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Public StoragePSA

Sector
Financial Services
Industry
Real Estate Investment Trusts
Exchange
NYSE

Stock Price $PSA

Latest filings

You are here#7 of 14 in Real Estate by market cap

Filing record · 2016–202610-K1110-Q328-K159

PSA filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 159 current reports (8-K) between 2016 and 2026.

  1. Leadership change8-K · Apr ’17Apr ’17
  2. Leadership change8-K · Jul ’19Jul ’19
  3. Material agreement8-K · Nov ’21Nov ’21
  4. Material agreement8-K · Oct ’25Oct ’25

01—Key figures

Share Class
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  19. $4.82B
YoY changeLargest recent move+22.4%in FY22Latest +2.7%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

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All PSA Financial Metrics43 metrics

Income Statement13

Balance Sheet15

Cash Flow10

Per Share5

02—Overview

Public Storage Financial Overview 2021–2025

Updated Jul 10, 2026

Public Storage countered a stagnant core portfolio by driving a 25.6% increase in net operating income across its acquired and newly developed properties in FY2025. As post-pandemic self-storage demand normalizes and rent growth stalls, the real estate investment trust is leaning heavily on aggressive inorganic expansion to sustain its cash generation.

The company's underlying earnings power shifted significantly as pandemic-era tailwinds faded. Net income slightly contracted from $1.73 billion in FY2021 to $1.6 billiona in FY2025, weighed down by higher depreciation and foreign currency losses on Euro-denominated debt. Core same-store revenue growth decelerated sharply from a peak of 14.8% in FY2022 to a 0.7% decline in FY2024, ending flat in FY2025. To offset softening occupancy—which settled at 91.0% by the end of FY2025—management deployed massive capital, including $3.9 billion across 273 facility acquisitions since the start of 2023.

Investors continue to pay a premium for this aggressive consolidation strategy. At the close of FY2025, Public Storage traded at $259.50b per share, commanding a 28.8x earnings multiple even as earnings per share fell to $9.01. The company is now leveraging its balance sheet to accelerate this thesis, securing a new $3.0 billion revolving credit facility in early 2026 to help digest major upcoming transactions, including a definitive merger agreement with National Storage Affiliates Trust.

Recent Developments (Q4 2025 and Q1 2026)

Public Storage entered Q1 2026 with a leadership transition, appointing H. Thomas Boyle as CEO and relocating its headquarters to Texas. Operating performance improved slightly, with total revenues increasing 2.3% year-over-year to $1.218 billionc. Core FFO per share grew 2.4% to $4.22. Net income surged 33.1% to $476.8 million, driven by foreign currency gains. The company expanded its international footprint by agreeing to purchase PS Canada Holdings for $1.2 billion and issued $500 million in 5.000% senior notes.

Bulls can point to stabilizing operational metrics, noting that same-store occupancy reached 92.2% by late spring. Bears will argue the stock is richly valued at 33.9x earnings as of April 27, 2026, leaving limited margin for error if non-core gains fade.

What to watch: closing of the PS Canada Holdings transaction; operational strategy under the new Texas-based leadership team

