05:06 AM EDT, 06/27/2025 (MT Newswires) -- Public Storage ( PSA ) said Thursday that its Public Storage Operating unit has priced a public offering of $875 million aggregate principal amount of senior notes.

The notes will be guaranteed by the parent company and will be issued in two tranches, according to the statement.

Public Storage ( PSA ) said the first tranche of $475 million notes will be issued at 99.7% of par value and will bear an annual interest of 4.375%, with a maturity date of July 1, 2030. The second tranche of $400 million notes will be issued at 99.6% of par value and will bear an interest of 5%, with a maturity date of July 1, 2035.

The offering is expected to close on Monday and Public Storage ( PSA ) said its unit plans to use the proceeds to repay its outstanding $400 million floating rate senior notes due 2025 and for general corporate purposes.