Form 8-K

8-K — Public Storage

Accession: 0001628280-26-050608

Filed: 2026-07-29

Period: 2026-07-29

CIK: 0001393311

SIC: 6798 (REAL ESTATE INVESTMENT TRUSTS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — psa-20260729.htm (Primary)

EX-99.1 (psa-072926xex99_1.htm)

GRAPHIC (publicstoragelogo1a.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: psa-20260729.htm · Sequence: 1

psa-20260729

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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): July 29, 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

75034

(Address of Principal Executive Offices) (Zip Code)

Registrant's telephone number, including area code (469) 649-9486

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 communication 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 each 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

Title of Class Trading Symbol Name of each exchange on which registered

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

6.000% Cumulative Preferred Shares, Series T, $0.01 par value PSAPrT New York Stock Exchange

6.000% Cumulative Preferred Shares, Series U, $0.01 par value PSAPrU 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. ☐

The information in Item 2.02 of this Form 8-K and the Exhibit attached hereto pursuant to Item 9.01 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such filing.

Item 2.02Results of Operations and Financial Condition and Exhibits

On July 29, 2026, Public Storage announced its financial results for the quarter ended June 30, 2026. The full text of the press release issued in connection with the announcement is included in Exhibit 99.1 to this Current Report on Form 8-K.

Item 9.01Financial Statements and Exhibits

(d) Exhibits

Exhibit No. Description

99.1

Public Storage Earnings Press Release dated July 29, 2026.

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

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: July 29, 2026

Joseph D. Fisher

President and Chief Financial Officer (Principal Financial Officer)

EX-99.1

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Document

PUBLIC STORAGE REPORTS SECOND QUARTER 2026 RESULTS AND RAISES GUIDANCE

FRISCO, Texas, July 29, 2026 — Public Storage (the “Company”) (NYSE: PSA) announced today its results for the quarter ended June 30, 2026, and its increased outlook for full-year 2026. Net income and core funds from operations (“Core FFO”) per share for the quarter are presented below:

Three Months Ended June 30,

Change

Six Months Ended June 30, 2026

Change

Metric (per share)

2026

2025

2026

2025

Net Income

$2.55

$1.76

$0.79

44.9%

$5.26

$3.79

$1.47

38.8%

Core FFO

$4.17

$4.28

$(0.11)

(2.6)%

$8.38

$8.39

$(0.01)

(0.1)%

Highlights for the quarter:

•Increased outlook for the full-year 2026, following a strong performance in the first half of the year and optimism for the second half of 2026, including $0.02 of accretion from financing our Strategic Acquisitions of National Storage Affiliates Trust (NYSE: NSA) and Public Storage Canada (“PS Canada”).

•Entered into an agreement to acquire PS Canada for US$1.2 billion. The portfolio consists of 68 properties totaling 5.3 million square feet.

•Acquired 20 self-storage facilities with 1.5 million net rentable square feet for $222.5 million. Year to date, including activity subsequent to June 30, 2026, we acquired or were under contract to acquire 44 self-storage facilities with 3.2 million net rentable square feet, for $454.9 million.

•Expanded our financial flexibility by executing forward sale agreements under our ATM program totaling 796,009 shares (at a weighted price of $326.32 per share) during the second quarter, and subsequent to quarter end, securing approximately $258 million in future settlement proceeds, to further bolster our value creation engine.

•Entered into a new $3.0 billion unsecured revolving credit facility (the “Revolver”), plus a $500 million delayed draw term loan facility (the “Term Loan”), and established a $1.0 billion unsecured commercial paper program (the “Commercial Paper Program”).

•Completed a public offering of $500 million aggregate principal amount of senior notes at a fixed rate of 5.00% maturing on December 15, 2035.

Subsequent to quarter-end, the Company:

•Closed our merger of NSA in an all-stock transaction. With the completion of the merger, the Company currently has a portfolio of over 4,500 locations and over 327 million square feet operating under the Public Storage brand.

•Completed a public offering of $900 million aggregate principal amount of senior notes at an effective rate of 4.855%.

“Public Storage’s second quarter results reflect the strength of our platform and the disciplined execution of our long-term strategy, allowing us to raise our outlook for the back half of the year,” said Tom Boyle, Chief Executive Officer. “With the successful closing of the National Storage Affiliates acquisition and our announced agreement to acquire Public Storage Canada, the power of our PS4.0 Value Creation Engine and the operational advantages of the PS Next Platform are on full display. These strategic expansions allow us to deepen and broaden our portfolio, deliver value creation to our stakeholders, and improve customer experience across a rapidly growing footprint.”

2026 Guidance

Public Storage has raised its previously provided guidance for net operating income growth (Same Store and Non-Same Store), and Core FFO per share as included in the table below.

