{"filing":{"accession_number":"0001193125-26-312563","cik":"0001393311","ticker":"PSA-PS","company_name":"Public Storage","form":"8-K","filing_date":"2026-07-22","report_date":null,"primary_document":"d137665d8k.htm","primary_document_url":"https://www.sec.gov/Archives/edgar/data/1393311/000119312526312563/d137665d8k.htm"},"events":[{"id":19679,"run_id":17706,"accession_number":"0001193125-26-312563","anchor_item_number":"2.01","event_type":"ma_activity","event_domain":"operational","is_material":true,"confidence":0.97,"summary":"Public Storage completed its acquisition of National Storage Affiliates Trust (NSA), adding over 1,000 properties and 550,000 units to create a combined portfolio of 4,500+ properties. The transaction involved an exchange ratio of 0.14 Public Storage common shares per NSA share, issuance of approximately 11.2 million Public Storage common shares and preferred shares, and formation of a joint venture with $3.2 billion in real estate assets and $2.2 billion in financing. The acquisition is expected to be accretive to FFO per share with $110–$130 million in run-rate synergies.","company_name":"Public Storage","ticker":"PSA-PS","filing_date":"2026-07-22","form":"8-K","submitted_at":null,"items":[{"id":18838,"accession_number":"0001193125-26-312563","item_number":"1.01","item_title":null,"event_type":"ma_activity","event_domain":"operational","is_material":true,"confidence":0.95,"reasoning":"The Item 1.01 disclosure describes Public Storage's entry into an amendment to its partnership agreement to designate preferred units issued in connection with the completion of the National Storage Affiliates (NSA) acquisition. The supplemental news release confirms this is the closing of a major acquisition—Public Storage acquired NSA's 1,000+ properties and 550,000+ units, creating a combined portfolio of 4,500+ properties. This is a material acquisition that materially affects the registrant's size, operations, and shareholder value, meeting the definition of ma_activity.","classifier_version":"claude-haiku-4-5-20251001+prompt-a85dd512","taxonomy_version":"v1.3","classified_at":"2026-07-22T21:19:16.964249+00:00","company_name":"","ticker":null,"filing_date":""},{"id":18839,"accession_number":"0001193125-26-312563","item_number":"2.01","item_title":null,"event_type":"ma_activity","event_domain":"operational","is_material":true,"confidence":0.99,"reasoning":"This Item 2.01 discloses the completion of a material acquisition of National Storage Affiliates Trust (NSA) by Public Storage. The filing details the merger effective time, the exchange ratio (0.14 Public Storage common shares per NSA common share), the issuance of approximately 11.2 million Public Storage common shares and preferred shares to former NSA holders, and the formation of a joint venture with $3.2 billion in real estate assets and $2.2 billion in financing. The news release confirms this is a major strategic transaction expected to be accretive to FFO per share and represents a \"first major PS4.0 Value Creation Engine milestone,\" making it clearly material to investors.","classifier_version":"claude-haiku-4-5-20251001+prompt-a85dd512","taxonomy_version":"v1.3","classified_at":"2026-07-22T21:19:16.964249+00:00","company_name":"","ticker":null,"filing_date":""},{"id":18841,"accession_number":"0001193125-26-312563","item_number":"3.02","item_title":null,"event_type":"ma_activity","event_domain":"operational","is_material":true,"confidence":0.95,"reasoning":"Item 3.02 discloses the issuance of approximately 4.1 million Public Storage OP Units and 660,371 Series T-1 Preferred Units to former NSA unitholders as part of the closing of the National Storage Affiliates acquisition. While Item 3.02 nominally addresses unregistered equity issuances, the core event is the completion of a material acquisition—the merger of NSA into Public Storage, adding over 1,000 properties and 550,000 units. The news release confirms this is a major M\u0026A milestone for the company's PS4.0 strategic vision, expected to be accretive to FFO per share. The equity issuance is incidental to the acquisition completion.","classifier_version":"claude-haiku-4-5-20251001+prompt-a85dd512","taxonomy_version":"v1.3","classified_at":"2026-07-22T21:19:16.964249+00:00","company_name":"","ticker":null,"filing_date":""},{"id":18842,"accession_number":"0001193125-26-312563","item_number":"3.03","item_title":null,"event_type":"ma_activity","event_domain":"operational","is_material":true,"confidence":0.98,"reasoning":"The filing discloses completion of Public Storage's acquisition of National Storage Affiliates Trust (NSA), a material M\u0026A transaction. The news release confirms closing of the merger with NSA shareholders receiving 0.14 Public Storage common shares per NSA share, and describes the combined entity's expanded portfolio of over 4,500 properties with 327 million rentable square feet. The transaction is explicitly characterized as \"the first major PS4.0 Value Creation Engine milestone\" and is expected to be accretive to FFO per share with $110-130 million in run-rate synergies, making this a material acquisition completion under Item 