Public Storage
For the period ended Sep 30, 2026. Filed Oct 26, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Oct 26, 2026
PSA$337.46-0.9%Stored close · as of Nov 6, 2026
What changed in Risk Factors?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-07-29.
0001628280-26-050612
Item 1A. Risk FactorsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-10-26.
0001628280-26-067286
Item 1A. Risk FactorsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 17 previous paragraphs and 18 current paragraphs.
5 unchanged; 10 reworded; 3 added; 2 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 0 previous and 0 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
The current filing states there were no material changes to risk factors.
This is the filer’s own statement, not a conclusion from the comparison. Read its qualifications and the report it references.
Current filing’s statement
In addition to the other information in this Quarterly Report on Form 10-Q, you should carefully consider the risks described in our Annual Report on Form 10-K filed for the year ended December 31, 2025, in Part I, Item 1A, Risk Factors, and in our other filings with the SEC. These factors may materially affect our business, financial condition and operating results. There have been no material changes to the risk factors relating to the Company disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025, and the risk factors described in the “Risk Factors” section in our Quarterly Reports on Form 10-Q for the periods ended March 31, 2026 and June 30, 2026, other than those disclosed below.
Added paragraphs (3)
Current report
We expect to realize synergies and other benefits from our recent acquisitions of NSA and PS Canada. However, we have been devoting significant management attention and resources to integrating the operations of these companies with our own and expect to continue to do so in the future. Potential difficulties we may encounter in the integration process include the following:
Current report
During the three months ended September 30, 2026, Public Storage OP, L.P. issued 4,125,017 and 2,762,108 OP Units in Public Storage OP, L.P in connection with the Company’s acquisitions of NSA and PS Canada, respectively. During the three months ended September 30, 2026, Public Storage OP, L.P. issued 660,371 Series T-1 preferred units to former holders of NSA OP, L.P.’s Series A-1 preferred units. The common and preferred units were issued in reliance upon the exemption from registration provided by Section 4(a)(2).
Removed paragraphs (2)
Previous report
Until the completion of the Merger, NSA and Public Storage operated as independent public companies with respective independent operating partnerships. We expect to benefit from the elimination of duplicative costs associated with supporting a public company platform and the leveraging of state-of-the art technology and systems. However, we will be required to devote significant management attention and resources to integrating the operations of NSA with our own. Potential difficulties we may encounter in the integration process include the following:
Previous report
•the inability to successfully realize the anticipated value from some of NSA’s assets;
Reworded paragraphs (10)
Previous wording
In addition to the other information in this Quarterly Report on Form 10-Q, you should carefully consider the risks described in our Annual Report on Form 10-K filed for the year ended December 31, 2025, in Part I, Item 1A, Risk Factors, and in our other filings with the SEC. These factors may materially affect our business, financial condition and operating results. There have been no material changes to the risk factors relating to the Company disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025, and the risk factors described in the “Risk Factors” section in our Quarterly Report on Form 10-Q for the period ended March 31, 2026, other than those disclosed below.
Current wording
In addition to the other information in this Quarterly Report on Form 10-Q, you should carefully consider the risks described in our Annual Report on Form 10-K filed for the year ended December 31, 2025, in Part I, Item 1A, Risk Factors, and in our other filings with the SEC. These factors may materially affect our business, financial condition and operating results. There have been no material changes to the risk factors relating to the Company disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025, and the risk factors described in the “Risk Factors” section in our Quarterly Reports on Form 10-Q for the periods ended March 31, 2026 and June 30, 2026, other than those disclosed below.
Previous wording
We may be unable to integrate the operations of NSA successfully with ours and realize the anticipated synergies and other benefits of the Merger or do so within the anticipated time frame.
Current wording
We may be unable to successfully integrate the operations of NSA and PS Canada with ours and may not realize the anticipated synergies and other benefits of the transactions or do so within the anticipated time frame.
Previous wording
•the inability to successfully combine the business of NSA with ours in a manner that permits us to achieve the cost savings anticipated to result from the Merger, which would result in some anticipated benefits of the Merger not being realized in the time frame currently anticipated or at all;
Current wording
•the inability to successfully combine the businesses with ours in a manner that permits us to achieve the cost savings anticipated to result from the transactions;
Previous wording
•lost sales, loss of customers, joint venture partners and other commercial relationships;
Current wording
•loss of customers, joint venture partners and other commercial relationships;
Previous wording
•the complexities associated with managing the combined company, including the complexity of managing the newly formed JV;
Current wording
•the complexities associated with managing the combined company, including the complexity of managing related joint ventures;
Previous wording
•the additional complexities of combining two companies with different histories, cultures, markets, strategies and customer bases;
Current wording
•the additional complexities of combining companies with different histories, cultures, markets, strategies and customer bases;
Previous wording
•the failure to retain key employees of either of the two companies that may be difficult to replace;
Previous wording
•potential unknown liabilities and unforeseen increased expenses, delays or regulatory conditions associated with the Merger; and
Current wording
•potential unknown liabilities and unforeseen increased expenses, delays or regulatory conditions associated with the transactions; and
Previous wording
•performance shortfalls at as a result of the diversion of management’s attention caused by completing the Merger and integrating NSA’s and our operations.
Current wording
•performance shortfalls as a result of the diversion of management’s attention caused by the acquisitions and integration.
Previous wording
Any of these risks could adversely affect our ability to maintain relationships with customers, vendors, employees and other commercial relationships. As a result, the anticipated benefits of the Merger may not be realized fully within the expected time frame or at all or may take longer to realize or cost more than expected, which could adversely affect our business, financial condition, results of operations and growth prospects. In addition, changes in laws and regulations could adversely impact our business, financial condition, results of operations and growth prospects.
Current wording
Any of these risks could adversely affect our ability to maintain relationships with customers, vendors, employees and other commercial relationships. As a result, the anticipated benefits of the transactions may not be realized fully within the expected time frame or at all or may take longer to realize or cost more than expected, which could adversely affect our business, financial condition, results of operations and growth prospects. In addition, changes in laws and regulations could adversely impact our business, financial condition, results of operations and growth prospects.