2026 Guidance

Current

Prior

Guidance Adjustment

Low

High

Low

High

(Dollar amounts in thousands, except per share data)

Same Store:

Revenue growth

(0.7)%

0.3%

(2.2)%

—%

0.9%

Expense growth

2.0%

3.0%

1.5%

2.8%

0.4%

Net operating income growth

(2.0)%

(0.3)%

(3.9)%

(0.5)%

1.1%

Non-Same Store:

Non-Same Store net operating income

$343,000

$357,000

$335,000

$355,000

$5,000

Core FFO per share:

$16.75

$17.05

$16.35

$17.00

$0.22

*Additional guidance assumptions can be found in the Company’s accompanying quarterly financial supplement.

*As described in more detail in the Company’s accompanying quarterly financial supplement, consistent with applicable SEC rules, we do not provide guidance for GAAP net income per share, the most comparable GAAP financial measure, or a reconciliation of estimated 2026 Core FFO per share to estimated GAAP net income per share because we are unable to reasonably predict certain items that are included in GAAP net income, including gains or losses on sales of real estate investments.

*Guidance adjustment column represents the absolute nominal change between midpoints of current and prior issued guidance.

*Non-Same Store net operating income does not include the impact of NSA and PS Canada.

Operating Results

The operating results of our 2,755 Same Store Facilities (192.1 million net rentable square feet), which represent approximately 83% of the net rentable square feet in our U.S. consolidated portfolio, are as follows:

Same Store Summary

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

Change (a)

2026

2025

Change (a)

(Dollar amounts in thousands, except for per square foot data)

Revenues

1,006,549

1,012,439

(0.6)%

2,007,382

2,013,460

(0.3)%

Direct Cost of Operations

(227,671

)

(218,358

)

4.3%

(456,959

)

(451,297

)

1.3%

Direct Net Operating Income (b)

778,878

794,081

(1.9)%

1,550,423

1,562,163

(0.8)%

Indirect Cost of Operations

(32,505)

(30,748)

5.7

(64,650)

(62,133)

4.1

Net Operating Income (b)

746,373

763,333

(2.2)%

1,485,773

1,500,030

(1.0)%

Gross Margin (before indirect costs)

77.4%

78.4%

(1.0)%

77.2%

77.6%

(0.4)%

Gross Margin (after indirect costs)

74.2%

75.4%

(1.2)%

74.0%

74.5%

(0.5)%

Average Occupancy

92.5%

92.3%

0.2%

92.0%

91.7%

0.3%

Realized annual rental income per (b):

Occupied square foot

21.89

22.06

(0.8)%

21.94

22.06

(0.5)%

Available square foot

20.24

20.36

(0.6)%

20.18

20.23

(0.2)%

(a)Represents the absolute nominal change with respect to gross margin and square foot occupancy, and the percentage change with respect to all other items.

(b)See Definitions for description of non-GAAP measures.

In addition to the Same Store Facilities, we have 441 primarily acquisition, development, and expansion facilities (39.3 million rentable square feet) in various stages of lease-up that represent the remaining 17% of the net rentable square feet in our portfolio. Revenues and net operating income from this non-same store pool grew 25.6% and 21.5%, respectively, during the quarter, and 25.2% and 24.3%, respectively, during the year.

Investment and Third-Party Management Activity

NSA Merger: On July 22, 2026, we closed our merger with NSA in an all-stock transaction (the "NSA Merger"), expanding the Public Storage brand portfolio to over 4,500 locations and more than 327 million operating square feet. Under the terms of the merger agreement, NSA shareholders received 0.1400 Public Storage common shares for each issued and outstanding NSA common share they owned. Concurrently with the closing, we formed a new joint venture consisting of 313 properties valued at approximately $3.3 billion, structured so that former NSA's operating partnership unitholders own approximately 80% of the equity, with Public Storage holding the remaining 20% interest.

The NSA Merger captures significant scale advantages by applying our industry-leading PS Next revenue and expense management capabilities to NSA’s solid operating momentum. Our operating platform advantage, highlighted by 78% same-store direct operating margins, compares favorably to NSA’s historical margins of 70%. We expect to generate approximately $110 million to $130 million of run-rate synergies within the next three to four years, driven by enhanced customer experience, NOI opportunity, tenant reinsurance uplift, and G&A savings. The transaction is expected to be accretive to FFO per share within the first year of closing, and to deliver approximately $0.35 to $0.50 per share in annualized FFO accretion upon the full realization of stabilized synergies. Additional information related to NSA’s second quarter 2026 performance can be found in the quarterly financial supplement published on the Company's Investor Relations website.

PS Canada: On June 22, 2026, the Company entered into an agreement to acquire PS Canada for US$1.2 billion, consisting of approximately $889 million of Public Storage OP units and approximately $310 million in cash. The portfolio consists of 68 properties totaling 5.3 million square feet. The acquisition of PS Canada represents a strategic opportunity to expand the Public Storage platform into major Canadian markets with attractive long-term fundamentals. This portfolio includes high-quality real estate in key markets, carries the Public Storage brand, and offers meaningful upside through our PS Next™ operating platform. The transaction is expected to close in the third quarter of 2026.

Acquisitions: During the quarter, we acquired 20 self-storage facilities with 1.5 million net rentable square feet for $222.5 million. For the six months ended June 30, 2026, and including activity subsequent to quarter end, not including PS Canada, we acquired or were under contract to acquire 44 facilities with 3.2 million net rentable square feet for $454.9 million.

