Public Storage has priced a public offering of $900 million in senior notes to help finance its pending acquisition of NSA. The offering is split into two tranches: $400 million of 4.700% senior notes due 2032, issued at 99.283% of par, and $500 million of 5.150% senior notes due 2036, issued at 98.553% of par, resulting in a weighted average effective interest rate of 4.855%. The transaction is expected to close on July 20, 2026. Net proceeds will be used for the NSA acquisition, including related fees and expenses, as well as for general corporate purposes such as self-storage investments, debt repayment, and redemption of outstanding securities.
Public StoragePricing of $900M senior notes to fund NSA acquisition, with weighted average effective interest rate of 4.855%.