Public Storage SEC Filings

Public Storage (PSA) is presented as the largest owner of U.S. self-storage facilities with a broad national footprint. At June 30, 2025, the company owned interests in 3,103 self-storage facilities totaling approximately 224.1 million net rentable square feet and 1.0 million net rentable square feet of commercial/retail space; it also managed 329 facilities (about 25.4 million net rentable square feet) for third parties. Public Storage Operating Company (PSOC) had approximately $1.6 million of secured indebtedness, $1.9 billion of Euro-denominated unsecured indebtedness and $8.6 billion of U.S. Dollar-denominated unsecured indebtedness outstanding on a consolidated basis. As of September 22, 2025 PSOC had no outstanding borrowings under its $1.5 billion revolving credit facility but had undrawn standby letters of credit totaling $19.9 million. PSOC must maintain total unencumbered assets of at least 125% of its total unsecured indebtedness (subject to exceptions). The prospectus supplement also details redemption mechanics for notes and extensive U.S. federal tax and withholding rules affecting U.S. and non-U.S. holders.

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.

Luke J. Petherbridge, a director of Public Storage (PSA), reported a purchase of 700 common shares on 08/08/2025 at a price of $284.25 per share. The Form 4 shows the acquisition was executed under code P and the filing indicates the shares are held in a direct ownership form following the transaction. The filing was signed by an attorney-in-fact on behalf of the reporting person.

Form 4 reports that Public Storage (PSA) director Luke J. Petherbridge received an equity award on 07/30/2025 consisting of 10,022 AO LTIP Units in Public Storage OP at an exercise price of $288.65. These profit-interest units vest fully one year after the grant date. Once vested, they may be converted into LTIP Units and ultimately exchanged for an equal number of PSA common shares or the cash equivalent, subject to tax-allocation conditions.

Following the award, Petherbridge directly holds 10,022 derivative securities; no non-derivative share transactions were reported. The grant is a routine component of the company’s 2021 Equity and Performance-Based Incentive Plan and represents a negligible percentage of PSA’s outstanding shares, resulting in immaterial dilution while further aligning the director’s incentives with shareholder value.

Public Storage (PSA) Form 4 filing dated 07/01/2025 discloses a routine equity compensation transaction by director Shankh Mitra. On 06/30/2025 the director acquired 113 common shares at an effective price of $293.42 per share under the company’s Non-Management Trustee Compensation and Deferral Program. The grant reflects Mr. Mitra’s election to receive a portion of his quarterly cash retainer in stock rather than cash. Following the award, the director’s direct ownership increases to 8,653 shares. No derivative securities were involved and no shares were sold.

The dollar value of the acquisition is approximately $33,000, modest relative to Public Storage’s multi-billion-dollar market capitalization. While the purchase marginally strengthens insider-ownership alignment, it is not considered a materially market-moving event.