Developments and Expansions: For the six months ended June 30, 2026, we opened three newly developed facilities and one expansion project, which together contributed 0.4 million net rentable square feet at a cost of $57.3 million.

At June 30, 2026, we had various facilities in development (2.8 million net rentable square feet) estimated to cost $483.5 million and various expansion projects underway (1.2 million net rentable square feet) estimated to cost $208.2 million. In total, these development and expansion projects are expected to deliver 4.0 million net rentable square feet at an aggregate cost of approximately $691.7 million. The remaining $431.6 million of development costs for these projects are expected to be incurred primarily in the next 18 to 24 months.

Lending: During the quarter, we originated $30.5 million of bridge loan financing for third-party self-storage owners at an average rate of 7.8%. At June 30, 2026, we had total notes receivable of $173.3 million at an average annual interest rate of 7.6% and $44.3 million of unfunded loan commitments expected to close in the next twelve months.

Third-Party Management: During the quarter, we added a net 22 facilities to our third-party property management program. At June 30, 2026, we managed or were under contract to manage 463 facilities (34.2 million net rentable square feet) through the program, including 68 facilities currently under construction.

Capital Markets Activity and Balance Sheet

"2026 has been a very strategic and beneficial year in the capital markets for Public Storage, setting up our balance sheet and value creation engine for years to come," said Joe Fisher, President and Chief Financial Officer. "Year-to-date, we have had $5.9 billion of debt capital markets activity and $6.0 billion of common share and partnership unit issuance or committed issuance. These deliberate actions further strengthen our industry best balance sheet, enhance our liquidity and financial flexibility, and fully fund our accretive external growth, including the acquisitions of NSA and Public Storage Canada."

The Company’s total indebtedness as of June 30, 2026 was $10.3 billion, with $650 million, or 6.3%, maturing in 2026. As of June 30, 2026, the Company had approximately $3.8 billion of liquidity through a combination of cash, undrawn capacity on its credit facility, and expected retained cash flow over the next twelve months. During the quarter, we completed a public offering of $500 million aggregate principal amount of senior notes at a fixed rate of 5.00% maturing on December 15, 2035. Additionally, we entered into a new $3.0 billion revolver, plus a $500 million delayed draw term loan facility, and established a $1.0 billion unsecured commercial paper program. The Revolver replaces in its entirety the Company’s $1.5 billion revolving credit facility that was scheduled to mature June 12, 2027. Lastly, through July 29, 2026, we have entered into forward sale agreements under our ATM program for a total of 796,009 common shares (at a weighted average price of $326.32 per share), which are expected to generate approximately $258 million of future net proceeds upon settlement.

Subsequent to quarter end, the Company issued $900 million aggregate principal amount of senior notes at an effective rate of 4.855%, including $400 million aggregate principal amount of fixed rate senior notes bearing interest

at an annual rate of 4.700% maturing on February 1, 2032, and $500 million aggregate principal amount of fixed rate senior notes bearing interest at an annual rate of 5.150% maturing on August 15, 2036.

Selected balance sheet metrics as of June 30, 2026:

Six Months Ended June 30,

Metric

2026

2025

Change (a)

Weighted Average Interest Rate

3.3%

3.0%

0.3%

Weighted Average Years to Maturity (b)

6.1

6.3

(0.2)

Net Debt to EBITDA (c)

2.9x

3.1x

(0.2)x

Net Debt and Preferred Equity to EBITDA (c)

4.2x

4.1x

0.1x

EBITDA to Fixed Charges (c)

6.6x

6.9x

(0.3)x

Credit Ratings (Moody’s / S&P)

A2 / A

—

(a)Represents the absolute nominal change.

(b)The weighted average years to maturity does not include preferred stock.

(c)EBITDA and Fixed Charges are non-GAAP measures. The EBITDA reconciliation and Fixed Charges computation can be found in the Company’s accompanying quarterly financial supplement.

Supplemental Information

This press release, our Form 10-Q for the second quarter of 2026, the accompanying quarterly financial supplement, and additional information about Public Storage are available on our website, www.publicstorage.com.

Definitions (unaudited)

Annual contract rent: Represents the agreed-upon monthly rate that is paid by our tenants in place at the time of measurement. Contract rates are initially set in the lease agreement upon move-in, and we adjust 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.

Earnings Before Interest, Taxes, Depreciation, and Amortization (“EBITDA”): EBITDA is defined as earnings before interest, taxes, depreciation and amortization. EBITDA is a non-GAAP financial measure and is used by us as a supplemental measure of performance. We believe investors and analysts utilize EBITDA in a similar manner. EBITDA is not a substitute for net income, operating cash flow, or other related financial measures, in evaluating our operating results. Other REITs may compute this measure differently, so comparisons among REITs may not be helpful.

