{"schemaVersion":1,"research":true,"symbol":"psa","name":"Public Storage","topic":"moat","path":"/stock/psa/moat","status":"published","version":4,"updatedAt":"2026-10-17T23:53:36.178Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"narrow","summary":"Public Storage has a narrow moat supported by its established scale, centralized operating platform, demonstrated digital adoption and strong access to capital. These advantages extend beyond high margins alone, but their comparative strength is primarily issuer-reported. Pricing power is limited: same-store realized rents declined in the first half of 2026 despite modest occupancy gains, following nearly flat rents in 2024–2025. Local competition, new supply and integration costs constrain durability. The completed NSA merger adds scale, but its anticipated synergies remain unproven.","advantages":[{"mechanism":"cost_advantage","claim":"A large existing portfolio spreads centralized operating and technology functions across thousands of facilities. Digital rental adoption, declining same-store on-site payroll in 2024–2025 and disclosed credit ratings support a current operating and financing advantage. Management's reported peer leadership provides additional, issuer-sourced comparative support.","durability":"The installed portfolio and shared operating infrastructure should take time to replicate. However, the passages do not demonstrate an enduring inability of competitors to match the platform or establish a quantified financing-cost advantage. Evidence supports a narrow advantage rather than exceptional durability.","risks":"Local competition affects rates, occupancy and advertising costs. Same-store operating costs have outgrown revenue, centralized costs increased in 2026, and aggressive pricing at nearby managed properties can pressure existing facilities. NSA integration could consume resources without delivering expected savings.","invalidation":"The thesis would weaken materially if successive annual disclosures showed the reported peer operating and digital adoption advantages disappearing, centralized and property costs persistently outgrowing revenue without offsetting productivity, or capital access deteriorating. Failure to realize merger savings would invalidate the incremental merger benefit, rather than automatically eliminate the pre-existing platform advantage.","competitors":[],"evidenceIds":["e1","e2","e3","e4","e5","e6"],"counterEvidenceIds":["e7","e8","e9","e10","e11","e12"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Business: consolidated facility portfolio at December 31, 2025","excerpt":"At December 31, 2025, we held interests in and consolidated 3,171 self-storage facilities (an aggregate of 229 million net rentable square feet of space) operating under the Public Storage® name."},{"id":"e2","sourceId":"filing-1","location":"Business: centralization and management's explanation of scale economies","excerpt":"The size and scope of our operations have enabled us to achieve high operating margins and a low level of administrative costs relative to revenues through the centralization of many functions, such as facility maintenance, employee compensation and benefits programs, revenue management, and the development and documentation of standardized operating procedures."},{"id":"e3","sourceId":"filing-1","location":"Same-store operating data: 2023–2025 rents, occupancy, costs and margins","excerpt":"30 Selected Operating Data for the Same Store Facilities (2,565 facilities) Year Ended December 31, Year Ended December 31, 2025 2024 Change (e) 2024 2023 Change (e) (Dollar amounts in thousands, except for per square foot data) Revenues (a): Rental income $ 3,636,192 $ 3,633,672 0.1% $ 3,633,672 $ 3,657,303 (0.6)% Late charges and administrative fees 128,641 129,881 (1.0)% 129,881 128,948 0.7% Total revenues 3,764,833 3,763,553 —% 3,763,553 3,786,251 (0.6)% Direct cost of operations (a): Property taxes 378,266 359,212 5.3% 359,212 342,821 4.8% On-site property manager payroll 129,254 136,124 (5.0)% 136,124 140,757 (3.3)% Repairs and maintenance 78,046 77,000 1.4% 77,000 70,804 8.8% Utilities 49,633 49,144 1.0% 49,144 51,307 (4.2)% Marketing 83,285 87,088 (4.4)% 87,088 77,004 13.1% Other direct property costs 101,889 101,725 0.2% 101,725 100,942 0.8% Total direct cost of operations 820,373 810,293 1.2% 810,293 783,635 3.4% Direct net operating income (b) 2,944,460 $ 2,953,260 (0.3)% $ 2,953,260 $ 3,002,616 (1.6)% Indirect cost of operations (a) (115,545) (109,041) 6.0% (109,041) (116,555) (6.4)% Net operating income 2,828,915 2,844,219 (0.5)% 2,844,219 2,886,061 (1.4)% Depreciation and amortization expense (705,278) (711,978) (0.9)% (711,978) (690,644) 3.1% Net income 2,123,637 $ 2,132,241 (0.4)% $ 2,132,241 $ 2,195,417 (2.9)% Gross margin (before indirect costs, depreciation and amortization expense) 78.2% 78.5% (0.3)% 78.5% 79.3% (0.8)% Gross margin (before depreciation and amortization expense) 75.1% 75.6% (0.5)% 75.6% 76.2% (0.6)% Weighted average for the period: Square foot occupancy 92.0% 92.4% (0.4)% 92.4% 92.9% (0.5)% Realized annual rental income per (c): Occupied square foot $ 22.54 $ 22.43 0.5% $ 22.43 $ 22.44 —% Available square foot $ 20.74 $ 20.72 0.1% $ 20.72 $ 20.85 (0.6)% At December 31: Square foot occupancy 91.0% 90.5% 0.5% 90.5% 91.2% (0.7)% Annual contract rent per occupied square foot (d) $ 22.55 $ 22.72 (0.7)% $ 22.72 $ 22.61 0.5% 31 (a)Revenues and cost of operations do not include tenant reinsurance and merchandise sale revenues and expenses generated at the facilities."