Public Storage

For the period ended Dec 31, 2025. Filed Feb 12, 2026.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 12, 2026

PSA$335.93-0.7%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits

Contents

III – Real Estate and Accumulated Depreciation F-

Initial Cost · Gross Carrying Amount At December 31, 2025
Description	No. of Facilities	Net Rentable Square Feet	2025 Encumbrances	Land	Buildings & Improvements	Costs Subsequent to Acquisition	Land	Buildings	Total	Accumulated Depreciation
Self-storage facilities by market:
Los Angeles	233	17,941	$187	$585,848	$1,134,751	$687,867	$596,216	$1,812,250	$2,408,466	$1,130,816
Dallas/Ft. Worth	221	19,992	—	385,801	2,278,224	312,713	388,232	2,588,506	2,976,738	748,150
Houston	174	14,587	—	289,007	963,575	360,489	288,329	1,324,742	1,613,071	534,986
Chicago	145	9,403	—	158,287	530,281	222,108	161,124	749,552	910,676	505,451
San Francisco	142	9,496	—	248,501	570,134	384,278	265,895	937,018	1,202,913	660,441
Atlanta	122	8,182	1,389	168,081	482,923	150,784	168,444	633,344	801,788	381,481
Washington DC	119	8,443	—	423,176	1,329,933	239,540	438,682	1,553,967	1,992,649	635,368
Orlando/Daytona	117	6,928	—	187,890	652,931	118,690	193,296	766,215	959,511	278,476
New York	108	8,209	—	316,900	768,161	409,256	323,538	1,170,779	1,494,317	687,481
Miami	104	7,969	—	283,795	631,694	214,574	285,688	844,375	1,130,063	497,026
Seattle/Tacoma	102	7,402	—	246,108	634,810	233,019	249,239	864,698	1,113,937	529,836
Denver	76	5,606	—	125,358	362,010	137,085	125,851	498,602	624,453	243,877
Tampa	76	5,288	—	126,757	450,309	110,350	130,071	557,345	687,416	218,135
Philadelphia	72	4,883	—	75,325	341,298	104,459	74,346	446,736	521,082	238,242
Minneapolis/St. Paul	68	5,533	—	128,142	332,631	160,591	131,695	489,669	621,364	235,534
Charlotte	62	4,760	—	89,937	250,135	115,134	97,800	357,406	455,206	207,708
Detroit	54	3,961	—	77,077	289,354	95,458	78,484	383,405	461,889	189,273
Phoenix	53	3,889	—	108,051	367,874	74,946	108,042	442,829	550,871	195,300
Baltimore	52	4,109	—	142,206	798,014	85,384	143,430	882,174	1,025,604	240,590
Portland	51	3,078	—	65,802	233,930	58,237	66,460	291,509	357,969	165,514
Oklahoma City	51	3,712	—	70,646	328,653	38,730	70,646	367,383	438,029	82,258
West Palm Beach	49	3,960	—	162,675	246,483	135,017	163,623	380,552	544,175	210,124
San Antonio	42	3,045	—	58,753	250,276	48,529	58,711	298,847	357,558	120,781
Raleigh	41	2,988	—	94,345	247,524	59,558	95,314	306,113	401,427	120,796
Austin	40	3,128	—	73,198	224,069	66,215	75,720	287,762	363,482	143,275
Sacramento	38	2,291	—	34,758	115,143	48,496	35,242	163,155	198,397	108,401
Columbia	38	2,408	—	46,809	188,845	37,781	47,569	225,866	273,435	71,903
Norfolk	37	2,218	—	48,750	131,950	39,880	48,189	172,391	220,580	104,354
Indianapolis	37	2,440	—	46,160	171,251	33,510	47,160	203,761	250,921	84,753
Columbus	32	2,431	—	55,843	143,208	43,410	55,950	186,511	242,461	77,079
Kansas City	31	2,116	—	20,212	114,080	64,111	20,412	177,991	198,403	87,052
Boston	30	2,079	—	86,790	230,427	47,541	87,356	277,402	364,758	161,041
St. Louis	27	1,738	—	22,546	85,838	50,631	24,295	134,720	159,015	86,864
Las Vegas	27	1,989	—	35,047	148,111	57,543	37,758	202,943	240,701	79,837
Nashville/Bowling Green	26	1,753	—	49,172	142,351	42,585	49,170	184,938	234,108	53,973
Mobile	25	1,491	—	31,428	141,135	17,589	31,255	158,897	190,152	32,106