Funds Available for Distribution (“FAD”): FFO adjusted to exclude certain non-cash charges and to deduct recurring capital expenditures, which do not include capital expenditures for energy efficiencies, including the installation of solar panels, heat pumps, and LED lighting; or capital expenditures for other property enhancements, including acquisition rebrandings and commercial conversions. We utilize FAD in evaluating our ongoing cash flow available for investment, debt repayment, and common distributions. We believe investors and analysts utilize FAD in a similar manner. FAD is not a substitute for GAAP net cash flow in evaluating our liquidity or ability to pay dividends, because it excludes investing and financing activities presented on our statements of cash flows. In addition, other REITs may compute this measure differently, so comparisons among REITs may not be helpful.

Funds from Operations (“FFO”) and FFO per diluted common share (“FFO per share”): Non-GAAP measures defined by Nareit. We believe that FFO and FFO per share are useful to REIT investors and analysts in measuring our performance because Nareit’s definition of FFO excludes items included in net income that do not relate to or are not indicative of our operating and financial performance. FFO represents net income before real estate-related depreciation and amortization, which is excluded because it is based upon historical costs and assumes that building values diminish ratably over time, while we believe that real estate values fluctuate due to market conditions. FFO also excludes gains or losses on sale of real estate assets and real estate impairment charges, which are also based upon historical costs and are impacted by historical depreciation. FFO and FFO per share are not a substitute for net income or earnings per share. FFO is not a substitute for net cash flow in evaluating our liquidity or ability to pay dividends, because it excludes investing and financing activities presented on our consolidated statements of cash flows. In addition, other REITs may compute these measures differently, so comparisons among REITs may not be helpful.

We also present “Core FFO” and “Core FFO per share” non-GAAP measures that represent FFO and FFO per share excluding the impact of (i) foreign currency exchange gains and losses, (ii) charges related to the redemption of preferred securities, (iii) transaction and integration costs related to the NSA Merger, and (iv) certain other non-cash and/or nonrecurring income or expense items primarily representing, with respect to the periods presented below, the impact of corporate transformation costs, loss contingencies, due diligence costs incurred in pursuit of strategic transactions, cancelled project write-off, realized or unrealized gain or loss on private equity investments and non-hedge designated derivative transactions, certain CEO transition-related costs, and amortization of acquired non real estate-related intangibles. We review Core FFO and Core FFO per share to evaluate our ongoing operating performance, and we believe they are used by investors and REIT analysts in a similar manner. However, Core FFO and Core FFO per share are not substitutes for net income and net income per share. Because other REITs may not compute Core FFO or Core FFO per share in the same manner as we do, may not use the same terminology, or may not present such measures, Core FFO and Core FFO per share may not be comparable among REITs.

Net operating income (“NOI”): Net operating income or “NOI” is a non-GAAP financial measure that excludes the impact of depreciation and amortization expense, which is based upon historical real estate costs and assumes that building values diminish ratably over time, while we believe that real estate values fluctuate due to market conditions. We utilize NOI in determining current property values, evaluating property performance, and evaluating property operating trends. We believe that investors and analysts utilize NOI in a similar manner. Direct net operating income (“Direct NOI”), a subtotal within NOI, is a non-GAAP financial measure that excludes the impact of supervisory payroll, centralized management costs, and share-based compensation in addition to depreciation and amortization expense. We utilize direct net operating income in evaluating property performance and in evaluating property operating trends as compared to our competitors. We believe that investors and analysts utilize NOI and Direct NOI in a similar manner. These measures are not a substitute for net income, operating cash flow, or other related financial measures, in evaluating our operating results. See Note 14 to our June 30, 2026, consolidated financial statements for a reconciliation of NOI to our total net income for all periods presented.

Realized annual rent per occupied square foot: Computed by dividing rental income, before late charges and administrative fees, by the weighted average occupied square feet for the period. This measure excludes late charges and administrative fees in order to provide a better measure of our ongoing level of revenue. Late charges are dependent upon the level of delinquency, and administrative fees are dependent upon the level of move-ins. In addition, the rates charged for late charges and administrative fees can vary independently from rental rates. This measure takes into consideration promotional discounts, which reduce rental income.

Realized annual rent per available square foot: Computed by dividing rental income, before late charges and administrative fees, by the total available net rentable square feet for the period. Similar to realized annual rent per occupied square foot, this measure excludes late charges and administrative fees, and takes into consideration promotional discounts, which reduce rental income.

Same Store Facilities: Consist of facilities we have owned and operated on a stabilized level of occupancy, revenues, and cost of operations since January 1, 2024. The composition of our Same Store Facilities allows us more effectively to evaluate the ongoing performance of our self-storage portfolio by excluding the impact of fill-up of unstabilized facilities, which can significantly affect operating trends. We believe investors and analysts use Same Store Facilities information in a similar manner. However, because other REITs may not compute Same Store Facilities in the same manner as we do, may not use the same terminology or may not present such a measure, Same Store Facilities may not be comparable among REITs.

Second Quarter Conference Call

A conference call is scheduled for July 30, 2026, at 11:00 a.m. (CT) to discuss the second quarter earnings results. The domestic dial-in number is (877) 407-9039, and the international dial-in number is (201) 689-8470. A simultaneous audio webcast may be accessed by using the link at www.publicstorage.com under “About Us, Investor Relations, News and Events, Event Calendar.” A replay of the conference call may be accessed through August 13, 2026, by calling (844) 512-2921 (domestic), (412) 317-6671 (international) (access ID number for either domestic or international is 13761635) or by using the link at www.publicstorage.com under “About Us, Investor Relations, News and Events, Event Calendar.”

