Public Storage

Current report (Form 8-K) · Jun 1, 2026 · Other material event · Investor press release

Ticker

PSA

Documents

Primary topic

Other material event

Filed

Jun 1, 2026

Filing summary Workforce analysis SEC documents(7)Filing text

Type

8-K

File

psa-20260601.htm

Document text
8-K · psa-20260601.htm iXBRL 0001393311 2026-06-01 2026-06-01 0001393311 us-gaap:CommonStockMember 2026-06-01 2026-06-01 0001393311 us-gaap:SeriesFPreferredStockMember 2026-06-01 2026-06-01 0001393311 us-gaap:SeriesGPreferredStockMember 2026-06-01 2026-06-01 0001393311 us-gaap:SeriesHPreferredStockMember 2026-06-01 2026-06-01 0001393311 psa:SeriesIPreferredStockMember 2026-06-01 2026-06-01 0001393311 psa:SeriesJPreferredStockMember 2026-06-01 2026-06-01 0001393311 psa:SeriesKPreferredStockMember 2026-06-01 2026-06-01 0001393311 psa:SeriesLPreferredStockMember 2026-06-01 2026-06-01 0001393311 psa:SeriesMPreferredStockMember 2026-06-01 2026-06-01 0001393311 psa:SeriesNPreferredStockMember 2026-06-01 2026-06-01 0001393311 psa:SeriesOPreferredStockMember 2026-06-01 2026-06-01 0001393311 psa:SeriesPPreferredStockMember 2026-06-01 2026-06-01 0001393311 psa:SeriesQPreferredStockMember 2026-06-01 2026-06-01 0001393311 psa:SeriesRPreferredStockMember 2026-06-01 2026-06-01 0001393311 psa:SeriesSPreferredStockMember 2026-06-01 2026-06-01 0001393311 psa:GuaranteeNotesDue2032Member 2026-06-01 2026-06-01 0001393311 psa:GuaranteeNotesDue2030Member 2026-06-01 2026-06-01 0001393311 psa:GuaranteeNotesDue2034Member 2026-06-01 2026-06-01 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________ FORM 8-K ____________________ CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): June 1, 2026 ____________________ Public Storage (Exact Name of Registrant as Specified in its Charter) ____________________ Maryland 001-33519 93-2834996 (State or Other Jurisdiction of Incorporation) ( Commission File Number) (I.R.S. Employer Identification No.) 2811 Internet Boulevard , Frisco , Texas 75304 (Address of Principal Executive Offices) (Zip Code) ( 469 ) 649-9486 (Registrant's telephone number, including area code) N/A (Former name or former address, if changed since last report) ____________________ Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: Title of Class Trading Symbol Name of exchange on which registered Common Shares, $0.10 par value PSA New York Stock Exchange Depositary Shares, Each Representing 1/1,000 of a 5.150% Cum Pref Share, Series F, $0.01 par value PSAPrF New York Stock Exchange Depositary Shares, Each Representing 1/1,000 of a 5.050% Cum Pref Share, Series G, $0.01 par value PSAPrG New York Stock Exchange Depositary Shares, Each Representing 1/1,000 of a 5.600% Cum Pref Share, Series H, $0.01 par value PSAPrH New York Stock Exchange Depositary Shares, Each Representing 1/1,000 of a 4.875% Cum Pref Share, Series I, $0.01 par value PSAPrI New York Stock Exchange Depositary Shares, Each Representing 1/1,000 of a 4.700% Cum Pref Share, Series J, $0.01 par value PSAPrJ New York Stock Exchange Depositary Shares, Each Representing 1/1,000 of a 4.750% Cum Pref Share, Series K, $0.01 par value PSAPrK New York Stock Exchange Depositary Shares, Each Representing 1/1,000 of a 4.625% Cum Pref Share, Series L, $0.01 par value PSAPrL New York Stock Exchange Depositary Shares, Each Representing 1/1,000 of a 4.125% Cum Pref Share, Series M, $0.01 par value PSAPrM New York Stock Exchange Depositary Shares, Each Representing 1/1,000 of a 3.875% Cum Pref Share, Series N, $0.01 par value PSAPrN New York Stock Exchange Depositary Shares, Each Representing 1/1,000 of a 3.900% Cum Pref Share, Series O, $0.01 par value PSAPrO New York Stock Exchange Depositary Shares, Each Representing 1/1,000 of a 4.000% Cum Pref Share, Series P, $0.01 par value PSAPrP New York Stock Exchange Depositary Shares, Each Representing 1/1,000 of a 3.950% Cum Pref Share, Series Q, $0.01 par value PSAPrQ New York Stock Exchange Depositary Shares, Each Representing 1/1,000 