Public Storage (PSA) — Agentic Tribune

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Financial statements

data from SEC XBRL filings. Values are as-reported; restatements supersede originals.

From 10-Q filed 2026-04-27 (period ending 2026-03-31).

Cautionary Statement Regarding Forward-Looking Statements

This Quarterly Report on Form 10-Q 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, 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 in our other filings with the SEC. These include changes in demand for our facilities, changes in macroeconomic conditions, risks associated with our ability to consummate the Merger with NSA and the timing and closing of the Merger including, among other things, NSA’s ability to obtain NSA shareholder approval required to consummate the Merger, the satisfaction or waiver of other conditions to closing in the Merger Agreement, unanticipated difficulties or expenditures relating to the Merger, potential difficulties in employee retention as a result of the Merger, the occurrence of any event, change or other circumstances that could give rise to the termination of the Merger and the outcome of legal proceedings instituted against us, our trustees and others related to the Merger, 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 report or as of the dates indicated in the statements. All of our forward-looking statements, including those in this report, 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 report, or which management may make orally or in writing from time to time, neither as predictions of future events nor guarantees of future performance.

Critical Accounting Estimates

The preparation of consolidated financial statements and related disclosures in conformity with U.S. generally accepted accounting principles (“GAAP”) requires us to make judgments, assumptions, and estimates that affect the amounts reported. On an ongoing basis, we evaluate our estimates and assumptions. These estimates and assumptions are based on current facts, historical experience, and various other factors that we believe are reasonable under the circumstances to determine reported amounts of assets, liabilities, revenues, and expenses that are not readily apparent from other sources.

During the three months ended March 31, 2026, there were no material changes to our critical accounting estimates as compared to the critical accounting estimates disclosed in Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2025.

Overview

Our self-storage operations generate most of our net income, and our earnings growth is impacted by the levels of organic growth within our Same Store Facilities (as defined below) as well as within our Acquired Facilities and Newly Developed and Expanded Facilities (both as defined below).

Revenues generated by our Same Store Facilities remained relatively unchanged for three months ended March 31, 2026 as compared to the same period in 2025. Cost of operations for Same Store Facilities decreased by 1.1% for the three months ended March 31, 2026 as compared to the same period in 2025. For the three months ended March 31, 2026, realized annual rent per occupied square foot for our Same Store Facilities decreased by 0.3%, while average occupancy increased by 0.4%, as compared to the same period in 2025.

We have grown and plan to continue to grow through the acquisition and development of new facilities and expansion of our existing self-storage facilities. Since the beginning of 2024, including the ongoing integration of unstabilized properties acquired prior to 2024, we have expanded our portfolio by a total of 286 facilities with 22.9 million net rentable square feet for a cost of $4.3 billion. Within our non-same store portfolio as of March 31, 2026, our Newly Developed and Expanded Facilities include a total of 120 self-storage facilities with 13.7 million net rentable square feet. For development and expansions completed by March 31, 2026, we incurred a total cost of $1.8 billion. During the three months ended March 31, 2026, combined net operating income generated by our Acquired Facilities and Newly Developed and Expanded Facilities increased 29.5% ($18.5 million) as compared to the same period in 2025.

On March 16, 2026, the Company announced that it had entered into a merger agreement (the “Merger”) to acquire National Storage Affiliates Trust (“NSA”), a Maryland real estate investment trust (“NSA”), listed on the New York Stock Exchange, in an all-stock transaction. NSA’s portfolio includes more than 1,000 properties, 69 million rentable square feet, and 550,000 units across 37 states and Puerto Rico. In connection with the Merger, Public Storage and limited partners in NSA’s operating partnership will form a joint venture consisting of certain properties on NSA’s operating platform. The NSA operating partnership unitholders are expected to own approximately 80% of the joint venture at inception, with Public Storage holding the remaining interest. Public Storage will exclusively manage the joint venture portfolio and will earn customary property management, asset management and tenant reinsurance income. The transaction is currently expected to close in the third quarter of 2026, subject to the approval of NSA equity holders and the satisfaction of other customary closing conditions.

Results of Operations

Operating Results for the Three Months Ended March 31, 2026 and 2025

For the three months ended March 31, 2026, net income allocable to our common shareholders was $476.8 million or $2.71 per diluted common share, compared to $358.2 million or $2.04 per diluted common share for the same period in 2025, representing an increase of $118.6 million or $0.67 per diluted common share. The increase is due primarily to (i) a $110.4 million increase in foreign currency gain primarily associated with our Euro denominated notes payable and (ii) a $20.6 million increase in self-storage net operating income, partially offset by (iii) an $8.0 million increase in depreciation expense and (iv) an $8.0 million increase in interest expense.

The $20.6 million increase in self-storage net operating income for the three months ended March 31, 2026 as compared to the same period in 2025 is a result of a $17.9 million increase attributable to our Non-Same Store Facilities (as defined below) reflecting the impact of newly acquired facilities and the lease-up of development/expansion properties.

