NYSE:PSA

Public Storage Completes $1.2 Billion Acquisition of Public Storage Canada

Public Storage (NYSE: PSA) announced Tuesday that it has completed its acquisition of Public Storage Canada, significantly expanding the self-storage REIT’s presence outside the United States.

Public Storage paid approximately $1.2 billion at closing, consisting of about $900 million in operating partnership units and $310 million in cash. Sellers could receive an additional $288 million in OP units if certain net operating income performance targets are achieved.

The acquisition adds 68 properties totaling approximately 5.3 million square feet across Toronto, Vancouver, Montreal, Calgary and Ottawa. The portfolio has operated under the Public Storage brand for decades but will now come under the company’s direct ownership.

Public Storage expects the transaction to be accretive to long-term internal rate of return, NOI growth and funds from operations per share. The acquired portfolio has a going-in yield in the high-5% range, while the company expects its PS Next operating model and efficiency improvements to drive near-term NOI growth in the high single digits.

The deal also gives Public Storage a platform for further Canadian expansion through acquisitions, development, lending and third-party management, while providing access to potentially lower-cost Canadian financing.

Coming shortly after the closing of its National Storage Affiliates Trust transaction, the Canadian acquisition represents another major step in Public Storage’s expansion strategy and further diversifies its portfolio across North America.
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WS Investor 09-01-26
Public Storage will release its first quarter 2026 earnings results after the market close on Monday, April 27, 2026.
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WS Investor 04-14-26
Public Storage said it has agreed to acquire National Storage Affiliates in an all-stock transaction valued at about $10.5 billion in enterprise value, significantly expanding its presence in the U.S. self-storage market.

Under the terms of the deal, National Storage Affiliates shareholders will receive 0.14 shares of Public Storage stock for each NSA share, implying a price of $41.68 per share based on Public Storage’s March 13 closing price. The transaction has been unanimously approved by both companies’ boards and is expected to close in the third quarter of 2026, subject to shareholder approval and customary conditions.

The acquisition will add more than 1,000 properties, 69 million rentable square feet, and around 550,000 storage units across 37 states and Puerto Rico. Following completion, the combined company is expected to have a pro forma equity market capitalization of about $57 billion and enterprise value of roughly $77 billion.

As part of the transaction structure, Public Storage and National Storage Affiliates operating partnership unitholders will form a joint venture holding 313 properties valued at approximately $3.3 billion, with NSA unitholders owning about 80% and Public Storage holding the remaining stake. The deal is expected to generate roughly $110–$130 million in annual synergies within three to four years and be accretive to funds from operations per share within the first year after closing.
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WS Investor 03-16-26
Public Storage (NYSE: PSA) and Welltower Inc. (NYSE: WELL) have announced a strategic data science partnership to expand the application of AI in real estate investing.

Under the agreement, Public Storage will license bespoke capital allocation models from Welltower’s data science platform, which leverages machine learning, deep learning, and AI to identify high risk-adjusted return opportunities across acquisitions, developments, and dispositions. The models are designed to accelerate deal timelines and improve capital deployment precision at the micro-market level.

In return, Public Storage will share its operational data science capabilities — including revenue management, demand forecasting, and customer analytics — to enhance Welltower’s operating performance through its Welltower Business System.

Both companies said the collaboration leverages decades of proprietary asset-level data to create a durable information advantage and drive faster, analytics-driven capital allocation and long-term per-share value growth.
Business Wire
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European Investor 03-03-26
Public Storage (NYSE:PSA) declared a regular quarterly common dividend of $3.00 per common share. The Board also declared dividends with respect to our various series of preferred shares. Dividends are payable on March 31, 2026, to shareholders of record as of March 16, 2026.
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Global Finance News 02-18-26
Public Storage Reports Q4 and Full-Year 2025 Results, Issues 2026 Outlook

Public Storage (NYSE: PSA) reported fourth-quarter 2025 net income of $2.60 per share, down from $3.21 a year earlier, while core funds from operations (Core FFO) rose slightly to $4.26 per share from $4.21. For full-year 2025, net income was $9.01 per share versus $10.64 in 2024, and Core FFO increased to $16.97 per share from $16.67.

Operationally, the company said it achieved positive same-store revenue growth in 56% of its markets and posted a 78.4% same-store net operating income (NOI) margin in the quarter. Same-store average occupancy was 91.6% for the quarter, and management noted quarter-end occupancy was 0.5 percentage points higher year over year, marking the first year-over-year occupancy increase in more than four years. Same-store revenue was essentially flat year over year in Q4 at about $936.2 million, while same-store NOI declined 1.5% to $703.7 million.

