Public Storage (PSA) News & EventsPSANews & EventsPublic Storage

Public Storage Reports Q2 Revenue of $1.23B

Reports Q2 revenue $1.23B, consensus $1.23B. "2026 has been a very strategic and beneficial year in the capital markets for Public Storage, setting up our balance sheet and value creation engine for years to come," said Joe Fisher, President and Chief Financial Officer. "Year-to-date, we have had $5.9 billion of debt capital markets activity and $6.0 billion of common share and partnership unit issuance or committed issuance. These deliberate actions further strengthen our industry best balance sheet, enhance our liquidity and financial flexibility, and fully fund our accretive external growth, including the acquisitions of NSA and Public Storage Canada."

FY26 Growth Outlook Revised to (0.7%)-0.3%

Sees FY26 growth of (0.7%)-0.3% vs. prior view of (2.2%)-0%.

Public Storage Completes Acquisition of National Storage Affiliates Trust

Public Storage completed the acquisition of National Storage Affiliates Trust. The transaction enhances Public Storage's leadership as a premier global self-storage platform, with over 4,500 properties spanning 327M rentable square feet across the United States, a significant and long-standing presence in Europe with Shurgard, and an announced strategic entry into Canada with Public Storage Canada. Under the terms of the merger agreement, at the closing of the transaction, holders of NSA common shares were entitled to receive 0.14 of a Public Storage common share for each NSA common share held. With the addition of NSA's more than 1,000 properties and 550,000 units, Public Storage expects to fuel further growth and profitability through strategic market diversification and economies of scale. More than 500,000 nationwide customers of NSA, whose family of brands will immediately begin transitioning to the iconic Public Storage branding, will benefit from the industry's first omnichannel digital-first platform and premier operating model that delivers what customers want, when and how they want it. Public Storage continues to expect the acquisition to be accretive to FFO per share within the first year following closing. Accretion is expected to increase to approximately $0.35 to $0.50 per share upon realization of approximately $110M to $130M in run-rate synergies over three to four years. In addition to Public Storage's full ownership of key growth properties, shareholders of the combined company will benefit from exposure to a newly created joint venture. In connection with the closing of the transaction, Public Storage and certain legacy limited partners in NSA's operating partnership formed a joint venture consisting of 313 properties previously owned by NSA across 28 states and Puerto Rico, with such legacy limited partners owning approximately 80% of the joint venture and Public Storage holding the remaining interest. As previously announced, Public Storage will exclusively manage the joint venture portfolio and earn customary property management, asset management, and tenant reinsurance income from the joint venture. As part of the closing, the joint venture obtained approximately $2B in secured mortgage financing from Goldman Sachs Bank USA and Wells Fargo Bank, National Association and $237M in mezzanine financing from Public Storage.