SEC Info - Public Storage - ‘8-K’ for 6/5/23

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Public Storage – ‘8-K’ for 6/5/23

On: Monday, 6/5/23, at 4:17pm ET · For: 6/5/23 · Accession #: 1393311-23-57 · File #: 1-33519

  As Of               Filer                 Filing    For·On·As Docs:Size

 6/05/23  Public Storage                    8-K:7,8     6/05/23   11:393K

Current Report — Form 8-K

Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 8-K         Current Report                                      HTML    104K 
 6: R1          Cover                                               HTML     89K 
 9: XML         IDEA XML File -- Filing Summary                      XML     11K 
 7: XML         XBRL Instance -- psa-20230605_htm                    XML     80K 
 8: EXCEL       IDEA Workbook of Financial Report Info              XLSX      9K 
 3: EX-101.DEF  XBRL Definitions -- psa-20230605_def                 XML     56K 
 4: EX-101.LAB  XBRL Labels -- psa-20230605_lab                      XML    132K 
 5: EX-101.PRE  XBRL Presentations -- psa-20230605_pre               XML     58K 
 2: EX-101.SCH  XBRL Schema -- psa-20230605                          XSD     19K 
10: JSON        XBRL Instance as JSON Data -- MetaLinks               19±    26K 
11: ZIP         XBRL Zipped Folder -- 0001393311-23-000057-xbrl      Zip     31K

‘8-K’ — Current Report

This is an HTML Document rendered as filed. [ Alternative Formats ]

iX: C: C:

psa-20230605

i 0001393311 i FALSE00013933112023-06-052023-06-050001393311us-gaap:CommonStockMember2023-06-052023-06-050001393311us-gaap:SeriesFPreferredStockMember2023-06-052023-06-050001393311us-gaap:SeriesGPreferredStockMember2023-06-052023-06-050001393311us-gaap:SeriesHPreferredStockMember2023-06-052023-06-050001393311psa:SeriesIPreferredStockMember2023-06-052023-06-050001393311psa:SeriesJPreferredStockMember2023-06-052023-06-050001393311psa:SeriesKPreferredStockMember2023-06-052023-06-050001393311psa:SeriesLPreferredStockMember2023-06-052023-06-050001393311psa:SeriesMPreferredStockMember2023-06-052023-06-050001393311psa:SeriesNPreferredStockMember2023-06-052023-06-050001393311psa:SeriesOPreferredStockMember2023-06-052023-06-050001393311psa:SeriesPPreferredStockMember2023-06-052023-06-050001393311psa:SeriesQPreferredStockMember2023-06-052023-06-050001393311psa:SeriesRPreferredStockMember2023-06-052023-06-050001393311psa:SeriesSPreferredStockMember2023-06-052023-06-050001393311psa:NotesDue2032Member2023-06-052023-06-050001393311psa:NotesDue2030Member2023-06-052023-06-05

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

____________________

FORM i 8-K

____________________

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): i June 5, 2023

____________________

i Public Storage

(Exact Name of Registrant as Specified in its Charter)

____________________


i Maryland	i 001-33519	i 95-3551121
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)


i 701 Western Avenue, i Glendale, i California			i 91201-2349
(Address of Principal Executive Offices)			(Zip Code)

( i 818) i 244-8080

(Registrant's telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

____________________

Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


i ☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

i ☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

i ☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

i ☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of Class

Trading Symbol

Name of exchange on which registered

i Common Shares, $0.10 par value

i PSA

i New York Stock Exchange

i Depositary Shares, Each Representing 1/1,000 of a 5.150% Cum Pref Share, Series F, $0.01 par value

i PSAPrF

i New York Stock Exchange

i Depositary Shares, Each Representing 1/1,000 of a 5.050% Cum Pref Share, Series G, $0.01 par value

i PSAPrG

i New York Stock Exchange

i Depositary Shares, Each Representing 1/1,000 of a 5.600% Cum Pref Share, Series H, $0.01 par value

i PSAPrH

i New York Stock Exchange

i Depositary Shares, Each Representing 1/1,000 of a 4.875% Cum Pref Share, Series I, $0.01 par value

i PSAPrI

i New York Stock Exchange

i Depositary Shares, Each Representing 1/1,000 of a 4.700% Cum Pref Share, Series J, $0.01 par value

i PSAPrJ

i New York Stock Exchange

i Depositary Shares, Each Representing 1/1,000 of a 4.750% Cum Pref Share, Series K, $0.01 par value

i PSAPrK

i New York Stock Exchange

i Depositary Shares, Each Representing 1/1,000 of a 4.625% Cum Pref Share, Series L, $0.01 par value

i PSAPrL

i New York Stock Exchange

i Depositary Shares, Each Representing 1/1,000 of a 4.125% Cum Pref Share, Series M, $0.01 par value

i PSAPrM

i New York Stock Exchange

i Depositary Shares, Each Representing 1/1,000 of a 3.875% Cum Pref Share, Series N, $0.01 par value

i PSAPrN

i New York Stock Exchange

i Depositary Shares, Each Representing 1/1,000 of a 3.900% Cum Pref Share, Series O, $0.01 par value

i PSAPrO

i New York Stock Exchange

i Depositary Shares, Each Representing 1/1,000 of a 4.000% Cum Pref Share, Series P, $0.01 par value

i PSAPrP

i New York Stock Exchange

i Depositary Shares, Each Representing 1/1,000 of a 3.950% Cum Pref Share, Series Q, $0.01 par value

i PSAPrQ

i New York Stock Exchange

i Depositary Shares, Each Representing 1/1,000 of a 4.000% Cum Pref Share, Series R, $0.01 par value

i PSAPrR

i New York Stock Exchange

i Depositary Shares, Each Representing 1/1,000 of a 4.100% Cum Pref Share, Series S, $0.01 par value

i PSAPrS

i New York Stock Exchange

i 0.875% Senior Notes due 2032

i PSA32

i New York Stock Exchange

i 0.500% Senior Notes due 2030

i PSA30

i New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company i ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 7.01Regulation FD Disclosure.

