Public Storage SEC Filings

Public Storage furnished an investor presentation with an operating update for the three months and year ended December 31, 2025, and disclosed recent acquisition activity. For the quarter, tenants moving in paid an average annual contract rent of $11.60 per square foot, down from $12.97 a year earlier, while same-store square foot occupancy at December 31 improved to 91.0% from 90.5%. For the full year, contract rents gained from move-ins were $1,591,846 thousand and contract rents lost from move-outs were $2,508,451 thousand, reflecting softer pricing but ongoing tenant turnover. The company also acquired 87 self-storage facilities with 6.1 million net rentable square feet for $942.2 million for the year ended December 31, 2025, expanding its portfolio.

Public Storage director equity awards and holdings update. A Public Storage (PSA) director reported receiving 4.75 fully vested deferred share units (DSUs) on 12/30/2025 at a reference price of $261.13 per share, bringing directly held common shares (including DSUs) to 7,721.99 and additional indirect holdings of 317,053 shares through a family trust and 1,900 shares through a spouse IRA.

The director also received 357 fully vested LTIP Units in Public Storage OP, L.P. for quarterly retainers, contributing to 147,357.4 LTIP Units beneficially owned. DSUs will be settled in unrestricted common shares upon separation from board service, death, disability, or a change of control, while LTIP Units are intended as profits interests that can convert into OP Units and then into common shares or cash value, subject to tax-related allocation conditions.

Public Storage director equity compensation and holdings updated. Director Ronald P. Spogli received 6.7 fully vested deferred share units (DSUs) on 12/30/2025 in lieu of cash dividend equivalents at a price of $261.13 per share under the company’s 2021 incentive plan. After this transaction, he beneficially owned 12,821.42 common shares directly, including 2,658.42 DSUs, and 2,000 common shares indirectly through a trust he serves as trustee.

Spogli also acquired 164 fully vested LTIP Units in Public Storage OP, L.P. on 12/31/2025 as part of his non-management trustee retainers, bringing his total derivative securities holdings to 4,763.72. Each DSU represents the right to receive one Public Storage common share, and LTIP Units are intended as profits interests that can become OP Units and then be exchanged for common shares or their cash value, subject to tax-related allocation conditions.

Public Storage director reports deferred share unit grant

A director of Public Storage reported receiving 128 fully vested deferred share units (DSUs) on 12/31/2025 under the company’s Non-Management Trustee Compensation and Deferral Program, at a reference share price of $259.5. Each DSU represents the right to receive one common share of Public Storage.

After this grant, the director beneficially owns 3,191 common shares in the form of DSUs directly and an additional 154,685 common shares indirectly through a trust. The DSUs will be settled in unrestricted common shares in a lump sum when the director leaves the board, or earlier upon death, disability, or a change of control of the company.

Public Storage reported that one of its directors acquired additional equity-based compensation. On 12/31/2025, the director received 77 fully-vested deferred share units (DSUs) under the company’s Non-Management Trustee Compensation and Deferral Program, part of its Amended and Restated 2021 Equity and Performance-Based Incentive Compensation Plan. The grant was valued using the company’s closing share price of $259.5 on the grant date.

Each DSU represents the right to receive one Public Storage common share. The DSUs will be settled in unrestricted common shares in a lump sum after the director’s separation from service as a trustee, or earlier upon death, disability, or a change of control of the company. Following this grant, the director beneficially owns 1,378 DSUs directly.

Public Storage director reports small stock grant under equity plan

A director of Public Storage reported receiving 128 common shares on 12/31/2025 at a price of $259.50 per share. After this grant, the director beneficially owns 8,896 common shares, held directly.

The shares were granted as unrestricted common stock under Public Storage's Non-Management Trustee Compensation and Deferral Program, part of the company's Amended and Restated 2021 Equity and Performance-Based Incentive Compensation Plan. The number of shares reflects the dollar amount of the director’s quarterly cash retainers that was elected to be paid in stock, divided by the company’s closing share price on the grant date and rounded up.

Public Storage reported an equity compensation grant to one of its directors. On 12/31/2025, the director received 128 LTIP Units in Public Storage OP, L.P. under the company’s Non-Management Trustee Compensation and Deferral Program, part of its Amended and Restated 2021 Equity and Performance-Based Incentive Compensation Plan. The number of LTIP Units was calculated by dividing the portion of quarterly cash retainers the director elected to receive in equity by the company’s closing share price on the grant date, and rounding up to the nearest unit.

The LTIP Units are intended to be profits interests for U.S. federal income tax purposes and can be converted, after certain tax allocation conditions are met, into OP Units of Public Storage OP. Those OP Units may then be exchanged by the director for Public Storage common shares or the cash value equivalent, as determined by the company. Following this grant, the director beneficially owned 208 derivative securities reported on this form in direct ownership.

Public Storage filed a current report to share an investor presentation and provide an operating update for its stabilized same store portfolio through November 30, 2025. For the recent two‑month period, new tenants paid lower average annual contract rent of $11.55 per square foot versus $12.84 a year earlier, while square footage rented by move‑ins grew 2.9%. Over eleven months, move‑in rents per square foot declined 6.2% and contract rents gained from move‑ins fell 5.9%, though promotional discounts also decreased.

Move‑out activity softened, with contract rents lost from move‑outs down 3.2% for the two‑month period and 2.2% year to date, and occupancy held steady at 91.2%. As of December 8, 2025, the company had acquired or was under contract to acquire 88 self‑storage facilities totaling 6.1 million net rentable square feet for $949.4 million since the beginning of the year.

The Vanguard Group filed an amended Schedule 13G (Amendment No. 17) for Public Storage (PSA), reporting beneficial ownership of 23,066,538 common shares, representing 13.14% of the class as of 09/30/2025. Vanguard reports 0 sole voting power and 1,040,484 shared voting power, with 21,457,709 shares under sole dispositive power and 1,608,829 under shared dispositive power.

The filing is made on a passive basis under Schedule 13G, and Vanguard certifies the securities were acquired and are held in the ordinary course of business, not to change or influence control. Vanguard notes its clients have the right to receive dividends or sale proceeds for the reported securities, and no other single person’s interest exceeds five percent.