{"url_path":"/sec/psa/8-k/2026-07-22/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"8-K","doc_date":"2026-07-22","source_url":"https://www.sec.gov/Archives/edgar/data/1393311/0001193125-26-312563-index.html","accession_number":"0001193125-26-312563","cik":"0001393311","ticker":"PSA","issuer_name":"Public Storage","edgar_url":"https://www.sec.gov/Archives/edgar/data/1393311/0001193125-26-312563-index.html","primary_entity_key":"0001393311","primary_entity_name":"Public Storage"},"word_count":1059,"has_tables":true,"body_markdown":"8-K\n\nfalse 0001393311 --12-31 0001393311 2026-07-21 2026-07-21 0001393311 us-gaap:CommonStockMember 2026-07-21 2026-07-21 0001393311 psa:DepositarySharesEachRepresenting11000OfA5.150CumPrefShareSeriesF0.01ParValue4Member 2026-07-21 2026-07-21 0001393311 psa:DepositarySharesEachRepresenting11000OfA5.050CumPrefShareSeriesG0.01ParValue1Member 2026-07-21 2026-07-21 0001393311 psa:DepositarySharesEachRepresenting11000OfA5.600CumPrefShareSeriesH0.01ParValue2Member 2026-07-21 2026-07-21 0001393311 psa:DepositarySharesEachRepresenting11000OfA4.875CumPrefShareSeriesI0.01ParValue3Member 2026-07-21 2026-07-21 0001393311 psa:DepositarySharesEachRepresenting11000OfA4.700CumPrefShareSeriesJ0.01ParValueMember 2026-07-21 2026-07-21 0001393311 psa:DepositarySharesEachRepresenting11000OfA4.750CumPrefShareSeriesK0.01ParValueMember 2026-07-21 2026-07-21 0001393311 psa:DepositarySharesEachRepresenting11000OfA4.625CumPrefShareSeriesL0.01ParValueMember 2026-07-21 2026-07-21 0001393311 psa:DepositarySharesEachRepresenting11000OfA4.125CumPrefShareSeriesM0.01ParValueMember 2026-07-21 2026-07-21 0001393311 psa:DepositarySharesEachRepresenting11000OfA3.875CumPrefShareSeriesN0.01ParValueMember 2026-07-21 2026-07-21 0001393311 psa:DepositarySharesEachRepresenting11000OfA3.900CumPrefShareSeriesO0.01ParValueMember 2026-07-21 2026-07-21 0001393311 psa:DepositarySharesEachRepresenting11000OfA4.000CumPrefShareSeriesP0.01ParValueMember 2026-07-21 2026-07-21 0001393311 psa:DepositarySharesEachRepresenting11000OfA3.950CumPrefShareSeriesQ0.01ParValueMember 2026-07-21 2026-07-21 0001393311 psa:DepositarySharesEachRepresenting11000OfA4.000CumPrefShareSeriesR0.01ParValueMember 2026-07-21 2026-07-21 0001393311 psa:DepositarySharesEachRepresenting11000OfA4.100CumPrefShareSeriesS0.01ParValueMember 2026-07-21 2026-07-21 0001393311 psa:M6.000CumPrefSharesSeriesTParValue0.01PerShareMember 2026-07-21 2026-07-21 0001393311 psa:M6.000CumPrefSharesSeriesUParValue0.01PerShareMember 2026-07-21 2026-07-21 0001393311 psa:GuaranteeNotesDue2032Member 2026-07-21 2026-07-21 0001393311 psa:GuaranteeNotesDue2030Member 2026-07-21 2026-07-21 0001393311 psa:GuaranteeNotesDue2034Member 2026-07-21 2026-07-21\n\n \n\n \n\nUNITED STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, DC 20549\n\n \n\n \n\nFORM 8-K\n\n \n\n \n\nCURRENT REPORT\n\nPURSUANT TO SECTION 13 OR 15(D)\n\nOF THE SECURITIES EXCHANGE ACT OF 1934\n\nDate of Report (Date of earliest event reported): July 21, 2026\n\n \n\n \n\nPublic Storage\n\n(Exact Name of Registrant as Specified in its Charter)\n\n \n\n \n\n \n\nMaryland\n \n001-33519\n \n93-2834996\n\n(State or Other Jurisdiction\nof Incorporation)\n \n\n(Commission\n\nFile Number)\n\n \n(I.R.S. Employer\nIdentification No.)\n\n \n\n2811 Internet Boulevard, Frisco, Texas\n \n75034\n\n(Address of Principal Executive Offices)\n \n(Zip Code)\n\n(469) 649-9486\n\nRegistrant’s telephone number, including area code\n\nN/A\n\n(Former name or former address, if changed since last report)\n\n \n\n \n\nCheck the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:\n\n \n\n☐\n\nWritten communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)\n\n \n\n☐\n\nSoliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)\n\n \n\n☐\n\nPre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))\n\n \n\n☐\n\nPre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\n \n\nTitle of Class\n\n \n\nTrading\nSymbol\n\n \n\nName of exchange\n\non which registered\n\nCommon Shares, $0.10 par value\n \nPSA\n \nNew York Stock Exchange\n\nDepositary Shares, Each Representing 1/1,000 of a 5.150% Cum Pref Share, Series F, $0.01 par value\n \nPSAPrF\n \nNew York Stock Exchange\n\nDepositary Shares, Each Representing 1/1,000 of a 5.050% Cum Pref Share, Series G, $0.01 par value\n \nPSAPrG\n \nNew York Stock Exchange\n\nDepositary