Public Storage has strengthened its financial flexibility by increasing its unsecured revolving credit facility to $3 billion, replacing a $1.5 billion arrangement that was set to mature in 2027. The new revolver matures on June 25, 2030, with an extension option to 2031, and lowers the interest rate by 15 basis points to SOFR plus 0.650% based on current credit ratings. The company also closed a $500 million delayed draw term loan facility maturing in 2031 and established a $1 billion unsecured commercial paper program. The term loan can be drawn in up to four advances through December 22, 2026, and bears interest at SOFR plus 0.700%. These financing arrangements provide greater financial flexibility to support future growth initiatives.
Public StorageIncreased credit facility, new term loan, and commercial paper program enhance financial flexibility and lower borrowing costs.
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