Public Storage Enters Material Agreement for Preferred Stock
Ticker: PSA-PS · Form: 8-K · Filed: Apr 16, 2024 · CIK: 1393311
| Field | Detail |
|---|---|
| Company | Public Storage (PSA-PS) |
| Form Type | 8-K |
| Filed Date | Apr 16, 2024 |
| Risk Level | medium |
| Pages | 7 |
| Reading Time | 9 min |
| Key Dollar Amounts | $0.10, $0.01, $700 million, $300 million, $600,000,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: debt, preferred-stock, financing
Related Tickers: PSA
TL;DR
PSA inked a deal for Series Q Preferred Stock, creating a new financial obligation.
AI Summary
On April 11, 2024, Public Storage entered into a material definitive agreement related to its Series Q Preferred Stock. This filing also indicates the creation of a direct financial obligation or an obligation under an off-balance sheet arrangement for the registrant.
Why It Matters
This filing signifies a new financial commitment or obligation for Public Storage, potentially impacting its capital structure and future financial flexibility.
Risk Assessment
Risk Level: medium — Entering into new financial obligations can introduce financial risk, especially if the terms are unfavorable or market conditions change.
Key Players & Entities
- Public Storage (company) — Filer
- Series Q Preferred Stock (financial_instrument) — Subject of the agreement
- 0001193125-24-097761 (filing_id) — Accession Number
FAQ
What is the specific nature of the material definitive agreement entered into by Public Storage?
The filing indicates the agreement is related to its Series Q Preferred Stock, but the specific terms and details of the agreement are not provided in this summary.
What is the date of the material definitive agreement?
The agreement was entered into on April 11, 2024.
What type of financial obligation has been created for Public Storage?
The filing states it is either a direct financial obligation or an obligation under an off-balance sheet arrangement.
What is the SEC file number for Public Storage?
The SEC file number for Public Storage is 001-33519.
What is Public Storage's primary business classification?
Public Storage is classified under REAL ESTATE INVESTMENT TRUSTS [6798].
Filing Stats: 2,221 words · 9 min read · ~7 pages · Grade level 10.7 · Accepted 2024-04-16 16:16:00
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
- $700 million — ed the previously announced offering of $700 million Floating Rate Senior Notes due 2027 (th
- $300 million — ue 2027 (the "Floating Rate Notes") and $300 million 5.350% Senior Notes due 2053 (the "2053
- $600,000,000 — ursuant to which PSOC previously issued $600,000,000 aggregate principal amount of 5.350% Se
- $3,343,750 — lement date of the 2053 Notes, equal to $3,343,750, and (ii) interest accrued on the 2053
Filing Documents
- d809023d8k.htm (8-K) — 65KB
- d809023dex42.htm (EX-4.2) — 144KB
- d809023dex43.htm (EX-4.3) — 80KB
- d809023dex101.htm (EX-10.1) — 548KB
- g809023g0416120711236.jpg (GRAPHIC) — 3KB
- 0001193125-24-097761.txt ( ) — 1273KB
- psa-20240411.xsd (EX-101.SCH) — 6KB
- psa-20240411_def.xml (EX-101.DEF) — 18KB
- psa-20240411_lab.xml (EX-101.LAB) — 32KB
- psa-20240411_pre.xml (EX-101.PRE) — 20KB
- d809023d8k_htm.xml (XML) — 24KB
Financial Statements and Exhibits
Financial Statements and Exhibits (d) Exhibits Exhibit No. 4.1 Amended and Restated Indenture, dated as of August 14, 2023, among Public Storage, Public Storage Operating Company and Computershare Trust Company, N.A. (as successor to Wells Fargo Bank, National Association), as trustee. Filed as Exhibit A to Exhibit 4.1 to the Company's Current Report on Form 8-K dated August 14, 2023 and incorporated herein by reference. 4.2 Seventeenth Supplemental Indenture, dated as of April 16, 2024, among Public Storage Operating Company, Public Storage and Computershare Trust Company, N.A. (as successor to Wells Fargo Bank, National Association), as trustee. 4.3 Eighteenth Supplemental Indenture, dated as of April 16, 2024, among Public Storage Operating Company, Public Storage, and Computershare Trust Company, N.A. (as successor to Wells Fargo Bank, National Association), as trustee. 4.4 Form of Global Note representing the Floating Rate Notes (included in Exhibit 4.2). 4.5 Form of Global Note representing the 2053 Notes (included in Exhibit 4.3). 10.1 Note Purchase Agreement, dated as of April 11, 2024, by and among Public Storage Operating Company and the Purchasers party thereto. 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 Date: April 16, 2024 Nathaniel A. Vitan Senior Vice President, Chief Legal Officer & Corporate Secretary