On June 5, 2023, Public Storage (the “Company”) posted on the Investor Relations section of its website a presentation (the “Investor Presentation”) it intends to use at an upcoming investor conference.

Item 8.01Other Events.

The Investor Presentation includes the following operating update for the two months ended May 31, 2023.

Same Store Facilities Operating Update (a)


	Two Months Ended May 31,
	2023		2022		Change

	(Amounts in thousands, except for per square foot amounts)

Tenants moving in during the period:
Average annual contract rent per square foot (b)	$	16.77	$	19.27	(13.0)%
Square footage	19,098		17,080		11.8%
Contract rents gained from move-ins	$	53,379	$	54,855	(2.7)%
Tenants moving out during the period:
Average annual contract rent per square foot (b)	$	21.21	$	20.10	5.5%
Square footage	18,546		16,727		10.9%
Contract rents lost from move-outs	$	65,560	$	56,035	17.0%
At May 31,
Square foot occupancy	93.1%		95.2%		(2.2)%
Annual contract rent per occupied square foot (b)	$	23.19	$	21.51	7.8%

Please see “Analysis of Same Store Revenue” under “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s Quarterly Report on Form 10-Q for the period ended March 31, 2023 for further information with respect to the various factors that affect the Company’s revenues.

(a)The Same Store Facilities consist of 2,347 facilities (155.3 million net rentable square feet) that have been owned and operated on a stabilized basis since January 1, 2021.

(b)Annual contract rent represents the agreed upon monthly rate that is paid by the Company’s tenants in place at the time of measurement. Contract rates are initially set in the lease agreement upon move-in and the Company adjusts them from time to time with notice. Contract rent excludes other fees that are charged on a per-item basis, such as late charges and administrative fees, does not reflect the impact of promotional discounts, and does not reflect the impact of rents that are written off as uncollectible.

Forward-Looking Statements

This Current Report on Form 8-K, including the exhibits filed herewith and the sections of the Company’s Quarterly Report on Form 10-Q for the period ended March 31, 2023 filed with the Securities and Exchange Commission (the “SEC”) on May 3, 2023 that are referenced herein, contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements in this Form 8-K, other than statements of historical fact, are forward-looking statements, which may be identified by the use of the words “outlook,” “guidance,” “expects,” “believes,” “anticipates,” “should,” “estimates,” and similar expressions. These forward-looking statements involve known and unknown risks and uncertainties, which may cause actual events to be materially different from those expressed or implied in the forward-looking statements. Factors and risks that may impact future results and performance include, but are not limited to, those described in Part 1, Item 1A, “Risk Factors” in the Company’s Annual Report on Form 10-K for the period ended December 31, 2022 filed with the SEC on February 21, 2023 and in the Company’s other filings with the SEC.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


	PUBLIC STORAGE

	By:	/s/ *H. Thomas Boyle*
Date: June 5, 2023		H. Thomas Boyle Senior Vice President, Chief Financial and Investment Officer

Dates Referenced Herein and Documents Incorporated by Reference

This ‘8-K’ Filing	Date	Other Filings

Filed on / For Period end:	6/5/23
	5/31/23
	5/3/23	10-Q, 8-K
	3/31/23	10-Q, 4
	2/21/23	10-K, 3, 4, 8-K
	12/31/22	10-K, 4, ARS
	1/1/21	3, 4
		List all Filings

9 Subsequent Filings that Reference this Filing

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 4/11/24  Public Storage                    424B5                  2:971K                                   Donnelley … Solutions/FA
 4/09/24  Public Storage                    424B5                  1:972K                                   Donnelley … Solutions/FA
 8/14/23  Public Storage                    S-8 POS     8/14/23    3:77K                                    Donnelley … Solutions/FA
 8/14/23  Public Storage                    S-8 POS     8/14/23    3:77K                                    Donnelley … Solutions/FA
 8/14/23  Public Storage                    S-8 POS     8/14/23    3:77K                                    Donnelley … Solutions/FA
 8/14/23  Public Storage                    S-8 POS     8/14/23    3:77K                                    Donnelley … Solutions/FA
 8/14/23  Public Storage                    S-3ASR      8/14/23    8:888K                                   Donnelley … Solutions/FA
 7/25/23  Public Storage                    424B5                  2:1M                                     Donnelley … Solutions/FA
 7/24/23  Public Storage                    424B5                  1:985K                                   Donnelley … Solutions/FA

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Filing Submission 0001393311-23-000057 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

Public Storage – ‘8-K’ for 6/5/23

On: Monday, 6/5/23, at 4:17pm ET · For: 6/5/23 · Accession #: 1393311-23-57 · File #: 1-33519

Current Report — Form 8-KFiling Table of Contents

‘8-K’ — Current Report

This is an HTML Document rendered as filed. [ Alternative Formats ]

Dates Referenced Herein and Documents Incorporated by Reference

9 Subsequent Filings that Reference this Filing

Current Report — Form 8-K

Filing Table of Contents