1.01/2.01.","classifier_version":"claude-haiku-4-5-20251001+prompt-a85dd512","taxonomy_version":"v1.3","classified_at":"2026-07-22T21:19:16.964249+00:00","company_name":"","ticker":null,"filing_date":""},{"id":18843,"accession_number":"0001193125-26-312563","item_number":"5.03","item_title":null,"event_type":"ma_activity","event_domain":"operational","is_material":true,"confidence":0.95,"reasoning":"The Item 5.03 disclosure of preferred share designations is ancillary to the principal event disclosed in the attached news release (EX-99.1): the completion of Public Storage's acquisition of National Storage Affiliates Trust. The acquisition adds over 1,000 properties and 550,000 units, represents a major strategic milestone for the company's PS4.0 vision, and is expected to be accretive to FFO per share with $110–$130 million in run-rate synergies. The preferred shares were issued as part of the transaction financing structure. This is a material acquisition completion that fundamentally expands the registrant's asset base and earnings profile.","classifier_version":"claude-haiku-4-5-20251001+prompt-a85dd512","taxonomy_version":"v1.3","classified_at":"2026-07-22T21:19:16.964249+00:00","company_name":"","ticker":null,"filing_date":""},{"id":18844,"accession_number":"0001193125-26-312563","item_number":"7.01","item_title":null,"event_type":"ma_activity","event_domain":"operational","is_material":true,"confidence":0.98,"reasoning":"Public Storage announced the completion of its acquisition of National Storage Affiliates Trust (NSA), a material merger transaction. The press release discloses the closing of the transaction under which NSA shareholders received 0.14 Public Storage shares per NSA share, the addition of over 1,000 NSA properties and 550,000 units, and expected FFO accretion of $0.35–$0.50 per share from $110–$130 million in run-rate synergies. This is a completed change-of-control transaction material to investors.","classifier_version":"claude-haiku-4-5-20251001+prompt-a85dd512","taxonomy_version":"v1.3","classified_at":"2026-07-22T21:19:16.964249+00:00","company_name":"","ticker":null,"filing_date":""}]},{"id":19680,"run_id":17706,"accession_number":"0001193125-26-312563","anchor_item_number":"2.03","event_type":"debt_issuance","event_domain":"financial","is_material":true,"confidence":0.85,"summary":"As part of the NSA acquisition closing, the joint venture obtained approximately $2 billion in secured mortgage financing from Goldman Sachs and Wells Fargo, plus $237 million in mezzanine financing from Public Storage, creating material new direct financial obligations.","company_name":"Public Storage","ticker":"PSA-PS","filing_date":"2026-07-22","form":"8-K","submitted_at":null,"items":[{"id":18840,"accession_number":"0001193125-26-312563","item_number":"2.03","item_title":null,"event_type":"debt_issuance","event_domain":"financial","is_material":true,"confidence":0.85,"reasoning":"Item 2.03 discloses creation of a direct financial obligation through a Mortgage Loan and a Limited Guaranty provided by a Public Storage subsidiary. The supplemental news release confirms this is part of the NSA acquisition closing, where the joint venture obtained approximately $2 billion in secured mortgage financing from Goldman Sachs and Wells Fargo, plus $237 million in mezzanine financing from Public Storage. This constitutes a material new direct financial obligation requiring Item 2.03 disclosure.","classifier_version":"claude-haiku-4-5-20251001+prompt-a85dd512","taxonomy_version":"v1.3","classified_at":"2026-07-22T21:19:16.964249+00:00","company_name":"","ticker":null,"filing_date":""}]}],"classifications":[{"id":18838,"accession_number":"0001193125-26-312563","item_number":"1.01","item_title":null,"event_type":"ma_activity","event_domain":"operational","is_material":true,"confidence":0.95,"reasoning":"The Item 1.01 disclosure describes Public Storage's entry into an amendment to its partnership agreement to designate preferred units issued in connection with the completion of the National Storage Affiliates (NSA) acquisition. The supplemental news release confirms this is the closing of a major acquisition—Public Storage acquired NSA's 1,000+ properties and 550,000+ units, creating a combined portfolio of 4,500+ properties. This is a material acquisition that materially affects the registrant's size, operations, and shareholder value, meeting the definition of ma_activity.","classifier_version":"claude-haiku-4-5-20251001+prompt-a85dd512","taxonomy_version":"v1.3","classified_at":"2026-07-22T21:19:16.964249+00:00","company_name":"Public Storage","ticker":"PSA-PS","filing_date":"2026-07-22"},{"id":18839,"accession_number":"0001193125-26-312563","item_number":"2.01","item_title":null,"event_type":"ma_activity","event_domain":"operational","is_material":true,"confidence":0.99,"reasoning":"This Item 2.01 discloses the completion of a material acquisition of National Storage Affiliates Trust (NSA) by Public Storage. The filing details the merger effective time, the exchange ratio (0.14 Public Storage common shares per NSA common share), the issuance of approximately 11.2 million Public Storage common shares and preferred shares to former NSA holders, and the formation of a joint venture with $3.2 billion in real estate assets and $2.2 billion in financing. The news release confirms this is a major strategic transaction expected to be accretive to FFO per share and represents a \"first major PS4.0 Value Creation Engine