Same Store Revenue and Rent Trends
Same Store revenues declined 0.6% YoY to $1.01B during Q2 FY2026 due to a 0.8% decrease in realized annual rent per occupied square foot ($21.89) and lower late fees, despite average occupancy increasing 0.2% to 92.5%.
NSA Merger and Canada Expansion
On July 22, 2026, PSA closed its all-stock merger with National Storage Affiliates Trust (NSA), bringing total owned/managed properties to over 4,500 locations (327M sq ft), and entered an agreement to acquire PS Canada's 68 properties.
Impact of Foreign Currency Gains
Net income allocable to common shareholders rose $141.3M in Q2 FY2026, primarily driven by a $163.3M foreign currency gain associated with Euro-denominated notes payable and a $7.2M gain in equity earnings from Shurgard.