Public Storage's notes receivable rise to $445.3 million from $142.1 million

Public Storage said in its quarterly report that it offers financing, typically bridge loans, to third-party owners of properties it manages. The filing says the loans are collateralized by operating self-storage properties, typically run three or four years with two one-year extensions, and carry variable interest rates.

Public Storage reported notes receivable of $445.3 million at September 30, 2026, compared with $142.1 million at December 31, 2025, carrying average rates of 9.0% and 7.9%. The company said none were past due or on nonaccrual status. In the same note, the filing says that in connection with the National Storage Affiliates acquisition it gave the PS-NSA joint venture a $237 million mezzanine loan at an average rate of 10.22% and a $40 million credit facility. At September 30, the filing says, the facility was undrawn. It also reported $23.1 million of unfunded bridge loan commitments that it expects to close within twelve months, subject to certain conditions.