Public Storage, a leading REIT, has announced the pricing of a public offering of senior notes through its subsidiary, $Public Storage(PSA-N)$ Operating Company. The offering comprises two tranches totaling $875 million. The first tranche consists of $475 million in aggregate principal amount of fixed rate senior notes due in 2030, with an interest rate of 4.375% per annum. These notes will be issued at 99.707% of their par value and will mature on July 1, 2030. The effective interest rate, considering interest rate swaps, is SOFR plus 92 basis points. The second tranche includes $400 million in aggregate principal amount of fixed rate senior notes due in 2035, bearing an interest rate of 5.000% per annum. These will be issued at 99.557% of par value and will mature on July 1, 2035. Interest payments for both tranches will be made semi-annually on January 1 and July 1, starting from January 1, 2026. This move aims to refinance existing debt and support general corporate purposes, including the acquisition of self-storage facilities. The offering is anticipated to close on June 30, 2025, contingent upon customary closing conditions.