Acquisitions |
6 Months Ended |
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Jun. 30, 2026 | |
| Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract] | |
| Acquisitions | Acquisitions On July 22, 2026, the Company closed its merger (the “Merger”) with National Storage Affiliates Trust (“NSA”), a Maryland real estate investment trust (“NSA”), listed on the New York Stock Exchange, in an all-stock transaction. Under the terms of the Merger, NSA common shareholders and holders of Class A units of the NSA operating partnership received 0.1400 of a share of common stock (or OP Unit, as applicable) of the Company for each issued and outstanding common share (or partnership unit) of NSA they owned. The Company issued (i) approximately 11,200,000 common shares to former holders of NSA common shares and outstanding NSA equity awards, (ii) 9,569,557 Series T Preferred Shares to former holders of NSA Series A Preferred Shares, (iii) 5,668,128 Series U Preferred Shares to former holders of NSA Series B Preferred Shares, (iv) approximately 4,100,000 OP Units to former holders of NSA OP Units, and (v) 660,371 Series T-1 Preferred Units to former holders of NSA OP’s Series A-1 Preferred Units. At closing, the Company retired NSA’s existing credit facilities and bank debt and paid off NSA’s various senior unsecured notes, while assuming certain existing mortgage debt. NSA’s portfolio includes more than 1,000 properties, 69 million rentable square feet, and 550,000 units across 37 states and Puerto Rico. In connection with the Merger, Public Storage and certain investors of NSA formed a joint venture consisting of certain properties acquired from NSA. Public Storage will own 20% of the newly formed JV and will manage the portfolio and will earn customary property management, asset management and tenant reinsurance income. Additionally, the Company provided a $237 million mezzanine loan to the newly formed JV as part of its initial capitalization. On June 22, 2026, the Company announced that it had entered into an agreement to acquire PS Canada, which is considered to be a related party transaction as it is owned by Tamara Hughes Gustavson, a current member of our Board and her adult children, for $1.2 billion with additional earn-out consideration of $288 million, contingent on achievement of certain NOI performance targets. PS Canada’s portfolio includes 68 properties and approximately 5.3 million rentable square feet across major Canadian metropolitan markets. This is currently expected to close in the third quarter of 2026, subject to the satisfaction of customary closing conditions.
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