Public Storage shares rise 2.09% intraday after Newmark Group secures $425 million refinancing for 78 self-storage properties.

Public Storage rose 2.09% intraday, with Newmark Group, Inc. securing a $425 million refinancing for a national portfolio of 78 self-storage properties. The portfolio, owned by Centerbridge Partners and Merit Hill Capital, has experienced outstanding Net Operating Income (NOI) growth in excess of 18% since 2023. Additionally, SmartStop Self Storage REIT, Inc. expanded its New York MSA footprint with the acquisition of a Class A self-storage facility in Rahway, New Jersey.