Public Storage (NYSE: PSA) has priced a C$400 million offering of fixed-rate senior notes due 2033, marking the company's first debt offering in the Canadian market, according to a press release.

The notes will be issued through the company's finance subsidiary, PS Canada Finance ULC, and guaranteed by Public Storage and Public Storage Operating Company. The notes carry an annual interest rate of 4.540%, will be issued at par value, and mature on September 16, 2033. Interest is payable semi-annually beginning March 16, 2027.

The offering is expected to close on September 16, 2026, subject to customary closing conditions. Public Storage said it intends to use the net proceeds to replenish cash used in its recently completed acquisition of Public Storage Canada, as well as for general corporate purposes, including self-storage facility investments, debt repayment, and redemption of outstanding securities.

Scotiabank and TD Securities served as joint book-running managers for the offering.

As of September 1, 2026, Public Storage owned and operated 4,647 self-storage facilities across 41 states and Puerto Rico, 68 facilities in Canada, and held a 35% equity interest in Shurgard Self Storage Limited (Euronext Brussels: SHUR), which operates 335 facilities across seven Western European countries.