Initial Cost · Gross Carrying Amount At December 31, 2025
Description	No. of Facilities	Net Rentable Square Feet	2025 Encumbrances	Land	Buildings & Improvements	Costs Subsequent to Acquisition	Land	Buildings	Total	Accumulated Depreciation
San Diego	24	2,336	—	89,782	162,043	80,472	92,292	240,005	332,297	143,295
Cincinnati	22	1,439	—	21,126	79,210	33,306	21,044	112,598	133,642	50,828
Memphis	22	1,413	—	27,627	167,899	21,529	28,980	188,075	217,055	45,752
Greensville/Spartanburg/Asheville	18	1,112	—	14,689	79,866	20,378	15,605	99,328	114,933	36,704
Colorado Springs	17	1,164	—	13,667	64,569	30,286	13,664	94,858	108,522	45,570
Charleston	17	1,249	—	29,099	90,950	28,596	30,075	118,570	148,645	45,010
Fort Myers/Naples	17	1,335	—	36,676	121,930	29,170	36,355	151,421	187,776	45,150
Milwaukee	16	1,054	—	13,981	42,149	17,445	13,950	59,625	73,575	42,075
Louisville	16	957	—	24,868	50,185	14,310	24,867	64,496	89,363	29,751
Richmond	16	810	—	21,121	56,202	12,231	20,926	68,628	89,554	33,807
Jacksonville	15	909	—	14,454	47,415	19,250	14,503	66,616	81,119	45,450
Birmingham	15	607	—	6,316	25,567	22,215	6,204	47,894	54,098	35,892
Greensboro	15	917	—	15,590	43,181	22,676	17,679	63,768	81,447	39,591
Chattanooga	15	1,009	—	14,443	58,722	13,990	14,245	72,910	87,155	26,707
Savannah	14	873	—	38,343	63,263	10,889	37,015	75,480	112,495	31,649
Boise	14	1,488	—	44,378	130,087	3,499	44,378	133,586	177,964	15,277
Honolulu	13	994	—	77,115	161,335	25,594	78,033	186,011	264,044	99,429
New Orleans	13	921	—	14,749	76,863	17,035	14,917	93,730	108,647	42,838
Salt Lake City	13	786	—	20,454	41,607	9,767	20,103	51,725	71,828	23,046
Hartford/New Haven	11	693	—	6,778	19,959	30,438	8,443	48,732	57,175	40,710
Omaha	11	936	—	17,965	69,085	7,350	17,965	76,435	94,400	20,667
Cleveland/Akron	11	695	—	7,449	38,402	11,009	7,842	49,018	56,860	20,391
Augusta	11	666	—	11,892	43,128	7,182	11,892	50,310	62,202	14,924
Buffalo/Rochester	9	462	—	6,785	17,954	9,202	6,783	27,158	33,941	20,345
Reno	7	559	—	5,487	18,704	8,137	5,487	26,841	32,328	18,187
Tucson	7	439	—	9,403	25,491	9,999	9,884	35,009	44,893	28,261
Wichita	7	432	—	2,017	6,691	12,338	2,130	18,916	21,046	14,392
Monterey/Salinas	7	324	—	8,465	24,151	8,184	8,455	32,345	40,800	29,297
Dayton	6	360	—	1,700	14,039	6,874	1,699	20,914	22,613	9,916
Roanoke	6	369	—	7,824	35,719	2,625	7,824	38,344	46,168	7,963
Evansville	5	325	—	2,340	14,316	2,831	2,312	17,175	19,487	7,623
Huntsville/Decatur	5	298	—	9,161	13,481	5,204	9,108	18,738	27,846	9,330
Providence	5	284	—	3,813	30,716	5,694	3,813	36,410	40,223	11,202
Lansing	5	291	—	3,293	30,742	3,263	3,293	34,005	37,298	5,791
Fort Wayne	4	271	—	3,487	11,003	5,048	3,487	16,051	19,538	8,197
Palm Springs	3	241	—	8,309	18,065	3,657	8,309	21,722	30,031	16,501
Rochester	3	155	—	2,142	10,787	4,419	2,075	15,273	17,348	6,244

Initial Cost · Gross Carrying Amount At December 31, 2025
Description · No. of Facilities · Net Rentable Square Feet · 2025 Encumbrances · Land · Buildings & Improvements · Costs Subsequent to Acquisition · Land · Buildings · Total · Accumulated Depreciation
Flint	3	191		—		2,734		19,228		1,696		2,733		20,925		23,658		4,472
Shreveport	2	150		—		817		3,030		3,600		741		6,706		7,447		5,825
Springfield/Holyoke	2	144		—		1,428		3,380		2,813		1,427		6,194		7,621		5,690
Santa Barbara	2	98		—		5,733		9,106		1,296		5,733		10,402		16,135		8,235
Topeka	2	93		—		225		1,419		3,141		225		4,560		4,785		3,588
Joplin	1	56		—		264		904		1,475		264		2,379		2,643		1,906
Syracuse	1	55		—		545		1,279		1,584		545		2,863		3,408		2,436
Modesto/Fresno/Stockton	1	33		—		44		206		1,471		193		1,528		1,721		1,373
Commercial and non-operating real estate			—		12,307		19,892		152,699		11,343		173,555		184,898		118,485
	3,171	229,439		$1,576		$5,850,066		$18,376,236		$5,851,955		$5,952,072		$24,126,185		$30,078,257		$11,468,054

Note: Buildings and improvements are depreciated on a straight-line basis over estimated useful lives ranging generally between 5 to 40 years. In addition, disclosures of the number and square footage of our facilities are unaudited.

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.