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements relating to our 2026 outlook and all underlying assumptions, our expected acquisition, disposition, development, and redevelopment activity, supply and demand for our self-storage facilities, information relating to operating trends in our markets, expectations regarding operating expenses, including property tax changes, expectations regarding the impacts from inflation and changes in macroeconomic conditions, our strategic priorities, expectations with respect to financing activities, rental rates, cap rates, and yields, leasing expectations, our credit ratings, our expectations with respect to the future performance of the facilities acquired in the NSA Merger, and all other statements other than statements of historical fact. Such statements are based on management’s beliefs and assumptions made based on information currently available to management and 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 our actual results and performance to be materially different from those expressed or implied in the forward-looking statements. Risks and uncertainties that may impact future results and performance include, but are not limited to those risks and uncertainties described in Part 1, Item 1A, “Risk Factors” in our most recent Annual Report on Form 10-K for the year ended December 31, 2025 filed with the Securities and Exchange Commission (the “SEC”) on February 12, 2026 and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 filed with the SEC on April 27, 2026, and in our other filings with the SEC. These include changes in demand for our facilities, changes in macroeconomic conditions, failure to realize the expected benefits of the NSA Merger, including the risk that NSA’s business will not be integrated successfully or that such integration may be more difficult, time-consuming or costly than expected, including our ability to retain and hire key personnel, changes in national self-storage facility development activity, impacts from our strategic corporate transformation initiative, impacts of natural disasters, adverse changes in laws and regulations including governing property tax, evictions, rental rates, minimum wage levels, and insurance, adverse economic effects from public health emergencies, international military conflicts, international trade disputes (including threatened or implemented tariffs imposed by the U.S. and threatened or implemented tariffs imposed by foreign countries in retaliation), or similar events impacting public health and/or economic activity, increases in the costs of our primary customer acquisition channels, adverse impacts to us and our customers from high interest rates, inflation, unfavorable foreign currency rate fluctuations, or changes in federal or state tax laws related to the taxation of REITs, security breaches, including ransomware, or a failure of our networks, systems, or technology. These forward-looking statements speak only as of the date of this press release or as of the dates indicated in the statements. All of our forward-looking statements, including those in this press release, are qualified in their entirety by this cautionary statement. We expressly disclaim any obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, new estimates, or other factors, events or circumstances after the date of these forward-looking statements, except when expressly required by law. Given these risks and uncertainties, you should not rely on any forward-looking statements in this press release, or which management may make orally or in writing from time to time, neither as predictions of future events nor guarantees of future performance.

About Public Storage

Public Storage, a member of the S&P 500, is a REIT that primarily acquires, develops, owns, and operates self-storage facilities. At June 30, 2026, we: (i) owned and/or operated 3,584 self-storage facilities located in 40 states with approximately 259 million net rentable square feet in the United States and (ii) owned a 35% common equity interest in Shurgard Self Storage Limited (Euronext Brussels: SHUR), which owned 335 self-storage facilities located in seven Western European countries with approximately 19 million net rentable square feet operated under the Shurgard® brand. Our headquarters are located in Frisco, Texas.

Investor Contact

InvestorRelations@publicstorage.com

PUBLIC STORAGE

SELECTED FINANCIAL DATA

Same Store Operating Performance

(Unaudited – amounts in thousands except per square foot data)

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

Change (c)

2026

2025

Change (c)

(Dollar amounts in thousands, except for per square foot data)

Revenues (a):

Rental income

972,740

978,048

(0.5)

1,939,453

1,943,573

(0.2)

Late charges and administrative fees

33,809

34,391

(1.7)

67,929

69,887

(2.8)

Total revenues

1,006,549

1,012,439

(0.6)

2,007,382

2,013,460

(0.3)

Direct cost of operations (a):

Property taxes

111,362

105,186

5.9

217,485

212,411

2.4

On-site property manager payroll

33,713

34,325

(1.8)

68,075

68,907

(1.2)

Repairs and maintenance

20,824

20,172

3.2

43,431

44,182

(1.7)

Utilities

11,888

11,506

3.3

27,344

27,469

(0.5)

Marketing

22,029

20,732

6.3

44,625

44,382

0.5

Other direct property costs

27,855

26,437

5.4

55,999

53,946

3.8

Total direct cost of operations

227,671

218,358

4.3

456,959

451,297

1.3

Direct net operating income (d)

778,878

794,081

(1.9)

1,550,423

1,562,163

(0.8)

Indirect cost of operations (a)

(32,505)

(30,748)

5.7

(64,650)

(62,133)

4.1

Net operating income (b) (d)

746,373

763,333

(2.2)

1,485,773

1,500,030

(1.0)

Gross margin (before indirect costs)

77.4%

78.4%

(1.0)%

77.2%

77.6%

(0.4)%

Gross margin (after indirect costs)

74.2%

75.4%

(1.2)%

74.0%

74.5%

(0.5)%

Weighted average for the period:

Square foot occupancy

92.5%

92.3%

0.2%

92.0%

91.7%

0.3%

Realized annual rental income per (d):

Occupied square foot

21.89

22.06

(0.8)%

21.94

22.06

(0.5)%

Available square foot

20.24

20.36

(0.6)%

20.18

20.23

(0.2)%

At June 30:

Square foot occupancy

92.4%

91.9%

0.5%

Annual contract rent per occupied square foot (d)

22.09

22.25

(0.7)%

(a)Revenues and cost of operations do not include tenant reinsurance and merchandise sales and expenses generated at the facilities.

