Public Storage priced a C$400 million offering of fixed-rate senior notes due September 16, 2033, in what marks the company's first debt issuance in the Canadian market.
The notes carry an annual coupon of 4.540% and were issued at par value. Interest will be paid semi-annually on March 16 and September 16 each year, with the first payment scheduled for March 16, 2027. Scotiabank and TD Securities served as joint book-running managers on the offering.
The securities were issued by PS Canada Finance ULC, a finance subsidiary of Public Storage, and are guaranteed by both Public Storage and its operating company, Public Storage Operating Company. The offering was conducted through an effective shelf registration statement filed with the U.S. Securities and Exchange Commission.
Proceeds from the sale will be used to replenish cash spent on the recent acquisition of Public Storage Canada, as well as for general corporate purposes including further investments in self-storage facilities, debt repayment and the redemption of outstanding securities. The transaction is expected to close on Monday, subject to customary closing conditions.
Public Storage trades on the New York Stock Exchange under the ticker PSA. As of September 1, 2026, the Frisco, Texas-based company owned and operated 4,647 self-storage facilities across 41 states and Puerto Rico, representing approximately 329 million net rentable square feet. It also owns 68 facilities in Canada totaling roughly 5.3 million net rentable square feet, and holds a 35% equity interest in Shurgard Self Storage Limited, which operates 335 facilities across seven Western European countries.
