---
schema_version: "secwatch.filing_event.v1"
accession: "0001628280-26-007684"
form_type: "8-K"
ticker: "PSA"
cik: "0001393311"
company_name: "Public Storage"
filed_at: "2026-02-12T23:59:59+00:00"
generated_at: "2026-05-16T02:58:12.591294+00:00"
event_type: "leadership"
sentiment: "neutral"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Public Storage Q4 net income $2.60/share (-19% YoY); CEO Joe Russell retiring, Tom Boyle named successor

## Summary
- Q4 net income $2.60 per share vs $3.21 YoY; Core FFO $4.26 vs $4.21 (+1.2%).
- Full-year 2025 net income $9.01 per share (-15.3%); Core FFO $16.97 (+1.8%).
- Same Store NOI margin 78.4% Q4; guidance 2026 Core FFO $16.35-$17.00 per share.
- Acquired 13 facilities for $131M in Q4; 87 facilities for $945.6M in FY2025.
- Leadership transition: CEO Joe Russell retires March 31, 2026; Tom Boyle (CFIO) becomes CEO April 1; Joe Fisher named President/CFO.

## SEC filing metadata
- accession: 0001628280-26-007684
- form_type: 8-K
- ticker: PSA
- cik: 0001393311
- company_name: Public Storage
- filed_at: 2026-02-12T23:59:59+00:00
- event_type: leadership
- sentiment: neutral
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1393311/000162828026007684/0001628280-26-007684-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1393311/000162828026007684/psa-20260212.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-26-007684
- JSON: https://secwatch.observer/filing/0001628280-26-007684.json
- Plain text: https://secwatch.observer/filing/0001628280-26-007684.txt

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