Public Storage

Chemed, Ecolab, Marriott International, Public Storage, Eastman Chemical, and Tyson Foods all declared quarterly dividends. Chemed raised its payout by 17% to 70 cents per share, payable September 3, 2026 to holders of record August 17. Ecolab declared a regular quarterly dividend of $0.73 per share, payable October 15 to holders of record September 15. Marriott declared 73 cents per share, payable September 30 to holders of record August 20. Public Storage declared a regular quarterly common dividend of $3.00 per share and dividends on its various preferred series, with the common payable October 6 and the preferred payable September 30, both to holders of record September 15. Eastman Chemical declared 84 cents per share, payable October 7 to holders of record September 15. Tyson Foods declared 51 cents per share on Class A common and 45.9 cents on Class B common, payable December 15 to holders of record December 1.

Public Storage declared a regular quarterly common dividend of $3.00 per share. The Board of Trustees also declared dividends on various series of preferred shares. The common dividend is payable on October 6, 2026, and the preferred dividends are payable on September 30, 2026, with a record date of September 15, 2026 for both.

Public Storage is partnering with Commonwealth Edison and Solar Landscape to install 60 rooftop community solar projects across northern Illinois over two years, while reporting second-quarter 2026 revenue of US$1,232.88 million and net income of US$499.96 million. The company also completed a US$900.00 million senior notes offering to fund acquisitions including National Storage Affiliates and the expansion of solar across roughly five million square feet of rooftop space. Management raised its 2026 guidance, projecting US$5.3 billion in revenue and US$2.0 billion in earnings by 2029, requiring 3.0% yearly revenue growth and a roughly US$0.3 billion earnings increase from the current US$1.7 billion. The solar push and balance sheet moves are part of a strategy to convert underused real estate into additional income streams and cleaner energy infrastructure, though elevated marketing and discounting remain a near-term watchpoint.

ComEd, Solar Landscape, and Public Storage announced plans to develop 60 rooftop community solar projects across northern Illinois over the next two years, with 10 already energized. The portfolio will add 44 megawatts of capacity to the grid, enough to power approximately 6,150 households, and is expected to deliver an estimated $750,000 in annual electricity bill savings for subscribers. The projects will cover about five million square feet of rooftop space on Public Storage facilities, making it one of the largest community solar installations in Illinois. ComEd anticipates having over 400 community solar sites completed by the end of 2026, supported by state clean energy policies including the Climate and Equitable Jobs Act. Construction is expected to support approximately 300 jobs, with workforce training provided by partners such as STEP-UP Solar and the International Brotherhood of Electrical Workers.

Public Storage raised its 2026 core FFO guidance to a range of $16.75 to $17.05 per share, with a midpoint of $16.90, following the close of the National Storage Affiliates transaction and improving operating trends. The company reported second-quarter core FFO of $4.17 per share, with same-store revenue down 0.6% and same-store net operating income down 2.2%, both ahead of internal expectations. Management highlighted the rapid integration of the 1,100-store NSA portfolio, the announced $1.2 billion acquisition of Public Storage Canada, and a turn in leading indicators, including positive average move-in rents for the first time since 2021. The updated guidance reflects a smaller headwind from Los Angeles pricing restrictions, now seen at minus 50 basis points versus the prior minus 80 basis points, and a modest financing benefit from recent acquisitions. The company expects same-store revenue growth to turn positive in the fourth quarter, though Sunbelt markets are still projected to remain in negative territory through year-end.

Molina Healthcare will replace National Storage Affiliates Trust in the S&P MidCap 400, while Construction Partners will take Molina's place in the S&P SmallCap 600, with both changes effective before the market opens on July 22, S&P Dow Jones Indices said. The reshuffle follows Public Storage's acquisition of National Storage Affiliates Trust, which is expected to close on or around that date, subject to customary closing conditions. Construction Partners shares rose 2.5% premarket.

National Storage Affiliates Trust common shareholders have approved the company's acquisition by Public Storage, with approximately 99.9% of votes cast in favor, representing more than 84% of outstanding common shares. The vote took place at a special meeting on July 14, 2026. Having already secured approval from holders of a majority of NSA operating partnership units, no further equity holder approval is required. The transaction is expected to close on or about July 22, 2026, subject to remaining customary closing conditions.

Public Storage announced that its operating partners have agreed to acquire Public Storage Canada for approximately $1.2 billion, or CAD1.67 billion. The acquisition is expected to expand the company's network into major Canadian markets and create sustainable internal and external development potential. UBS recently restated a Neutral rating on Public Storage with a $314 price target, noting that the non-same-store pool will be a key growth catalyst amid sluggish demand. The firm cautioned that if Public Storage cannot improve external expansion in non-same-store markets, the integration could be a significant undertaking with limited upside.

Public Storage has released its 2026 Sustainability Report, detailing progress in sustainability initiatives. The company achieved a 14% reduction in Scope 1 and Scope 2 greenhouse gas emissions intensity from a 2022 baseline, advancing toward a 45% reduction target by 2032. It now has over 1,060 properties with rooftop solar installations and remains on track to reach 1,300 by the end of 2026. The report also highlights 263 certified green buildings, a fourth consecutive Great Place to Work Certification, and recognition by Newsweek as one of America's Most Responsible Companies. CEO Tom Boyle stated that sustainability is integral to the company's operations and growth as it enters its next era.

Public Storage has strengthened its financial flexibility by increasing its unsecured revolving credit facility to $3 billion, replacing a $1.5 billion arrangement that was set to mature in 2027. The new revolver matures on June 25, 2030, with an extension option to 2031, and lowers the interest rate by 15 basis points to SOFR plus 0.650% based on current credit ratings. The company also closed a $500 million delayed draw term loan facility maturing in 2031 and established a $1 billion unsecured commercial paper program. The term loan can be drawn in up to four advances through December 22, 2026, and bears interest at SOFR plus 0.700%. These financing arrangements provide greater financial flexibility to support future growth initiatives.

The Pacer Industrial Real Estate ETF, trading as INDS, provides a sustainable but lumpy distribution yield of about 3.47% by blending self-storage and warehouse REITs. The fund's top three holdings are Prologis at 15.85%, Extra Space Storage at 14.86%, and Public Storage at 14.84%, with self-storage making up roughly a third of the portfolio. These major holdings all generate funds from operations exceeding their dividends, carry investment-grade balance sheets, and raised payouts during the 2023 to 2025 rate-hike cycle. INDS is up 11% over the past year and 8% year to date through June 4, 2026, though its five-year price gain is only about 6%, reflecting principal volatility. The fund tracks the Solactive GPR Industrial Real Estate Index with an expense ratio of 0.49% and pays quarterly distributions that vary widely, such as $0.89 per share in December 2025 versus $0.03 in March 2026.

Public Storage is acquiring Public Storage Canada for $1.2 billion, marking a major expansion beyond its core U.S. footprint. The deal gives Public Storage an immediate presence in Toronto, Vancouver, Montreal, Calgary, and Ottawa through a portfolio of 68 properties totaling 5.3 million net rentable square feet, with first-quarter 2026 occupancy of 83.1%. The consideration includes $889 million in Public Storage operating partnership units and $310 million in cash, with sellers eligible for up to $288 million in additional units if certain net operating income targets are met. Public Storage expects a going-in NOI yield in the high-5% range and potential double-digit internal rates of return over the long run, and plans to apply its PS Next operating platform to improve performance. The acquisition comes alongside a pending $10.5 billion deal for National Storage Affiliates Trust, underscoring a focus on scale and market reach.