Public Storage completed the acquisition of PS Canada in Q2 2026, adding approximately $1.2 billion in assets primarily through equity issuance and cash, thereby expanding its scale and development pipeline. However, despite revenue growth driven by this acquisition and organic leasing operations, the company reported a decline in same-store net operating income (NOI), reflecting competitive pricing pressures and rising operating costs. Public Storage’s business model balances owned facility leasing revenue with growing third-party management fees, supported by digital marketing efficiency focused on Google search as a key customer acquisition channel. Capital structure remains robust with a net debt position near $10 billion as of June 2026, enabling continued acquisition and development investments amid macroeconomic and regulatory challenges.