Bom dia, @Icgomes. Acho que o aumento da dívida se deve a aquisições:
Growth through acquisitions
Public Storage grows organically through acquisitions. It acquired a total of 76 facilities with 5.6 million net rentable square feet from the beginning of 2015 to March 31, 2017. The company acquired 55, 17, and 44 facilities, respectively, from third parties in 2014, 2015, and 2016. It also acquired five self-storage facilities worth $25.5 million during the first three months of 2017.
On March 31, 2017, PSA owned 2,342 self-storage facilities in the United States, one self-storage facility in London, and three commercial facilities in the United States.
https://marketrealist.com/2017/06/acquisitions-diversification-help-public-storage-keep-momentum