Public Storage
18 named things its latest annual report says its results depend on, each in the company's own words. 13 of them are also named by other companies we've read.
Customers
Bridge lending to third-party self-storage owners
insures or lends to · $142.1 millionnamed as a riskAt December 31, 2025, we had a bridge loan receivable balance of $142.1 million and unfunded loan commitments of $43.9 million, the closing of which is subject to the satisfaction of certain conditions.Business (Item 1)
Partners and platforms
More than half of our new storage customers in 2025 were sourced directly or indirectly through “unpaid” search and “paid” search campaigns on Google.Risk factors (Item 1A)
Also named by ABNB, AES, APP, BKNG, CSGP, CTSH, DOCU, ETSY and 14 more
Other companies
Shurgard Self Storage Limited
35% interestnamed as a riskWe hold a 35% interest in Shurgard Self Storage Limited (“Shurgard”).Business (Item 1)
PS Business Parks, Inc.
named as a riskOur REIT status is also dependent upon the REIT qualification of PS Business Parks, Inc. (“PSB”) throughRisk factors (Item 1A)
Places
Western Europe
operates in · 332 self-storage facilities (18 million net rentable square feet)named as a riskAt December 31, 2025, Shurgard owned and operated 332 self-storage facilities (18 million net rentable square feet) located in seven countries in Western Europe under the Shurgard® name.Business (Item 1)
California
subject tonamed as a riskFor example, in response to wildfires in 2018, 2019, and early 2025 and floods in 2023, the State of California and some localities in California adopted temporary regulations that imposed certain limits on the rents we could charge at certain of our facilities and the extent to which we could increase rents to existing tenants.Risk factors (Item 1A)
Also named by A, AAON, AFRM, ALK, ALLY, AN, ARE, AVAV and 88 more
Hazards
Wildfires
operates innamed as a riskFor example, in response to wildfires in 2018, 2019, and early 2025 and floods in 2023, the State of California and some localities in California adopted temporary regulations that imposed certain limits on the rents we could charge at certain of our facilities and the extent to which we could increase rents to existing tenants.Risk factors (Item 1A)
Also named by AAON, AMRC, AZO, BRK/B, CCI, CDNS, CINF, CNP and 17 more
Commodities and inputs
Euro
exposed to its price · €1.8 billion ($2.1 billion) of Euro-denominated unsecured notes payablenamed as a riskWe have foreign currency exposure at December 31, 2025 related to (i) our investment in Shurgard, with a book value of $388.6 million, and a fair value of $1.2 billion based upon the closing price of Shurgard’s stock on December 31, 2025, and (ii) €1.8 billion ($2.1 billion) of Euro-denominated unsecured notes payable, providing a natural hedge against the fair value of our investment in Shurgard.Market risk (Item 7A)
Also named by ABBV, ABNB, ABT, ADBE, ADI, AME, AMG, AMGN and 186 more
SOFR
exposed to its price · $475 millionAt December 31, 2025, we have three separate interest rate swaps with a notional amount of $475 million which converted our $475 million principal amount of 4.375% fixed rate senior unsecured notes due July 2030 into a floating rate instrument with an interest rate based on a SOFR index.Market risk (Item 7A)
Also named by AAP, AIOT, APG, APH, ARES, AXON, BGC, BR and 82 more
Steel
exposed to its pricenamed as a riskInternational trade disputes, including threatened or implemented tariffs imposed by the U.S. and threatened or implemented tariffs imposed by foreign countries in retaliation, could result in inflationary pressures that directly impact our costs, such as costs for steel, lumber and other materials applicable to our development and redevelopment projects.Risk factors (Item 1A)
Also named by AAON, AGX, ALSN, AM, AME, AMRC, AOS, APD and 104 more
Lumber
exposed to its pricenamed as a riskInternational trade disputes, including threatened or implemented tariffs imposed by the U.S. and threatened or implemented tariffs imposed by foreign countries in retaliation, could result in inflationary pressures that directly impact our costs, such as costs for steel, lumber and other materials applicable to our development and redevelopment projects.Risk factors (Item 1A)
Also named by BLDR, DHI, GHC, HD, HHH, KIM, LEN, LOW and 11 more
Regulators
State departments of insurance
subject tonamed as a riskWe hold limited lines self-service storage insurance agent licenses from a number of individual state departments of insurance and are subject to state governmental regulation and supervision.Risk factors (Item 1A)
Also named by MOH
Laws and programs
California Proposition 13
subject to · 2% per yearnamed as a riskDue to the impact of Proposition 13, which generally limits increases in assessed values to 2% per year, the assessed value and resulting property tax we pay is less than it would be if the properties were assessed at current estimated market values.Risk factors (Item 1A)
Also named by ARE
Tenant reinsurance program
insures or lends to · aggregate coverage of approximately $7.2 billionnamed as a riskAt December 31, 2025, there were approximately 1.5 million certificates of insurance held by participating self-storage tenants, representing aggregate coverage of approximately $7.2 billion.Business (Item 1)
U.S. tariffs
subject tonamed as a riskTariffs and trade restrictions can be announced with little or no advance notice, and we may not be able to effectively mitigate all adverse impacts from such measures.Risk factors (Item 1A)
Also named by A, AAPL, ACHR, ADI, AEHR, AEP, AIOT, AKAM and 170 more
REIT qualification (Internal Revenue Code)
subject tonamed as a riskWe would incur adverse tax consequences if we failed to qualify as a REIT, and we would have to pay substantial U.S. federal corporate income taxes.Risk factors (Item 1A)
Also named by ABR, AMT, CCI, DLR, ENSG, FPI, KIM, LAMR and 6 more
California Consumer Privacy Act / California Privacy Rights Act
subject tonamed as a riskThese laws and regulations include (i) laws and regulations related to access to our self-storage facilities, including the Americans with Disabilities Act of 1990, (ii) laws and regulations related to taxes, including property taxes, income taxes, and REIT status compliance, (iii) labor and employment laws and regulations, (iv) consumer protection laws and regulations, including those related to lien sales, (v) state and local business licensing laws and regulations, (vi) zoning laws and regulations, (vii) privacy laws and regulations, including the California Privacy Rights Act and the California Consumer Privacy Act, and (viii) securities laws.Risk factors (Item 1A)
Self-storage rent taxes
subject tonamed as a riskIn addition, certain local and state governments have imposed taxes on self-storage rent.Risk factors (Item 1A)