Related Party Transactions |
6 Months Ended |
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Jun. 30, 2026 | |
| Related Party Transactions [Abstract] | |
| Related Party Transactions | Related Party Transactions At June 30, 2026, Tamara Hughes Gustavson, a current member of our Board, held less than a 0.1% equity interest in, and is a manager of, PS Canada, a company that owns 68 self-storage facilities in Canada. Ms. Gustavson’s adult children, own the remaining equity interest in PS Canada. These facilities operate under the Public Storage® tradename, which we license to the owners of these facilities for use in Canada on a royalty-free, non-exclusive basis. Our subsidiaries reinsure risks relating to loss of goods stored by customers in these facilities, and have received premium payments of approximately $1.0 million for both of the six months ended June 30, 2026 and 2025. As described in Note 3, on June 22, 2026, we entered into an agreement to acquire PS Canada. The transaction is currently expected to close in the third quarter of 2026, subject to the satisfaction of customary closing conditions. Throughout all periods presented, we had an approximate 35% equity interest in Shurgard. During the six months ended June 30, 2026 and 2025, we received $2.7 million and $2.4 million, respectively, of trademark license fees that Shurgard pays to us for the use of the Shurgard® trademark. We eliminated $0.9 million and $0.8 million of intra-entity profits and losses for the six months ended June 30, 2026 and 2025, respectively, representing our equity share of the trademark license fees. We classify the remaining license fees we receive from Shurgard as interest and other income (expense) on our Consolidated Statements of Income. During the six months ended June 30, 2026, we entered into agreements to sell non-qualified options (“OP Options”) to purchase common units of the Operating Partnership to two members of our Board, Shankh S. Mitra and Ronald L. Havner, for an aggregate purchase price of $25.0 million and $5.0 million, respectively. The purchase price was based on the Company’s determination of the fair value of the OP Options using a Monte Carlo Valuation simulation prepared by a third-party valuation firm. The OP Options have an exercise price of $350 per unit, will become exercisable on February 20, 2032, and have a 10-year term.
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