Every 424B that Public Storage (PSA) has filed with the SEC in the last 12 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 424B covers the supplement that carries the terms of a priced offering, so if you follow PSA and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full PSA filings page.
Public Storage (PSA), through its finance subsidiary PS Canada Finance ULC, is issuing C$400,000,000 of 4.540% Senior Notes due September 16, 2033, fully and unconditionally guaranteed on a senior unsecured basis by Public Storage and Public Storage Operating Company (PSOC). The notes are unsecured, rank pari passu with other unsecured, unsubordinated debt of PS Canada, and are structurally subordinated to liabilities of subsidiaries and any secured debt.
The notes are priced at 100% of principal, with a 0.370% underwriting discount, and are expected to yield net proceeds of about C$395.8 million. Interest is payable in Canadian dollars at a fixed rate of 4.540% semi-annually on March 16 and September 16, beginning March 16, 2027. The issuer may redeem the notes early, including at a make-whole “Canada Yield Price” before July 16, 2033 and at par thereafter, and may redeem in certain tax events.
Public Storage expects to use the proceeds primarily to replenish cash used for its C$1.2 billion-equivalent acquisition of PS Canada Holdings, LLC and for general corporate purposes, including self-storage investments, debt repayment and redemption of securities. Recent developments include closing an all-stock merger with National Storage Affiliates Trust, adding more than 1,000 properties and 69 million rentable square feet, and acquiring 68 Canadian self‑storage facilities totaling 5.3 million net rentable square feet.
Public Storage (PSA), through finance subsidiary PS Canada Finance ULC, is issuing Canadian‑dollar senior unsecured notes due 2033, fully and unconditionally guaranteed by Public Storage and Public Storage Operating Company (PSOC). The notes pay fixed interest semiannually in CAD and can be redeemed early at specified make‑whole and par prices, including a tax‑related call.
PS Canada is a finance subsidiary with no operating assets and will rely on payments from PSOC and its subsidiaries to service the notes; all payments are in CAD, with a fallback to U.S. dollars if CAD become unavailable, exposing investors to foreign‑exchange and potential exchange‑control risks. The notes are effectively subordinated to any secured debt and structurally subordinated to liabilities of PSOC’s subsidiaries and joint ventures.
Net proceeds are expected to be used to replenish cash applied to the C$‑equivalent $1.2 billion acquisition of PS Canada Holdings, LLC and for general corporate purposes, including self‑storage investments, debt repayment and redemption of securities. Recent growth includes closing an all‑stock merger with National Storage Affiliates Trust and acquiring 68 Canadian self‑storage facilities totaling 5.3 million net rentable square feet.
Public Storage Operating Company, the operating REIT affiliate of Public Storage, is issuing $900 million of unsecured senior notes in two tranches: $400 million 4.700% notes due February 1, 2032 and $500 million 5.150% notes due August 15, 2036, fully and unconditionally guaranteed by Public Storage. The 2032 notes are priced at 99.283% and the 2036 notes at 98.553%, with semi-annual interest payments beginning in February 2027 for each series.
Expected net proceeds are approximately $884.3 million, intended primarily to help finance the pending all-stock acquisition of National Storage Affiliates Trust, plus related fees, and for general corporate purposes including additional self‑storage investments, debt repayment and securities redemptions. The NSA acquisition is expected in the third quarter of 2026 but is not a condition to closing this offering; if the acquisition is not completed by the contractual outside date or is abandoned, PSOC must redeem all outstanding notes at 101% of principal plus accrued interest under a special mandatory redemption feature.
The notes rank equally with PSOC’s other unsecured, unsubordinated debt and are effectively subordinated to secured and subsidiary-level obligations. As of March 31, 2026 PSOC had $1.5 million of secured debt and $9.7 billion of unsecured debt outstanding, plus a $3.0 billion revolver and $500 million delayed draw term loan available. Covenants limit leverage, secured debt levels, and require maintenance of unencumbered assets at least 125% of unsecured debt, along with an interest coverage ratio of at least 1.50x. The notes are a new issue with no listing planned, so trading liquidity may be limited.
