Public Storage: Why We Took A Large Position In The 6.6% Yielding, A-Rated, Preferreds

Public Storage (PSA) is a leading self-storage REIT, operating over 3,500 facilities and serving more than 2 million customers as of 2025. PSA announced an all-stock acquisition of National Storage Affiliates Trust (NSA), adding 1,000+ properties and expanding Sunbelt exposure. The deal, unanimously approved by both boards, is expected to close in Q3 2026, creating a $77 billion enterprise with 4,600 facilities.