Public Storage has entered into an underwriting agreement with Scotia Capital Inc. and TD Securities Inc. to issue C$400 million in aggregate principal amount of senior notes. The notes are being issued by PS Canada Finance ULC, a subsidiary of Public Storage, and are guaranteed by the parent company and Public Storage Operating Company (PSOC).
The notes are scheduled to mature on September 16, 2033, and will bear interest at an annual rate of 4.540%. Interest payments will be made semi-annually on March 16 and September 16 of each year, beginning March 16, 2027. The offering is expected to close on September 16, 2026, subject to customary closing conditions.
The company stated that it intends to use the net proceeds from this offering to replenish cash used to fund the Public Storage Canada acquisition and for other general corporate purposes. These purposes include making investments in self-storage facilities, such as acquisitions of facilities or interests in entities that own facilities, development, and mortgage loans secured by facilities, as well as the repayment of debt and the redemption of outstanding securities.
The offering is being made pursuant to a shelf registration statement on Form S-3 (File Nos. 333-283556, 333-283556-01, and 333-283556-02) that was amended by the company, PSOC, and PS Canada via a post-effective amendment filed with the Securities and Exchange Commission on September 8, 2026. A preliminary prospectus supplement, dated September 9, 2026, was also filed with the SEC.