milestone,\" making it clearly material to investors.","classifier_version":"claude-haiku-4-5-20251001+prompt-a85dd512","taxonomy_version":"v1.3","classified_at":"2026-07-22T21:19:16.964249+00:00","company_name":"Public Storage","ticker":"PSA-PS","filing_date":"2026-07-22"},{"id":18840,"accession_number":"0001193125-26-312563","item_number":"2.03","item_title":null,"event_type":"debt_issuance","event_domain":"financial","is_material":true,"confidence":0.85,"reasoning":"Item 2.03 discloses creation of a direct financial obligation through a Mortgage Loan and a Limited Guaranty provided by a Public Storage subsidiary. The supplemental news release confirms this is part of the NSA acquisition closing, where the joint venture obtained approximately $2 billion in secured mortgage financing from Goldman Sachs and Wells Fargo, plus $237 million in mezzanine financing from Public Storage. This constitutes a material new direct financial obligation requiring Item 2.03 disclosure.","classifier_version":"claude-haiku-4-5-20251001+prompt-a85dd512","taxonomy_version":"v1.3","classified_at":"2026-07-22T21:19:16.964249+00:00","company_name":"Public Storage","ticker":"PSA-PS","filing_date":"2026-07-22"},{"id":18841,"accession_number":"0001193125-26-312563","item_number":"3.02","item_title":null,"event_type":"ma_activity","event_domain":"operational","is_material":true,"confidence":0.95,"reasoning":"Item 3.02 discloses the issuance of approximately 4.1 million Public Storage OP Units and 660,371 Series T-1 Preferred Units to former NSA unitholders as part of the closing of the National Storage Affiliates acquisition. While Item 3.02 nominally addresses unregistered equity issuances, the core event is the completion of a material acquisition—the merger of NSA into Public Storage, adding over 1,000 properties and 550,000 units. The news release confirms this is a major M\u0026A milestone for the company's PS4.0 strategic vision, expected to be accretive to FFO per share. The equity issuance is incidental to the acquisition completion.","classifier_version":"claude-haiku-4-5-20251001+prompt-a85dd512","taxonomy_version":"v1.3","classified_at":"2026-07-22T21:19:16.964249+00:00","company_name":"Public Storage","ticker":"PSA-PS","filing_date":"2026-07-22"},{"id":18842,"accession_number":"0001193125-26-312563","item_number":"3.03","item_title":null,"event_type":"ma_activity","event_domain":"operational","is_material":true,"confidence":0.98,"reasoning":"The filing discloses completion of Public Storage's acquisition of National Storage Affiliates Trust (NSA), a material M\u0026A transaction. The news release confirms closing of the merger with NSA shareholders receiving 0.14 Public Storage common shares per NSA share, and describes the combined entity's expanded portfolio of over 4,500 properties with 327 million rentable square feet. The transaction is explicitly characterized as \"the first major PS4.0 Value Creation Engine milestone\" and is expected to be accretive to FFO per share with $110-130 million in run-rate synergies, making this a material acquisition completion under Item 1.01/2.01.","classifier_version":"claude-haiku-4-5-20251001+prompt-a85dd512","taxonomy_version":"v1.3","classified_at":"2026-07-22T21:19:16.964249+00:00","company_name":"Public Storage","ticker":"PSA-PS","filing_date":"2026-07-22"},{"id":18843,"accession_number":"0001193125-26-312563","item_number":"5.03","item_title":null,"event_type":"ma_activity","event_domain":"operational","is_material":true,"confidence":0.95,"reasoning":"The Item 5.03 disclosure of preferred share designations is ancillary to the principal event disclosed in the attached news release (EX-99.1): the completion of Public Storage's acquisition of National Storage Affiliates Trust. The acquisition adds over 1,000 properties and 550,000 units, represents a major strategic milestone for the company's PS4.0 vision, and is expected to be accretive to FFO per share with $110–$130 million in run-rate synergies. The preferred shares were issued as part of the transaction financing structure. This is a material acquisition completion that fundamentally expands the registrant's asset base and earnings profile.","classifier_version":"claude-haiku-4-5-20251001+prompt-a85dd512","taxonomy_version":"v1.3","classified_at":"2026-07-22T21:19:16.964249+00:00","company_name":"Public Storage","ticker":"PSA-PS","filing_date":"2026-07-22"},{"id":18844,"accession_number":"0001193125-26-312563","item_number":"7.01","item_title":null,"event_type":"ma_activity","event_domain":"operational","is_material":true,"confidence":0.98,"reasoning":"Public Storage announced the completion of its acquisition of National Storage Affiliates Trust (NSA), a material merger transaction. The press release discloses the closing of the transaction under which NSA shareholders received 0.14 Public Storage shares per NSA share, the addition of over 1,000 NSA properties and 550,000 units, and expected FFO accretion of $0.35–$0.50 per share from $110–$130 million in run-rate synergies. This is a completed change-of-control transaction material to investors.","classifier_version":"claude-haiku-4-5-20251001+prompt-a85dd512","taxonomy_version":"v1.3","classified_at":"2026-07-22T21:19:16.964249+00:00","company_name":"Public Storage","ticker":"PSA-PS","filing_date":"2026-07-22"}]}