Welcome to our dedicated page for Public Storage SEC filings (Ticker: PSA), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
Public Storage filings document the regulatory disclosures of a self-storage REIT with common shares listed on the New York Stock Exchange and multiple series of preferred and depositary shares. The company’s reports cover material events, operating and financial results, capital-structure disclosures, securities registered under Section 12(b), and debt-related instruments.
Its SEC record also includes proxy materials addressing trustee elections, executive compensation, shareholder voting matters, and governance practices. Form 8-K filings provide event-driven disclosures on dividends, agreements, financing or security matters, and other corporate actions connected to Public Storage’s REIT structure and self-storage operations.
Public Storage, a self-storage REIT, reported higher profitability for the quarter ended June 30, 2026. Net income allocable to common shareholders was $450.3 million ($2.55 diluted EPS) versus $309.0 million ($1.76) a year earlier, largely reflecting a much larger foreign currency gain on Euro‑denominated notes and higher equity in earnings from Shurgard.
For the first six months, net income allocable to common shareholders rose to $927.0 million ($5.26 diluted EPS) from $667.2 million ($3.79). Q2 consolidated revenues were $1,232.9 million. FFO per share increased to $4.21 from $3.44, while Core FFO per share declined slightly to $4.17 from $4.28.
Operating trends were mixed. Same Store Facilities saw Q2 revenues down 0.6% and NOI down 2.2%, with realized annual rent per occupied square foot modestly lower but occupancy slightly higher, alongside rising property taxes and other costs. Acquired Facilities’ NOI increased 34.8% and Developed and Expanded Facilities’ NOI rose 9.0%.
Growth and capital activity were significant. In the first half, Public Storage acquired 23 facilities for $243.2 million and completed $57.3 million of development. After quarter‑end it closed an all‑stock merger with National Storage Affiliates Trust, creating a platform of over 4,500 locations and roughly 327 million net rentable square feet. It also agreed to acquire PS Canada for $1.2 billion plus up to $288 million in earn‑outs. Liquidity was enhanced with a new $3.0 billion revolving credit facility, a $500 million delayed draw term loan and a $1.0 billion commercial paper program, with Debt to Total Assets around 18% under bond covenants.
Public Storage reported second quarter 2026 results and raised its full‑year 2026 outlook. Net income per diluted share was $2.55, up from $1.76 a year earlier, while Core FFO per share was $4.17 versus $4.28. Same‑store NOI declined 2.2% as revenues slipped 0.6% and operating costs rose 4.3%, though average occupancy edged up to 92.5%.
Growth came from newer assets and external expansion: non‑same‑store revenues and NOI grew 25.6% and 21.5%. The company closed its all‑stock merger with National Storage Affiliates, formed a joint venture owning 313 properties valued at approximately $3.3 billion, and expects about $110–$130 million of run‑rate synergies and $0.35–$0.50 of annual FFO accretion per share.
Public Storage also agreed to acquire Public Storage Canada for US$1.2 billion, adding 68 properties and 5.3 million square feet, and acquired or contracted 44 additional facilities year to date. It enhanced liquidity with a new $3.0 billion revolver, $500 million term loan, $1.0 billion commercial paper program, $1.4 billion of senior notes, and roughly $258 million of future ATM equity proceeds.
Public Storage completed its acquisition of National Storage Affiliates Trust, issuing approximately 11,200,000 Public Storage common shares, 9,569,557 new 6.000% Cumulative Preferred Shares, Series T, and 5,668,128 new 6.000% Cumulative Preferred Shares, Series U to former NSA security holders, based on an exchange ratio of 0.14 Public Storage common share per NSA common share.
The transaction also converted NSA preferred shares and operating partnership units into corresponding Public Storage preferred shares and Public Storage OP Units, and created a Dropdown joint venture holding 313 properties valued at approximately $3.2 billion. That JV incurred about $2.0 billion of secured mortgage financing and $237 million of mezzanine financing, while legacy NSA limited partners hold 80% of the JV’s common equity and a Public Storage subsidiary holds 20%. Public Storage states it expects the deal to be accretive to FFO per share within the first year and, after realizing an estimated $110–$130 million of run-rate synergies over three to four years, to add approximately $0.35–$0.50 per share.
Public Storage Operating Company, a subsidiary of Public Storage, completed an offering of $400 million 4.700% Senior Notes due 2032 and $500 million 5.150% Senior Notes due 2036, both guaranteed by Public Storage and issued under an existing indenture.
Interest accrues from July 20, 2026 and is payable semi-annually: February 1 and August 1 for the 2032 Notes, and February 15 and August 15 for the 2036 Notes. The notes mature on February 1, 2032 and August 15, 2036, respectively, and rank equally with PSOC’s other unsecured, unsubordinated debt.
PSOC may redeem the notes at a make-whole redemption price, or at 100% of principal plus interest during specified periods shortly before maturity. If the acquisition of National Storage Affiliates Trust is not completed by the agreed Outside Date or is abandoned, PSOC must redeem outstanding notes at 101% of principal plus accrued interest. Covenants limit additional indebtedness and major corporate transactions and require total unencumbered assets of at least 125% of total unsecured indebtedness.
