Public Storage closes C$400 million maple bond offering of senior notes
Torys acted as Canadian counsel to Public Storage with a team that included Michael Zackheim, Michael Murphy, Christopher Tworzyanski and Sarah Rimer (corporate/securities), Nina Mansoori and Ben Pan (lending), Andrew Wong and Stan Fedun (tax).
On September 16, 2026, Public Storage closed its previously announced C$400 million maple bond offering, consisting of fixed-rate senior notes due 2033, in the Canadian market.
The notes were issued by Public Storage’s finance subsidiary, PS Canada Finance ULC, and guaranteed by Public Storage and Public Storage Operating Company. The notes will bear interest at an annual rate of 4.540%, will be issued at par value and will mature on September 16, 2033. Interest on the notes is payable semi-annually on March 16 and September 16 of each year, commencing March 16, 2027.
Net proceeds of the offering will be used by Public Storage to replenish cash used to fund the Public Storage Canada acquisition and for other general corporate purposes, including to make investments in self-storage facilities, the repayment of debt and the redemption of outstanding securities.
Further information can be found on Business Wire’s website.
Public Storage is a REIT headquartered in Texas that primarily acquires, develops, owns, and operates self-storage facilities. At September 1, 2026, it: (i) owned and/or operated 4,647 self-storage facilities located in 41 states and Puerto Rico with approximately 329 million net rentable square feet, (ii) owned 68 self-storage facilities located in Canada with approximately 5.3 million net rentable square feet, and (iii) owned a 35% common equity interest in Shurgard Self Storage Limited (Euronext Brussels: SHUR), which owned 335 self-storage facilities located in seven Western European countries with approximately 19 million net rentable square feet operated under the Shurgard® brand.