Public Storage (PSA) risk factors: FY2025 10-K

1. Natural disasters, terrorist attacks, civil unrest, or other events that could damage or otherwise disrupt our ability to operate our facilities could adversely impact our business and financial results.
2. Operating costs, including property taxes, could increase.
3. The acquisition of existing properties or self-storage operating companies is subject to risks that may adversely affect our growth and financial results.
4. Our development program subjects us to risks.
5. There is significant competition among self-storage operators and from other storage alternatives.
6. Demand for self-storage facilities may be affected by customer perceptions and factors outside of our control.
7. Our newly developed and expanded facilities, and facilities that we manage for third party owners, may negatively impact the revenues of our legacy facilities.
8. We may incur significant liabilities from environmental contamination or moisture infiltration.
9. Elevated interest rate levels could adversely impact us and our tenants.Interest rates
10. Economic conditions can adversely affect our business, financial condition, and growth.
11. We have exposure to European operations through our ownership in Shurgard.
12. Public health and other crises have adversely impacted, and may in the future adversely impact, our business.
13. Local, state, and federal governments have and may in the future adopt regulations that could adversely impact our operations.new
14. Our marketing and pricing strategies may fail to be effective or may be constrained by factors outside of our control.
15. We are exposed to ongoing litigation and other legal and regulatory actions, which may divert management’s time and attention, require us to pay damages and expenses or restrict the operation of our business.
16. Our use of or failure to adopt advancements in information technology, such as artificial intelligence, may hinder or prevent us from achieving strategic objectives or otherwise harm our business.rewordedAI
17. The failure or disruption of our computer and communications systems, on which we are heavily dependent, could significantly harm our business.
18. If our confidential information is compromised or corrupted, including as a result of a cybersecurity incident, our reputation and business relationships could be damaged and our financial condition and operating results could be adversely affected.Cybersecurity
19. If we fail to successfully execute our recent leadership succession, we may struggle to effectively execute our strategic plan.new
20. We may be harmed if we fail to protect our intellectual property adequately.reworded
21. We may be subject to labor disruptions related to unionization efforts.
22. We may record losses as a result of the bankruptcy, insolvency, or other credit failure of the borrowers under our bridge lending financing program. In that case, our revenues and results of operations may be materially and adversely impacted.new

Read these in Item 1A · See the changes

1. Takeover attempts or changes in control could be thwarted, even if beneficial to shareholders.
2. Holders of our preferred shares have dividend, liquidation, and other rights that are senior to the rights of the holders of our common shares.
3. Public Storage is a holding company with no direct operations, and it relies on funds received from PSA OP and PSOC to pay its obligations and make distributions to shareholders
4. Holders of our preferred shares are subject to certain risks.

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1. We 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.
2. Dividends payable by REITs do not qualify for the preferential tax rates available for some dividends.
3. We may pay some taxes, reducing cash available for shareholders.
4. If PSA OP were to fail to maintain its status as a partnership for U.S. federal income tax purposes, our financial results would be adversely impacted.
5. Changes in tax laws could negatively impact us.
6. We have exposure to increased property tax in California.
7. We are subject to extensive laws and regulations and to frequent changes in such laws and regulations.
8. Our tenant reinsurance business is subject to governmental regulation, which could reduce our profitability or limit our growth.
9. In the event that we recognize a significant gain from cash settlement of a forward sale agreement, the U.S. federal income tax treatment of the cash that we receive in such instance is unclear and could impact our ability to meet the REIT qualification requirements.
10. International trade disputes, including U.S. trade tariffs and retaliatory tariffs, could adversely impact our business.Tariffs

Read these in Item 1A · See the changes

Headings in the FY2024 10-K with no match this year.

1. We are subject to risks from the consequences of climate change, including severe weather events and the adverse impact of other steps that may be taken to prevent or mitigate climate change.
2. We have been and may in the future be adversely impacted by emergency regulations adopted in response to significant events, such as natural disasters or public health crises, that could adversely impact our operations.
3. Ineffective succession planning for our CEO and executive management, as well as for our other key employees, may impact the execution of our strategic plan.
4. Our use of artificial intelligence could expose us to various risks.