Public Storage Enters Material Agreement, Lists Debt and Equity
Ticker: PSA-PS · Form: 8-K · Filed: Apr 11, 2024 · CIK: 1393311
| Field | Detail |
|---|---|
| Company | Public Storage (PSA-PS) |
| Form Type | 8-K |
| Filed Date | Apr 11, 2024 |
| Risk Level | low |
| Pages | 5 |
| Reading Time | 6 min |
| Key Dollar Amounts | $0.10, $0.01, $1.0 billion, $700 million, $300 million |
| Sentiment | neutral |
Sentiment: neutral
Topics: debt, financing, equity
TL;DR
Public Storage just signed a big deal for its 2030/2032 notes and updated its equity/preferred stock listings.
AI Summary
On April 9, 2024, Public Storage entered into a material definitive agreement related to its Guarantee Notes due 2032 and 2030. The filing also lists various preferred stock series (F through Q) and common stock as of the same date, indicating potential financing or capital structure adjustments.
Why It Matters
This filing indicates Public Storage is actively managing its debt and capital structure, which could impact its financial flexibility and future investment capacity.
Risk Assessment
Risk Level: low — The filing reports on standard corporate financing activities and does not indicate any immediate or significant risks to the company.
Key Players & Entities
- Public Storage (company) — Filer
- GuaranteeNotesDue2032Member (dollar_amount) — Debt Instrument
- GuaranteeNotesDue2030Member (dollar_amount) — Debt Instrument
- SeriesFPreferredStockMember (dollar_amount) — Preferred Stock Series
- SeriesGPreferredStockMember (dollar_amount) — Preferred Stock Series
- SeriesHPreferredStockMember (dollar_amount) — Preferred Stock Series
- SeriesIPreferredStockMember (dollar_amount) — Preferred Stock Series
- SeriesJPreferredStockMember (dollar_amount) — Preferred Stock Series
- SeriesKPreferredStockMember (dollar_amount) — Preferred Stock Series
- SeriesLPreferredStockMember (dollar_amount) — Preferred Stock Series
FAQ
What specific material definitive agreement did Public Storage enter into on April 9, 2024?
The filing indicates an entry into a material definitive agreement related to 'GuaranteeNotesDue2032Member' and 'GuaranteeNotesDue2030Member'.
What types of financial instruments are listed as of April 9, 2024?
The filing lists common stock, Series F through Q preferred stock, and the aforementioned guarantee notes.
What is the filing date for this 8-K?
This 8-K was filed on April 11, 2024.
What is Public Storage's primary business classification?
Public Storage is classified under 'REAL ESTATE INVESTMENT TRUSTS' with SIC code 6798.
What is the company's state of incorporation and fiscal year end?
Public Storage is incorporated in Maryland (MD) and its fiscal year ends on December 31.
Filing Stats: 1,468 words · 6 min read · ~5 pages · Grade level 9.6 · Accepted 2024-04-10 20:42:36
Key Financial Figures
- $0.10 — ge on which registered Common Shares, $0.10 par value PSA New York Stock Exchan
- $0.01 — 0 of a 5.150% Cum Pref Share, Series F, $0.01 par value PSAPrF New York Stock Exc
- $1.0 billion — n (the "Underwriters"), for the sale of $1.0 billion aggregate principal amount of senior no
- $700 million — d by the Company. The first tranche of $700 million aggregate principal amount of floating
- $300 million — g July 16, 2024. The second tranche of $300 million aggregate principal amount of senior no
- $600,000,000 — ursuant to which PSOC previously issued $600,000,000 aggregate principal amount of 5.350% Se
Filing Documents
- d819345d8k.htm (8-K) — 56KB
- d819345dex11.htm (EX-1.1) — 137KB
- d819345dex51.htm (EX-5.1) — 13KB
- g819345g0410054826813.jpg (GRAPHIC) — 2KB
- 0001193125-24-092182.txt ( ) — 498KB
- psa-20240409.xsd (EX-101.SCH) — 6KB
- psa-20240409_def.xml (EX-101.DEF) — 18KB
- psa-20240409_lab.xml (EX-101.LAB) — 35KB
- psa-20240409_pre.xml (EX-101.PRE) — 20KB
- d819345d8k_htm.xml (XML) — 24KB
Financial Statements and Exhibits
Financial Statements and Exhibits (d) Exhibits Exhibit No. 1.1 Underwriting Agreement, dated as of April 9, 2024, by and among PSOC, the Company, Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC, as joint book-running managers of the several underwriters named therein. 5.1 Opinion of Hogan Lovells US LLP. 23.1 Consent of Hogan Lovells US LLP (included in Exhibit 5.1). 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
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/ Nathaniel A. Vitan Nathaniel A. Vitan Senior Vice President, Chief Legal Officer & Corporate Secretary Date: April 10, 2024