},{"id":"e4","sourceId":"filing-3","location":"Shareholder letter: management-reported comparative operating margin and revenue productivity","excerpt":"We again achieved the highest direct operating margin and revenue per available square foot among public self-storage real estate investment trusts."},{"id":"e5","sourceId":"filing-3","location":"Shareholder letter: 2025 digital rental adoption and public-peer comparison","excerpt":"In 2025, 75% of our new customer rentals were completed digitally, compared to 30% on average for our public self-storage peers, reflecting the strength of our technology investments and customer-focused innovations."},{"id":"e6","sourceId":"filing-1","location":"Liquidity and capital resources: senior-note credit ratings","excerpt":"Our senior notes payable have an “A” credit rating by Standard & Poor’s and “A2” by Moody’s."},{"id":"e7","sourceId":"filing-1","location":"Competition risk: local effects on occupancy, rental rates and advertising","excerpt":"Competition in the local market areas in which many of our properties are located is significant and affects our occupancy levels, rental rates, and operating expenses, particularly advertising costs."},{"id":"e8","sourceId":"filing-1","location":"Competition risk: potential pressure from nearby managed facilities and aggressive pricing","excerpt":"While we believe that this aggressive pricing allows us to increase our market share relative to our competitors and increase the cash flows of these properties, such pricing and the added capacity may also negatively impact our existing stabilized self-storage facilities that are near these unstabilized facilities."},{"id":"e9","sourceId":"filing-2","location":"Operating trends: second-quarter and first-half 2026 realized rents and occupancy","excerpt":"For the three and six months ended June 30, 2026, realized annual rent per occupied square foot for our Same Store Facilities decreased by 0.8% and 0.5%, respectively, while average occupancy increased by 0.2% and 0.3%, respectively, as compared to the same periods in 2025."},{"id":"e10","sourceId":"filing-2","location":"Operating expenses: increased centralized and supervisory costs in 2026","excerpt":"Indirect Cost of Operations increased 5.7% and 4.1% for the three and six months ended June 30, 2026, respectively as compared to the same periods in 2025, primarily related to changes in compensation expenses for shared general corporate functions to the extent their efforts are devoted to self-storage operations."},{"id":"e11","sourceId":"filing-2","location":"Merger risk: potential integration difficulties, lost customers and unrealized savings","excerpt":"Potential difficulties we may encounter in the integration process include the following: •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; •the failure to integrate operations and internal systems, programs and controls; •the inability to successfully realize the anticipated value from some of NSA’s assets; •lost sales, loss of customers, joint venture partners and other commercial relationships; •the complexities associated with managing the combined company, including the complexity of managing the newly formed JV; •the additional complexities of combining two companies with different histories, cultures, markets, strategies and customer bases; •the failure to retain key employees of either of the two companies that may be difficult to replace; •the disruption of ongoing businesses or inconsistencies in services, standards, controls, procedures and policies; •potential unknown liabilities and unforeseen increased expenses, delays or regulatory conditions associated with the Merger; and •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."},{"id":"e12","sourceId":"filing-2","location":"Unaudited income statement: first-half 2026 revenues, operating costs and operating income","excerpt":"1 PUBLIC STORAGE CONSOLIDATED STATEMENTS OF INCOME (Amounts in thousands, except per share amounts) (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Revenues: Self-storage facilities $ 1,139,947 $ 1,118,658 $ 2,268,072 $ 2,221,656 Ancillary operations 92,934 82,436 182,550 162,622 Total revenues 1,232,881 1,201,094 2,450,622 2,384,278 Expenses: Self-storage cost of operations 307,820 284,717 613,499 585,871 Ancillary cost of operations 36,286 33,288 70,550 63,981 Depreciation and amortization 287,757 283,216 578,480 565,931 Real estate acquisition and development expense 5,187 2,538 7,615 9,961 General and administrative 44,369 25,727 74,720 50,911 Interest expense 84,781 71,609 164,799 143,618 Total expenses 766,200 701,095 1,509,663 