MergerApr 27, 2026, 04:09 PM
PSA to acquire NSA for $10.5B; Q1 Core FFO $4.22, Net Income $2.71
AI Summary
Public Storage announced its Q1 2026 results and the pending all-stock acquisition of National Storage Affiliates Trust (NSA) for an enterprise value of approximately $10.5 billion, expected to close in Q3 2026. The company reported Q1 Net Income of $2.71 per share, up 32.8%, and Core FFO of $4.22 per share, up 2.4%. Public Storage also reaffirmed its full-year 2026 Core FFO per share guidance and announced new CEO and Chairman appointments.
Key Highlights
- Pending all-stock acquisition of National Storage Affiliates Trust (NSA) for ~$10.5B enterprise value.
- Q1 2026 Net Income $2.71/share, up 32.8% YoY from $2.04.
- Q1 2026 Core FFO $4.22/share, up 2.4% YoY from $4.12.
- Tom Boyle appointed CEO and Shank Mitra appointed Chairman, effective April 1, 2026.
- Reaffirmed 2026 Core FFO per share guidance of $16.35 to $17.00.
- Development and expansion projects to add 3.5M net rentable square feet for ~$618.4M.
- Issued $500M senior notes at 5.00% maturing December 15, 2035, post-quarter end.