Public Storage

Company facts

Industry

Real Estate Investment Trusts

Headquarters

Frisco, Texas

Most recent report

8-K, filed Nov 6, 2026

Incorporated

Maryland

Filings on record

1,007+ filings

On EDGAR

CIK 1393311

Fiscal year ends

December

Filer status

Large accelerated filer

What to read: Sep 2026 10-Q

SECSift found 21 of 39 sections worth reading, with 0 positive, 63 notable, and 6 negative flags.

• NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

  UPREIT structure with 96.19% control and 3.81% minority interests disclosed.
  Notable

  • UPREIT structure: Public Storage owns 96.19% of PSA OP, others own 3.81% as of September 30, 2026.
  • 4,347 self-storage facilities owned (3,772 wholly-owned), 308.3 million net rentable sq ft as of September 30, 2026.
  • 35% equity stake in Shurgard Self Storage valued at $0.91 billion as of September 30, 2026.

• NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

  NSA acquisition details: $6.4B purchase, 1,057 properties, 20% JV stake, goodwill $451M.
  Notable

  • OP Units valued at a discount for lack of marketability vs common shares in the deal.
  • Acquired 1,057 NSA properties across 37 states and Puerto Rico for $6.4B in Q3 2026.
  • Public Storage owns 20% of PS-NSA JV (313 properties) and earns management fees from it.

• NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

  Two large acquisitions closed in 2026 with pro forma and goodwill details.
  Notable

  • NSA acquisition added $86.0M revenue in nine months ended Sep 30, 2026; $451.5M goodwill allocated.
  • PS Canada acquired Sep 1, 2026 for $934M (2,762,108 OP Units + $139M cash); 68 properties.
  • PS Canada includes earn-out of 768,000 OP Units contingent on NOI targets 2027-2031.

• NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

  Large acquisition costs disclosed; $130.3M spent in nine months, with breakdown.
  Notable

  • Spent $130.3M on acquisition costs in nine months ended Sep 30, 2026, a large sum for this period.
  • NSA transaction costs of $87.8M were expensed, reducing net income for the period.

• NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

  Large acquisition activity and $6.8B in additions; 28 properties held for sale.
  Notable

  • Gain of $26.5M from eminent domain disposal recorded in Q3 2026, a one-time item.
  • Added 0.5M net rentable sq ft via development/redevelopment costing $84.1M in nine months to Sep 2026.
  • 28 properties valued at $152.3M held for sale as of Q3 2026, indicating active disposition strategy.

• NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

  Large goodwill and intangible additions from NSA acquisition, plus new JV investments.
  Notable

  • Carrying amount of investments exceeds underlying equity by $151.5M at September 30, 2026.

• NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

  Notes receivable tripled to $445M; new $3B revolver and $500M term loan details.
  Notable

  • Notes receivable tripled to $445.3M at Sep 2026 from $142.1M at Dec 2025, mostly from a $237M mezzanine loan.
  • Average interest rate on notes receivable rose to 9.0% at Sep 2026 from 7.9% at Dec 2025.
  • None of the $445.3M notes receivable were past due or nonaccrual; credit loss allowance not material.
  • New $3.0B revolver matures 2030 and $500M term loan (fully drawn) at SOFR+0.70% were put in place June 2026.
  • No revolver borrowings outstanding at Sep 2026; $40.2M in letters of credit reduce available capacity.
  • Commercial paper program allows up to $1.0B in unsecured notes, used for general corporate purposes.

• NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

  Debt table shows $1.8B increase in total notes payable, with new issuances and maturities.
  Notable

  • $200 million of commercial paper was outstanding at September 30, 2026.

• NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

  Large debt refinancing and new hedging activity with specific amounts and rates.
  Notable

  • Repaid $500M of 0.875% notes at maturity on Feb 15, 2026, removing low-cost debt.
  • Issued $500M of 5.000% notes due 2035 on Apr 6, 2026, net proceeds $493.7M.
  • Issued $900M of notes at 4.855% effective rate on Jul 20, 2026, net proceeds $886M.
  • Existing $475M interest rate swaps had $21.8M liability at Sep 30, 2026, converting fixed to variable SOFR+0.92%.
  • New $1B notional swaps for anticipated issuances; $500M settled for $6.8M gain, $500M remain with $37.6M asset.
  • Two cross-currency swaps with $900M notional hedge PS Canada net investment, converting USD debt to CAD.

• NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

  Debt structure, covenants, FX hedging, and NSA acquisition debt details are company-specific.
  Notable

  • Debt-to-total-assets covenant limit is 65%; actual is ~20% at September 30, 2026, leaving ample headroom.
  • Minimum EBITDA-to-interest coverage covenant is 1.5x; actual is ~10x for trailing twelve months ended September 30, 2026.
  • Designated $370 million of Euro notes as a net investment hedge of Shurgard; $0.2 million gain in OCI in Q3 2026.
  • Issued C$400 million in CAD-denominated unsecured notes on September 16, 2026, adding foreign-currency debt.
  • Foreign currency exchange gains swung from a $215.4M loss (9M 2025) to a $70.4M gain (9M 2026), a $285.8M swing.
  • Assumed $167 million in mortgage debt (net of discount) from the NSA acquisition, with fixed rates 2.8%-7.1% maturing 2028-2030.

• NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

  Debt maturity wall, VIE consolidation, and large OP Unit issuances are company-specific.
  Notable

  • Bought out a noncontrolling interest for $7.5M cash in nine months ended Sept 30, 2026, gaining full control.
  • Consolidated 21 VIEs with $533.2M net real estate and $172.9M non-recourse mortgages at Sept 30, 2026.
  • Issued 4,125,017 OP Units at $1.2B for NSA and 2,762,108 at $795M for PS Canada in nine months ended Sept 30, 2026.
  • 3.81% of PSA OP partnership interests not owned by the Company at Sept 30, 2026, redeemable for common shares.
  Negative

  • Total notes payable of $12.1B at Sept 30, 2026, with $1.3B due in 2027 and $1.3B in 2028.

• NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

  New preferred series T and U issued in Q3 2026, adding $370M in senior capital.
  Notable

  • No dividends in arrears on any preferred series as of September 30, 2026.

• NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

  Contains ATM program details, related-party acquisition, and preferred share issuance specifics.
  Notable

  • Issued Series T and U preferred shares in exchange for NSA preferred shares during the nine months ended September 30, 2026.
  • ATM program has $399.2 million in net proceeds from unsettled forward sales as of September 30, 2026.
  • $1.5 billion remains available for future issuance under the ATM program as of September 30, 2026.
  • Board declared $3.00 per common share dividend on August 4, 2026, totaling ~$561.0 million.
  • Related-party acquisition of PS Canada on September 1, 2026, with board member's family holding equity.
  • Reinsurance premiums from PS Canada were $0.4M and $1.4M for the three and nine months ended September 30, 2026.

• NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

  Related-party fees, board option sales, and comp expense trends are company-specific.
  Notable

  • Sold $30M in OP Options to two board members, exercisable at $350/unit from 2032.
  • Received $9.4M in property management fees from joint ventures in nine months ended Sep 30, 2026.
  • Recognized $4.7M in tenant reinsurance revenue from joint ventures in nine months ended Sep 30, 2026.
  • Unrecognized share-based comp cost of $83.6M as of Sep 30, 2026, to be recognized over 3 years.

• NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

  EPS dropped sharply in Q3 2026; antidilutive shares surged 6x, signaling dilution risk.
  Negative

  • Antidilutive shares surged to 3.4 million in 2026 from 0.6 million in 2025, a 6x increase.

• NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

  Contains a $16.7M deferred tax benefit and $262.1M in new deferred tax liabilities from acquisitions.
  Notable

  • Income tax expense swung to a $(15.0)M benefit in Q3 2026 from $2.8M expense in Q3 2025, driven by a $16.7M valuation allowance release.
  • Recognized $262.1M in deferred tax liabilities from NSA and PS Canada acquisitions, mainly for buildings, intangible assets, and land.

• NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

  Segment NOI is the key metric the CODM uses; reader needs the numbers.
  Notable

  • Segment asset information is not used by the CODM to assess performance or allocate resources.
  • Substantially all real estate, goodwill, other intangibles, other assets, and accrued liabilities are in Self-Storage Operations.

• NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

  Contains quantified commitments, contingent losses, and transformation costs with specific figures.
  Notable

  • Customer insurance program covers $8.7B aggregate exposure, with $15M excess coverage above $10M per occurrence.
  • $170.8M in construction commitments as of September 30, 2026, with $134.7M due in 2027.
  • $102.4M in lease commitments as of September 30, 2026, with $78.7M due after 2030.
  • $74.1M unfunded commitments to private equity and joint ventures, plus $23.1M bridge loan commitments.
  • Corporate transformation costs rose to $8.0M in 9M 2026 from $3.2M a year ago, totaling $12.9M since inception.

• NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

  Contains specific restructuring costs, acquisitions, and commercial paper updates.
  Notable

  • As of Oct 26, 2026, had $375 million in short-term commercial paper.
  • Acquired or contracted 17 self-storage facilities for $211.5 million after quarter end.

• Item 2

  Major acquisitions closed, debt issued, same-store revenue nearly flat, FFO down 12% in Q3.
  Notable

  • ATM forward sales: 1,230,141 shares outstanding, expected net proceeds of $399.2M, diluting existing holders.
  • Same-store marketing expense rose 12.5% in Q3 and 4.6% YTD, as company spent more on online ads to attract tenants.
  • Foreign currency gain of $68.7M YTD (vs $213.9M loss in 2025) from Euro-denominated debt; volatile and non-cash.
  Negative

  • Same Store Facilities revenue grew only 0.5% in Q3 and was flat YTD; realized rent per occupied sq ft fell 0.3% YTD.
  • FFO per share fell 12.0% in Q3 2026 to $3.81 from $4.33, due to $114.6M in transaction and integration costs.
  • $2.1B in debt matures in next 12 months ($650M in Nov 2026, $700M in Apr 2027, $500M in Sept 2027).

• Risk Factors (Item 1A)

  New risk factor: NSA and PS Canada integration challenges with specific failure modes.
  Negative

  • New integration risk for NSA and PS Canada acquisitions, with 9 specific failure modes listed.

What changed: Sep 2026 vs. Jun 2026

About 22% of PSA's Sep 2026 10-Q is new information. 75 paragraphs were added, 155 changed, and 53 removed. Below are the most important lines SECSift identified.

• NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS 97
• Item 2 72
• Item 1A 11
• CONSOLIDATED STATEMENTS OF EQUITY 6
• Item 6 5
• Item 3 1
• Item 4 1
• Item 5 1