1,420,273 Operating income 466,681 499,999 940,959 964,005 Other increases (decreases) to net income: Interest and other income (expense) 16,877 12,789 24,655 26,023 Equity in earnings (loss) of unconsolidated real estate entity 4,944 (2,230) 11,780 1,397 Foreign currency exchange gain (loss) 17,187 (146,070) 58,860 (214,765) Gain (Loss) on sale of real estate (35) 163 344 208 Income before income taxes 505,654 364,651 1,036,598 776,868 Income tax (provision) benefit (2,716) (3,240) (4,285) (4,666) Net income 502,938 361,411 1,032,313 772,202 Allocation to noncontrolling interests (2,978) (2,992) (6,080) (5,992) Net income allocable to Public Storage shareholders 499,960 358,419 1,026,233 766,210 Allocation of net income to: Preferred shareholders (48,678) (48,673) (97,356) (97,351) Restricted share units and unvested LTIP units (1,024) (778) (1,831) (1,661) Net income allocable to common shareholders $ 450,258 $ 308,968 $ 927,046 $ 667,198 Net income per common share: Basic $ 2.56 $ 1.76 $ 5.28 $ 3.80 Diluted(1) $ 2.55 $ 1.76 $ 5.26 $ 3.79 Basic weighted average common shares outstanding 175,561 175,442 175,540 175,431 Diluted weighted average common shares outstanding 176,512 175,921 176,455 175,932 (1) Includes adjustment to numerator for net income attributable to noncontrolling interest shares See accompanying notes."},{"id":"e13","sourceId":"filing-2","location":"Same-store operating definitions: initial contract rates and subsequent adjustments with notice","excerpt":"Contract rates are initially set in the lease agreement upon move-in, and we adjust them from time to time with notice."},{"id":"e14","sourceId":"filing-2","location":"Business description: generally month-to-month storage leases","excerpt":"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."},{"id":"e15","sourceId":"filing-2","location":"Ancillary operations: reinsurance revenue, premium-rate explanation and operating results","excerpt":"The following table sets forth our ancillary operations: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 Change 2026 2025 Change (Amounts in thousands) Revenues: Tenant reinsurance premiums $ 68,912 $ 61,644 $ 7,268 $ 135,415 $ 121,375 $ 14,040 Merchandise 6,899 6,417 482 13,161 12,810 351 Third party property management 17,123 14,375 2,748 33,974 28,437 5,537 Total revenues 92,934 82,436 10,498 182,550 162,622 19,928 Cost of operations: Tenant reinsurance 15,002 15,074 (72) 28,564 27,436 1,128 Merchandise 4,617 4,556 61 9,070 8,728 342 Third party property management 16,667 13,659 3,008 32,916 27,818 5,098 Total cost of operations 36,286 33,289 2,997 70,550 63,982 6,568 Net operating income (loss): Tenant reinsurance 53,910 46,570 7,340 106,851 93,939 12,912 Merchandise 2,282 1,861 421 4,091 4,082 9 Third party property management 456 716 (260) 1,058 619 439 Total net operating income $ 56,648 $ 49,147 $ 7,501 $ 112,000 $ 98,640 $ 13,360 Tenant reinsurance operations: Tenant reinsurance premium revenue increased $7.3 million or 11.8%, and $14.0 million or 11.6% for the three and six months ended June 30, 2026, respectively, over the same periods in 2025, as a result of an increase in our customer base with respect to acquired, newly developed, and expanded facilities and the third party properties we manage, as well as higher insurance coverage and premium rates in our customers base at our same store facilities."},{"id":"e16","sourceId":"filing-2","location":"Unaudited cash-flow statement: operating cash, capital spending, financing and distributions","excerpt":"5 PUBLIC STORAGE CONSOLIDATED STATEMENTS OF CASH FLOWS (Amounts in thousands) (Unaudited) Six Months Ended June 30, 2026 2025 Operating Activities: Net income $ 1,032,313 $ 772,202 Adjustments to reconcile net income to net cash flows from operating activities: Gain on sale of real estate (344) (208) Depreciation and amortization 578,480 565,931 Equity in earnings of unconsolidated real estate entity (11,780) (1,397) Distributions from cumulative equity in earnings of unconsolidated real estate entity 25,478 736 Unrealized foreign currency exchange (gain) loss (59,322) 215,716 Share-based compensation expense 24,678 20,903 Impairment (recovery) of real estate investments (210) 3,827 Amortization of debt issuance costs 5,443 4,953 Unrealized losses on derivatives 5,857 — Other non-cash adjustments 2,843 1,342 Changes in operating assets and liabilities, excluding the impact of acquisitions: Other assets (67,585) (22,766) Accrued and other liabilities 27,387 16,532 Net cash flows from (used in) operating activities 1,563,238 1,577,771 Investing Activities: Capital expenditures to maintain real estate facilities (86,529) (71,202) Capital expenditures for property enhancements (18,563) (11,207) Capital expenditures for energy efficiencies (Solar, heat pumps, LED lighting) (29,468) (30,938) Development and expansion of real estate facilities (113,728) (143,146) Acquisition of real estate facilities and intangible assets (243,230) (303,277) Issuance of notes receivable (30,437) (67,876) Proceeds from disposition of real estate investments 27,674 2,849 