STOCK TITAN
  1. Home
  2. Sec-filings
  3. PSA
  4. [8-K] Public Storage Reports Material Event

Same-store churn declines for Public Storage (NYSE: PSA) in update

Filing Impact
(Moderate)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Public Storage provided a same-store operating update for its facilities for the period from April 1 through May 28, comparing 2026 to 2025. Same Store Churn decreased to 16.4% from 19.6%, while weighted average square foot occupancy was stable at 92.2% versus 92.1%.

Customers moving in during the period had average annual contract rent of $13.10 per square foot compared with $13.13 a year earlier. Customers moving out had average annual contract rent of $18.98 per square foot versus $19.79. The Same Store Facilities portfolio covered 2,755 facilities totaling 192.1 million net rentable square feet, owned and operated on a stabilized basis since January 1, 2024.

Positive

  • None.

Negative

  • None.
Item 7.01 Regulation FD Disclosure Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 8.01 Other Events Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Move-in contract rent $13.10 per square foot Average annual contract rent for customers moving in, period ended May 28, 2026
Move-out contract rent $18.98 per square foot Average annual contract rent for customers moving out, period ended May 28, 2026
Same Store Churn 2026 16.4% Churn for period ended May 28, 2026
Same Store Churn 2025 19.6% Churn for comparable 2025 period
Occupancy 2026 92.2% Weighted average square foot occupancy for period ended May 28, 2026
Occupancy 2025 92.1% Weighted average square foot occupancy for comparable 2025 period
Same Store facilities count 2,755 facilities Facilities in Same Store Facilities portfolio, stabilized since January 1, 2024
Net rentable square feet 192.1 million square feet Net rentable area of Same Store Facilities portfolio
Same Store Facilities financial
"The Same Store Facilities consist of 2,755 facilities (192.1 million net rentable square feet)"
A measure of sales or activity at locations that have been open for a set period (typically at least a year), excluding results from newly opened or closed locations so performance is compared on an apples-to-apples basis. Investors use it to see whether established sites are actually growing or shrinking, rather than being boosted by store openings; it helps reveal underlying demand and the health of a company’s core operations, much like judging a restaurant chain by longtime branches only.
Same Store Churn financial
"Same Store Churn (d) | 16.4% | 19.6% | (3.2)%"
annual contract rent financial
"Annual contract rent represents the agreed upon monthly rate that is paid by the Company’s customers"
weighted average square foot occupancy financial
"Weighted average square foot occupancy for the period | 92.2% | 92.1% | 0.1%"
forward-looking statements regulatory
"contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995"
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google
Add on Google
Understanding 8-K Material Events →
0001393311FALSE00013933112026-06-012026-06-010001393311us-gaap:CommonStockMember2026-06-012026-06-010001393311us-gaap:SeriesFPreferredStockMember2026-06-012026-06-010001393311us-gaap:SeriesGPreferredStockMember2026-06-012026-06-010001393311us-gaap:SeriesHPreferredStockMember2026-06-012026-06-010001393311psa:SeriesIPreferredStockMember2026-06-012026-06-010001393311psa:SeriesJPreferredStockMember2026-06-012026-06-010001393311psa:SeriesKPreferredStockMember2026-06-012026-06-010001393311psa:SeriesLPreferredStockMember2026-06-012026-06-010001393311psa:SeriesMPreferredStockMember2026-06-012026-06-010001393311psa:SeriesNPreferredStockMember2026-06-012026-06-010001393311psa:SeriesOPreferredStockMember2026-06-012026-06-010001393311psa:SeriesPPreferredStockMember2026-06-012026-06-010001393311psa:SeriesQPreferredStockMember2026-06-012026-06-010001393311psa:SeriesRPreferredStockMember2026-06-012026-06-010001393311psa:SeriesSPreferredStockMember2026-06-012026-06-010001393311psa:GuaranteeNotesDue2032Member2026-06-012026-06-010001393311psa:GuaranteeNotesDue2030Member2026-06-012026-06-010001393311psa:GuaranteeNotesDue2034Member2026-06-012026-06-01

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): June 1, 2026
____________________
Public Storage
(Exact Name of Registrant as Specified in its Charter)
____________________
Maryland001-3351993-2834996
(State or Other Jurisdiction of Incorporation)
(Commission File Number)
(I.R.S. Employer Identification No.)