of a 4.000% Cum Pref Share, Series R, $0.01 par value PSAPrR New York Stock Exchange Depositary Shares, Each Representing 1/1,000 of a 4.100% Cum Pref Share, Series S, $0.01 par value PSAPrS New York Stock Exchange Guarantee of 0.875% Senior Notes due 2032 issued by Public Storage Operating Company PSA/32 New York Stock Exchange Guarantee of 0.500% Senior Notes due 2030 issued by Public Storage Operating Company PSA/30 New York Stock Exchange Guarantee of 3.500% Senior Notes due 2034 issued by Public Storage Operating Company PSA/34 New York Stock Exchange Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Item 7.01 Regulation FD Disclosure. On June 1, 2026, Public Storage (the “Company”) posted on the Investor Relations section of its website a presentation (the “Investor Presentation”) it intends to use at an upcoming investor conference. Item 8.01 Other Events. The Investor Presentation includes the following operating update for the periods from April 1 through May 28, 2026 and 2025. Same Store Facilities Operating Update (a) Period Ended May 28, 2026 2025 Change (b) (Amounts in thousands, except for per square foot amounts) Customers moving in during the period: Average annual contract rent per square foot (c) $ 13.10 $ 13.13 (0.2)% Customers moving out during the period: Average annual contract rent per square foot (c) $ 18.98 $ 19.79 (4.1)% Same Store Churn (d) 16.4% 19.6% (3.2)% Weighted average square foot occupancy for the period 92.2% 92.1% 0.1% Please see “Analysis of Same Store Revenue” under “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s Quarterly Report on Form 10-Q for the period ended March 31, 2026 for further information with respect to the various factors that affect the Company’s revenues. (a) The Same Store Facilities consist of 2,755 facilities (192.1 million net rentable square feet) that have been owned and operated on a stabilized basis since January 1, 2024. (b) Represents the absolute nominal change with respect to same store churn and square foot occupancy, and the percentage change with respect to all other items. (c) Annual contract rent represents the agreed upon monthly rate that is paid by the Company’s customers in place at the time of measurement. Contract rates are initially set in the lease agreement upon move-in and the Company adjusts them from time to time with notice. Contract rent excludes other fees that are charged on a per-item basis, such as late charges and administrative fees, does not reflect the impact of promotional discounts, and does not reflect the impact of rents that are written off as uncollectible. (d) Churn is defined as units moved out during the period, divided by starting occupied units at the beginning of the period. Forward-Looking Statements This Current Report on Form 8-K, including the sections of the Company’s Quarterly Report on Form 10-Q for the period ended March 31, 2026 filed with the Securities and Exchange Commission (the “SEC”) on April 27, 2026 that are referenced herein, contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements in this Form 8-K, other than statements of historical fact, are forward-looking statements, which may be identified by the use of the words “outlook,” “guidance,” “expects,” “believes,” “anticipates,” “should,” “estimates,” and similar expressions. These forward-looking statements involve known and unknown risks and uncertainties, which may cause actual events to be materially different from those expressed or implied in the forward-looking statements. Factors and risks that may impact future results and performance include, but are not limited to, those described in Part 1, Item 1A, “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on February 12, 2026 and in the Company’s other filings with the SEC. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. PUBLIC STORAGE By: /s/ Joseph D. Fisher Date: June 1, 2026 Joseph D. Fisher President and Chief Financial Officer (Principal Financial Officer)

