Public Storage has reported the completion of a debt issuance by its Canadian subsidiary. On September 16, 2026, PS Canada Finance ULC, a subsidiary of Public Storage, closed on the previously announced offering of C$400 million in Senior Notes due 2033.
The notes were issued under a Base Indenture dated September 16, 2026, supplemented by a First Supplemental Indenture dated the same day. The agreement involves PS Canada as the issuer, Public Storage and Public Storage Operating Company as guarantors, and Computershare Trust Company, N.A., as trustee.
The notes carry an interest rate of 4.540% per annum, accruing from September 16, 2026. Interest payments are scheduled semi-annually on March 16 and September 16 of each year, beginning March 16, 2027. The notes are set to mature on September 16, 2033.
According to the filing, the notes are direct, unsecured, and unsubordinated obligations of PS Canada. They rank equally with all of PS Canada’s existing and future unsecured and unsubordinated indebtedness. The indenture includes covenants that limit PS Canada’s ability to merge or sell assets, subject to exceptions. It also requires Public Storage Operating Company to maintain total unencumbered assets of at least 125% of its total unsecured indebtedness.
The offering was made pursuant to a shelf registration statement on Form S-3 filed with the SEC on September 8, 2026. A prospectus supplement dated September 9, 2026, was filed to support the issuance.