Funds from Operations and Core Funds from Operations

Funds from Operations (“FFO”) and FFO per diluted common share (“FFO per share”) are 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.

For the three months ended March 31, 2026, FFO was $4.39 per diluted common share as compared to $3.71 per diluted common share for the same period in 2025, representing an increase of 18.3%, or $0.68 per diluted common share.

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, and (iii) 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, 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.

The following table reconciles net income to FFO and Core FFO and reconciles diluted earnings per share to FFO per share and Core FFO per share:

	Three Months Ended March 31,
	2026		2025		Percentage Change
	(Amounts in thousands, except per share data)
Reconciliation of Net Income to FFO and Core FFO:
Net income allocable to common shareholders	$	476,788	$	358,230	33.1	%
Eliminate items excluded from FFO:
Real estate-related depreciation and amortization	287,766		280,009
Real estate-related depreciation from unconsolidated real estate investment	11,277		13,275
Real estate-related depreciation allocated to noncontrolling interests, restricted share unitholders and unvested LTIP unitholders	(2,726)		(2,114)
Impairment write-down of real estate investments	—		3,827
Gains on sale of real estate investments, including our equity share from investment	(379)		(45)
FFO allocable to common shares	$	772,726	$	653,182	18.3	%
Eliminate items excluded from Core FFO:
Adjustments to G&A Expense:
Corporate transformation costs	2,694		789
CEO transition costs	2,567		—
Contingency reserve	—		545
Transaction costs	—		400
Other Non-Core Adjustments:
Foreign currency exchange (gain) loss	(41,673)		68,695
Unrealized (gain) loss on private equity investments	474		873
Unrealized (gain) loss on interest rate derivatives	5,251		—
Other items	200		113
Core FFO allocable to common shares	$	742,239	$	724,597	2.4	%
Reconciliation of Diluted Earnings per Share to FFO per Share and Core FFO per Share:
Diluted earnings per share	$	2.71	$	2.04	32.8	%
Eliminate amounts per share excluded from FFO:
Real estate-related depreciation and amortization	1.68		1.65
Gains on sale of real estate investments, including our equity share from investment	—		0.02
FFO per share	$	4.39	$	3.71	18.3	%
Eliminate amounts per share excluded from Core FFO:
Adjustments to G&A Expense:
Corporate transformation costs	0.02		—
CEO transition costs	0.02		—
Other Non-Core Adjustments:
Foreign currency exchange (gain) loss	(0.24)		0.39
Unrealized (gain) loss on private equity investments	—		0.01
Unrealized (gain) loss on interest rate derivatives	0.03		—
Other items	—		0.01
Core FFO per share	$	4.22	$	4.12	2.4	%
Diluted weighted average common shares	175,928		175,942

Analysis of Net Income — Self-Storage Operations

Our self-storage operations are analyzed in four groups: (i) 2,755 facilities that we have owned and operated on a stabilized basis since January 1, 2024 (the “Same Store Facilities”), (ii) 286 facilities we acquired since January 1, 2024 or that were acquired prior to 2024 that remain unstabilized since January 1, 2024 (the “Acquired Facilities”), (iii) 120 facilities that have been developed or expanded since January 1, 2021 including those developed or expanded earlier that remain unstabilized since January 1, 2024, or properties that will commence expansion by December 31, 2026 (the “Newly Developed and Expanded Facilities”), and (iv) 15 other facilities, which are otherwise not stabilized with respect to occupancies or rental rates since January 1, 2024 (the “Other Non-Same Store Facilities”). The Acquired Facilities, Newly Developed and Expanded Facilities, and Other Non-Same Store Facilities are collectively referred to as the “Non-Same Store Facilities”. See Note 14 to our March 31, 2026 consolidated financial statements “Segment Information,” for a reconciliation of the amounts in the tables below to our total net income.

Self-Storage Operations
Summary	Three Months Ended March 31,
		2026		2025		Percentage Change (a)
		(Dollar amounts and square footage in thousands)
Revenues (c):
Same Store Facilities		$	1,000,833	$	1,001,021	—	%
Acquired Facilities		75,004		55,405		35.4	%
Newly Developed and Expanded Facilities		48,883		42,429		15.2	%
Other Non-Same Store Facilities		3,405		4,143		(17.8)	%
Total revenues		1,128,125		1,102,998		2.3	%
Cost of operations (c):
Same Store Facilities		261,433		264,324		(1.1)	%
Acquired Facilities		25,788		20,533		25.6	%
Newly Developed and Expanded Facilities		17,102		14,771		15.8	%
Other Non-Same Store Facilities		1,356		1,526		(11.1)	%
Total cost of operations		305,679		301,154		1.5	%
Net operating income (b):
Same Store Facilities		739,400		736,697		0.4	%
Acquired Facilities		49,216		34,872		41.1	%
Newly Developed and Expanded Facilities		31,781		27,658		14.9	%
Other Non-Same Store Facilities		2,049		2,617		(21.7)	%
Total net operating income		822,446		801,844		2.6	%
Depreciation and amortization expense:
Same Store Facilities		210,600		219,668		(4.1)	%
Acquired Facilities		57,322		43,208		32.7	%
Newly Developed and Expanded Facilities		19,973		17,019		17.4	%
Other Non-Same Store Facilities		2,828		2,820		0.3	%
Total depreciation and amortization		290,723		282,715		2.8	%
Net income (loss):
Same Store Facilities		528,800		517,029		2.3	%
Acquired Facilities		(8,106)		(8,336)		(2.8)	%
Newly Developed and Expanded Facilities		11,808		10,639		11.0	%
Other Non-Same Store Facilities		(779)		(203)		283.7	%
Total net income		$	531,723	$	519,129	2.4	%

