Public Storage 8-K: Capital Structure Disclosure, No New Events
Ticker: PSA-PS · Form: 8-K · Filed: Jan 9, 2024 · CIK: 1393311
| Field | Detail |
|---|---|
| Company | Public Storage (PSA-PS) |
| Form Type | 8-K |
| Filed Date | Jan 9, 2024 |
| Risk Level | low |
| Pages | 4 |
| Reading Time | 5 min |
| Key Dollar Amounts | $0.10, $0.01 |
| Sentiment | neutral |
Complexity: simple
Sentiment: neutral
Topics: capital-structure, preferred-stock, debt, disclosure
TL;DR
**PSA filed a routine 8-K updating its capital structure, no new news.**
AI Summary
Public Storage (PSA) filed an 8-K on January 9, 2024, primarily to disclose its various classes of preferred stock and common stock, along with specific guarantee notes due in 2030 and 2032. This filing, under Regulation FD Disclosure and Other Events, indicates no new material financial events but rather a routine update of its capital structure. For investors, this matters because it provides a snapshot of the company's outstanding securities, which is crucial for understanding its financial obligations and potential dilution, even though no changes were announced.
Why It Matters
This filing provides a transparent view of Public Storage's outstanding securities, which is fundamental for investors to assess the company's financial leverage and dividend obligations, even though no new material events were reported.
Risk Assessment
Risk Level: low — This 8-K is a routine disclosure of existing securities and does not report any new events that would introduce significant risk.
Analyst Insight
A smart investor would note this filing as a routine update, confirming Public Storage's capital structure without signaling new financial developments. It's a good reminder to review the company's preferred stock terms if considering those securities, but it doesn't warrant immediate action on common stock.
Key Numbers
- 2024-01-09 — Date of Report (The date the earliest event was reported in this filing.)
- 001-33519 — Commission File Number (Public Storage's SEC filing identification number.)
- 93-2834996 — I.R.S. Employer Identification No. (Public Storage's IRS identification number.)
Key Players & Entities
- Public Storage (company) — the registrant filing the 8-K
- Maryland (company) — state of incorporation for Public Storage
- Glendale, California (company) — principal executive offices of Public Storage
- 701 Western Avenue (company) — business address of Public Storage
- 001-33519 (dollar_amount) — Commission File Number
- 93-2834996 (dollar_amount) — I.R.S. Employer Identification No.
- 2032 (dollar_amount) — maturity year for Guarantee Notes
- 2030 (dollar_amount) — maturity year for Guarantee Notes
Forward-Looking Statements
- Public Storage will continue to maintain its diverse capital structure with various preferred stock series. (Public Storage) — high confidence, target: 2025-01-09
FAQ
What is the purpose of this 8-K filing by Public Storage?
This 8-K filing by Public Storage is a current report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934, specifically under 'Regulation FD Disclosure' and 'Other Events'. It primarily serves to disclose the company's various classes of preferred stock (Series F through S), common stock, and guarantee notes due in 2030 and 2032 as of January 9, 2024.
What types of securities are mentioned in this 8-K filing?
The filing mentions Common Stock, Series F Preferred Stock, Series G Preferred Stock, Series H Preferred Stock, Series I Preferred Stock, Series J Preferred Stock, Series K Preferred Stock, Series L Preferred Stock, Series M Preferred Stock, Series N Preferred Stock, Series O Preferred Stock, Series P Preferred Stock, Series Q Preferred Stock, Series R Preferred Stock, Series S Preferred Stock, and Guarantee Notes Due 2032 and Guarantee Notes Due 2030.
What is the date of the earliest event reported in this 8-K?
The date of the earliest event reported in this 8-K is January 9, 2024.
Where are Public Storage's principal executive offices located?
Public Storage's principal executive offices are located at 701 Western Avenue, Glendale, California 91201-2349.
Does this 8-K filing indicate any new material financial events or changes for Public Storage?
No, this 8-K filing does not indicate any new material financial events or changes. It is a routine disclosure of the company's existing capital structure, including various preferred stock series, common stock, and specific guarantee notes, as of the report date.
Filing Stats: 1,236 words · 5 min read · ~4 pages · Grade level 9.2 · Accepted 2024-01-09 16:23:15
Key Financial Figures
- $0.10 — nge 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
Filing Documents
- psa-20240109.htm (8-K) — 78KB
- 0001393311-24-000022.txt ( ) — 343KB
- psa-20240109.xsd (EX-101.SCH) — 5KB
- psa-20240109_def.xml (EX-101.DEF) — 22KB
- psa-20240109_lab.xml (EX-101.LAB) — 49KB
- psa-20240109_pre.xml (EX-101.PRE) — 24KB
- psa-20240109_htm.xml (XML) — 16KB
01 Regulation FD Disclosure
Item 7.01 Regulation FD Disclosure. On January 9, 2024, 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.
01 Other Events
Item 8.01 Other Events. The Investor Presentation includes the following operating update for the three months ended December 31, 2023. Same Store Facilities Operating Update (a) Three Months Ended December 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) $ 13.73 $ 16.71 (17.8)% Square footage 26,835 25,868 3.7% Contract rents gained from move-ins $ 92,111 $ 108,064 (14.8)% Tenants moving out during the period: Average annual contract rent per square foot (b) $ 21.18 $ 21.25 (0.3)% Square footage 27,726 27,463 1.0% Contract rents lost from move-outs $ 146,809 $ 145,897 0.6% At December 31, Square foot occupancy 91.6% 92.3% (0.8)% Annual contract rent per occupied square foot (b) $ 23.04 $ 22.88 0.7% Average annual contract rent per square foot for customers moving in during the month of December 2023 decreased 11.2% as compared to the same period in 2022, reflecting improving trends from the 17.8% average decrease for the three months ended December 31, 2023. 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 September 30, 2023 for further information with respect to the various factors that affect the Company's revenues. (a) The Same Store Facilities consist of 2,339 facilities (154.9 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,
Forward-Looking Statements
Forward-Looking Statements This Current Report on Form 8-K, including the sections of the Company's Quarterly Report on Form 10-Q for the period ended September 30, 2023 filed with the Securities and Exchange Commission (the "SEC") on October 30, 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
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: January 9, 2024 H. Thomas Boyle Senior Vice President, Chief Financial and Investment Officer