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 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.
Public Storage director Paul S. Williams reported two equity incentive transactions involving partnership-based units linked to the company’s common shares. On the reported date, he exercised or converted derivative awards for 6,000 AO LTIP Units and separately for 1,685.15 LTIP Units, all held directly.
The footnotes explain that AO LTIP Units function like “net exercise” stock options. Once vested, they can convert into LTIP Units based on the increase in Public Storage’s common share value over $223.61. Vested LTIP Units may then convert into OP Units, which are redeemable, at the company’s option, for either one common share per OP Unit or cash equal to the value of one common share.
Public Storage provides an early 2026 operating update from its investor presentation, focusing on same-store self-storage facilities for the period ended February 25, 2026. These 2,755 facilities total 192.1 million net rentable square feet and have been stabilized since January 1, 2024.
For customers moving in, average annual contract rent per square foot declined to $11.93 from $12.52, with square footage down to 18,561 thousand from 19,687 thousand and contract rents gained down to $36,905 thousand from $41,080 thousand. For move-outs, average annual contract rent per square foot eased to $19.55 from $20.01, while square footage fell to 16,427 thousand from 17,364 thousand and contract rents lost declined to $53,525 thousand from $57,909 thousand. At February 25, 2026, square foot occupancy improved to 91.7% from 90.6%, and annual contract rent per occupied square foot was essentially flat at $22.13 versus $22.16.
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.