PSA expands portfolio: 5.1M sq ft added in $811M deals

Rhea-AI Filing Summary

Public Storage (PSA) disclosed a material acquisition activity on September 8, 2025, reporting that since the start of the year it has acquired or entered contracts to acquire 74 self-storage facilities totaling 5.1 million net rentable square feet for $811.0 million. The disclosure presents this as aggregated transaction activity year-to-date rather than a single purchase, showing a sizable expansion of the company’s portfolio footprint in the period. The filing does not provide financing details, individual facility locations, anticipated revenue or capitalization effects, or timing for closing the remaining contracts.

Positive

• Scale expansion: Acquired or under contract for 74 facilities, adding 5.1M net rentable sq ft
• Substantial deployment: $811.0 million invested year-to-date, showing active portfolio growth

Negative

• Undisclosed financing: Filing does not state how the $811.0 million purchases were financed
• Limited detail: No information on locations, individual deal sizes, expected occupancy, or revenue impact

Insights

Real Estate Portfolio Analyst

Large portfolio expansion: 74 facilities, 5.1M sq ft for $811.0 million.

The transaction increases scale by adding 5.1 million net rentable square feet, which can boost rental revenue if occupancy and rates are maintained. The acquisition pattern appears to be a mix of closed deals and contracts to acquire, indicating near-term growth in operating assets.

Primary dependencies are funding for the purchases and successful closings; interest-rate sensitivity and local market conditions will affect returns. Watch for capital raise details, individual closing schedules, and post-acquisition occupancy and rate data over the next 6–12 months.

Capital Markets / Financing Specialist

Transaction scale implies material funding and balance-sheet impact.

A $811.0 million acquisition program can affect leverage, liquidity, and interest expense depending on whether debt, equity, or cash funds are used. The filing lacks disclosure on financing mix, covenants, or incremental leverage metrics.

Investors should look for detailed financing disclosures and any changes to credit facilities or equity issuances in upcoming reports and press releases within the next quarter, as these will clarify capitalization effects and near-term credit metrics.

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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): September 8, 2025

____________________

Public Storage

(Exact Name of Registrant as Specified in its Charter)

____________________

Maryland			001-33519			93-2834996
(State or Other Jurisdiction of Incorporation)			(Commission File Number)			(I.R.S. Employer Identification No.)

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:

☐			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 Class

Trading Symbol

Name of exchange on which registered

Common Shares, $0.10 par value

PSA

New York Stock Exchange

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

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

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

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

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

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

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

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

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

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

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

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 September 8, 2025, 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 two and eight months ended August 31, 2025.

Same Store Facilities Operating Update (a)

			Two Months Ended August 31,																		Eight Months Ended August 31,
			2025						2024						Change						2025						2024						Change
			(Amounts in thousands, except for per square foot amounts)
Tenants moving in during the period:
Average annual contract rent per square foot (b)			$	13.57					$	14.74					(7.9)%						$	13.16					$	13.96					(5.7)%
Square footage			21,057						21,253						(0.9)%						84,379						83,702						0.8%
Contract rents gained from move-ins			$	47,624					$	52,212					(8.8)%						$	740,285					$	778,987					(5.0)%
Tenants moving out during the period:
Average annual contract rent per square foot (b)			$	20.26					$	20.73					(2.3)%						$	20.31					$	20.73					(2.0)%
Square footage			22,621						22,976						(1.5)%						82,969						82,887						0.1%
Contract rents lost from move-outs			$	76,384					$	79,382					(3.8)%						$	1,123,400					$	1,145,498					(1.9)%
At August 31,
Square foot occupancy																					91.3%						91.6%						(0.3)%
Annual contract rent per occupied square foot (b)																					$	22.79					$	22.82					(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 June 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)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.

As of September 8, 2025 we acquired or were under contract to acquire 74 self-storage facilities with 5.1 million net rentable square feet for $811.0 million since the beginning of the year.

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 June 30, 2025 filed with the Securities and Exchange Commission (the “SEC”) on July 30, 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.

			PUBLIC STORAGE
			By:			/s/ H. Thomas Boyle
Date: September 8, 2025						H. Thomas Boyle Senior Vice President, Chief Financial and Investment Officer

FAQ

What did Public Storage (PSA) report on September 8, 2025?

PSA reported it has acquired or is under contract to acquire 74 self-storage facilities totaling 5.1 million net rentable square feet for $811.0 million since the beginning of the year.

Does the filing say how PSA financed the $811.0 million of acquisitions?

No. The report does not disclose the financing mix (debt, equity, or cash) or any changes to credit facilities.

Are the 74 facilities already owned or still under contract?

The filing states the company has "acquired or were under contract to acquire" the 74 facilities, so the group includes both closed acquisitions and contracts pending closing.

How much rentable space did PSA add with these deals?

The aggregated transactions add 5.1 million net rentable square feet.

Will this filing change PSA’s reported earnings immediately?

The filing gives no earnings guidance or timing; any impact on reported revenue or net income depends on individual closing dates and integration, which were not disclosed.