Net cash flows from (used in) investing activities (494,281) (624,797) Financing Activities: Repayments of notes payable (500,068) (65) Proceeds from OP Options issued 30,000 — Financing fees paid (4,000) — Issuance of notes payable, net of issuance costs 492,460 866,532 Issuance of common shares in connection with share-based compensation 23,639 7,779 Taxes paid upon net share settlement of restricted share units (2,860) (3,040) Acquisition of noncontrolling interests (7,482) (9,061) Contributions by noncontrolling interests 1,869 2,684 Distributions paid to preferred shareholders, common shareholders, restricted share unitholders and unvested LTIP unitholders (1,152,334) (1,151,691) Distributions paid to noncontrolling interests (8,340) (8,925) Net cash flows from (used in) financing activities (1,127,116) (295,787) Net (decrease) increase in cash and equivalents, including restricted cash $ (58,159) $ 657,187 See accompanying notes."},{"id":"e17","sourceId":"filing-2","location":"Commitments: contracted construction payments at June 30, 2026","excerpt":"Commitments We have construction commitments representing future expected payments for construction under contract totaling $152.4 million at June 30, 2026."},{"id":"e18","sourceId":"filing-2","location":"Portfolio growth: acquired and developed facilities' 2026 NOI growth","excerpt":"During the three and six months ended June 30, 2026, combined net operating income generated by our Acquired Facilities and Developed and Expanded Facilities increased 23.3% ($15.8 million) and 26.3% ($34.3 million), respectively, as compared to the same periods in 2025."},{"id":"e19","sourceId":"filing-3","location":"Compensation highlights: actual 2025 incentive program, metrics and vesting structure","excerpt":"For 2025, the CHC Committee again used a compensation program for our NEOs designed to attract and retain our strong leadership team in a competitive labor market while driving Company performance, growth, and increased shareholder value, with a focus on at-risk compensation: 2025 NEO Compensation Program At-Risk Compensation Cash Compensation Equity Compensation Base Salary Annual Cash Incentive Program Time-Based Options / AO LTIP Units Performance-Based Options / AO LTIP Units Performance-Based RSUs / LTIP Units Fixed Component 2025 Performance Based on three criteria:(i) Core FFO growth (60% weighting), (ii) net asset value (NAV) growth (10% weighting), and (iii) individual management goals for each named executive officer (30% weighting) based on the Company’s strategic objectives 20% of total equity award Subject to 5-year ratable vesting 20% of total equity award 60% of total equity award Three year (March 2025 – March 2028) performance period Based on the Company’s relative Total Shareholder Return (TSR) performance as compared to both self-storage REIT competitors (weighted 30%) and the S&P 500 REITs, excluding office and malls (weighted 70%) over the performance period 60% of earned awards vest upon certification of performance with the remaining vesting ratably over the following 2 years For equity awards, the CHC Committee granted each of our NEOs the option to be awarded stock options or appreciation-only (AO) units of profits interest (LTIP Units) in the Company’s operating partnership, Public Storage OP, L.P."},{"id":"e20","sourceId":"filing-1","location":"Share-based compensation: retirement acceleration provisions","excerpt":"Our share-based compensation plans allow immediate vesting of outstanding unvested awards upon retirement (“Retirement Acceleration”) for employees who meet certain conditions."},{"id":"e21","sourceId":"filing-3","location":"Governance practices: board structure, shareholder rights and compensation safeguards","excerpt":"Key aspects of our governance include: Company-Wide Board Structure and Composition ▪ Strong accountability and oversight ▪ Pay-for-performance compensation philosophy ▪ Focus on legal and regulatory compliance ▪ ERM program ▪ Declassified (annually elected) Board ▪ 83% of trustee nominees are independent ▪ Lead independent trustee ▪ Independent Chairman (effective April 1, 2026) ▪ Active Board refreshment (six trustee nominees have joined the Board since 2020) ▪ All Audit Committee members are financial experts ▪ Trustees may not serve on more than three public company boards (including the Board) without NGS Committee approval Shareholder Rights Additional Practices ▪ No poison pill ▪ Right to call special meetings ▪ Right to nominate trustees (proxy access) ▪ Majority shareholder vote to amend charter and bylaws and to approve M&A transactions ▪ Majority vote requirements for trustee elections ▪ Robust stock ownership guidelines ▪ Clawback policy covering all compensation ▪ Anti-hedging policy ▪ No employment or severance agreements ▪ Double-trigger equity vesting upon change of control ▪ Political and charitable contributions policy 8 | Public Storage | 2026 Proxy Statement Public Storage Highlights Code of Conduct Employees, executive management, and trustees must adhere and annually attest to our Code of Conduct, which includes policies and standards around personal, professional, and marketplace integrity; anonymous reporting of concerns; and protecting Company assets."