Public Storage (PSA) 10-K Red Flags
Risk signals extracted deterministically from Public Storage’s SEC 10-K/10-Q XBRL filings — no LLM, every finding cites the underlying data.
Detected red flags (15)
- NEW: Going concern doubt in latest filing: The term "going concern" appears in recent 10-K/10-Q filings but was NOT present in the prior 24-month period. This is a new risk disclosure that warrants attention. Found in 3 filing(s).
- Material weakness in internal controls: The term "material weakness" appears in 19 recent filing(s) (vs 2 in the prior period). This risk language is ongoing.
- NEW: Substantial doubt about ability to continue in latest filing: The term "substantial doubt" "ability to continue" appears in recent 10-K/10-Q filings but was NOT present in the prior 24-month period. This is a new risk disclosure that warrants attention. Found in 3 filing(s).
- Restatement of financial statements: The term "restate" "financial statements" appears in 15 recent filing(s) (vs 2 in the prior period). This risk language is ongoing.
- Operating cash flow exceeds net income: OCF is 1.51x net income, indicating high earnings quality — cash conversion is strong and accruals are not inflating reported profits.
- NEW: Off-balance sheet arrangements: Off-balance sheet arrangements appears in recent filings but not in the prior 24-month period. Monitor for materiality.
- Endogenous analysis: 4 risk signal(s) detected versus 1 positive signal(s). The balance of evidence suggests elevated filing-specific risk that warrants monitoring in subsequent filings.
- 8 new XBRL disclosure(s) in latest filing — expanding reporting scope.
- 20 disclosure(s) dropped from prior year — reduced reporting granularity.
- 3 new risk-language term(s) detected in filing text: Going concern doubt, Substantial doubt about ability to continue, Off-balance sheet arrangements.
- Ongoing high-severity risk language: Material weakness in internal controls, Restatement of financial statements.
- Composite risk: Elevated.
- Leverage debt/equity 1.05 (moderate).
- NEW: Going concern doubt in latest filing: The term "going concern" appears in recent 10-K/10-Q filings but was NOT present in the prior 24-month period. This is a new risk disclosure that warrants attention. Found in 3 filing(s).
- Material weakness in internal controls: The term "material weakness" appears in 19 recent filing(s) (vs 2 in the prior period). This risk language is ongoing.
Filings & ownership
- Latest annual report (10-K) filed Feb 12, 2026.
- Latest quarterly report (10-Q) filed Apr 27, 2026.
- 21 recent 8-K material-event filings in the index.
- Recent insider Form 4s: 0 buy vs 0 sell transactions.
- ~10,000+ recent 13F-HR filings reference Public Storage; broad institutional reporting.
- Recent filers include LONDON CO OF VIRGINIA, LONDON CO OF VIRGINIA, HEITMAN REAL ESTATE SECURITIES LLC.
- 10 recent 13D activist/beneficial-ownership filings — potential catalyst.
- 10 recent 13G passive institutional ownership notices.
Full PSA analyst report
Valuation (DCF & Graham), technicals, macro exposure, risk scorecard and 13F/13D ownership.
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