2811 Internet Boulevard, Frisco, Texas
75304
(Address of Principal Executive Offices)(Zip Code)

(469) 649-9486
(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:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐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:

Title of ClassTrading SymbolName of exchange on which registered
Common Shares, $0.10 par valuePSANew York Stock Exchange
Depositary Shares, Each Representing 1/1,000 of a 5.150% Cum Pref Share, Series F, $0.01 par valuePSAPrFNew York Stock Exchange
Depositary Shares, Each Representing 1/1,000 of a 5.050% Cum Pref Share, Series G, $0.01 par valuePSAPrGNew York Stock Exchange
Depositary Shares, Each Representing 1/1,000 of a 5.600% Cum Pref Share, Series H, $0.01 par valuePSAPrHNew York Stock Exchange
Depositary Shares, Each Representing 1/1,000 of a 4.875% Cum Pref Share, Series I, $0.01 par valuePSAPrINew York Stock Exchange


Depositary Shares, Each Representing 1/1,000 of a 4.700% Cum Pref Share, Series J, $0.01 par valuePSAPrJNew York Stock Exchange
Depositary Shares, Each Representing 1/1,000 of a 4.750% Cum Pref Share, Series K, $0.01 par valuePSAPrKNew York Stock Exchange
Depositary Shares, Each Representing 1/1,000 of a 4.625% Cum Pref Share, Series L, $0.01 par valuePSAPrLNew York Stock Exchange
Depositary Shares, Each Representing 1/1,000 of a 4.125% Cum Pref Share, Series M, $0.01 par valuePSAPrMNew York Stock Exchange
Depositary Shares, Each Representing 1/1,000 of a 3.875% Cum Pref Share, Series N, $0.01 par valuePSAPrNNew York Stock Exchange
Depositary Shares, Each Representing 1/1,000 of a 3.900% Cum Pref Share, Series O, $0.01 par valuePSAPrONew York Stock Exchange
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
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
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
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
Guarantee of 0.875% Senior Notes due 2032 issued by Public Storage Operating Company
PSA/32
New York Stock Exchange
Guarantee of 0.500% Senior Notes due 2030 issued by Public Storage Operating Company
PSA/30
New York Stock Exchange
Guarantee of 3.500% Senior Notes due 2034 issued by Public Storage Operating CompanyPSA/34New 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 June 1, 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 periods from April 1 through May 28, 2026 and 2025.
Same Store Facilities Operating Update (a)
Period Ended May 28,
20262025Change (b)
(Amounts in thousands, except for per square foot amounts)
Customers moving in during the period:
Average annual contract rent per square foot (c)$13.10 $13.13 (0.2)%
Customers moving out during the period:
Average annual contract rent per square foot (c)$18.98 $19.79 (4.1)%
Same Store Churn (d)16.4%19.6%(3.2)%
Weighted average square foot occupancy for the period92.2%92.1%0.1%
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 March 31, 2026 for further information with respect to the various factors that affect the Company’s revenues.
(a)The Same Store Facilities consist of 2,755 facilities (192.1 million net rentable square feet) that have been owned and operated on a stabilized basis since January 1, 2024.
(b)Represents the absolute nominal change with respect to same store churn and 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 customers 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.
(d)Churn is defined as units moved out during the period, divided by starting occupied units at the beginning of the period.



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 March 31, 2026 filed with the Securities and Exchange Commission (the “SEC”) on April 27, 2026 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 year ended December 31, 2025 filed with the SEC on February 12, 2026 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.
PUBLIC STORAGE
By:
/s/ Joseph D. Fisher             
Date: June 1, 2026
Joseph D. Fisher
President and Chief Financial Officer
(Principal Financial Officer)

Source: View Original Filing on SEC EDGAR

FAQ

What operating update did Public Storage (PSA) provide for April–May 2026?

Public Storage reported a same-store operating update for April 1 through May 28, 2026. It highlighted churn, occupancy, and average annual contract rents per square foot compared with the same period in 2025 across its stabilized Same Store Facilities portfolio.

How did Public Storage’s same-store churn change in the latest update?

Same Store Churn improved to 16.4% for the period ended May 28, 2026, compared with 19.6% in 2025. Churn is defined as units moved out during the period divided by starting occupied units, indicating fewer move-outs relative to beginning occupancy.

What were Public Storage’s average contract rents per square foot for move-ins and move-outs?

For April 1 through May 28, 2026, customers moving in had average annual contract rent of $13.10 per square foot, slightly below $13.13 in 2025. Customers moving out paid $18.98 per square foot, down from $19.79 a year earlier.

How did occupancy trend in Public Storage’s same-store portfolio?

Weighted average square foot occupancy for the period ended May 28, 2026 was 92.2%, compared with 92.1% in 2025. This indicates broadly stable occupancy levels across the Same Store Facilities during the April 1 through May 28 comparison period.

How large is Public Storage’s Same Store Facilities portfolio in this update?

The Same Store Facilities portfolio consists of 2,755 facilities totaling 192.1 million net rentable square feet. These properties have been owned and operated on a stabilized basis since January 1, 2024, forming the consistent base for year-over-year comparisons.

Where can investors find more detail on Public Storage’s same-store revenue drivers?

Further detail is available under “Analysis of Same Store Revenue” within Management’s Discussion and Analysis in Public Storage’s Form 10-Q for the quarter ended March 31, 2026. That section discusses the various factors that affect revenues for the Same Store Facilities.

Filing Exhibits & Attachments

4 documents

Other Documents