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 Chief Investment Officer Tom Boyle reported an amended equity award. On February 10, 2026, he acquired 229,621 AO LTIP Units of Public Storage OP, L.P. as a promotion award under the company’s 2021 equity and performance-based incentive plan at a stated price of $0.0000 per unit.
The amendment corrects an earlier Form 4 that overstated the number of AO LTIP Units granted. According to the filing, 60% of these AO LTIP Units vest on the sixth anniversary of the grant date, with the remaining 40% vesting ratably over the following two years. Once vested and subject to tax allocation conditions, they can ultimately be exchanged for Public Storage common shares or equivalent cash value.
Public Storage director Ronald L. Havner Jr. bought 112,258 OP Options in a private transaction on February 20, 2026. Each OP Option was purchased at $44.54 and gives the right to acquire common units of Public Storage OP, L.P. The OP Options become fully exercisable on the sixth anniversary of the settlement date. OP Units received upon exercise may later be exchanged for Public Storage common shares or the equivalent cash value.
Public Storage director Mitra Shankh privately bought 561,293 OP Options from Public Storage OP, L.P. at $44.54 per option. These out-of-the-money non-qualified OP Options become fully exercisable on the sixth anniversary of the settlement date.
Each OP Option relates to OP Units of Public Storage OP, which the reporting person may later exchange for Public Storage common shares or the cash value equivalent of those shares.
Public Storage executive Joseph D. Fisher filed an initial ownership report showing 68,886 AO LTIP Units tied to a recent promotion award. These units vest over a long period, with 60% vesting on the sixth anniversary of the grant and the remaining 40% vesting ratably over the following two years. The units become exercisable in stages on February 10, 2032, February 10, 2033, and February 10, 2034, and can ultimately be exchanged into Public Storage common shares or cash.
Public Storage director John Reyes reported equity incentive activity involving partnership units tied to the company’s common shares. He exercised or converted 28,275 AO LTIP Units at a price of $0.00 per unit, and separately received a grant of 6,980.49 LTIP Units, also at $0.00 per unit. Following these derivative acquisitions, he directly holds 76,582.65 LTIP and/or related OP Units, which represent interests that can ultimately be redeemed for Public Storage common shares or their cash value under the partnership structure.
Public Storage executive Tom Boyle, the company’s CFO and CIO, received a promotion-related grant of 242,248 AO LTIP Units in Public Storage OP, L.P. on February 10, 2026. These units were awarded at a price of $0 per unit as equity-based compensation.
The AO LTIP Units vest 60% on the sixth anniversary of the grant date, with the remaining 40% vesting ratably over the following two years. They become exercisable as to 60% on February 10, 2032, 20% on February 10, 2033, and 20% on February 10, 2034, and are scheduled to expire on February 9, 2036.
Public Storage, a Maryland REIT, describes its business as the leading U.S. owner, developer, and operator of self‑storage facilities, with 3,171 properties totaling 229 million net rentable square feet across 40 states as of December 31, 2025.
The company also earns income from tenant reinsurance, third‑party management of 362 facilities, a $142.1 million bridge lending program to self‑storage owners, and a 35% stake in European operator Shurgard. It highlights heavy use of technology, including its website, customer care center, eRental process, and mobile app to drive rentals and pricing.
Public Storage details growth strategies focused on improving same‑store performance, acquisitions, development and expansions, and scaling ancillary businesses. It emphasizes human capital, sustainability, and climate initiatives, while outlining extensive risk factors, including natural disasters, competition, regulation, cybersecurity, elevated interest rates, and maintaining REIT status.
Public Storage reported softer 2025 results but stable cash flow and laid out a cautious 2026 outlook. Q4 net income per diluted share fell to $2.60 from $3.21, and full-year net income per share declined to $9.01 from $10.64, while Core FFO per share inched up to $16.97 from $16.67.
Same Store revenues were essentially flat in 2025 and Same Store NOI dipped 0.5%, though margins remained high at around the mid‑70% range. The company continued to grow its footprint, acquiring 87 facilities for $945.6 million and adding 2.1 million net rentable square feet through development and expansions.
For 2026, guidance calls for Same Store NOI growth between (3.9)% and (0.5)% and Core FFO per share between $16.35 and $17.00, signaling a challenging operating environment. As part of its PS4.0 initiative, long‑time CEO Joe Russell will retire on March 31, 2026, with Tom Boyle becoming CEO on April 1, 2026 and Joe Fisher stepping in as President and CFO.
Public Storage announced a broad leadership and strategy reset branded “PS4.0.” Joseph D. Russell Jr. will retire as President and CEO on March 31, 2026, with H. Tom Boyle becoming CEO and trustee on April 1, 2026. Joseph D. Fisher will join as President, Chief Financial Officer on February 16, 2026, and Natalia N. Johnson and Chris C. Sambar were promoted to president-level operating roles. The Board will shift as Shankh S. Mitra becomes non-executive Chairman on April 1, 2026, while Ronald L. Havner steps down as Chair but remains a trustee and John Reyes retires at the 2026 annual meeting. Russell will serve as a consultant through March 31, 2027 for $400,000 per month.
The company is relocating its corporate headquarters to Frisco, Texas. Mitra and Havner are investing $25 million and $5 million, respectively, into 10-year out-of-the-money operating partnership options with a $350 exercise price and a six-year lock-out. PS4.0 centers on three pillars: the PS Next operating platform to enhance customer experience and margins; a “value creation engine” to deploy capital across acquisitions, development, expansions and lending; and an “Own It” culture with redesigned incentives tied to relative and absolute shareholder returns. Over the past five years the company deployed more than $12 billion into growth and, over the past three years, outperformed the self-storage sector by 2.7% in NOI growth with a 78.4% direct operating margin.
Public Storage director John Reyes reported derivative unit conversions into common shares. On February 6, 2026, he exercised 25,000 AO LTIP Units, each tied to Public Storage common shares, at a reference value of $226.20 per share as described in prior award terms.
He also converted 5,296.17 LTIP Units into an equal number of common shares on the same date at a price of $0, reflecting a non-cash redemption of partnership units. Following these moves, he held 28,275 AO LTIP Units and 69,602.16 LTIP/LTIP-related units directly, which can ultimately be redeemed for Public Storage common shares under the partnership structure.