Document text

8-K · psa-20260601.htm iXBRL

0001393311 2026-06-01 2026-06-01 0001393311 us-gaap:CommonStockMember 2026-06-01 2026-06-01 0001393311 us-gaap:SeriesFPreferredStockMember 2026-06-01 2026-06-01 0001393311 us-gaap:SeriesGPreferredStockMember 2026-06-01 2026-06-01 0001393311 us-gaap:SeriesHPreferredStockMember 2026-06-01 2026-06-01 0001393311 psa:SeriesIPreferredStockMember 2026-06-01 2026-06-01 0001393311 psa:SeriesJPreferredStockMember 2026-06-01 2026-06-01 0001393311 psa:SeriesKPreferredStockMember 2026-06-01 2026-06-01 0001393311 psa:SeriesLPreferredStockMember 2026-06-01 2026-06-01 0001393311 psa:SeriesMPreferredStockMember 2026-06-01 2026-06-01 0001393311 psa:SeriesNPreferredStockMember 2026-06-01 2026-06-01 0001393311 psa:SeriesOPreferredStockMember 2026-06-01 2026-06-01 0001393311 psa:SeriesPPreferredStockMember 2026-06-01 2026-06-01 0001393311 psa:SeriesQPreferredStockMember 2026-06-01 2026-06-01 0001393311 psa:SeriesRPreferredStockMember 2026-06-01 2026-06-01 0001393311 psa:SeriesSPreferredStockMember 2026-06-01 2026-06-01 0001393311 psa:GuaranteeNotesDue2032Member 2026-06-01 2026-06-01 0001393311 psa:GuaranteeNotesDue2030Member 2026-06-01 2026-06-01 0001393311 psa:GuaranteeNotesDue2034Member 2026-06-01 2026-06-01

 UNITED STATES
 SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 ____________________
 FORM  8-K
 ____________________
 CURRENT REPORT
 PURSUANT TO SECTION 13 OR 15(d) OF THE
 SECURITIES EXCHANGE ACT OF 1934

 Date of Report (Date of earliest event reported): June 1, 2026
 ____________________
 Public Storage
 (Exact Name of Registrant as Specified in its Charter)
 ____________________

 Maryland 001-33519 93-2834996
 (State or Other Jurisdiction of Incorporation) ( Commission File Number)
 (I.R.S. Employer Identification No.)

 2811 Internet Boulevard , Frisco , Texas
 75304

 (Address of Principal Executive Offices) (Zip Code)

 ( 469 ) 649-9486
 (Registrant's telephone number, including area code)
 N/A
 (Former name or former address, if changed since last report)
 ____________________
 Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 Securities registered pursuant to Section 12(b) of the Act:

 Title of Class Trading Symbol Name of exchange on which registered
 Common Shares, $0.10 par value PSA New York Stock Exchange

 Depositary Shares, Each Representing 1/1,000 of a 5.150% Cum Pref Share, Series F, $0.01 par value PSAPrF New York Stock Exchange

 Depositary Shares, Each Representing 1/1,000 of a 5.050% Cum Pref Share, Series G, $0.01 par value PSAPrG New York Stock Exchange

 Depositary Shares, Each Representing 1/1,000 of a 5.600% Cum Pref Share, Series H, $0.01 par value PSAPrH New York Stock Exchange

 Depositary Shares, Each Representing 1/1,000 of a 4.875% Cum Pref Share, Series I, $0.01 par value PSAPrI New York Stock Exchange

 Depositary Shares, Each Representing 1/1,000 of a 4.700% Cum Pref Share, Series J, $0.01 par value PSAPrJ New York Stock Exchange

 Depositary Shares, Each Representing 1/1,000 of a 4.750% Cum Pref Share, Series K, $0.01 par value PSAPrK New York Stock Exchange

 Depositary Shares, Each Representing 1/1,000 of a 4.625% Cum Pref Share, Series L, $0.01 par value PSAPrL New York Stock Exchange

 Depositary Shares, Each Representing 1/1,000 of a 4.125% Cum Pref Share, Series M, $0.01 par value PSAPrM New York Stock Exchange

 Depositary Shares, Each Representing 1/1,000 of a 3.875% Cum Pref Share, Series N, $0.01 par value PSAPrN New York Stock Exchange

