proceeds to replenish cash spent on acquiring Public Storage Canada. The remaining funds will support general corporate purposes, which include self-storage investments, facility acquisitions or development, debt repayments, and redemptions of outstanding securities. Scotiabank and TD Securities served as joint book-running managers.

As of September 1, 2026, Public Storage owned or operated 4,647 facilities across 41 US states and Puerto Rico, covering about 329 million net rentable square feet. It also owned 68 facilities in Canada with around 5.3 million net rentable square feet, along with a 35% equity interest in Shurgard Self Storage Limited, which held 335 European facilities.