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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________
FORM 8-K
____________________
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): January 7, 2026
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Public Storage
(Exact Name of Registrant as Specified in its Charter)
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| Maryland | 001-33519 | 93-2834996 |
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
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701 Western Avenue, Glendale, California | 91201-2349 |
| (Address of Principal Executive Offices) | (Zip Code) |
(818) 244-8080
(Registrant's telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
____________________
Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
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| Title of Class | | Trading Symbol | | Name of exchange on which registered |
| Common Shares, $0.10 par value | | PSA | | New York Stock Exchange |
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| Depositary Shares, Each Representing 1/1,000 of a 5.150% Cum Pref Share, Series F, $0.01 par value | | PSAPrF | | New York Stock Exchange |
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| Depositary Shares, Each Representing 1/1,000 of a 5.050% Cum Pref Share, Series G, $0.01 par value | | PSAPrG | | New York Stock Exchange |
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| Depositary Shares, Each Representing 1/1,000 of a 5.600% Cum Pref Share, Series H, $0.01 par value | | PSAPrH | | New York Stock Exchange |
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| Depositary Shares, Each Representing 1/1,000 of a 4.875% Cum Pref Share, Series I, $0.01 par value | | PSAPrI | | New York Stock Exchange |
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| Depositary Shares, Each Representing 1/1,000 of a 4.700% Cum Pref Share, Series J, $0.01 par value | | PSAPrJ | | New York Stock Exchange |
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| Depositary Shares, Each Representing 1/1,000 of a 4.750% Cum Pref Share, Series K, $0.01 par value | | PSAPrK | | New York Stock Exchange |
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| Depositary Shares, Each Representing 1/1,000 of a 4.625% Cum Pref Share, Series L, $0.01 par value | | PSAPrL | | New York Stock Exchange |
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| Depositary Shares, Each Representing 1/1,000 of a 4.125% Cum Pref Share, Series M, $0.01 par value | | PSAPrM | | New York Stock Exchange |
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| Depositary Shares, Each Representing 1/1,000 of a 3.875% Cum Pref Share, Series N, $0.01 par value | | PSAPrN | | New York Stock Exchange |
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| Depositary Shares, Each Representing 1/1,000 of a 3.900% Cum Pref Share, Series O, $0.01 par value | | PSAPrO | | New York Stock Exchange |
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Depositary Shares, Each Representing 1/1,000 of a 4.000% Cum Pref Share, Series P, $0.01 par value | | PSAPrP | | New York Stock Exchange |
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Depositary Shares, Each Representing 1/1,000 of a 3.950% Cum Pref Share, Series Q, $0.01 par value | | PSAPrQ | | New York Stock Exchange |
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Depositary Shares, Each Representing 1/1,000 of a 4.000% Cum Pref Share, Series R, $0.01 par value | | PSAPrR | | New York Stock Exchange |
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Depositary Shares, Each Representing 1/1,000 of a 4.100% Cum Pref Share, Series S, $0.01 par value | | PSAPrS | | New York Stock Exchange |
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| Guarantee of 0.875% Senior Notes due 2032 issued by Public Storage Operating Company | | PSA/32 | | New York Stock Exchange |
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| Guarantee of 0.500% Senior Notes due 2030 issued by Public Storage Operating Company | | PSA/30 | | New York Stock Exchange |
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| Guarantee of 3.500% Senior Notes due 2034 issued by Public Storage Operating Company | | PSA/34 | | New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 7.01Regulation FD Disclosure.
On January 7, 2026, Public Storage (the “Company”) posted on the Investor Relations section of its website a presentation (the “Investor Presentation”) it intends to use at an upcoming investor conference.
Item 8.01Other Events.
The Investor Presentation includes the following operating update for the three months and year ended December 31, 2025.
Same Store Facilities Operating Update (a)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended December 31, | | Year Ended December 31, |
| 2025 | | 2024 | | Change (b) | | 2025 | | 2024 | | Change (b) |
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| (Amounts in thousands, except for per square foot amounts) |
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| Tenants moving in during the period: | | | | | | | | | | | |
| Average annual contract rent per square foot (c) | $ | 11.60 | | | $ | 12.97 | | | (10.6)% | | $ | 12.80 | | | $ | 13.69 | | | (6.5)% |
| Square footage | 30,498 | | | 29,773 | | | 2.4% | | 124,363 | | | 123,937 | | | 0.3% |
| Contract rents gained from move-ins | $ | 88,444 | | | $ | 96,539 | | | (8.4)% | | $ | 1,591,846 | | | $ | 1,696,698 | | | (6.2)% |
| Promotional discounts given | $ | 13,434 | | | $ | 16,408 | | | (18.1)% | | $ | 56,868 | | | $ | 63,904 | | | (11.0)% |
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| Tenants moving out during the period: | | | | | | | | | | | |
| Average annual contract rent per square foot (c) | $ | 20.12 | | | $ | 20.18 | | | (0.3)% | | $ | 20.30 | | | $ | 20.59 | | | (1.4)% |
| Square footage | 30,043 | | | 31,375 | | | (4.2)% | | 123,569 | | | 125,101 | | | (1.2)% |
| Contract rents lost from move-outs | $ | 151,116 | | | $ | 158,287 | | | (4.5)% | | $ | 2,508,451 | | | $ | 2,575,830 | | | (2.6)% |
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| At December 31, | | | | | | | | | | | |
| Square foot occupancy | | | | | | | 91.0% | | 90.5% | | 0.5% |
| Annual contract rent per occupied square foot (c) | | | | | | | $ | 22.55 | | | $ | 22.72 | | | (0.7)% |
Please see “Analysis of Same Store Revenue” under “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s Quarterly Report on Form 10-Q for the period ended September 30, 2025 for further information with respect to the various factors that affect the Company’s revenues.
(a)The Same Store Facilities consist of 2,565 facilities (175.3 million net rentable square feet) that have been owned and operated on a stabilized basis since January 1, 2023.
(b)Represents the absolute nominal change with respect to square foot occupancy, and the percentage change with respect to all other items.
(c)Annual contract rent represents the agreed upon monthly rate that is paid by the Company’s tenants in place at the time of measurement. Contract rates are initially set in the lease agreement upon move-in and the Company adjusts them from time to time with notice. Contract rent excludes other fees that are charged on a per-item basis, such as late charges and administrative fees, does not reflect the impact of promotional discounts, and does not reflect the impact of rents that are written off as uncollectible.
We acquired 87 self-storage facilities with 6.1 million net rentable square feet for $942.2 million for the year ended December 31, 2025.
Forward-Looking Statements
This Current Report on Form 8-K, including the sections of the Company’s Quarterly Report on Form 10-Q for the period ended September 30, 2025 filed with the Securities and Exchange Commission (the “SEC”) on October 29, 2025 that are referenced herein, contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements in this Form 8-K, other than statements of historical fact, are forward-looking statements, which may be identified by the use of the words “outlook,” “guidance,” “expects,” “believes,” “anticipates,” “should,” “estimates,” 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. Factors and risks that may impact future results and performance include, but are not limited to, those described in Part 1, Item 1A, “Risk Factors” in the Company’s Annual Report on Form 10-K for the period ended December 31, 2024 filed with the SEC on February 24, 2025 and in the Company’s other filings with the SEC.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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| PUBLIC STORAGE |
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| By: | /s/ H. Thomas Boyle |
Date: January 7, 2026 | | H. Thomas Boyle
Senior Vice President, Chief Financial and Investment Officer |