Shares, Each Representing 1/1,000 of a 5.600% Cum Pref Share, Series H, $0.01 par value\n \nPSAPrH\n \nNew York Stock Exchange\n\nDepositary Shares, Each Representing 1/1,000 of a 4.875% Cum Pref Share, Series I, $0.01 par value\n \nPSAPrI\n \nNew York Stock Exchange\n\nDepositary Shares, Each Representing 1/1,000 of a 4.700% Cum Pref Share, Series J, $0.01 par value\n \nPSAPrJ\n \nNew York Stock Exchange\n\nDepositary Shares, Each Representing 1/1,000 of a 4.750% Cum Pref Share, Series K, $0.01 par value\n \nPSAPrK\n \nNew York Stock Exchange\n\nDepositary Shares, Each Representing 1/1,000 of a 4.625% Cum Pref Share, Series L, $0.01 par value\n \nPSAPrL\n \nNew York Stock Exchange\n\nDepositary Shares, Each Representing 1/1,000 of a 4.125% Cum Pref Share, Series M, $0.01 par value\n \nPSAPrM\n \nNew York Stock Exchange\n\nDepositary Shares, Each Representing 1/1,000 of a 3.875% Cum Pref Share, Series N, $0.01 par value\n \nPSAPrN\n \nNew York Stock Exchange\n\nDepositary Shares, Each Representing 1/1,000 of a 3.900% Cum Pref Share, Series O, $0.01 par value\n \nPSAPrO\n \nNew York Stock Exchange\n\nDepositary Shares, Each Representing 1/1,000 of a 4.000% Cum Pref Share, Series P, $0.01 par value\n \nPSAPrP\n \nNew York Stock Exchange\n\nDepositary Shares, Each Representing 1/1,000 of a 3.950% Cum Pref Share, Series Q, $0.01 par value\n \nPSAPrQ\n \nNew York Stock Exchange\n\nDepositary Shares, Each Representing 1/1,000 of a 4.000% Cum Pref Share, Series R, $0.01 par value\n \nPSAPrR\n \nNew York Stock Exchange\n\nDepositary Shares, Each Representing 1/1,000 of a 4.100% Cum Pref Share, Series S, $0.01 par value\n \nPSAPrS\n \nNew York Stock Exchange\n\n6.000% Cum Pref Shares, Series T, par value $0.01 per share\n \nPSAPrT\n \nNew York Stock Exchange\n\n6.000% Cum Pref Shares, Series U, par value $0.01 per share\n \nPSAPrU\n \nNew York Stock Exchange\n\nGuarantee of 0.875% Senior Notes due 2032 issued by Public Storage Operating Company\n \nPSA/32\n \nNew York Stock Exchange\n\nGuarantee of 0.500% Senior Notes due 2030 issued by Public Storage Operating Company\n \nPSA/30\n \nNew York Stock Exchange\n\nGuarantee of 3.500% Senior Notes due 2034 issued by Public Storage Operating Company\n \nPSA/34\n \nNew York Stock Exchange\n\nIndicate 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).\n\nEmerging growth company ☐\n\nIf 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. ☐\n\n \n\n \n\n \n\nIntroductory Note\n\nOn July 22, 2026 (the “Closing Date”), Public Storage, a Maryland real estate investment trust (“Public Storage”), announced the completion of its previously announced acquisition of National Storage Affiliates Trust, a Maryland real estate investment trust (“NSA”), pursuant to that certain Agreement and Plan of Merger, dated as of March 16, 2026 (the “Merger Agreement”), by and among NSA, NSA OP, LP, a Delaware limited partnership (“NSA OP”), Public Storage, Public Storage OP, L.P., a Delaware limited partnership (“PSA OP”), Pelican Merger Sub I, LLC, a Maryland limited liability company and a wholly owned subsidiary of Public Storage (“Merger Sub I”), and Pelican Merger Sub II, LLC, a Delaware limited liability company and a wholly owned subsidiary of PSA OP (“Merger Sub II”). Capitalized terms used but not defined herein have the meanings ascribed to them in the Merger Agreement.\n\nIn connection with the completion of the transactions contemplated by the Merger Agreement: (i) NSA OP consummated the Dropdown JV Contribution pursuant to the Dropdown JV Contribution Agreement, (ii) following the consummation of the Dropdown JV Contribution, NSA merged with and into Merger Sub I, with Merger Sub I continuing as the surviving company (the “Company Merger”), (iii) following the consummation of the Company Merger, the Dropdown JV Financing was consummated as contemplated therein, (iv) following the consummation of the transactions described in (i), (ii) and (iii) above, the redemption of Class A OP Units of NSA OP (the “NSA OP Units”) pursuant to the Special Redemption was consummated immediately prior to the effective time of the Partnership Merger (the “Partnership Merger Effective Time”), and (v) Merger Sub II merged with and into NSA OP, with NSA OP continuing as the surviving limited partnership (the “Partnership Merger” and, together with the Company Merger, the “Mergers”)."}