},{"id":"e22","sourceId":"filing-3","location":"Board committees: independence of Audit, CHC and NGS committee members","excerpt":"The Board has determined that each member of the Audit, CHC, and NGS Committees is independent in accordance with NYSE rules."},{"id":"e23","sourceId":"filing-2","location":"Subsequent events: completed July 22, 2026 merger","excerpt":"On July 22, 2026, the Company closed its merger with National Storage Affiliates Trust (“NSA”) in an all-stock transaction (the “Merger”)."},{"id":"e24","sourceId":"filing-2","location":"Merger integration: management's expected duplicative-cost and technology benefits","excerpt":"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."},{"id":"e25","sourceId":"filing-2","location":"Ownership structure: trustees' and officers' operating-partnership interests","excerpt":"As of June 30, 2026, Public Storage owned all of the general partner interests and approximately 99.75% of the limited partnership interests of PSA OP, with the remaining 0.25% of limited partnership interests owned by certain trustees and officers of the Company."},{"id":"e26","sourceId":"filing-2","location":"Unaudited equity statement: completed OP option sale and compensation-related share issuance","excerpt":"4 PUBLIC STORAGE CONSOLIDATED STATEMENTS OF EQUITY Six Months Ended June 30, 2026 and 2025 (Amounts in thousands, except share and per share amounts) (Unaudited) Cumulative Preferred Shares Common Shares Paid-in Capital Accumulated Deficit Accumulated Other Comprehensive Loss Total Public Storage Shareholders' Equity Noncontrolling Interests Total Equity Balances at December 31, 2025 4,350,000 17,550 6,147,650 (1,219,273) (47,799) 9,248,128 93,706 9,341,834 Issuance of common shares in connection with share-based compensation (120,839 shares) — 12 23,758 — — 23,770 — 23,770 Sale of OP Options — — 30,000 — — 30,000 — 30,000 Taxes withheld upon net share settlement of restricted share units — — (2,860) — — (2,860) — (2,860) Share-based compensation cost — — 25,626 — — 25,626 — 25,626 Acquisition of noncontrolling interests — — (7,460) — — (7,460) (22) (7,482) Contributions by noncontrolling interests — — — — — — 1,869 1,869 Net income — — — 1,032,313 — 1,032,313 — 1,032,313 Net income allocated to noncontrolling interests — — — (6,080) — (6,080) 6,080 — Reallocation of equity — — (2,231) — — (2,231) 2,231 — Distributions to: Preferred shareholders — — — (97,356) — (97,356) — (97,356) Noncontrolling interests — — — — — — (8,340) (8,340) Common shareholders, restricted share unitholders and unvested LTIP unitholders $6.00 per share/unit) — — — (1,055,574) — (1,055,574) — (1,055,574) Other comprehensive income (loss) — — — — 2,004 2,004 8 2,012 Balances at June 30, 2026 $ 4,350,000 $ 17,562 $ 6,214,483 $ (1,345,970) $ (45,795) $ 9,190,280 $ 95,532 $ 9,285,812 Cumulative Preferred Shares Common Shares Paid-in Capital Accumulated Deficit Accumulated Other Comprehensive Loss Total Public Storage Shareholders' Equity Noncontrolling Interests Total Equity Balances at December 31, 2024 $ 4,350,000 $ 17,541 $ 6,116,113 $ (699,083) $ (71,965) $ 9,712,606 $ 101,046 $ 9,813,652 Issuance of common shares in connection with share-based compensation (44,323 shares) — 4 7,841 — — 7,845 — 7,845 Taxes withheld upon net settlement of restricted share units — — (3,040) — — (3,040) — (3,040) Share-based compensation cost — — 22,746 — — 22,746 — 22,746 Acquisition of noncontrolling interests — — (8,161) — — (8,161) (900) (9,061) Contributions by noncontrolling interests — — — — — — 2,684 2,684 Net income — — — 772,202 — 772,202 — 772,202 Net income allocated to noncontrolling interests — — — (5,992) — (5,992) 5,992 — Reallocation of equity — — (3,982) — — (3,982) 3,982 — Distributions to: Preferred shareholders — — — (97,355) — (97,355) — (97,355) Noncontrolling interests — — — — — — (8,925) (8,925) Common shareholders, restricted share unitholders and unvested LTIP unitholders ($6.00 per share/unit) — — — (1,054,914) — (1,054,914) — (1,054,914) Other comprehensive income (loss) — — — — 30,504 30,504 11 30,515 Balances at June 30, 2025 $ 4,350,000 $ 17,545 $ 6,131,517 $ (1,085,142) $ (41,461) $ 9,372,459 $ 103,890 $ 9,476,349 See accompanying notes."},{"id":"e27","sourceId":"filing-1","location":"Subsequent events: OP option exercise price, delayed exercisability and term","excerpt":"The OP Options have an exercise price of $350 per unit, will become exercisable upon the sixth anniversary of the settlement date, and have a 10-year term."},{"id":"e28","sourceId":"filing-1","location":"Subsequent events: Audit Committee and Board approval of option transactions","excerpt":"The transactions, which are expected to settle on or before February 20, 2026, were approved by the Audit Committee and the Board of Trustees in accordance with the Company’s policies."