Acquisitions (Tables)
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9 Months Ended |
Sep. 30, 2026 |
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| Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract] |
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| Schedule of Business Combination Consideration Transferred |
Total consideration for the transaction is summarized in the table below (dollar amounts in thousands). | | | | | | | Consideration Transferred | Fair Value of Consideration Transferred | 11,217,966 PSA Common Shares | $ | 3,488,787 | | 4,125,017 PSA OP Common Units | 1,218,466 | | | PSA Series T Preferred Shares | 216,272 | | | PSA Series U Preferred Shares | 153,606 | | PSA OP Series T-1 Preferred Units | 14,924 | | Cash | 1,350,794 | | Total Consideration | $ | 6,442,849 | |
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| Schedule of Recognized Assets and Liabilities |
The following table summarizes the fair values of the assets acquired and liabilities assumed at the date of acquisition (in thousands): | | | | | | ASSETS | | Cash and equivalents | $ | 115,040 | | Real estate facilities | | Land | 846,524 | | Buildings | 4,237,164 | | Total land and buildings | 5,083,688 | | Investments in unconsolidated real estate entities | 529,890 | | Goodwill | 451,497 | | | Tenant intangibles | 408,331 | | Real property held for sale | 149,816 | | | Non-real estate intangible assets | 235,400 | | Other assets | 86,611 | | Total assets | 7,060,273 | | LIABILITIES | | Notes payable | 166,842 | | Accrued and other liabilities | 203,246 | | Total liabilities assumed | 370,088 | | Noncontrolling interests | 247,336 | | Net assets acquired, at fair value | 6,442,849 | | Total purchase price | 6,442,849 | |
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| Business Combination, Pro Forma Information |
The pro forma financial information is not necessarily indicative of the results of operations had the acquisition been effected on the assumed date, nor is it necessarily an indication of trends in future results for a number of reasons, including, but not limited to, differences between the assumptions used to prepare the pro forma information, cost savings from operating efficiencies, potential synergies, and the impact of incremental costs incurred in integrating the businesses. | | | | | | | | | | | | | | | | | Nine Months Ended September 30, | | | 2026 | | 2025 | | | | | | | | | | | Total Revenues | | $ | 4,198,056 | | | $ | 4,006,768 | | Net Income | | 1,195,457 | | | 902,381 | |
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| Schedule of Assets and Liabilities Acquired |
The total purchase price, including direct transaction costs of $11 million, was allocated as follows (in thousands): | | | | | | Cash and equivalents | $ | 12,169 | | Real estate facilities: | | Land | 404,838 | | Buildings | 812,518 | | | Construction in process | 8,217 | | | Tenant intangibles | 115,210 | | Other assets | 9,663 | | | Notes payable | (184,297) | | | Deferred tax liability | (235,007) | | Accrued and other liabilities | (8,884) | | Total purchase price, including direct transaction costs | $ | 934,427 | |
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