NSA integration: return about 14,000 units to rentable status in the second half of 2026, alongside rebranding and PSNext rollout.
Public Storage Canada acquisition provides entry into an underpenetrated Canadian market, with closing expected in Q3 2026.
Expiration of Los Angeles pricing restrictions on July 1, 2026 enables a phased rent recapture and reduces the 2026 LA headwind.
Guidance trajectory: same-store revenue expected to improve after 2Q and turn positive in Q4 2026.
Development platform will keep targeting micro markets and maintaining or growing the pipeline as industry supply moderates.
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