}],"changes":["No comparable previous version; previous accepted analysis was null."],"limitations":["Assessment uses only the supplied passages. Source dates are filing dates: February 12, July 29 and March 27, 2026; operating periods and subsequent events are distinguished from those dates.","No current competitor is individually established in the competition passages. National Storage Affiliates Trust is identified as a completed merger counterparty, so it is not presented as an ongoing independent competitor. Other named employers, advisers and financial institutions do not establish competitor coverage.","Peer operating and digital adoption comparisons are management-reported. Facility counts are disclosed as unaudited, and no matched competitor cost or financing data quantify the advantage.","Brand strength, proprietary data and technology may help the platform, but the passages do not establish a separate durable intangible-asset moat, network effects, protected local efficient scale or substantial customer switching costs.","Occupancy supports an indirect assessment of demand resilience, not a measured retention rate. Customer cohorts, renewal outcomes and the retention effects of individual rent increases are absent.","The proxy provides actual compensation and governance disclosures, but comprehensive executive ownership compliance, realized long-term award outcomes and 2026 shareholder voting results are missing. Future award targets and scheduled governance changes are not treated as proof of vesting or completed elections.","The July merger is completed, but the supplied financial results precede its integration. Expected savings and strategic transformation benefits remain prospective."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":3,"rationale":"The existing portfolio, centralized functions, demonstrated digital rental adoption and disclosed credit ratings jointly support a strong current platform advantage. The conclusion does not rely on margins alone; comparative operating leadership remains issuer-reported.","evidenceIds":["e1","e2","e4","e5","e6"]},{"criterion":"durability","grade":2,"rationale":"Replicating the installed portfolio and shared infrastructure requires resources, but the passages do not establish lasting barriers to competing platforms. Local rate pressure and rising centralized costs limit confidence in persistence.","evidenceIds":["e1","e2","e7","e9","e10"]},{"criterion":"customer_dependency","grade":1,"rationale":"Generally month-to-month leases and significant local competition indicate fragile contractual dependence. High occupancy demonstrates demand, but does not establish customer lock-in or substantial switching friction.","evidenceIds":["e14","e7","e3"]},{"criterion":"erosion_resilience","grade":2,"rationale":"Same-store occupancy remained high and improved modestly in early 2026, while payroll efficiencies partially offset cost pressure in 2025. Nevertheless, same-store NOI declined in 2024–2025 and realized rents weakened in 2026. Integration risks are prospective rather than realized failures.","evidenceIds":["e3","e9","e10","e11"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":1,"rationale":"Core storage pricing is weak: realized rent per occupied square foot was essentially flat in 2024, increased 0.5% in 2025 and declined 0.5% in first-half 2026. Reinsurance benefited from higher coverage and premium rates, but that ancillary result does not establish broad storage pricing power.","evidenceIds":["e3","e9","e15"]},{"criterion":"retention","grade":2,"rationale":"Assessed indirectly from occupancy: 92.0% average same-store occupancy in 2025 and modest year-over-year improvement in first-half 2026 indicate resilient demand. Earlier occupancy declines and lower recent rents make the picture mixed. These figures do not identify repeat customers or establish a retention rate.","evidenceIds":["e3","e9"]},{"criterion":"margin_resilience","grade":2,"rationale":"High operating profitability and declining on-site payroll provide some resilience, but same-store margins and NOI fell in both 2024 and 2025. First-half 2026 operating income also declined as expenses outgrew revenue. The platform absorbs pressure without demonstrating the ability to pass through all cost increases.","evidenceIds":["e3","e12","e10"]},{"criterion":"contractual_freedom","grade":3,"rationale":"Generally month-to-month leases and explicit ability to adjust contract rates with notice demonstrate substantial repricing flexibility. This contractual freedom does not ensure customer acceptance or override applicable legal restrictions.","evidenceIds":["e13","e14"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"First-half 2026 operating cash flow of approximately $1.56 billion covered distributions and maintenance, enhancement and energy-efficiency spending, but not all acquisition and development spending. Acquired and developed facilities produced growing NOI, and credit ratings support financing capacity. Merger-related dilution and integration economics remain unseasoned; disclosed spending and commitments do not establish exceptional investment