(b)See reconciliation of self-storage NOI to net income provided below.

(c)Represents the absolute nominal change with respect to gross margin and square foot occupancy, and the percentage change with respect to all other items.

(d)See Definitions for description of non-GAAP measures.

PUBLIC STORAGE

SELECTED CONSOLIDATED INCOME STATEMENT DATA

(Unaudited – amounts in thousands, except per share data)

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Revenues:

Self-storage facilities

1,139,947

1,118,658

2,268,072

2,221,656

Ancillary operations

92,934

82,436

182,550

162,622

Total revenues

1,232,881

1,201,094

2,450,622

2,384,278

Expenses:

Self-storage cost of operations

307,820

284,717

613,499

585,871

Ancillary cost of operations

36,286

33,288

70,550

63,981

Depreciation and amortization

287,757

283,216

578,480

565,931

Real estate acquisition and development expense

5,187

2,538

7,615

9,961

General and administrative

44,369

25,727

74,720

50,911

Interest expense

84,781

71,609

164,799

143,618

Total expenses

766,200

701,095

1,509,663

1,420,273

Operating income

466,681

499,999

940,959

964,005

Other increases (decreases) to net income:

Interest and other income (expense)

16,877

12,789

24,655

26,023

Equity in earnings (loss) of unconsolidated real estate entity

4,944

(2,230)

11,780

1,397

Foreign currency exchange gain (loss)

17,187

(146,070)

58,860

(214,765)

Gain (Loss) on sale of real estate

(35)

163

344

208

Income before income taxes

505,654

364,651

1,036,598

776,868

Income tax (provision) benefit

(2,716)

(3,240)

(4,285)

(4,666)

Net income

502,938

361,411

1,032,313

772,202

Allocation to noncontrolling interests

(2,978)

(2,992)

(6,080)

(5,992)

Net income allocable to Public Storage shareholders

499,960

358,419

1,026,233

766,210

Allocation of net income to:

Preferred shareholders

(48,678)

(48,673)

(97,356)

(97,351)

Restricted share units and unvested LTIP units

(1,024)

(778)

(1,831)

(1,661)

Net income allocable to common shareholders

450,258

308,968

927,046

667,198

Per common share:

Net income per common share – Basic

2.56

1.76

5.28

3.80

Net income per common share – Diluted(1)

2.55

1.76

5.26

3.79

Weighted average common shares – Basic

175,561

175,442

175,540

175,431

Weighted average common shares – Diluted

176,512

175,921

176,455

175,932

(1) Includes adjustment to numerator for net income attributable to noncontrolling interest shares.

PUBLIC STORAGE

SELECTED FINANCIAL DATA

Reconciliation of Net Income to FFO and Core FFO and FFO to Funds Available for Distribution

(Unaudited – amounts in thousands except per share data)

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

Percentage Change

2026

2025

Percentage Change

Reconciliation of Net Income to FFO and Core FFO (a):

Net income allocable to common shareholders

450,258

308,968

45.7

927,046

667,198

38.9

Eliminate items excluded from FFO:

Real estate-related depreciation and amortization

284,729

280,221

572,495

560,230

Real estate-related depreciation from unconsolidated real estate investment

10,884

17,683

22,161

30,958

Real estate-related depreciation allocated to noncontrolling interests, restricted share unitholders, and unvested LTIP unitholders

(2,761)

(2,215)

(5,487)

(4,329)

Impairment (recovery) write-down of real estate investments

(210)

—

(210)

3,827

Gains on sale of real estate investments, including our equity share from investment

(163)

(344)

(208)

FFO allocable to common shares (a)

742,935

604,494

22.9

1,515,661

1,257,676

20.5

Eliminate items excluded from Core FFO:

Adjustments to G&A Expense:

Transaction and integration costs

4,687

—

4,687

400

Legal reserves and recoveries

(1,700)

(255)

(1,700)

290

Corporate transformation costs

4,238

1,013

6,932

1,802

Executive severance and CEO transition costs

5,095

—

7,662

—

Other Non-Core Adjustments:

Foreign currency exchange (gain) loss

(17,187)

146,070

(58,860)

214,765

Unrealized (gain) loss on private equity investments

(3,779)

915

(3,305)

1,788

Unrealized (gain) loss on interest rate derivatives

606

—

5,857

—

Other items

1,176

112

1,376

225

Core FFO allocable to common shares (a)

