Public Storage

Public Storage Operating Company (PSOC), a subsidiary of Public Storage, completed an offering of $400 million 4.700% Senior Notes due 2032 and $500 million 5.150% Senior Notes due 2036. The Notes, totaling $900 million, are guaranteed by Public Storage and bear interest semi-annually. A special mandatory redemption clause at 101% of the principal amount is triggered if the acquisition of National Storage Affiliates Trust is not completed by December 16, 2026.

Public Storage and its subsidiary, PSOC, entered into an underwriting agreement to sell $900 million aggregate principal amount of senior notes in two tranches. The notes will be issued by PSOC and guaranteed by Public Storage. The net proceeds are expected to finance, in part, the company's pending acquisition of National Storage Affiliates Trust and for general corporate purposes, including investments and debt repayment.

Public Storage announced that Chris Sambar, its Chief Operating Officer, resigned on July 2, 2026, effective at the end of July. Sambar is departing to become Chief Enterprise Officer at T-Mobile. The company stated his resignation was not due to any disagreement and that its operations leadership team will report directly to CEO Tom Boyle until a permanent replacement is identified, as it continues its PS4.0 strategic vision.

Public Storage announced the closing of new credit facilities and the establishment of a commercial paper program. The company secured a $3.0 billion unsecured revolving credit facility, an increase from the previous $1.5 billion facility, and a new $500 million delayed draw term loan facility. Additionally, Public Storage established a $1.0 billion unsecured commercial paper program. These actions are expected to strengthen the balance sheet, enhance liquidity, lower the cost of capital, and expand financial flexibility, aligning with the company's PS4.0 strategy.

Public Storage announced that its operating partnership, Public Storage OP, L.P., and Public Storage Operating Company (PSOC) have entered into an agreement to acquire Public Storage Canada (PS Canada) for approximately $1.2 billion. The acquisition will be funded primarily with $889 million in Public Storage OP Units and $310 million in cash, with potential for an additional $288 million in earn-out consideration. This strategic move expands Public Storage's platform into major Canadian markets, adding 68 properties totaling 5.3 million square feet, and is expected to provide an attractive going-in NOI yield in the high-5's with significant operational upside.

Public Storage released an investor presentation detailing an operating update for its Same Store Facilities for the period of April 1 to May 28, 2026. The company reported a 3.2% decrease in Same Store Churn, bringing it to 16.4%, and a 0.1% increase in weighted average square foot occupancy, reaching 92.2%. However, average annual contract rent for moving-out customers decreased by 4.1% to $18.98 per square foot, and for moving-in customers, it slightly decreased by 0.2% to $13.10 per square foot.

Public Storage held its 2026 Annual Meeting of Shareholders on May 6, 2026. Shareholders elected twelve trustees to the Board, approved the advisory vote on executive compensation, and ratified Ernst & Young LLP as the independent registered public accounting firm for 2026. Following the meeting, the Board of Trustees approved new committee assignments and re-appointed Shankh S. Mitra as Chairman of the Board.

Public Storage reported Q1 2026 diluted EPS of $2.71, a 32.8% increase year-over-year, with net income allocable to common shareholders rising 33.1% to $476.8 million. Total revenues increased 2.9% to $1.22 billion. The company also announced a merger agreement to acquire National Storage Affiliates Trust (NSA), adding over 1,000 properties and 69 million rentable square feet, expected to close in Q3 2026.

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.