Self-Storage Operations (Continued)
Summary	Three Months Ended March 31,
		2026			2025			Percentage Change (a)
		(Dollar amounts and square footage in thousands)
Number of facilities at period end:
Same Store Facilities		2,755			2,755			—	%
Acquired Facilities		286			205			39.5	%
Newly Developed and Expanded Facilities		120			108			11.1	%
Other Non-Same Store Facilities		15			17			(11.8)	%
Total number of facilities at the period end		3,176			3,085			2.9	%
Net rentable square footage at period end:
Same Store Facilities		192,126			192,126			—	%
Acquired Facilities		22,944			17,388			32.0	%
Newly Developed and Expanded Facilities		13,740			11,938			15.1	%
Other Non-Same Store Facilities		998			1,257			(20.6)	%
Total net rentable square footage at period end		229,808			222,709			3.2	%
Square foot occupancy at period end:
Same Store Facilities		91.3		%	91.1		%	0.2	%
Acquired Facilities		85.5		%	82.9		%	2.6	%
Newly Developed and Expanded Facilities		76.6		%	76.1		%	0.5	%
Other Non-Same Store Facilities		83.4		%	76.9		%	6.5	%
Total square foot occupancy at period end		89.9		%	89.6		%	0.3	%
Annual contract rent per occupied square foot at period end (d):
Same Store Facilities		$	22.05		$	22.16		(0.5)	%
Acquired Facilities		14.90			15.16			(1.7)	%
Newly Developed and Expanded Facilities		18.45			18.50			(0.3)	%
Other Non-Same Store Facilities		15.80			19.01			(16.9)	%
Total annual contract rent per occupied square foot at period end		$	21.16		$	21.48		(1.5)	%

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

(b)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. NOI is not a substitute for net income, operating cash flow, or other related financial measures, in evaluating our operating results. See Note 14 to our March 31, 2026 consolidated financial statements for a reconciliation of NOI to our total net income for all periods presented.

(c)Revenues and cost of operations do not include tenant reinsurance and merchandise sale revenues and expenses generated at the facilities. See “Ancillary Operations” below for more information.

(d)Annual contract rent: Represents the agreed upon monthly rate that is paid by our customers 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.

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holders ( registered funds via N-PORT, institutional investors via 13F). Showing top by dollar value.

Holder	Type	ETF	MF	Position ($)	% of holder	Δ % of holder	Holder AUM

Next expected filings

~2026-07-28 10-Q expected by 2026-08-07 (in 88 days)
~2026-10-27 10-Q expected by 2026-11-06 (in 179 days)
~2027-02-11 10-K expected by 2027-02-19 (in 286 days)
~2027-04-25 10-Q expected by 2027-05-05 (in 359 days)

Predicted from historical filing cadence; not an SEC commitment.

Recent SEC filings

2026-04-27 10-Q Quarterly Report
2026-04-27 8-K Earnings Release; Financial Statements and Exhibits
2026-04-06 8-K Material Agreement Entered; Material Financial Obligation; Financial Statements and Exhibits
2026-04-02 8-K Material Agreement Entered; Financial Statements and Exhibits
2026-03-17 8-K Material Agreement Entered; Other Events; Financial Statements and Exhibits
2026-03-02 8-K Regulation FD Disclosure; Other Events
2026-02-12 10-K Annual Report
2026-02-12 8-K Earnings Release; Financial Statements and Exhibits
2026-02-12 8-K Officer/Director Change; Regulation FD Disclosure; Other Events; Financial Statements and Exhibits
2026-01-07 8-K Regulation FD Disclosure; Other Events
2025-12-08 8-K Regulation FD Disclosure; Other Events
2025-10-29 10-Q Quarterly Report
2025-10-29 8-K Earnings Release; Financial Statements and Exhibits
2025-10-03 8-K Material Agreement Entered; Material Financial Obligation; Financial Statements and Exhibits
2025-09-29 8-K Material Agreement Entered; Financial Statements and Exhibits

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