736,071

752,349

(2.2)

1,478,310

1,476,946

0.1

Reconciliation of FFO to FAD:

FFO allocable to common shares

742,935

604,494

22.9

1,515,661

1,257,676

20.5

Eliminate effect of items included in FFO but not FAD:

Share-based compensation expense in excess of cash paid

12,530

10,248

21,818

17,863

Foreign currency exchange (gain) loss

(17,187)

146,070

(58,860)

214,765

Less:

Capital expenditures to maintain real estate facilities

(43,385)

(41,414)

(88,908)

(85,555)

FAD (a)

694,893

719,398

(3.4)

1,389,711

1,404,749

(1.1)

Per diluted common share:

FFO per share (a)

4.21

3.44

22.4%

8.59

7.15

20.1%

Core FFO per share (a)

4.17

4.28

(2.6)%

8.38

8.39

(0.1)%

(a)See Definitions for description of non-GAAP measures.

PUBLIC STORAGE

SELECTED FINANCIAL DATA

Reconciliation of Self-Storage Net Operating Income to Net Income

(Unaudited – amounts in thousands)

Three months ended June 30,

Six months ended June 30,

2026

2025

2026

2025

Self-storage revenues for:

Same Store Facilities

1,006,549

1,012,439

2,007,382

2,013,460

Acquired Facilities

78,871

57,561

153,875

112,966

Newly Developed and Expanded Facilities

51,314

44,382

100,197

86,811

Other Non-Same Store Facilities

3,213

4,276

6,618

8,419

Self-storage revenues

1,139,947

1,118,658

2,268,072

2,221,656

Self-storage cost of operations for:

Same Store Facilities

260,176

249,106

521,609

513,430

Acquired Facilities

27,966

19,797

53,754

40,330

Newly Developed and Expanded Facilities

18,536

14,303

35,638

29,074

Other Non-Same Store Facilities

1,142

1,511

2,498

3,037

Self-storage cost of operations

307,820

284,717

613,499

585,871

Self-storage NOI for:

Same Store Facilities

746,373

763,333

1,485,773

1,500,030

Acquired Facilities

50,905

37,764

100,121

72,636

Newly Developed and Expanded Facilities

32,778

30,079

64,559

57,737

Other Non-Same Store Facilities

2,071

2,765

4,120

5,382

Self-storage NOI (a)

832,127

833,941

1,654,573

1,635,785

Ancillary revenues

92,934

82,436

182,550

162,622

Ancillary cost of operations

(36,286)

(33,289)

(70,550)

(63,982)

Depreciation and amortization

(287,757)

(283,216)

(578,480)

(565,931)

Real estate acquisition and development expense

(5,187)

(2,538)

(7,615)

(9,961)

General and administrative expense

(44,369)

(25,727)

(74,720)

(50,911)

Interest and other income (expense)

16,877

12,789

24,655

26,023

Interest expense

(84,781)

(71,609)

(164,799)

(143,618)

Equity in earnings (loss) of unconsolidated real estate entity

4,944

(2,230)

11,780

1,397

Gain (Loss) on sale of real estate

(35)

163

344

208

Foreign currency exchange gain (loss)

17,187

(146,070)

58,860

(214,765)

Income tax (provision) benefit

(2,716)

(3,240)

(4,285)

(4,666)

Net income

502,938

361,410

1,032,313

772,201

(a)See Definitions for description of non-GAAP measures.

PUBLIC STORAGE

SELECTED CONSOLIDATED BALANCE SHEET DATA

(Unaudited – amounts in thousands, except share and per share data)

June 30,

2026

December 31,

2025

ASSETS

Cash and equivalents

259,936

318,095

Real estate facilities, at cost:

Land

5,999,442

5,952,072

Buildings

24,503,343

24,126,185

Total land and buildings, at cost

30,502,785

30,078,257

Accumulated depreciation

(12,008,797)

(11,468,054)

Total land and buildings, net

18,493,988

18,610,203

Construction in process

260,088

194,355

Total real estate facilities, net

18,754,076

18,804,558

Investment in unconsolidated real estate entity

364,794

388,586

Goodwill and other intangible assets, net

228,005

251,613

Notes receivable, net

173,300

142,108

Other assets

337,621

303,644

Total assets

20,117,732

20,208,604

LIABILITIES AND EQUITY

Notes payable

10,180,215

10,253,881

Accrued and other liabilities

651,705

612,889

Total liabilities

10,831,920

10,866,770

Commitments and contingencies

Equity:

Public Storage shareholders’ equity:

Preferred Shares, $0.01 par value, 100,000,000 shares authorized, 174,000 shares issued (in series) and outstanding, (174,000 shares at December 31, 2025) at liquidation preference

4,350,000

Common Shares, $0.10 par value, 650,000,000 shares authorized, 175,621,082 shares issued (175,500,243 shares at December 31, 2025)

17,562

17,550

Paid-in capital

6,214,483

6,147,650

Accumulated deficit

(1,345,970)

(1,219,273)

Accumulated other comprehensive loss

(45,795)

(47,799)

