---
schema_version: "secwatch.filing_event.v1"
accession: "0001628280-25-055820"
form_type: "8-K"
ticker: "PSA"
cik: "0001393311"
company_name: "Public Storage"
filed_at: "2025-12-08T23:59:59+00:00"
generated_at: "2026-05-16T13:56:26.415206+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# Public Storage reports Nov 2025 operating update: move-in rent down 10% in last two months, occupancy flat at 91.2%

## Summary
- Two-month move-in avg annual contract rent $11.55/sq ft, down 10.0% YoY from $12.84/sq ft.
- Eleven-month move-in contract rent per sq ft $12.88, down 6.2% YoY; promotional discounts down 8.8%.
- Same-store occupancy at Nov 30: 91.2%, unchanged YoY; annual contract rent per occupied sq ft $22.59 (-0.3%).
- Year to date, Public Storage acquired or is under contract to buy 88 facilities (6.1M sq ft) for $949.4M.
- Two-month move-out contract rent lost $69.1M, down 3.2% YoY on lower square footage moved out.

## SEC filing metadata
- accession: 0001628280-25-055820
- form_type: 8-K
- ticker: PSA
- cik: 0001393311
- company_name: Public Storage
- filed_at: 2025-12-08T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 7.01, 8.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1393311/000162828025055820/0001628280-25-055820-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1393311/000162828025055820/psa-20251208.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-25-055820
- JSON: https://secwatch.observer/filing/0001628280-25-055820.json
- Plain text: https://secwatch.observer/filing/0001628280-25-055820.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.