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Public Storage Secures $700M Loan

GLENDALE, CA-Public Storage secures a $700 million short-term, one-year loan through Wells Fargo Bank to fund acquisition and development opportunities.

By Kelsi Maree Borland | Updated on December 04, 2013

GLENDALE, CA-Public Storage, a public REIT that primarily owns and operates storage facilities, has secured a $700 million loan with a term of one-year through Wells Fargo Bank. Public Storage plans to use the funds for acquisition and development opportunities as well as for general corporate purposes.

“Given the state of the preferred equity market, we have decided to take advantage of the attractive rate on a short-term bank loan,” says John Reyes, Public Storage SVP and CFO. “Wells Fargo, our bank for over 30 years, once again has supported us with this financing.”

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