{"url_path":"/sec/psa/8-k/2026-07-22/item-3-02","section_key":"item-3-02","section_title":"Item 3.02 Unregistered Sales of Equity Securities.","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":128,"has_tables":true,"body_markdown":"Item 3.02\n\nUnregistered Sales of Equity Securities.\n\nThe information set forth in the Introductory Note, Item 1.01 and Item 2.01 of this Current Report on Form 8-K is incorporated herein by reference.\n\nOn the Closing Date, as a result of the Partnership Merger, Public Storage issued approximately (i) 4,100,000 Public Storage OP Units to former holders of NSA OP Units and (ii) 660,371 Public Storage Series T-1 Preferred Units to former holders of NSA OP’s Series A-1 Preferred Units.\n\nThe Public Storage OP Units and the PSA OP Preferred Units issued in connection with the Partnership Merger are intended to be exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), by virtue of the exemption provided in Section 4(a)(2) of the Securities Act."}