Form 8-K
8-K — Public Storage
Accession: 0001193125-26-377690
Filed: 2026-09-01
Period: 2026-08-31
CIK: 0001393311
SIC: 6798 (REAL ESTATE INVESTMENT TRUSTS)
Item: Regulation FD Disclosure
Item: Other Events
Item: Financial Statements and Exhibits
Documents
8-K — d71712d8k.htm (Primary)
EX-99.1 (d71712dex991.htm)
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8-K
8-K (Primary)
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8-K
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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): August 31, 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)
(469) 649-9486
Registrant’s telephone number, including area code
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 communications 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 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
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% Cum Pref Shares, Series T, par value $0.01 per share
PSAPrT
New York Stock Exchange
6.000% Cum Pref Shares, Series U, par value $0.01 per share
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. ☐
Item 7.01
Regulation FD Disclosure.
On September 1, 2026, Public Storage (the “Company”) issued a press release announcing the completion of the Company’s acquisition of PS Canada Holdings, LLC, a Delaware limited liability company (“PS Canada”), as described in Item 8.01 below, a copy of which is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
The information in this Item 7.01, including Exhibit 99.1 attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to liability of that section. The information in this Item 7.01 shall not be incorporated by reference into any filing or other document pursuant to the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing or document.
Item 8.01
Other Events.
On September 1, 2026, the Company completed the previously announced acquisition of all of the outstanding membership interests of PS Canada from Grant Gustavson, Greer Gustavson and 4G Thoroughbreds, LLC, a Delaware limited liability company (collectively, the “Sellers”), pursuant to that certain Transaction Agreement, dated as of June 22, 2026 (the “Transaction Agreement”), by and among Public Storage OP, L.P. (“PSA OP”), a Delaware limited partnership and the operating partnership of the Company, Public Storage Operating Company, a Maryland real estate investment trust (“PSOC”), PS Canada and the Sellers (the “Transaction”). PS Canada owns 68 self-storage facilities with approximately 5.3 million net rentable square feet across major Canadian metropolitan markets.
Pursuant to the terms and subject to the conditions set forth in the Transaction Agreement, PSOC acquired all of the outstanding membership interests of PS Canada from the Sellers for an aggregate upfront purchase price of approximately $1.2 billion, consisting of (a) approximately $900 million worth of common units of PSA OP (“PSA OP Units”) (2,762,108 PSA OP Units, valuing each such unit at $321.98 per unit) and (b) approximately $310 million in cash, subject to customary purchase price adjustments (including for the indebtedness of PS Canada). Pursuant to the terms and subject to the conditions set forth in the Transaction Agreement, the Sellers will also have an opportunity to receive additional earn-out consideration of up to 768,000 PSA OP Units, valuing each such unit at $375 per unit, contingent on the achievement by PS Canada of certain net operating income performance targets. Subject to certain restrictions, PSA OP Units are redeemable by the holders on a one-for-one basis for common shares of the Company or cash at the option of the Company.
In connection with the closing of the Transaction, on August 31, 2026, PSOC fully drew down its previously disclosed $500.0 million delayed draw term loan facility.
Item 9.01
Financial Statements and Exhibits.
(d) Exhibits
Exhibit
Number
Description
99.1
Press Release, dated September 1, 2026.
104
Cover Page Interactive Data File (embedded within the Inline XBRL document)
Cautionary Statement Regarding Forward-Looking Statements
This Current Report on Form 8-K contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements in this Current Report on Form 8-K, other than statements of historical fact, are forward-looking statements, which may be identified using 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 actual events to be materially different from those expressed or implied in the forward-looking statements. Factors and risks that may impact future results and performance include, but are not limited to, risks relating to the Transaction, including the ability to realize the anticipated benefits of the Transaction. Additional factors that could affect future results of the Company can be found in the Company’s 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, in the Company’s Quarterly Report on Form 10-Q for the period ended June 30, 2026, filed with the SEC on July 29, 2026, and in the Company’s other filings with the SEC. The Company does not undertake any obligation to publicly update or review any forward-looking statement except as required by law, whether as a result of new information, future developments or otherwise.
-3-
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
Joseph D. Fisher
President and Chief Financial Officer
Date: September 1, 2026
-4-
EX-99.1
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EX-99.1
Exhibit 99.1
Public Storage Completes Acquisition of Public Storage Canada
FRISCO, Texas, September 1, 2026 — Public Storage (NYSE: PSA, the “Company”), the leading owner and operator of self-storage
facilities, today announced that the Company completed its acquisition of Public Storage Canada (“PS Canada”).
