Public Storage released its 2026 Sustainability Report, detailing a 14% reduction in Scope 1 and Scope 2 greenhouse gas emissions intensity from a 2022 baseline. The report outlines the company's progress toward a 45% reduction target by 2032, supported by initiatives such as rooftop solar installations and green building certifications. These efforts are part of a broader strategy to drive long-term resilience and value creation through disciplined operations and financial strategy.

The company reported reaching more than 1,060 properties with rooftop solar installations and remains on track to achieve 1,300 solar properties by the end of 2026. Additionally, Public Storage achieved 263 certified green buildings, scaling the use of Arc Performance Certificates to enhance its green building program. The firm also embedded sustainability into its internal audit, compliance, and risk management frameworks.

Operational and Cultural Milestones

Public Storage earned a fourth consecutive Great Place to Work Certification and received recognition from Comparably for Best Company Culture and Best Work-Life Balance. The company continued investing in its workforce through the third year of Preparing the Path, a leadership accelerator program. External recognitions include being named to Newsweek's Most Responsible Companies, ranking in the top 9% of Sustainalytics' global coverage universe, and maintaining GRESB Sector Leader status.

"Sustainability has long been an integral part of how we operate and grow with additional progress in 2025. As we move into our next era at Public Storage, our vision rests on the pillars of improving customer experience, capital allocation excellence, and a new Own-It culture to drive per share earnings growth in a compounding and long-term sustainable way," said Tom Boyle, Chief Executive Officer.

Key Sustainability Metrics

Public Storage has closed a new $3.0 billion unsecured revolving credit facility and a $500 million delayed draw term loan facility, while establishing a $1.0 billion unsecured commercial paper program. The new revolving credit facility replaces the company’s previous $1.5 billion revolving credit facility, which was scheduled to mature on June 12, 2027. These actions are intended to strengthen the company’s balance sheet, enhance liquidity, and lower the effective cost of capital.

The revolving credit facility matures on June 25, 2030, with extension options available through June 25, 2031. Borrowings under this facility bear interest at SOFR plus 0.650% based on the company’s current credit ratings, a reduction of 15 basis points compared to the prior facility. The term loan is available to be drawn in up to four advances on or prior to December 22, 2026, and matures on June 25, 2031. Once drawn, the term loan will bear interest at SOFR plus 0.700%.

The credit facility documentation includes an accordion feature that permits Public Storage to increase total commitments under the revolver or incur additional term loans by up to $2 billion, subject to obtaining additional lender commitments. The interest rate spreads applicable to both the revolver and the term loan may fluctuate in the future based on changes to Public Storage’s credit ratings.

Commercial paper notes issued under the Commercial Paper Program will rank pari passu with all of Public Storage’s other senior unsecured debt. These notes will be fully and unconditionally guaranteed by Public Storage. Wells Fargo Bank, National Association is serving as Agent for the Credit Facility, while Wells Fargo Securities, LLC, BofA Securities, Inc., and JPMorgan Chase Bank, N.A. acted as joint bookrunners.

Key Financial Details