Income Taxes |
9 Months Ended |
|---|---|
Sep. 30, 2026 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | 15. Income Taxes As a REIT, we generally are not subject to U.S. federal income tax on taxable income distributed to shareholders. We have elected taxable REIT subsidiary (“TRS”) status for certain consolidated subsidiaries, which may perform additional services for tenants and generally may engage in any real estate or non-real estate related business. Our TRSs are subject to . federal corporate income tax and may be subject to state and local income taxes. We are also subject to Canadian and U.K. income taxes on our investments in those jurisdictions. Income tax expense (benefit) was $(15.0) million and $(10.8) million for the three and nine months ended September 30, 2026, respectively, and $2.8 million and $7.5 million for the same periods in 2025. The 2026 amounts primarily reflect a $16.7 million deferred tax benefit from the partial release of a valuation allowance, partially offset by state, foreign and TRS income taxes. The 2025 amounts consisted primarily of state taxes. Deferred Income Taxes In connection with the NSA and PS Canada Acquisitions, we recognized deferred tax liabilities of $262.1 million during the quarter, primarily related to buildings, intangible assets and land. As a result of the deferred tax liabilities recorded in the NSA acquisition, we released $16.7 million of the valuation allowance on Public Storage TRS deferred tax assets, which consist primarily of federal solar tax credits that begin to expire in 2041.
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