Public Storage (PSA) Q3 FY2026 8-K Filings and Company Events

Filings that contain financial statements

Public Storage files on the domestic calendar, and its audited and reviewed statements are in its Form 10-K and Forms 10-Q. Each quarterly earnings release, furnished as Exhibit 99.1 to a Form 8-K, also includes an unaudited selected consolidated income statement, a selected consolidated balance sheet, same-store operating tables and a reconciliation of net income to FFO and Core FFO. None of the releases includes a cash flow statement.

The full third-quarter statements, including cash flows, are in the Form 10-Q filed October 26, 2026 (accession 0001628280-26-067286).

Earnings and guidance

Guidance was set in February, reaffirmed in April, and raised in July and again in October.

• February 12, 2026, FY2025 results (8-K, accession 0001628280-26-007684). Fourth-quarter Core FFO per share rose 1.2% and full-year Core FFO per share rose 1.8%. Same-store revenue was flat for the year and same-store NOI fell 0.5%. The company acquired 87 facilities for $945.6 million in 2025. Initial 2026 guidance called for same-store revenue growth of (2.2)% to 0% and non-same-store NOI of $335 million to $355 million.
• April 27, 2026, Q1 results (8-K, accession 0001628280-26-027484). Core FFO per share rose 2.4%. Same-store NOI rose 0.4% and the same-store NOI margin was 77.1%. The release also disclosed a data science partnership with Welltower. Guidance was reaffirmed.
• July 29, 2026, Q2 results (8-K, accession 0001628280-26-050608). Core FFO per share fell 2.6% and same-store NOI fell 2.2%. Even so, the company raised the guidance midpoint by $0.22, citing first-half performance and including $0.02 of accretion from financing the NSA and Public Storage Canada acquisitions. Through July 29 it had entered into forward sale agreements under its at-the-market program for 796,009 common shares at a weighted average $326.32, with about $258 million of net proceeds expected on settlement.
• October 26, 2026, Q3 results (8-K, accession 0001628280-26-067283). Core FFO per share rose 0.7%, and same-store revenue and same-store NOI each rose 0.5%. Diluted net income per share fell 35.5% to $1.69. In the quarter's income statement, transaction and integration expense was $114.6 million (none a year earlier), and depreciation and amortization rose to $412.6 million from $290.4 million. Guidance was raised again: the Core FFO per share midpoint by $0.10 and the same-store NOI midpoint by 0.9 points. Forward sale agreements under the at-the-market program totaled 1,230,141 shares at a weighted average $326.51 through October 26, with about $399 million of net proceeds expected on settlement.

Mergers and acquisitions

National Storage Affiliates Trust: signed March 16, 2026; closed July 22, 2026

• Signed March 16, 2026 (8-K Item 1.01, filed March 17, accession 0001193125-26-109593; joint press release filed March 16, accession 0001193125-26-107159). This was an all-stock merger: each NSA common share and NSA OP unit converts into 0.1400 Public Storage common shares or OP units. The joint press release put the implied price at $41.68 per NSA share and the enterprise value at about $10.5 billion. NSA's portfolio exceeds 1,000 properties and 69 million rentable square feet. Under the agreement:
  • NSA would owe Public Storage a termination fee of $201,966,000 in specified circumstances.
  • The outside date is December 16, 2026.
  • Goldman Sachs Bank USA and Wells Fargo Bank committed up to $2.0 billion of senior unsecured bridge loans to Public Storage, plus about $2.0 billion of mortgage and/or mezzanine bridge loans for a new joint venture.
• Closed July 22, 2026 (8-K Items 2.01, 3.02, 3.03 and 5.03, accession 0001193125-26-312563). The filing reports that Public Storage "announced the completion of its previously announced acquisition" of NSA. At closing, Public Storage issued about:
  • 11,200,000 common shares;
  • 9,569,557 6.000% Series T preferred shares and 5,668,128 6.000% Series U preferred shares, in exchange for NSA's Series A and Series B preferred;
  • about 4,100,000 OP units and 660,371 Series T-1 preferred units.

A new joint venture now holds 313 properties contributed by NSA OP. The closing 8-K values them at about $3.2 billion. The joint venture took on about $2.2 billion of debt: about $2.0 billion of secured mortgage financing from Goldman Sachs Bank USA and Wells Fargo Bank, maturing August 2027 unless extended, and about $237 million of mezzanine financing from a Public Storage subsidiary. NSA OP unitholders who elected the special redemption hold 80% of the joint venture's common equity and a Public Storage subsidiary holds 20%. Public Storage manages the portfolio. The accompanying press release repeats the expectation that the deal will add to FFO per share within the first year, rising to about $0.35–$0.50 per share once about $110–$130 million of run-rate synergies are realized over three to four years.