returns.","evidenceIds":["e16","e17","e18","e6","e23"]},{"criterion":"incentive_alignment","grade":3,"rationale":"The actual 2025 program linked cash incentives to financial and strategic goals and most equity incentives to multiyear relative returns with extended vesting. Disclosed officer and trustee partnership interests and completed option-sale proceeds add evidence of economic exposure. Retirement acceleration and missing comprehensive ownership-compliance data qualify the assessment; targets are not treated as earned awards.","evidenceIds":["e19","e20","e25","e26","e27"]},{"criterion":"execution","grade":2,"rationale":"Digital rental adoption, lower same-store payroll and growing acquired/developed-facility NOI demonstrate operational execution. This is mixed with declining same-store profitability and lower first-half 2026 operating income. The latest merger is completed, but successful integration and savings are not yet demonstrated.","evidenceIds":["e5","e3","e18","e12","e23","e24"]},{"criterion":"governance","grade":3,"rationale":"Disclosed annual board elections, shareholder rights, clawback and anti-hedging policies, independent key committees and committee approval of option transactions support strong formal governance. These practices do not prove exceptional oversight outcomes; nominee independence and a scheduled chair transition are not treated as completed shareholder elections.","evidenceIds":["e21","e22","e28"]}]}],"qualityPolicy":"quality-scores-2","basisHash":"e5e9a37f63c0db499a85eea6ff612c23991a720835e54add14fb6a78a39d56d3","updatedAt":"2026-10-17T23:53:36.178Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/1393311/000162828026007696/psa-20251231.htm","publishedAt":"2026-02-12","sha256":"365c1569fe8391e6d8a26e718bab308ccab4e11b95f701cd2f4a26450a653403","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1393311/000162828026050612/psa-20260630.htm","publishedAt":"2026-07-29","sha256":"da104669e616cb71d4ea257bd737b8383c7abe83487ab928caf7ac8c175cb18e","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1393311/000119312526128991/psa-20260325.htm","publishedAt":"2026-03-27","sha256":"e1a51d4a2e3c19cc68a85b313ade7c1b71e01b30315016ad14c071663bc3f1b2","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:bf0301ff7022e1b095fcc801cf5a6cb4464d9a23ca94f9103a3b3dcf05537e58","usage":{"input_tokens":54905,"cached_input_tokens":20992,"cache_write_input_tokens":0,"output_tokens":3697,"reasoning_output_tokens":111},"basisSupplement":{"previousHash":"845f5e22a449219f660fe982413fa2b380403980ffefbb005c628cee517fd398","checkedAt":"2026-10-18T16:49:32.080Z","rule":"dated historical and missing inputs only; accepted observations and research date retained"}},"signals":[{"period":"2021","end":"2021-12-31","values":{"gross_margin":null,"operating_margin":null,"roic":null,"fcf_margin":null,"sbc_revenue":1.7511148115359574},"issues":{"pfcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","pfcf_growth":"Two complete TTM FCF bases and their diluted share counts are required for year-over-year growth.","fcf_yield":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ev_ebitda":"Operating income is unavailable in the extracted statements for this period.","capex":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Operating income is unavailable in the extracted statements for this period.","fcf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex_intensity":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Operating income is unavailable in the extracted statements for this period.","roce":"Operating income is unavailable in the extracted statements for this period.","roiic":"Operating income is unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","net_debt_ebitda":"Operating income is unavailable in the extracted statements for this period.","debt_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","interest_coverage":"Operating income is unavailable in the extracted statements for this period.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2022","end":"2022-12-31","values":{"gross_margin":null,"operating_margin":null,"roic":null,"fcf_margin":null,"sbc_revenue":1.355829507362578},"issues":{"pfcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","pfcf_growth":"Two complete TTM FCF bases and their diluted share counts are required for year-over-year growth.","fcf_yield":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ev_ebitda":"Operating income is unavailable in the extracted statements for this period.","capex":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Operating income is unavailable in the extracted statements for this period.","fcf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex_intensity":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Operating income is unavailable in the extracted statements for this period.","roce":"Operating income is unavailable in the extracted statements for this period.","roiic":"Operating income is unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","net_debt_ebitda":"Operating income is unavailable in the extracted statements for this period.","debt_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","interest_coverage":"Operating income is unavailable in the extracted statements for this period.