The quarter
Public Storage reported results for the quarter ended June 30 on July 29. Net income per share was $2.55, up 44.9 percent from $1.76 a year earlier. Core funds from operations per share were $4.17, down 2.6 percent from $4.28.
For the six months, net income per share was $5.26, up 38.8 percent, while core FFO per share was $8.38, down 0.1 percent. Chief executive Tom Boyle was quoted in the release, which carried a Frisco, Texas dateline.
The divergence between the two measures is characteristic of a company selling and recycling assets: gains on disposition inflate net income while leaving the recurring operating measure flat.
An acquisition spree
The company announced on June 22 an agreement to acquire Public Storage Canada, the country's third-largest self-storage platform and a business built decades ago by Public Storage founder Wayne Hughes and run independently by the Hughes family under the same brand, for approximately $1.2 billion. The portfolio comprises 68 properties totalling 5.3 million square feet across Toronto, Vancouver, Montreal, Calgary and Ottawa, was 83 percent occupied in the first quarter of 2026, and was running a 65 percent NOI margin, according to the company's own disclosures; Public Storage said it expects a going-in NOI yield in the high-5 percent range with double-digit IRR potential. As of September 22, the deal has already closed: Public Storage announced completion on September 1.
Consideration consists of about $900 million in Public Storage operating-partnership units, priced at $321.98 per unit, and roughly $310 million in cash, with sellers eligible for up to $288 million more in additional operating-partnership units, priced at $375 per unit, contingent on the acquired properties hitting specified NOI targets. Funding the bulk of the deal in equity-like units rather than cash limited the immediate strain on Public Storage's balance sheet.
The company separately acquired 20 self-storage facilities during the quarter, comprising 1.5 million net rentable square feet, for $222.5 million. Counting subsequent activity, year-to-date acquisitions completed or under contract reached 44 facilities and 3.2 million net rentable square feet for $454.9 million, before the Canada deal is added in.
After the quarter ended, the company also closed an all-stock merger with National Storage Affiliates Trust, producing a combined portfolio of more than 4,500 locations and over 327 million square feet under the Public Storage brand.
How it is being financed
The balance-sheet activity is as significant as the acquisitions. The company put in place a new $3.0 billion unsecured revolving credit facility, a $500 million delayed-draw term loan and a $1.0 billion unsecured commercial paper programme. It completed a $500 million senior notes offering at a 5.00 percent fixed rate maturing December 15, 2035, and after quarter-end a $900 million offering at an effective rate of 4.855 percent.
Locking in roughly $1.4 billion of long-dated debt near 5 percent while assembling $4.5 billion of revolving and short-term capacity is the financing architecture of a company that intended to keep buying, which is consistent with what followed: the Canada acquisition, the NSA merger and continued portfolio purchases in the following weeks.
The Canada transaction terms are now corroborated by the company's own closing announcement and by outside counsel's deal summary, in addition to the initial earnings release; core FFO remains a non-GAAP measure defined by the reporting company.