Public Storage Files 2023 Annual Report on Form 10-K

TL;DR

<b>Public Storage has filed its 2023 Form 10-K detailing its fiscal year operations.</b>

AI Summary

Public Storage (PSA-PS) filed a Annual Report (10-K) with the SEC on February 20, 2024. Public Storage filed its 2023 Form 10-K on February 20, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business is self-storage operations. Public Storage is incorporated in Maryland. The filing address is 701 Western Avenue, Glendale, CA 91201-2349.

Why It Matters

For investors and stakeholders tracking Public Storage, this filing contains several important signals. This filing provides a comprehensive overview of Public Storage's financial performance and operational activities for the 2023 fiscal year, crucial for investors to assess the company's health and future prospects. As a REIT, understanding the specifics of their real estate holdings, revenue streams, and debt structure as detailed in the 10-K is vital for evaluating investment potential and risks.

Risk Assessment

Risk Level: medium — Public Storage shows moderate risk based on this filing. The filing is a standard annual report (10-K), which typically contains a broad range of information. Specific risks and financial details would require a deeper dive into the document's content beyond the header information provided.

Analyst Insight

Review the full 10-K filing to analyze Public Storage's financial statements, risk factors, and management discussion for a comprehensive understanding of its 2023 performance and outlook.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-02-20 — Filing Date (As of date)
• 6798 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• Public Storage (company) — Filer name
• 701 Western Avenue, Glendale, CA 91201-2349 (address) — Business address
• Maryland (location) — State of incorporation
• 2023-12-31 (date) — Fiscal year end
• 2024-02-20 (date) — Filing date

FAQ

Industry Context

Public Storage operates within the Real Estate Investment Trusts (REITs) sector, specifically focusing on self-storage facilities. This sector is characterized by its real estate holdings and rental income generation.

Regulatory Implications

As a publicly traded company and REIT, Public Storage is subject to the regulations of the Securities and Exchange Commission (SEC) under the 1934 Act, requiring regular filings like the 10-K.

What Investors Should Do

1. Thoroughly review the financial statements (income statement, balance sheet, cash flow) within the 10-K.
2. Analyze the 'Risk Factors' section for potential threats to the company's operations and profitability.
3. Examine the 'Management's Discussion and Analysis of Financial Condition and Results of Operations' for insights into performance drivers and future outlook.

Key Dates

• 2023-12-31: Fiscal Year End — Defines the reporting period for the 10-K.
• 2024-02-20: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial filing information for the 2023 10-K. Comparative data from the previous year's filing would be available within the full document.

Key Financial Figures

• $0.10 — ge on which registered Common Shares, $0.10 par value PSA New York Stock Exchange
• $0.01 — 0 of a 5.150% Cum Pref Share, Series F, $0.01 par value PSAPrF New York Stock Exchang
• $291.88 — 3,990,689,000 (computed on the basis of $291.88 per share, which was the reported closi
• $5,000 — ecified events up to a maximum limit of $5,000 per storage unit. We reinsure all risks
• $15.0 million — r to cover this exposure for a limit of $15.0 million for losses in excess of $5.0 million pe
• $5.0 million — f $15.0 million for losses in excess of $5.0 million per occurrence. At December 31, 2023, t
• $6.2 billion — ing aggregate coverage of approximately $6.2 billion. At December 31, 2023, we managed 210

Filing Documents

• psa-20231231.htm (10-K) — 3287KB
• psa-123123xex4_1.htm (EX-4.1) — 235KB
• psa-123123xex21.htm (EX-21) — 6KB
• psa-123123xex23_1.htm (EX-23.1) — 5KB
• psa-123123xex31_1.htm (EX-31.1) — 10KB
• psa-123123xex31_2.htm (EX-31.2) — 10KB
• psa-123123xex32.htm (EX-32) — 8KB
• psa-123123xex97_1.htm (EX-97.1) — 31KB
• image_0.jpg (GRAPHIC) — 41KB
• psa-20231231_g1.jpg (GRAPHIC) — 52KB
• 0001393311-24-000043.txt (&nbsp;) — 14126KB
• psa-20231231.xsd (EX-101.SCH) — 106KB
• psa-20231231_cal.xml (EX-101.CAL) — 94KB
• psa-20231231_def.xml (EX-101.DEF) — 461KB
• psa-20231231_lab.xml (EX-101.LAB) — 1091KB
• psa-20231231_pre.xml (EX-101.PRE) — 701KB
• psa-20231231_htm.xml (XML) — 2099KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 7 Item 1B. Unresolved Staff Comments 18 Item 1C. Cybersecurity 18 Item 2.

Properties

Properties 21 Item 3.

Legal Proceedings

Legal Proceedings 22 Item 4. Mine Safety Disclosures 22 Part II Item 5. Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities 23 Item 6. [Reserved] 23 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 23 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 52 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 52 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 52 Item 9A.

Controls and Procedures

Controls and Procedures 52 Item 9B. Other Information 55 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 55 Part III Item 10. Trustees, Executive Officers and Corporate Governance 56 Item 11.

Executive Compensation

Executive Compensation 56 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters 56 Item 13. Certain Relationships and Related Transactions and Trustee Independence 57 Item 14. Principal Accountant Fees and Services 57 Part IV Item 15. Exhibits and Financial Statement Schedules 58 PART I

Business

ITEM 1. Business Cautionary Statement Regarding Forward-Looking Statements This Annual Report on Form 10-K contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements relating to our 2024 outlook and all underlying assumptions; our expected acquisition, disposition, development, and redevelopment activity; supply and demand for our self-storage facilities; information relating to operating trends in our markets; expectations regarding operating expenses, including property tax changes; expectations regarding the impacts from inflation and a potential future recession; our strategic priorities; expectations with respect to financing activities, rental rates, cap rates, and yields; leasing expectations; our credit ratings; and all other statements other than statements of historical fact. Such statements are based on management's beliefs and assumptions made based on information currently available to management and may be identified by the use of the words "expects," "believes," "anticipates," "should," "estimates," and similar expressions. These forward-looking statements involve known and unknown risks and uncertainties, which may cause our actual results and performance to be materially different from those expressed or implied in the forward-looking statements. Risks and uncertainties that may impact future results and performance include, but are not limited to, those described in Part 1, Item 1A, "Risk Factors" of this report and in our other filings with the Securities and Exchange Commission (the "SEC"). These include changes in demand for our facilities; impacts of natural disasters; adverse changes in laws and regulations including governing property tax, evictions, rental rates, minimum wage levels, and insurance; adverse economic effects from public health emergencies, international military conflicts, or similar events impacting public health and/or econo

View Full Filing

View this 10-K filing on SEC EDGAR