Proceeds will fund the company’s acquisition of life-sciences REIT NSA amid a weighted average yield of 4.855%.
Public Storage (PSA) completed a $900M senior notes offering split into two tranches, carrying a weighted average effective interest rate of 4.855%. The deal includes $400M of 4.700% notes due 2032, priced at 99.283% of par, and $500M of 5.150% notes due 2036.
The offering follows recent market conditions where REITs have sought capital to finance acquisitions. Proceeds are earmarked for the purchase of NSA, a life-sciences real estate investment trust, aligning with sector consolidation trends.
No immediate market reaction was disclosed in the release.