 Depositary Shares, Each Representing 1/1,000 of a 3.900% Cum Pref Share, Series O, $0.01 par value PSAPrO New York Stock Exchange

 Depositary Shares, Each Representing 1/1,000 of a 4.000% Cum Pref Share, Series P, $0.01 par value
 PSAPrP
 New York Stock Exchange

 Depositary Shares, Each Representing 1/1,000 of a 3.950% Cum Pref Share, Series Q, $0.01 par value
 PSAPrQ
 New York Stock Exchange

 Depositary Shares, Each Representing 1/1,000 of a 4.000% Cum Pref Share, Series R, $0.01 par value
 PSAPrR
 New York Stock Exchange

 Depositary Shares, Each Representing 1/1,000 of a 4.100% Cum Pref Share, Series S, $0.01 par value
 PSAPrS
 New York Stock Exchange

 Guarantee of 0.875% Senior Notes due 2032 issued by Public Storage Operating Company PSA/32
 New York Stock Exchange

 Guarantee of 0.500% Senior Notes due 2030 issued by Public Storage Operating Company PSA/30
 New York Stock Exchange

 Guarantee of 3.500% Senior Notes due 2034 issued by Public Storage Operating Company PSA/34 New York Stock Exchange

 Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 Emerging growth company ☐

 If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 Item 7.01 Regulation FD Disclosure.
 On June 1, 2026, Public Storage (the “Company”) posted on the Investor Relations section of its website a presentation (the “Investor Presentation”) it intends to use at an upcoming investor conference.

 Item 8.01 Other Events.
 The Investor Presentation includes the following operating update for the periods from April 1 through May 28, 2026 and 2025.
 Same Store Facilities Operating Update (a)

 Period Ended May 28,
 2026 2025 Change (b)

 (Amounts in thousands, except for per square foot amounts)

 Customers moving in during the period:
 Average annual contract rent per square foot (c) $ 13.10  $ 13.13  (0.2)%

 Customers moving out during the period:
 Average annual contract rent per square foot (c) $ 18.98  $ 19.79  (4.1)%

 Same Store Churn (d) 16.4% 19.6% (3.2)%

 Weighted average square foot occupancy for the period 92.2% 92.1% 0.1%

 Please see “Analysis of Same Store Revenue” under “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s Quarterly Report on Form 10-Q for the period ended March 31, 2026 for further information with respect to the various factors that affect the Company’s revenues.
 (a) The Same Store Facilities consist of 2,755 facilities (192.1 million net rentable square feet) that have been owned and operated on a stabilized basis since January 1, 2024.
 (b) Represents the absolute nominal change with respect to same store churn and square foot occupancy, and the percentage change with respect to all other items.
 (c) Annual contract rent represents the agreed upon monthly rate that is paid by the Company’s customers in place at the time of measurement. Contract rates are initially set in the lease agreement upon move-in and the Company adjusts them from time to time with notice. Contract rent excludes other fees that are charged on a per-item basis, such as late charges and administrative fees, does not reflect the impact of promotional discounts, and does not reflect the impact of rents that are written off as uncollectible.
 (d) Churn is defined as units moved out during the period, divided by starting occupied units at the beginning of the period.

 Forward-Looking Statements
 This Current Report on Form 8-K, including the sections of the Company’s Quarterly Report on Form 10-Q for the period ended March 31, 2026 filed with the Securities and Exchange Commission (the “SEC”) on April 27, 2026 that are referenced herein, contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements in this Form 8-K, other than statements of historical fact, are forward-looking statements, which may be identified by the use of the words “outlook,” “guidance,” “expects,” “believes,” “anticipates,” “should,” “estimates,” and similar expressions. These forward-looking statements involve known and unknown risks and uncertainties, which may cause actual events to be materially different from those expressed or implied in the forward-looking statements. Factors and risks that may impact future results and performance include, but are not limited to, those described in Part 1, Item 1A, “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on February 12, 2026 and in the Company’s other filings with the SEC.

 SIGNATURES
 Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 PUBLIC STORAGE

 By: /s/ Joseph D. Fisher             

 Date: June 1, 2026
 Joseph D. Fisher
 President and Chief Financial Officer
 (Principal Financial Officer)

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