Public Storage, through subsidiary Public Storage Operating Company (PSOC), entered into an underwriting agreement to issue $900 million of senior notes in two tranches, guaranteed by Public Storage. The offering is made under an existing shelf registration, with closing expected on July 20, 2026, subject to customary conditions.
The first tranche consists of $400 million senior notes due February 1, 2032, bearing interest at 4.700% annually, issued at 99.283% of par, with interest paid semi-annually on February 1 and August 1 starting in 2027. The second tranche is $500 million senior notes due August 15, 2036, bearing 5.150% interest, issued at 98.553% of par, with interest paid semi-annually on February 15 and August 15 starting in 2027. PSOC expects to use net proceeds to finance, in part, the pending acquisition of National Storage Affiliates Trust, as well as for general corporate purposes including self‑storage investments, debt repayment, and redemption of outstanding securities.
Public Storage Operating Company, the operating REIT affiliate of Public Storage, is issuing $900 million of unsecured senior notes in two tranches: $400 million 4.700% notes due February 1, 2032 and $500 million 5.150% notes due August 15, 2036, fully and unconditionally guaranteed by Public Storage. The 2032 notes are priced at 99.283% and the 2036 notes at 98.553%, with semi-annual interest payments beginning in February 2027 for each series.
Expected net proceeds are approximately $884.3 million, intended primarily to help finance the pending all-stock acquisition of National Storage Affiliates Trust, plus related fees, and for general corporate purposes including additional self‑storage investments, debt repayment and securities redemptions. The NSA acquisition is expected in the third quarter of 2026 but is not a condition to closing this offering; if the acquisition is not completed by the contractual outside date or is abandoned, PSOC must redeem all outstanding notes at 101% of principal plus accrued interest under a special mandatory redemption feature.
The notes rank equally with PSOC’s other unsecured, unsubordinated debt and are effectively subordinated to secured and subsidiary-level obligations. As of March 31, 2026 PSOC had $1.5 million of secured debt and $9.7 billion of unsecured debt outstanding, plus a $3.0 billion revolver and $500 million delayed draw term loan available. Covenants limit leverage, secured debt levels, and require maintenance of unencumbered assets at least 125% of unsecured debt, along with an interest coverage ratio of at least 1.50x. The notes are a new issue with no listing planned, so trading liquidity may be limited.
Public Storage Operating Company is offering senior notes due 2032 and 2036 to finance, in part, its pending all-stock acquisition of National Storage Affiliates Trust (NSA) and for general corporate purposes. The notes are unsecured obligations of PSOC and are fully guaranteed by Public Storage. If the NSA Acquisition is not consummated by the later of December 16, 2026 or any agreed "Outside Date," PSOC must redeem outstanding notes at 101% of principal plus accrued interest (the "NSA Special Mandatory Redemption"). Net proceeds will not be held in escrow pending the NSA Acquisition and will not be subject to a security interest for the redemption. The notes rank equally with PSOC’s unsecured debt, are effectively subordinated to secured debt to the extent of collateral value, and are structurally subordinated to liabilities of PSOC’s subsidiaries; Public Storage’s guarantee is structurally subordinated to its subsidiaries’ creditors.
Public Storage reported that Chief Operating Officer Chris Sambar resigned on July 2, 2026, effective at the end of July, to join T-Mobile as Chief Enterprise Officer. The company stated his resignation is not related to any disagreement over operations, policies, or practices.
As Public Storage advances its PS4.0™ strategic vision and integrates recently announced acquisitions, its operations leadership team will report directly to Chief Executive Officer Tom Boyle until a permanent replacement is identified. The company also reiterated standard forward-looking statement risk disclosures tied to its recent SEC filings.
Public Storage director Luke J. Petherbridge reported receiving 126 LTIP Units as equity compensation. These fully vested membership interests in Public Storage OP, L.P. were granted at a stated price of $0.00 per unit under the company’s Non-Management Trustee Compensation and Deferral Program.
The number of LTIP Units granted is based on the portion of the director’s quarterly cash retainers he elected to receive in LTIP Units, divided by the company’s closing share price on the grant date and rounded up. Following this grant, he holds a total of 462 LTIP Units. The LTIP Units are intended to qualify as profits interests for U.S. federal income tax purposes and can convert into OP Units, which may then be exchanged for common shares or their cash equivalent.
Mitra Shankh reported acquisition or exercise transactions in this Form 4 filing.
Public Storage director Mitra Shankh received 305 common shares as equity compensation for service in the applicable calendar quarter. The shares are unrestricted and were granted under the company’s Non-Management Trustee Compensation and Deferral Program within the Amended and Restated 2021 Equity and Performance-Based Incentive Compensation Plan.
The number of shares granted was calculated by dividing the dollar amount of cash retainers elected to be paid in stock by the company’s closing share price of $318.31 on the grant date, then rounding up. After this award, Shankh directly holds a total of 9,329 common shares.