公共存储公司 2026年季度报告

☒Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934For the quarterly period ended June 30, 2026 or ☐Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Public Storage (Exact name of registrant as specified in its charter) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for at least the past 90 days. ☒Yes☐No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter periodthat the registrant was required to submit such files). ☒Yes☐No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smallerreporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Indicate the number of the registrant’s outstanding common shares of beneficial interest, as of July21, 2026: Common Shares of beneficial interest, $0.10 par value per share – 175,621,134 shares Public StorageForm 10-QFor the Quarterly Period Ended June30, 2026 TABLE OF CONTENTS Item 1.Consolidated Financial Statements (Unaudited)Consolidated Balance Sheets1Consolidated Statements of Income2Consolidated Statements of Comprehensive Income3Consolidated Statements of Equity4Consolidated Statements of Cash Flows6Notes to Unaudited Consolidated Financial Statements8Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations24Item 3.Quantitative and Qualitative Disclosures About Market Risk45Item 4.Controls and Procedures45PART II OTHER INFORMATION (Items 3 and 4 are not applicable)Item 1.Legal Proceedings46Item 1A.Risk Factors46Item 2.Unregistered Sales of Equity Securities and Use of Proceeds47Item 5.Other Information47Item 6.Exhibits47 PUBLIC STORAGECONSOLIDATED BALANCE SHEETS(Amounts in thousands, except share data) PUBLIC STORAGECONSOLIDATED STATEMENTS OF INCOME(Amounts in thousands, except per share amounts)(Unaudited) Revenues: Self-storage facilitiesAncillary operationsTotal revenues Expenses: See accompanying notes.2 PUBLIC STORAGECONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME(Amounts in thousands)(Unaudited) Net incomeForeign currency translation gain (loss) on investment in ShurgardChange in fair value of derivatives designated as hedging instrumentsTotal comprehensive incomeAllocation to noncontrolling interestsComprehensive income allocable to Public Storage shareholders See accompanying notes.3 PUBLIC STORAGECONSOLIDATED STATEMENTS OF CASH FLOWS(Amounts in thousands)(Unaudited) PUBLIC STORAGECONSOLIDATED STATEMENTS OF CASH FLOWS(Amounts in thousands)(Unaudited) Cash and equivalents at beginning of the period:Cash and equivalents at end of the period: Supplemental schedule of non-cash investing and financing activities: PUBLIC STORAGENOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTSJune30, 2026 1.Description of the Business Public Storage is a Maryland real estate investment trust (“REIT”) engaged in the ownership and operation of self-storage facilities that offer storage spaces for lease, generally on a month-to-month basis, for personal and business use,and other related operations such as tenant reinsurance, merchandise sales, third party management, and lending to third-party self-storage owners, as well as the acquisition and development of additional self-storage space. We are structured as an umbrella partnership REIT, or UPREIT, under which substantially all of our business isconducted through Public Storage OP, L.P. (“PSA OP”), an operating partnership, and its subsidiaries, including PublicStorage Operating Company (“PSOC”). The primary assets of the parent entity, Public Storage, are general partner andlimited partner interests in PSA OP, which holds all of the Company’s assets through its ownership of all of the equityinterests in PSOC. As a limited partnership, PSA OP is a variable interest entity and is consolidated by Public Storage as itsprimary beneficiary. As of June30, 2026, Public Storage owned all of the general partner interests and approximately99.75% of the