Public Storage (PSA) SEC Filings, Jul-Aug 2026

Capital International Investors, a division of Capital Research and Management Company and its investment management affiliates, reported beneficial ownership of 9,703,619 shares of Public Storage common stock on a Schedule 13G. This represents 5.5% of the 175,545,748 shares believed to be outstanding.

Capital International Investors reported sole voting power over 9,446,619 shares and sole dispositive power over 9,703,619 shares, with no shared voting or dispositive power. The filing identifies Capital International Investors as a beneficial owner acting through multiple affiliated investment management entities.

Public Storage appointed S. Wade Sheek as Chief Legal Officer and Corporate Secretary, effective August 17, 2026. He previously served as Senior Vice President, Chief Legal Officer and Secretary of Herc Holdings, Inc. Mr. Sheek will succeed Nathaniel A. Vitan, who currently holds these roles.

Mr. Vitan will remain employed as a senior advisor until October 1, 2026 to support an orderly transition of responsibilities. The company is organized in Maryland with principal executive offices at 2811 Internet Boulevard, Frisco, Texas 75304, and lists common shares and multiple series of cumulative preferred shares and senior note guarantees on the New York Stock Exchange.

Public Storage executive Natalia Johnson (CD&TO) reported two equity award conversions. On July 28, 2026 she exercised 10327 AO LTIP Units with a $225.38 threshold, eliminating that position, and acquired 3284 LTIP Units, bringing her direct LTIP Unit holdings to 26493, including 9398 subject to time-based vesting.

Public Storage director Ronald L. Havner Jr. reported two equity incentive conversions. On July 29, 2026, he exercised 103,275 AO LTIP Units linked to options with a $219.07 conversion threshold, eliminating that AO LTIP position. He also converted 34,599.51 LTIP Units into Common Share–linked partnership interests and now directly holds 182,393.91 LTIP Units, which are ultimately redeemable one-for-one into Public Storage Common Shares or cash at the company’s option.

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.