Public Storage Canada: signed June 22, 2026; closed September 1, 2026

• Signed June 22, 2026 (8-K Items 3.02 and 7.01, accession 0001193125-26-277592). Public Storage agreed to acquire PS Canada Holdings, LLC from members of the Hughes/Gustavson family, under the company's existing right of first offer and right of first refusal. The upfront price is about $1.2 billion (C$1.67 billion): 2,762,108 OP units valued at $321.98 each, about $889 million, plus about $310 million in cash, subject to adjustments including for PS Canada's debt. The sellers can also earn up to 768,000 more OP units, valued at $375 each or up to $288 million, if PS Canada hits net operating income targets. The portfolio is 68 properties with 5.3 million square feet in Toronto, Vancouver, Montreal, Calgary and Ottawa, and was 83.1% occupied in Q1 2026. Public Storage expects a going-in NOI yield in the high 5% range.
• Closed September 1, 2026 (8-K Item 8.01, accession 0001193125-26-377690). The filing states the company "completed the previously announced acquisition". It describes the OP-unit portion as "approximately $900 million" of units, using the same 2,762,108 units at $321.98. The earn-out terms are unchanged. To fund the closing, the company fully drew its $500.0 million delayed-draw term loan on August 31, 2026. The Q3 release describes the deal as "US $1.2 billion, including assumed debt."

Other investment activity (from the earnings releases)

Excluding NSA and PS Canada, the company acquired 25 facilities for $258.4 million in Q3. Year to date through October 26, it acquired or contracted to acquire 65 facilities for $713.2 million. At September 30, 2026, notes receivable totaled $445.3 million, including the $237 million mezzanine loan to the joint venture at 10.22%. Development and expansion projects totaled $788.9 million, of which $466.6 million is still to be spent (accession 0001628280-26-067283).

Financing and capital actions

Total debt was $12.2 billion at September 30, 2026, up from $10.3 billion at December 31, 2025. Of that, $650 million matures in Q4 2026. Net debt and preferred equity to EBITDA was 4.7x, against 4.2x a year earlier. Ratings were unchanged at A2/A. As part of the PS Canada acquisition, the company also entered into Canadian dollar cross-currency swaps that cut the effective rate on $900 million of existing debt from 4.64% to 3.43% (accession 0001628280-26-067283).

Leadership and governance

• February 10–12, 2026, CEO, CFO and Chairman succession (8-K Item 5.02, accession 0001193125-26-048660).
  • Joseph D. Russell, Jr. retired as President and CEO and as a trustee effective March 31, 2026. He then moved to a consulting agreement at $400,000 a month through March 31, 2027.
  • H. Thomas Boyle, previously CFO and Chief Investment Officer, became CEO and a trustee effective April 1, 2026.
  • Joseph D. Fisher, formerly CFO of UDR, became President and CFO effective February 16, 2026.
  • Shankh S. Mitra succeeded Ronald L. Havner as Chairman effective April 1, 2026. Havner stays on as a trustee.
  • Natalia N. Johnson and Chris C. Sambar were promoted to President roles.
  • The board approved moving the principal office from Glendale, California to Frisco, Texas.
  • The company agreed to sell out-of-the-money options on operating-partnership units, with a $350 exercise price, to Mitra for $25 million and to Havner for $5 million.
  • The Q4 release introduced the company's "PS4.0" strategic plan (accession 0001628280-26-007684).
• May 6, 2026, annual meeting (8-K Item 5.07, accession 0001193125-26-215591). Shareholders elected all twelve trustees. Mitra received 119,776,622 votes for and 38,269,586 against, the most opposition of any nominee. Say-on-pay passed, Ernst & Young was ratified, and Mitra was re-appointed Chairman.
• July 2, 2026, COO departure (8-K Item 5.02, accession 0001193125-26-297556). Chief Operating Officer Chris Sambar resigned effective end of July to join T-Mobile. Operations leadership reports to CEO Boyle until a permanent replacement is named.
• August 4, 2026, Chief Legal Officer (8-K Item 5.02, accession 0001193125-26-342525). S. Wade Sheek, formerly of Herc Holdings, was appointed Chief Legal Officer and Corporate Secretary effective August 17, 2026, replacing Nathaniel A. Vitan. Vitan stays on as a senior advisor until October 1, 2026.

Operating updates furnished with investor presentations

The company furnished same-store operating updates with conference presentations (8-Ks Item 8.01):

The September 14, 2026 Form 8-K (accession 0001628280-26-061900) only announced a presentation and contained no operating data.

Items not found in the 8-Ks

No Form 8-K in the period reports an impairment, a restructuring, a change to the common dividend, a share repurchase or a material legal outcome. The at-the-market forward sales are disclosed only in the Q2 and Q3 earnings releases, not in a separate 8-K.