Monitor the company's next quarterly filing for updated leverage ratios and interest coverage, as the refinancing replaces lower-cost debt (1.500%) with higher-cost debt (5.600%), which will increase annual interest expense.
Price Chart
Executive Summary
Public Storage and its subsidiary Public Storage Operating Company entered into an underwriting agreement to sell $500 million aggregate principal amount of 5.600% Senior Notes due 2036. Net proceeds will be used to repay commercial paper and partially repay $650 million of 1.500% Senior Notes due 2026. This is a routine debt refinancing transaction with no material change to the company's overall financial profile.
Key Financial Metrics
Key Facts
- $500 million aggregate principal amount of 5.600% Senior Notes due 2036 issued by Public Storage Operating Company and guaranteed by Public Storage
- Notes priced at 97.843% of par, maturing November 15, 2036
- Interest rate of 5.600% per annum, payable semi-annually on May 15 and November 15
- Closing expected on November 6, 2026
- Net proceeds to repay amounts outstanding under PSOC's $1.0 billion commercial paper program and partially repay $650 million of 1.500% Senior Notes due 2026 at maturity
- Underwriters include BofA Securities, BNP Paribas Securities Corp., Morgan Stanley, and 10 other firms
Financial Impact
$500 million in new debt issued at 5.600% fixed rate, proceeds used to refinance existing commercial paper and maturing 1.500% notes due 2026
Risk Factors
- Higher interest expense from refinancing 1.500% notes with 5.600% notes
- Customary closing conditions could delay or prevent the offering
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-441763 |
| Document: d90432d8k.htm | 0001193125-26-441763 |
| Document: d90432dex51.htm | 0001193125-26-441763 |
| Document: 0001193125-26-441763-index-headers.html | 0001193125-26-441763 |
| Document: 0001193125-26-441763-index.html | 0001193125-26-441763 |
| Document: 0001193125-26-441763.txt | 0001193125-26-441763 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 30, 2026 2d ago | 8-K | $320.00 | awaiting T+5 | awaiting T+5 | $324.77 (+1.49%) |
Oct 26, 2026 6d ago | 8-K | $312.47 | awaiting T+5 | awaiting T+5 | $324.77 (+3.94%) |
Sep 14, 2026 6w ago | 8-K | $296.68 $289.71 | ▼ −2.35% | ▼ −4.46% | $324.77 (+9.47%) |
Sep 10, 2026 7w ago | 8-K | $296.50 $296.31 | ▼ −0.06% | ▲ +0.16% | $324.77 (+9.53%) |
Sep 1, 2026 8w ago | 8-K | $302.86 $294.60 | ▼ −2.73% | ▼ −2.81% | $324.77 (+7.23%) |
Aug 10, 2026 11w ago | 8-K | $325.10 $323.10 | ▼ −0.62% | ▼ −0.21% | $324.77 (−0.10%) |
Jul 10, 2026 16w ago | 8-K | $321.86 $318.04 | ▼ −1.19% | ▼ −0.40% | $324.77 (+0.90%) |
Jul 7, 2026 16w ago | 8-K | $320.77 $318.93 | ▼ −0.57% | ▼ −1.44% | $324.77 (+1.25%) |
Jun 25, 2026 18w ago | 8-K | $324.39 $329.64 | ▲ +1.62% | ▼ −0.55% | $324.77 (+0.12%) |
Jun 22, 2026 18w ago | 8-K | $321.29 $324.45 | ▲ +0.98% | ▼ −0.03% | $324.77 (+1.08%) |
US Market Status
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