Under the terms of the
transaction, the Company paid consideration worth approximately $1.2 billion at closing, consisting of approximately $900 million of Public Storage OP units (2.76 million units,
valuing each such unit at $321.98 per unit) and approximately $310 million in cash, subject to customary purchase price adjustments. The transaction also includes an opportunity for the sellers to receive earn-out consideration of up to $288 million in Public Storage OP units priced at $375 per unit, contingent on the achievement of certain NOI performance targets. All values are presented in USD.
With this milestone, Public Storage assumes direct ownership of a portfolio that has operated under the Public Storage® brand in Canada for decades, adding major Canadian markets alongside its leading position in the United States and its presence in Europe through Shurgard®. Public Storage now owns and operates a high-quality portfolio of 5.3 million square feet across 68 properties spanning Toronto, Vancouver, Montreal, Calgary, and Ottawa. These assets will
benefit from compelling market dynamics including robust population densities, high household income levels, and attractive self-storage supply levels, and provide a foundation for potential platform expansion in Canada’s leading markets.
The acquisition is expected to be accretive to Public Storage’s long-term IRR, NOI growth, and FFO per share. By applying the PS Next™ operating model across the portfolio, realizing operating efficiencies, and strengthening the customer experience, Public Storage expects to achieve near-term compounding NOI growth
in the high single-digits – building off an attractive high-5’s going-in yield. The Company will further benefit from growth opportunities across
acquisitions, development, lending and third-party management, as well as access to lower-cost Canadian borrowing.
“Strategic international growth
is a value creation opportunity for Public Storage. With an excellent portfolio, leadership in highly attractive markets, and alignment with our brand and culture, PS Canada is a terrific partner for us and reunites the two companies under common
ownership,” said Tom Boyle, Chief Executive Officer of Public Storage. “We are grateful for the continued support of Tamara Hughes Gustavson and family, and their thoughtful stewardship of PS Canada. We are excited to work closely with
PS Canada’s talented and experienced team – bringing together their domestic expertise with the power of PS Next to deliver meaningful value for our customers and shareholders. Following the recent closing of the National Storage
Affiliates Trust transaction, this acquisition marks another important value creation milestone.”
Scotiabank served as financial advisor, Wachtell,
Lipton, Rosen & Katz and Torys LLP served as legal advisors, and Kekst CNC served as strategic communications advisor to Public Storage. Eastdil Secured served as financial advisor, and Allen Matkins Leck Gamble Mallory & Natsis
LLP and Osler, Hoskin & Harcourt LLP served as legal advisors to the sellers.
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. Following completion of
the PS Canada transaction, we: (i) own and/or operate 4,647 self-storage facilities located in 41 states and Puerto Rico with approximately 329 million net rentable square feet, (ii) own 68 self-storage facilities located in Canada
with approximately 5.3 million net rentable square feet, and (iii) own a 35% common equity interest in Shurgard Self Storage Limited (Euronext Brussels: SHUR), which owns 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.
Cautionary Statement Regarding Forward-Looking Statements
This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements in this
communication, other than statements of historical fact, are forward-looking statements, which may be identified using 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 actual events to be materially different from those expressed or implied in
the forward-looking statements. Factors and risks that may impact future results and performance include, but are not limited to, risks relating to the transaction, including the ability to realize the anticipated benefits of the transaction.
Additional factors that could affect future results of the Company can be found in the Company’s 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, in the Company’s Quarterly Report on Form 10-Q for the period ended June 30, 2026, filed with the SEC on July 29, 2026,
and in the Company’s other filings with the SEC. Public Storage does not undertake any obligation to publicly update or review any forward-looking statement except as required by law, whether as a result of new information, future developments
or otherwise.
Investor Contact
InvestorRelations@publicstorage.com
Media Contact
Nick Capuano / Mark Fallati
Kekst CNC
nicholas.capuano@kekstcnc.com /mark.fallati@kekstcnc.com
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Document and Entity Information
Aug. 31, 2026
Document Information [Line Items]
Document Type
8-K
Document Period End Date
Aug. 31, 2026
Entity Registrant Name
Public Storage
Entity Incorporation State Country Code
MD
Entity File Number
001-33519
Entity Tax Identification Number
93-2834996
Entity Address Address Line 1
2811 Internet Boulevard
Entity Address City Or Town
Frisco
Entity Address State Or Province
TX
Entity Address Postal Zip Code
75034
City Area Code
469
Local Phone Number
649-9486
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Security Exchange Name
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Document Information [Line Items]
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Trading Symbol
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Security Exchange Name
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Document Information [Line Items]
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Trading Symbol
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Security Exchange Name
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Security Exchange Name
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Trading Symbol
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Security Exchange Name
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Trading Symbol
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Trading Symbol
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Trading Symbol
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Security Exchange Name
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Document Information [Line Items]
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Trading Symbol
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Security Exchange Name
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Trading Symbol
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Security Exchange Name
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Trading Symbol
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Document Information [Line Items]
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Trading Symbol
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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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