Public Storage, Ki Corp Withdraw Bid for Abacus Storage King

Ki Corporation and Public Storage Withdraw Offer to Acquire Abacus Storage King

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08/25/2025 - 07:35 PM

GLENDALE, Calif.--(BUSINESS WIRE)-- Ki Corporation and Public Storage (NYSE:PSA) (together, the 鈥淐onsortium鈥�) announced today the withdrawal of their non-binding indicative offer to acquire Abacus Storage King (ASX:ASK) following a comprehensive due diligence period.

鈥淲e appreciate Abacus Storage King鈥檚 partnership through the due diligence processes,鈥� said Joe Russell, Public Storage鈥檚 Chief Executive Officer. 鈥淔ollowing extensive review, we were unable to match their Independent Board Committee鈥檚 value assessment. This decision reflects our financial discipline and confidence in the wide array of opportunities available to continue enhancing our portfolio. Our opportunity set is expanding and, with more than $785 million acquired or under contract as of mid-year, we are executing prudently with accelerating scale to deliver growth and value creation to our shareholders.鈥�

About Public Storage

Public Storage, a member of the S&P 500, is a REIT that primarily acquires, develops, owns, and operates self-storage facilities. At June 30, 2025, we: (i) owned and/or operated 3,432 self-storage facilities located in 40 states with approximately 250 million net rentable square feet in the United States and (ii) owned a 35% common equity interest in Shurgard Self Storage Limited (Euronext Brussels:SHUR), which owned 321 self-storage facilities located in seven Western European nations with approximately 18 million net rentable square feet operated under the Shurgard庐 brand. Our headquarters are located in Glendale, California.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements in this press release, other than statements of historical fact, are forward-looking statements which may be identified by the use of the words 鈥渆xpects,鈥� 鈥渂elieves,鈥� 鈥渋ntends,鈥� 鈥渁nticipates,鈥� 鈥渟hould,鈥� 鈥渨ould,鈥� 鈥渙pportunity,鈥� 鈥減roposed,鈥� 鈥減otential,鈥� 鈥渆stimates鈥� and similar expressions. These forward-looking statements involve known and unknown risks and uncertainties, which may cause actual events to be materially different from those expressed or implied in the forward-looking statements. Risks and uncertainties that may impact future results and performance include, but are not limited to, those described in Part 1, Item 1A, 鈥淩isk Factors鈥� in Public Storage鈥檚 most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the 鈥淪EC鈥�) on February 24, 2025 and in its other filings with the SEC. These forward-looking statements speak only as of the date of this press release or as of the dates indicated in the statements.