Public Storage — Current Report (Form 8-K)

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)

(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:

Securities registered pursuant to Section 12(b) of the Act:

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. ☐

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.

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.

(d) Exhibits

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.

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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.

Date: September 1, 2026

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