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2023","end":"2023-12-31","values":{"gross_margin":null,"operating_margin":null,"roic":null,"fcf_margin":null,"sbc_revenue":0.9200719836907801},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","pfcf_growth":"Two complete TTM FCF bases and their diluted share counts are required for year-over-year growth.","fcf_yield":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ev_ebitda":"Operating income is unavailable in the extracted statements for this period.","capex":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Operating income is unavailable in the extracted statements for this period.","fcf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex_intensity":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Operating income is unavailable in the extracted statements for this period.","roce":"Operating income is unavailable in the extracted statements for this period.","roiic":"Operating income is unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","net_debt_ebitda":"Operating income is unavailable in the extracted statements for this period.","debt_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","interest_coverage":"Operating income is unavailable in the extracted statements for this period.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2024","end":"2024-12-31","values":{"gross_margin":null,"operating_margin":null,"roic":null,"fcf_margin":null,"sbc_revenue":0.9529527116357045},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","pfcf_growth":"Two complete TTM FCF bases and their diluted share counts are required for year-over-year growth.","fcf_yield":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ev_ebitda":"Operating income is unavailable in the extracted statements for this period.","capex":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Operating income is unavailable in the extracted statements for this period.","fcf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex_intensity":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Operating income is unavailable in the extracted statements for this period.","roce":"Operating income is unavailable in the extracted statements for this period.","roiic":"Invested capital did not increase versus the prior year. ROIIC requires a positive increase.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","net_debt_ebitda":"Operating income is unavailable in the extracted statements for this period.","debt_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","interest_coverage":"Operating income is unavailable in the extracted statements for this period.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2025","end":"2025-12-31","values":{"gross_margin":null,"operating_margin":null,"roic":null,"fcf_margin":null,"sbc_revenue":0.8271365119349401},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","pfcf_growth":"Two complete TTM FCF bases and their diluted share counts are required for year-over-year growth.","fcf_yield":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ev_ebitda":"Operating income is unavailable in the extracted statements for this period.","capex":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Operating income is unavailable in the extracted statements for this period.","fcf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex_intensity":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roce":"Operating income is unavailable in the extracted statements for this period.","roiic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","net_debt_ebitda":"Operating income is unavailable in the extracted statements for this period.","debt_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","interest_coverage":"Operating income is unavailable in the extracted statements for this period.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}}],"sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/1393311/000162828026007696/psa-20251231.htm","publishedAt":"2026-02-12","sha256":"365c1569fe8391e6d8a26e718bab308ccab4e11b95f701cd2f4a26450a653403","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1393311/000162828026050612/psa-20260630.htm","publishedAt":"2026-07-29","sha256":"da104669e616cb71d4ea257bd737b8383c7abe83487ab928caf7ac8c175cb18e","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1393311/000119312526128991/psa-20260325.htm","publishedAt":"2026-03-27","sha256":"e1a51d4a2e3c19cc68a85b313ade7c1b71e01b30315016ad14c071663bc3f1b2","dateKind":"filed"}],"history":[{"version":4,"updatedAt":"2026-10-18T16:49:32.080Z","verdict":"narrow","value":null},{"version":3,"updatedAt":"2026-10-18T16:35:43.872Z","verdict":"narrow","value":null},{"version":2,"updatedAt":"2026-10-18T02:27:49.793Z","verdict":"narrow","value":null},{"version":1,"updatedAt":"2026-10-18T02:18:02.026Z","verdict":null,"value":null}],"hasRequested":false,"requestStatus":"completed","researchIssue":null,"archivedMoat":null,"scope":"supported_catalog"}