Total Public Storage shareholders’ equity

9,190,280

9,248,128

Noncontrolling interests

95,532

93,706

Total equity

9,285,812

9,341,834

Total liabilities and equity

20,117,732

20,208,604

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Cover

6 Months Ended

Jul. 29, 2026

Jun. 30, 2026

Document Information [Line Items]

Document Type

8-K

Document Period End Date

Jul. 29, 2026

Entity Registrant Name

Public Storage

Entity Incorporation, State or Country Code

Entity File Number

001-33519

Entity Tax Identification Number

93-2834996

Entity Address, Address Line One

2811 Internet Boulevard

Entity Address, City or Town

Frisco

Entity Address, State or Province

Entity Address, Postal Zip Code

75034

City Area Code

469

Local Phone Number

649-9486

Written Communications

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false

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Common Stock [Member]

Document Information [Line Items]

Title of 12(b) Security

Common Shares, $0.10 par value

Trading Symbol

PSA

Security Exchange Name

NYSE

Series F Preferred Stock [Member]

Document Information [Line Items]

Title of 12(b) Security

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

Trading Symbol

PSAPrF

Security Exchange Name

NYSE

Series G Preferred Stock [Member]

Document Information [Line Items]

Title of 12(b) Security

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

Trading Symbol

PSAPrG

Security Exchange Name

NYSE

Series H Preferred Stock [Member]

Document Information [Line Items]

Title of 12(b) Security

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

Trading Symbol

PSAPrH

Security Exchange Name

NYSE

Series I Preferred Stock [Member]

Document Information [Line Items]

Title of 12(b) Security

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

Trading Symbol

PSAPrI

Security Exchange Name

NYSE

Series J Preferred Stock [Member]

Document Information [Line Items]

Title of 12(b) Security

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

Trading Symbol

PSAPrJ

Security Exchange Name

NYSE

Series K Preferred Stock [Member]

Document Information [Line Items]

Title of 12(b) Security

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

Trading Symbol

PSAPrK

Security Exchange Name

NYSE

Series L Preferred Stock [Member]

Document Information [Line Items]

Title of 12(b) Security

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

Trading Symbol

PSAPrL

Security Exchange Name

NYSE

Series M Preferred Stock [Member]

Document Information [Line Items]

Title of 12(b) Security

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

Trading Symbol

PSAPrM

Security Exchange Name

NYSE

Series N Preferred Stock [Member]

Document Information [Line Items]

Title of 12(b) Security

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

Trading Symbol

PSAPrN

Security Exchange Name

NYSE

Series O Preferred Stock [Member]

Document Information [Line Items]

Title of 12(b) Security

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

Trading Symbol

PSAPrO

Security Exchange Name

NYSE

Series P Preferred Stock [Member]

Document Information [Line Items]

Title of 12(b) Security

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

Trading Symbol

PSAPrP

Security Exchange Name

NYSE

Series Q Preferred Stock [Member]

Document Information [Line Items]

Title of 12(b) Security

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

Trading Symbol

PSAPrQ

Security Exchange Name

NYSE

Series R Preferred Stock [Member]

Document Information [Line Items]

Title of 12(b) Security

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

Trading Symbol

PSAPrR

Security Exchange Name

NYSE

Series S Preferred Stock [Member]

Document Information [Line Items]

Title of 12(b) Security

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

Trading Symbol

PSAPrS

Security Exchange Name

NYSE

Guarantee Notes Due 2032 [Member]

Document Information [Line Items]

Title of 12(b) Security

Guarantee of 0.875% Senior Notes due 2032 issued by Public Storage Operating Company

Trading Symbol

PSA/32

Security Exchange Name

NYSE

Guarantee Notes Due 2030 [Member]

Document Information [Line Items]

Title of 12(b) Security

Guarantee of 0.500% Senior Notes due 2030 issued by Public Storage Operating Company

Trading Symbol

PSA/30

Security Exchange Name

NYSE

Guarantee Notes Due 2034

Document Information [Line Items]

Title of 12(b) Security

Guarantee of 3.500% Senior Notes due 2034 issued by Public Storage Operating Company

Trading Symbol

PSA/34

Security Exchange Name

NYSE

Series T Cumulative Preferred Stock

Document Information [Line Items]

Title of 12(b) Security

6.000% Cumulative Preferred Shares, Series T, $0.01 par value

Trading Symbol

PSAPrT

Security Exchange Name

NYSE

Series U Cumulative Preferred Stock

Document Information [Line Items]

Title of 12(b) Security

6.000% Cumulative Preferred Shares, Series U, $0.01 par value

Trading Symbol

PSAPrU

Security Exchange Name

NYSE

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Address Line 1 such as Attn, Building Name, Street Name

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Name of the City or Town

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Code for the postal or zip code

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Name of the state or province.

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A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

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Indicate if registrant meets the emerging growth company criteria.

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Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

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Two-character EDGAR code representing the state or country of incorporation.

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The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

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The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

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Local phone number for entity.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

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Title of a 12(b) registered security.

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Name of the Exchange on which a security is registered.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

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Trading symbol of an instrument as listed on an exchange.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

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