Public Storage Operating Company is offering senior notes due 2032 and 2036 to finance, in part, its pending all-stock acquisition of National Storage Affiliates Trust (NSA) and for general corporate purposes. The notes are unsecured obligations of PSOC and are fully guaranteed by Public Storage. If the NSA Acquisition is not consummated by the later of December 16, 2026 or any agreed "Outside Date," PSOC must redeem outstanding notes at 101% of principal plus accrued interest (the "NSA Special Mandatory Redemption"). Net proceeds will not be held in escrow pending the NSA Acquisition and will not be subject to a security interest for the redemption. The notes rank equally with PSOC’s unsecured debt, are effectively subordinated to secured debt to the extent of collateral value, and are structurally subordinated to liabilities of PSOC’s subsidiaries; Public Storage’s guarantee is structurally subordinated to its subsidiaries’ creditors.
Public Storage Operating Company (PSOC) is offering $500,000,000 of 5.000% Senior Notes due December 15, 2035, which are fully and unconditionally guaranteed by Public Storage. Interest is payable semi-annually beginning June 15, 2026. The notes are unsecured, rank equally with PSOC’s unsecured debt and are effectively and structurally subordinated to secured debt and certain subsidiary liabilities. Net proceeds are expected to be approximately $492.7M and are intended to repay borrowings under the $1.5B revolving credit facility and for general corporate purposes, including acquisitions and development. The notes will be issued in book-entry form in minimum denominations of $2,000 and are not intended to be listed on any exchange.
Public Storage Operating Company (PSOC) is offering senior unsecured notes due 2035, which will be fully and unconditionally guaranteed by Public Storage. The notes will be PSOC’s direct obligations, effectively subordinated to secured debt and structurally subordinated to liabilities of subsidiaries.
The offering proceeds are intended to repay borrowings under PSOC’s $1.5 billion revolving credit facility and for general corporate purposes, including investments in self-storage facilities, debt repayment and redemptions. Interest will be paid semi-annually and the notes are callable (redemption mechanics described).
Public Storage (PSA) presents a prospectus supplement for debt securities that describes its scale, capital structure and material terms for the notes. The company reports ownership interests in 3,103 self-storage facilities (approximately 224.1 million net rentable square feet) and 1.0 million square feet of commercial/retail space as of June 30, 2025, and managed 329 third-party facilities (≈25.4 million square feet). Public Storage Operating Company (PSOC) had $1.6 million secured indebtedness, €1.9 billion of Euro-denominated unsecured debt and $8.6 billion of U.S. dollar unsecured debt at June 30, 2025; as of Sept 22, 2025 PSOC had no borrowings under its $1.5 billion revolver but had $19.9 million of undrawn standby letters of credit. Notes may be redeemed on or after Oct 20, 2033 at 100% of principal plus accrued interest. PSOC must maintain total unencumbered assets of at least 125% of its total unsecured indebtedness (subject to exceptions). The prospectus also summarizes withholding and U.S./non-U.S. tax rules, REIT qualification risks and customary market-making and registration information.
Public Storage (PSA) is presented as the largest owner of U.S. self-storage facilities with a broad national footprint. At June 30, 2025, the company owned interests in 3,103 self-storage facilities totaling approximately 224.1 million net rentable square feet and 1.0 million net rentable square feet of commercial/retail space; it also managed 329 facilities (about 25.4 million net rentable square feet) for third parties. Public Storage Operating Company (PSOC) had approximately $1.6 million of secured indebtedness, $1.9 billion of Euro-denominated unsecured indebtedness and $8.6 billion of U.S. Dollar-denominated unsecured indebtedness outstanding on a consolidated basis. As of September 22, 2025 PSOC had no outstanding borrowings under its $1.5 billion revolving credit facility but had undrawn standby letters of credit totaling $19.9 million. PSOC must maintain total unencumbered assets of at least 125% of its total unsecured indebtedness (subject to exceptions). The prospectus supplement also details redemption mechanics for notes and extensive U.S. federal tax and withholding rules affecting U.S. and non-U.S. holders.