Public Storage 8-K

What Happened
Public Storage (PSA) filed an 8-K on January 7, 2026 to disclose an investor presentation it posted on its Investor Relations website for an upcoming conference. The presentation provides a same-store operating update for the three months and year ended December 31, 2025 and notes that PSA acquired 87 self-storage facilities in 2025.

Key Details

• Same Store pool: 2,565 facilities (175.3 million net rentable sq ft) owned and operated on a stabilized basis since Jan 1, 2023.
• Occupancy and rent: Year-end occupied square foot occupancy 91.0% vs 90.5% a year earlier; annual contract rent per occupied sq ft $22.55 vs $22.72 (down 0.7%).
• Move-ins (Q4 2025): average annual contract rent per sq ft $11.60 (down 10.6% YoY); contract rents gained $88,444 (thousands) (down 8.4% YoY); promotional discounts given $13,434 (thousands) (down 18.1% YoY).
• Move-outs (Q4 2025): average annual contract rent per sq ft $20.12 (down 0.3% YoY); contract rents lost $151,116 (thousands) (down 4.5% YoY).
• Acquisitions: 87 facilities added in 2025, totaling 6.1 million net rentable sq ft, for $942.2 million.
• The presentation refers investors to PSA’s 10-Q (Sept 30, 2025) for additional context on revenue drivers and includes standard forward-looking statements caution.

Why It Matters
This filing gives investors updated operating metrics for PSA’s core same-store portfolio—occupancy, contract rents in and out, promotional activity—and shows modest year-over-year pressure on contract rates but slightly higher occupancy. The acquisition disclosure ($942.2M for 87 facilities) signals continued growth through purchases. These operating trends and acquisition activity are relevant to assessing near-term revenue trends, portfolio growth, and future earnings potential.