Welcome to our dedicated page for Public Storage SEC filings (Ticker: PSA), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
Public Storage filings document the regulatory disclosures of a self-storage REIT with common shares listed on the New York Stock Exchange and multiple series of preferred and depositary shares. The company’s reports cover material events, operating and financial results, capital-structure disclosures, securities registered under Section 12(b), and debt-related instruments.
Its SEC record also includes proxy materials addressing trustee elections, executive compensation, shareholder voting matters, and governance practices. Form 8-K filings provide event-driven disclosures on dividends, agreements, financing or security matters, and other corporate actions connected to Public Storage’s REIT structure and self-storage operations.
Public Storage is asking shareholders to vote at its May 6, 2026 annual meeting on three items: electing twelve trustees, an advisory Say‑on‑Pay vote, and ratifying Ernst & Young as auditor for 2026. The proxy highlights record 2025 results, including $4.8 billion in revenue and $3.5 billion in net operating income, plus a same‑store direct operating margin of 78.2%. The company added 8.2 million square feet in 2025 at a cost of $1.4 billion, contributing to a 31% portfolio increase since 2019. It also emphasizes high digital adoption, with 75% of new rentals completed digitally, and continued sustainability initiatives such as a 45% Scope 1 and 2 emissions‑reduction target by 2032 and rooftop solar on 1,060 properties. A major focus is the PS4.0 leadership transition: CEO Joseph Russell will retire March 31, 2026, with Chief Investment Officer Tom Boyle becoming CEO and a trustee on April 1, 2026, and independent trustee Shankh Mitra becoming Board Chair. The filing underscores board refreshment, diversity, strong governance practices, and a pay program tying most executive compensation to Core FFO growth, NAV growth, and relative total shareholder return.
Public Storage Schedule 13G/A amendment: The Vanguard Group reports that, following an internal realignment effective January 12, 2026, certain Vanguard subsidiaries now report disaggregated holdings and The Vanguard Group beneficial ownership in Public Storage common stock is shown as 0 shares (0%).
The filing states the subsidiaries pursue the same investment strategies and that Vanguard no longer is deemed to beneficially own securities held by those subsidiaries per SEC Release No. 34-39538.
Public Storage Chief Legal Officer Nathaniel A. Vitan received new equity awards in the form of AO LTIP Units and LTIP Units. On March 15, 2026, he was granted 12,986 AO LTIP Units tied to a performance period from 2023 to 2026, replacing a prior stock option award with an exercise price of $288.56 per share. The compensation committee certified performance at 100% of target for this award.
He also received 3,368 LTIP Units, partly subject to time-based vesting, with three-fifths scheduled to vest on March 20, 2026 and the rest vesting ratably over the next two years. Following these grants, he holds 56,211.90 LTIP Units, including 50,007.90 that are vested and 6,204 subject to time-based vesting, plus 2,364 Public Storage common shares held directly. These awards are compensation grants, not open-market purchases or sales.
Public Storage President and CEO Joseph D. Russell Jr. reported new equity-based awards tied to company performance rather than any open-market trading. He received 40,555 AO LTIP Units in Public Storage OP, L.P. and 10,520 LTIP Units, both granted at a price of $0.00 per unit as compensation.
The AO LTIP Units carry a conversion reference price of $288.56 per underlying common share and are linked to a three-year 2023–2026 performance period that was certified at 100% of target. Three-fifths of one award will vest on March 20, 2026, with the remainder vesting ratably over the following two years.
These AO LTIP Units and LTIP Units are structured as profits interests that can ultimately be converted into operating partnership units and then exchanged for Public Storage common shares or cash. After these awards, Russell directly holds 19,096 common shares and a total of 106,395.82 LTIP Units, including both vested and time-based awards.
Public Storage corporate officer Natalia Johnson received new equity awards linked to company performance. She was granted 25,551 AO LTIP Units with an underlying conversion price of $288.56 per common share equivalent, expiring on March 14, 2033, and 6,584 additional LTIP Units.
These awards reflect performance-based replacements for prior option and restricted share unit grants covering the 2023–2026 performance period, with performance certified at 100% of target on March 15, 2026. Three-fifths of one award vests on March 20, 2026, with the balance vesting ratably over the next two years.
Boyle Tom reported acquisition or exercise transactions in this Form 4 filing.
Public Storage Chief Investment Officer Tom Boyle received equity-based awards of 34,068 AO LTIP Units and 8,837 LTIP Units in Public Storage OP under the 2021 incentive plan. These AO LTIP and LTIP Units are intended to qualify as profits interests and can ultimately be exchanged for Public Storage common shares or their cash value after tax-related capital account conditions are met.
The awards are performance-based replacements for prior option and restricted share unit grants tied to a 2023–2026 performance period, with performance certified at 100% of target. Three-fifths of the AO LTIP Units will vest on March 20, 2026, with the balance vesting ratably over the next two years. Following these grants, Boyle holds 34,068 AO LTIP Units, 32,286 LTIP Units (18,885 vested and 13,401 subject to time-based vesting), and 10,227 common shares, highlighting a compensation-driven increase in his equity-linked exposure rather than any open‑market buying or selling.
Public Storage agreed to merge with National Storage Affiliates Trust in a stock-for-stock transaction. Each NSA common share will be converted into 0.1400 Public Storage common share, with cash only for fractional shares. NSA Series A and B preferred shares will convert into corresponding Public Storage preferred shares with materially unchanged terms.
NSA operating partnership units generally convert into 0.1400 Public Storage OP units, or certain accredited holders may instead receive interests in a new joint venture owning about $3.2 billion of real estate and carrying about $2.2 billion of debt. NSA faces a potential termination fee of $201,966,000 in specified break scenarios. Both companies agree to dividend caps, including up to $0.57 per NSA common share and $3.00 per Public Storage common share per quarter, with customary REIT-related exceptions.
Public Storage is planning a major expansion by agreeing to acquire National Storage Affiliates in an all‑stock transaction valued at approximately $10.5 billion. NSA shareholders and operating partnership unitholders will receive 0.14 PSA shares or units per NSA share or unit, implying $41.68 per NSA share based on PSA’s March 13, 2026 closing price.
The combined self‑storage platform would span 4,596 properties and about 328 million net rentable square feet across 42 states and Puerto Rico, with a pro forma equity market capitalization of roughly $57 billion and total enterprise value of about $77 billion. Public Storage expects the deal to be neutral to FFO per share in 2026 and add $0.10–$0.20 in 2027.
Management targets $110–$130 million of annual run‑rate synergies by year three, mainly from revenue optimization, operating efficiencies and lower overhead, driving projected FFO accretion of $0.35–$0.50 per share (about 2%–3%) once the integration stabilizes in 2028–2029. Closing is expected in the third quarter of 2026, subject to NSA equity holder approval and customary conditions.
Public Storage director Rebecca L. Owen reported exercising equity-based awards tied to 5,495.57 common shares of the company. These transactions involved the exercise or conversion of AO LTIP Units and LTIP Units into common share equivalents, with no open-market purchases or sales reported in this filing.
The AO LTIP Units carry an exercise or conversion price of $210.48 per common share and function similarly to net-exercise stock option awards, ultimately settling in limited partnership units that are redeemable for Public Storage common shares or their cash value at the company’s option.