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# Public Storage Prices $500 Million Of 10-Year Notes At 5.600% To Pay Down Short-Term Debt
- URL: https://www.bullished.co/public-storage-prices-500-million-of-10-year-notes-at-5-600-to-pay-down-short-term-debt-26d7cd77/
- Published: 2026-10-30T20:51:15.000Z
- Updated: 2026-10-30T20:51:15.000Z
- Description: The notes carry an effective rate of 5.200% after earlier swaps, and the offering is expected to close on November 6.
- Author: Matteo Parrino
- Tags: SEC Filings, PSA, Industry: Real Estate

[Public Storage](https://www.bullished.co/tag/psa/), the self-storage real estate investment trust, and its Public Storage Operating Company subsidiary agreed on Thursday to sell [$500 million of 5.600% senior notes](https://markets.ft.com/data/announce/detail?dockey=600-202610291757BIZWIRE%5FUSPRX%5F%5F%5F%5F20261029%5FBW724942-1&ref=bullished.co) due 2036, according to an [8-K](https://www.bullished.co/learn/8-k-items-explained/) filed Friday. Proceeds are earmarked for commercial paper and part of a bond that matures this year.

## Pricing and the 5.200% effective rate

The operating company will issue the notes, and Public Storage will guarantee them. They were issued at [98.293% of par](https://markets.ft.com/data/announce/detail?dockey=600-202610291757BIZWIRE%5FUSPRX%5F%5F%5F%5F20261029%5FBW724942-1&ref=bullished.co) and mature on November 15, 2036, with interest paid each May 15 and November 15 starting May 15, 2027.

Including the effect of earlier interest rate swaps, the effective rate comes to 5.200%, the company said in its announcement.

## Where the money goes

Net proceeds are expected to repay amounts outstanding under the operating company's $1.0 billion commercial paper program, the short-term borrowing it uses for day-to-day funding. Whatever remains will partly repay the $650 million of 1.500% senior notes due 2026 when they mature.

BofA Securities, BNP Paribas Securities and Morgan Stanley led the underwriting group. The offering is expected to close on November 6.

## A storage landlord with 3,171 facilities

Public Storage owns, develops and operates self-storage facilities rented month to month for personal and business use. At December 31, 2025, it held interests in and consolidated 3,171 facilities with 229 million net rentable square feet across 40 states, according to its annual report.

It also earns money from tenant reinsurance, third-party facility management, sales of locks and boxes, and bridge lending to other storage owners. It holds a 35% interest in Shurgard, the European storage operator.

The deal swaps floating short-term borrowing and a 1.500% bond for 10-year debt at a 5.600% coupon, with closing set for November 6.

Learn

- [Item 1.01: entry into a material agreement →](https://www.bullished.co/learn/8-k-items-explained/#item-101-entry-into-a-material-agreement)  
From 8-K Items Explained: What Every Item Code From 1.01 To 9.01 Tells You, With Examples

### Sources

- [8-K Filing — Public Storage (PSA)](https://www.sec.gov/Archives/edgar/data/0001393311/000119312526441763/d90432d8k.htm?ref=bullished.co) — SEC EDGAR
- [Exhibit d90432dex11.htm — Public Storage 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0001393311/000119312526441763/d90432dex11.htm?ref=bullished.co) — SEC EDGAR
- [Public Storage Prices Public Offering of $500 Million of Senior Notes at an Effective Interest Rate of 5.200% – Company Announcement - FT.com](https://markets.ft.com/data/announce/detail?dockey=600-202610291757BIZWIRE%5FUSPRX%5F%5F%5F%5F20261029%5FBW724942-1&ref=bullished.co) — Financial Times
- [Public Storage (PSA) Q3 Results Lift FFO Outlook As Synergies Lag](https://finance.yahoo.com/real-estate/articles/public-storage-psa-q3-results-120803056.html?.tsrc=rss&ref=bullished.co) — Yahoo Finance

### More on Public Storage

- [Public Storage Guides Fourth-Quarter Core FFO To $4.26, Down Eight Cents From The Third Quarter](https://www.bullished.co/public-storage-guides-fourth-quarter-core-ffo-to-4-26-down-eight-cents-from-the-third-1507a44c/)
- [Public Storage's Per-Share Profit Fell A Third, Yet Core FFO Edged Up As NSA Costs Hit](https://www.bullished.co/public-storages-per-share-profit-fell-a-third-yet-core-ffo-edged-up-as-nsa-costs-hit-5c4a6f33/)
- [Public Storage Lifts Core FFO Guidance To $16.90–$17.10 A Share After Closing Two Big Deals](https://www.bullished.co/public-storage-lifts-core-ffo-guidance-to-16-90-17-10-a-share-after-closing-two-big-deals-e7a41ad5/)

[All Public Storage (PSA) coverage →](https://www.bullished.co/tag/psa/)