On capital allocation, Public Storage acquired 13 facilities in the quarter for $131.0 million and 87 facilities during 2025 for $945.6 million. It also delivered new developments and expansions adding 1.0 million net rentable square feet in Q4 and 2.1 million for the full year. As of year-end, projects in development and expansion are expected to add 3.5 million net rentable square feet at an estimated cost of $609.9 million over the next 18 to 24 months.

For 2026, Public Storage guided to same-store revenue growth of (2.2)% to 0%, expense growth of 1.5% to 2.8%, and same-store NOI growth of (3.9)% to (0.5)%. The company also forecast Core FFO per share of $16.35 to $17.00. It ended 2025 with total debt of $10.3 billion, a weighted average interest rate of 3.2%, and approximately $2.4 billion of liquidity.

Separately, the company highlighted PS4.0, a leadership transition and strategic initiative aimed at accelerating long-term shareholder returns. CEO Joe Russell plans to retire effective March 31, 2026, with CFO and chief investment officer Tom Boyle set to become CEO effective April 1, 2026.

Business Wire
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Global Finance News 02-14-26
Public Storage posted a new investor presentation on December 8, providing an operating update for its same-store portfolio through November 30, 2025. Move-in activity showed slightly higher square footage but lower contract rents compared with the prior year, while promotional discounts declined. Move-out activity softened modestly, with lower square footage and slightly reduced contract rents lost year over year.

Occupancy at month-end held steady at 91.2 percent, and annual contract rent per occupied square foot dipped slightly to 22.59 dollars. The company also reported acquiring or contracting to acquire 88 facilities totaling 6.1 million rentable square feet for 949.4 million dollars so far this year.
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Global Finance News 12-09-25
Public Storage Q3 2025: Raises Full-Year Outlook as NOI and Core FFO Outperform

Public Storage (NYSE: PSA) reported strong third-quarter 2025 results, supported by continued growth in net operating income (NOI) and portfolio expansion. Net income allocable to common shareholders was $2.62 per diluted share, while core funds from operations (Core FFO) reached $4.31 per share. The company achieved a Same Store direct NOI margin of 78.5%, reflecting robust operational efficiency and stable industry fundamentals.

During the quarter, Public Storage acquired 49 self-storage facilities totaling 3.4 million net rentable square feet for $511.4 million. After the quarter’s end, it acquired or agreed to acquire 12 additional facilities encompassing 0.9 million net rentable square feet for $119.9 million. Year-to-date, total acquisitions and facilities under contract reached 6.1 million net rentable square feet for an aggregate investment of about $934.5 million.

The company also completed expansion projects adding 0.3 million square feet in Q3 and 1.1 million year-to-date, with total costs of $60.4 million and $268.8 million, respectively. As of September 30, 2025, Public Storage had 3.9 million square feet under development or expansion, representing an estimated investment of $649.2 million.

CEO Joe Russell said the company’s “differentiated strategies” and improved market dynamics, including stabilizing industry fundamentals and reduced new supply, are driving performance. Citing outperformance in NOI growth, acquisition activity, and Core FFO per share, Public Storage raised its 2025 outlook for the second consecutive quarter, reinforcing its confidence in sustained long-term value creation.
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The Investor 10-29-25
Public Storage Issues €425 Million in 3.5% Senior Notes Due 2034

Public Storage announced that its subsidiary, Public Storage Operating Company (PSOC), has completed a €425 million offering of 3.500% senior notes due 2034. The notes, guaranteed by Public Storage, were issued under an existing indenture and will mature on January 20, 2034, with annual interest payments starting January 20, 2026.

The company may redeem the notes in whole or in part at a make-whole redemption price, or at par starting three months before maturity. Proceeds will be used for general corporate purposes. The notes are unsecured and rank equally with PSOC’s other unsubordinated debt. The indenture includes covenants limiting indebtedness and requiring unencumbered assets equal to at least 125% of total unsecured debt.
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European Investor 10-04-25
Public Storage Prices $875 Million Senior Notes Offering

Public Storage, through its subsidiary Public Storage Operating Company (PSOC), has priced a $875 million public offering of senior notes, guaranteed by the parent company.

The offering includes:
• $475 million due 2030 with a 4.375% interest rate
• $400 million due 2035 with a 5.000% interest rate
Proceeds will be used to repay existing 2025 notes and support general corporate needs, including self-storage acquisitions. The offering is set to close on June 30, 2025.

BofA Securities and Wells Fargo Securities are acting as joint book-runners.
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WS Investor 06-27-25