Public Storage Prices Public Offering of Senior Notes to Fund Simply Self Storage Transaction

Public Storage (NYSE:PSA, the “Company”) announced today that the Company has priced a public offering of $2.2 billion aggregate principal amount of senior notes (the “Notes”) primarily to fund the recently announced Simply Self Storage acquisition. The multi-tranche offering includes the Company’s inaugural 30-year senior note offering.

The Notes will be issued in four tranches with an initial weighted average interest rate of approximately 5.3%. The first tranche of $400 million aggregate principal amount of floating rate senior notes due 2025 will bear interest at a rate equal to Compounded SOFR (as defined in the prospectus supplement relating to the offering), reset quarterly, plus 60 basis points, will be issued at 100.000% of par value and will mature on July 25, 2025 (the “floating rate notes”). We will pay interest on the floating rate notes quarterly on January 25, April 25, July 25 and October 25 of each year, commencing October 25, 2023. The second tranche of $500 million aggregate principal amount of fixed rate senior notes due 2029 will bear interest at an annual rate of 5.125%, will be issued at 99.917% of par value and will mature on January 15, 2029 (the “2029 notes”). We will pay interest on the 2029 notes semi-annually on January 15 and July 15 of each year, commencing January 15, 2024. The third tranche of $700 million aggregate principal amount of fixed rate senior notes due 2033 will bear interest at an annual rate of 5.100%, will be issued at 99.828% of par value and will mature on August 1, 2033 (the “2033 notes”). The fourth tranche of $600 million aggregate principal amount of fixed rate senior notes due 2053 will bear interest at an annual rate of 5.350%, will be issued at 99.732% of par value and will mature on August 1, 2053 (the “2053 notes”). We will pay interest on the 2033 notes and the 2053 notes semi-annually on February 1 and August 1 of each year, commencing February 1, 2024.

The offering is expected to close on July 26, 2023, subject to the satisfaction of customary closing conditions. The Company expects to use the net proceeds to fund the $2.2 billion purchase price for the acquisition of Simply Self Storage and related transaction costs, and to use any remaining net proceeds for general corporate purposes, including other acquisitions of self-storage facilities and repayment of debt. No assurances are given as to the closing of the Simply Self Storage acquisition, and the closing of the offering is not conditioned on the closing of the Simply Self Storage acquisition.

BofA Securities, Inc. and J.P. Morgan Securities LLC, acted as joint book-running managers of the offering. This announcement shall not constitute an offer to sell or a solicitation of an offer to buy these securities nor shall there be any offer or sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful. The offering is being made pursuant to an effective shelf registration statement filed with the Securities and Exchange Commission (the “SEC”) and only by means of a prospectus and prospectus supplement. Investors may obtain these documents for free by visiting EDGAR on the SEC’s website at www.sec.gov. Alternatively, copies of the prospectus and prospectus supplement may be obtained by contacting BofA Securities, Inc., 201 North Tryon Street NC1-022-02-25, Charlotte, NC, 28255-0001, Attn: Prospectus Department; Toll-free: 1-800-294-1322; E-mail: dg.prospectus_requests@bofa.com and J.P. Morgan Securities LLC, 383 Madison Avenue, New York, NY 10179, Attention: Investment Grade Syndicate Desk, telephone: 1-212-834-4533.

Company Information

Public Storage, a member of the S&P 500 and FT Global 500, is a REIT that primarily acquires, develops, owns and operates self-storage facilities. At March 31, 2023, we had: (i) interests in 2,877 self-storage facilities located in 40 states with approximately 204.9 million net rentable square feet in the United States and (ii) an approximate 35% common equity interest in Shurgard Self Storage Limited (Euronext Brussels:SHUR) which owned 266 self-storage facilities located in seven Western European nations with approximately 15 million net rentable square feet operated under the “Shurgard” brand. Our headquarters are located in Glendale, California.

Forward-Looking Statements

When used within this press release, the words “expects,” “believes,” “anticipates,” “plans,” “would,” “should,” “may,” “estimates” and similar expressions are intended to identify “forward-looking statements,” including but not limited to, statements about the completion and timing of the proposed offering of securities by the Company and the intended use of net proceeds of such offering to fund the Simply Self Storage acquisition. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause our actual results to be materially different from those expressed or implied in the forward-looking statements. Such factors include market conditions and the demand for the Company’s securities and risks detailed in the Company’s prospectus and prospectus supplement filed with the SEC in connection with this offering and in the Company’s SEC reports, including quarterly reports on Form 10-Q, current reports on Form 8-K and annual reports on Form 10-K. We undertake no obligation to publicly update or revise forward-looking statements which may be made to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events, except as required by law.

Contacts

Ryan Burke

(818) 244-8080, Ext. 1141

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