Public Storage

The full register, from 13F filings

The Register tab above is hand research: a dozen holders, each traced to the filing it came from. This asks the same question of the whole market for the quarter ended 31-mar-2026, where 1,071 managers reported a position. Broad where the research is deep, and shallow in the ways a 13F always is.

Built from 13F filings, which report US listed, long, US custodied positions only. A register from this source is a floor rather than a level: a holder's true position can be far larger, as BlackRock's ASML stake shows at 1.28m shares in a 13F against 26.3m in its 13G/A. Holdings held through derivatives, outside US custody, or below a manager's reporting obligation do not appear. Where a holder is marked as a family, its total sums several separate filing entities and describes something no single filing describes; the constituent entities and their share counts are listed so the total can be checked. That roll-up can legitimately exceed the family's own Schedule 13G, because a 13G is filed by one legal entity: Vanguard reports Alphabet through ten advisory entities, and The Vanguard Group Inc itself reported zero after its January 2026 disaggregation.

What a reader needs to know to read these numbers

• company.shares_outstanding (175,621,134) is the listed common shares of Public Storage from the 10-Q cover page (dei:EntityCommonStockSharesOutstanding, as of 21 Jul 2026, filed 29 Jul 2026, period ended 30 Jun 2026). This predates the closing of the National Storage Affiliates (NSA) merger by one day (closed 22 Jul 2026).
• On the NSA merger close (22 Jul 2026), Public Storage issued approximately 11,200,000 additional Public Storage Common Shares to former NSA shareholders (implying roughly 186.8 million common shares now outstanding, not yet reflected in any 10-Q cover page as of this research date) and separately approximately 4,100,000 Public Storage OP Units (a distinct UPREIT limited-partnership instrument in Public Storage OP, L.P., NOT common shares) to former NSA OP unitholders. The aggregator stockanalysis.com reports 191.39 million 'shares outstanding' as of 18 Aug 2026, which is higher than both the pre-merger 10-Q figure and the estimated post-merger common share count; this appears to blend common shares with OP units and/or other merger-issued securities, consistent with the brief's warning that aggregators often quote a unit-inclusive figure. company.shares_outstanding intentionally uses the 10-Q cover figure per the brief's instruction, not the aggregator figure.
• Public Storage has operated as an UPREIT since 14 Aug 2023 through Public Storage OP, L.P. ('PSA OP'). As of 31 Dec 2025, Public Storage owned all general-partner interests and approximately 99.80% of limited-partner interests in PSA OP, with the remaining approximately 0.20% (common 'OP Units' and vested LTIP units) held by certain trustees and officers. This pre-existing OP-unit pool is small and is not separately itemized in the register; the AO LTIP Units and LTIP Units shown for trustees/officers in the proxy's beneficial-ownership table are convertible into common shares/OP Units within 60 days and are included as share-equivalents following standard SEC beneficial-ownership convention, not treated as raw partnership units.
• market_cap_usd ($62.02bn, 18 Aug 2026, from stockanalysis.com) uses that aggregator's own (post-merger, unit-inclusive) share count and current price; it is therefore not exactly shares_outstanding x share_price_usd from this file. This is flagged rather than reconciled because the true, precise post-merger common share count has not yet appeared on a 10-Q cover page.
• No preferred-share contamination was found: every 13F line checked for the register reported CUSIP 74460D109 (Public Storage's common CUSIP); Public Storage's many Cumulative Preferred Share series (Series F through beyond) trade under separate CUSIPs and depositary-share tickers (e.g. PSAPrF, PSAPrG) and were not seen in any of the info-table rows pulled.
• Public Storage's equity-method 'Investment in unconsolidated real estate entity' balance ($364.794 million at 30 Jun 2026) is entirely Shurgard; the 10-Q's balance-sheet line is singular, i.e. this is not a combined bucket covering multiple unnamed investees.
• Public Storage separately discloses a small, unnamed 'private equity investments' bucket in its 10-K (unrealized gains/losses of a few million dollars per year; $48.2 million in unfunded capital commitments at 31 Dec 2025). No named investees, no carrying-value balance, and no ownership percentage were disclosed for this bucket, so it is not included as a holding; see unknowns.
• Related party, not a Public Storage holding: at 30 Jun 2026, PS Canada (68 self-storage facilities in Canada operating under license from Public Storage) was owned by Board member Tamara Hughes Gustavson (holding less than 0.1% and acting as manager) and her adult children (the remaining equity). On 22 Jun 2026 Public Storage announced an agreement to ACQUIRE PS Canada from the Gustavson family for $1.2 billion plus up to $288 million in earn-out consideration, expected to close in Q3 2026. This is Public Storage acquiring an asset from its own director's family, not Public Storage holding an equity stake in PS Canada, so it is excluded from holdings.
• Self-gate computed on this final file per the brief's exact chart arithmetic: 12 register rows, share total 110,341,216, shares_outstanding 175,621,134, giving 62.83%. This is above the brief's 55% suspect threshold. Investigated per the brief's instruction: it is not a mixed-instrument bug. Every institutional row (9 rows, 85,551,718 shares, 48.72% of the company) was verified to report CUSIP 74460D109 (common only, no OP units, no preferred). The remaining 14.11 percentage points come from Public Storage's unusually large, real founding-family and insider ownership: Tamara Hughes Gustavson at 9.9% (17,303,374 shares, a founder's-daughter/director stake sourced from a filed 13D updated through March 2026), a residual 2,371,396 shares (1.35%) for the other 17 trustees/officers, and B. Wayne Hughes, Jr. at 2.9% (5,114,728 shares, sole holdings only, net of the 11,348 shares already counted in Gustavson's row to avoid double counting). This concentration is genuine and specific to Public Storage's founding-family history, not an artifact of unit/share conflation.
• Two different Vanguard share counts exist in sources checked: the fresh Q2 2026 13F family sum used here (25,670,431 shares, 14.62%) versus the 2026 proxy's stale 13G/A figure (25,340,935 shares, 14.4%, as of 31 Dec 2025). Similarly for BlackRock (17,263,289 fresh 13F vs 16,202,474 stale proxy 13G) and State Street (10,133,791 fresh 13F vs 11,446,962 stale proxy 13G, which moved DOWN, not up). The fresh 13F figures are used throughout per the brief's rule to prefer Q2 2026 13F over stale 13G quoted in a proxy.