03—Filings

Recent SEC Filings

  1. 8-KPublic Storage 8-K Report, Material Agreement (Sep 16, 2026)Public Storage (PSA) announced on September 16, 2026, through its subsidiary PS Canada Finance ULC, the successful completion of a C$400 million offering of Senior Notes due 2033. These notes carry a fixed interest rate of 4.540% and mature on September 16, 2033, with semi-annual interest payments commencing March 16, 2027. The Company and its subsidiary, Public Storage Operating Company (PSOC), have provided guarantees for these notes, enhancing their credit profile. The issuance of these notes provides Public Storage with long-term financing, strengthening its capital structure. The indenture governing the notes includes covenants that limit certain corporate actions, such as mergers and asset sales, and impose asset coverage requirements on PSOC. These provisions are standard for debt issuances and are designed to protect bondholders while allowing for operational flexibility within defined parameters. Investors should note that these notes are unsecured and unsubordinated obligations of PS Canada.
  2. 8-KPublic Storage 8-K Report, Regulation FD Disclosure (Sep 14, 2026)Public Storage (PSA) has filed an 8-K report on September 14, 2026, primarily to disclose the posting of an investor presentation on its website. This presentation, intended for use at an upcoming investor conference, contains information that the company deems relevant for investors. While the specific details within the presentation are not included in the 8-K filing itself, this action signals ongoing investor engagement and transparency from Public Storage regarding its operations and strategic outlook. Investors should review the presentation directly on the company's Investor Relations website for the most up-to-date information and insights.
  3. 8-KPublic Storage 8-K Report, Material Agreement (Sep 10, 2026)Public Storage (PSA) has announced a material definitive agreement through its filing of an 8-K, detailing an underwriting agreement for the issuance of C$400 million in senior notes due 2033. These notes will be issued by its subsidiary, PS Canada Finance ULC, with guarantees from Public Storage and PSOC. The issuance is a strategic move to replenish cash used for the recent Public Storage Canada acquisition and to fund general corporate purposes, including further investments in self-storage facilities, debt repayment, and securities redemption. The offering, which is expected to close on September 16, 2026, carries an annual interest rate of 4.540% and will mature on September 16, 2033. The proceeds are intended to strengthen the company's financial position following its Canadian expansion, providing flexibility for future growth initiatives and operational needs. Investors should note that the issuance is being conducted under an existing shelf registration statement, indicating the company's proactive capital management strategy.
  4. 8-KPublic Storage 8-K Report, Regulation FD Disclosure (Sep 1, 2026)Public Storage (NYSE: PSA) disclosed in an 8-K filed September 1, 2026 that it completed its acquisition of PS Canada Holdings, LLC ("PS Canada"), which owns 68 self-storage facilities with approximately 5.3 million net rentable square feet across major Canadian markets including Toronto, Vancouver, Montreal, Calgary, and Ottawa. The upfront consideration totals approximately $1.2 billion: roughly $900 million in PSA OP common units (2,762,108 units at $321.98 per unit) and approximately $310 million in cash, subject to customary adjustments including PS Canada's indebtedness. Sellers (Grant Gustavson, Greer Gustavson, and 4G Thoroughbreds, LLC) may also earn up to 768,000 additional PSA OP units valued at $375 per unit (about $288 million) if PS Canada meets certain NOI targets. The cash portion was funded in part by PSOC's full draw of its $500.0 million delayed draw term loan on August 31, 2026. Management expects the deal to be accretive to long-term IRR, NOI growth, and FFO per share, targeting near-term compounding NOI growth in the high single digits on a high-5s going-in yield. Management also cites access to lower-cost Canadian borrowing and potential growth from acquisitions, development, lending, and third-party management. The filing and accompanying press release do not provide PS Canada's standalone financial results, debt balance, or detailed earn-out mechanics, so investors should weigh the projected yield and growth targets as management expectations rather than audited figures. The transaction also expands Public Storage's footprint to 4,647 facilities in the U.S. and Puerto Rico, plus 68 in Canada and a 35% stake in Shurgard Self Storage Limited, which operates 335 facilities in Western Europe. Management characterized the deal as following the recent closing of the National Storage Affiliates Trust transaction. The main risk flagged is the company's ability to realize the anticipated benefits of the transaction.
  5. 8-KPublic Storage 8-K Report, Executive Changes (Aug 10, 2026)Public Storage (PSA) has announced a significant executive leadership change with the appointment of S. Wade Sheek as the new Chief Legal Officer and Corporate Secretary, effective August 17, 2026. Mr. Sheek brings a wealth of experience from his previous role as Senior Vice President, Chief Legal Officer and Secretary at Herc Holdings, Inc. This transition aims to leverage his expertise to further strengthen the company's legal and corporate governance functions. Investors should monitor how Mr. Sheek's strategic direction influences the company's operational and legal landscape moving forward.
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04—See also

Related Companies

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