Public Storage Files 8-K for Preferred Stock Issuance

TL;DR

PSA filing 8-K for Series S Preferred Stock - looks like they're raising cash.

AI Summary

On September 9, 2024, Public Storage filed an 8-K to disclose information regarding its Series S Preferred Stock. The filing indicates the company's intention to issue and sell shares of this preferred stock, with details on the terms and conditions to be determined at the time of sale.

Why It Matters

This filing signals Public Storage's intent to raise capital through preferred stock, which could impact its financial structure and future investment capacity.

Risk Assessment

Risk Level: low — The filing is a standard disclosure of intent to issue preferred stock and does not contain immediate negative financial news.

Key Players & Entities

• Public Storage (company) — Filer of the 8-K
• Series S Preferred Stock (company) — Type of security being issued
• September 9, 2024 (date) — Date of the filing

FAQ

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-20240909.htm (8-K) — 76KB
• 0001393311-24-000172.txt ( ) — 336KB
• psa-20240909.xsd (EX-101.SCH) — 5KB
• psa-20240909_def.xml (EX-101.DEF) — 22KB
• psa-20240909_lab.xml (EX-101.LAB) — 44KB
• psa-20240909_pre.xml (EX-101.PRE) — 24KB
• psa-20240909_htm.xml (XML) — 16KB

01 Regulation FD Disclosure

Item 7.01 Regulation FD Disclosure. On September 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 two months ended August 31, 2024. Same Store Facilities Operating Update (a) Two Months Ended August 31, 2024 2023 Change (Amounts in thousands, except for per square foot amounts) Tenants moving in during the period: Average annual contract rent per square foot (b) $ 14.82 $ 16.36 (9.4)% Square footage 20,570 20,934 (1.7)% Contract rents gained from move-ins $ 50,808 $ 57,080 (11.0)% Tenants moving out during the period: Average annual contract rent per square foot (b) $ 20.85 $ 21.44 (2.8)% Square footage 22,340 22,373 (0.1)% Contract rents lost from move-outs $ 77,632 $ 79,946 (2.9)% At August 31, Square foot occupancy 91.6% 92.2% (0.6)% Annual contract rent per occupied square foot (b) $ 23.00 $ 23.16 (0.7)% 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 June 30, 2024 for further information with respect to the various factors that affect the Company's revenues. (a) The Same Store Facilities consist of 2,507 facilities (170.0 million net rentable square feet) that have been owned and operated on a stabilized basis since January 1, 2022. (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

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 June 30, 2024 filed with the Securities and Exchange Commission (the "SEC") on July 30, 2024 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, 2023 filed with the SEC on February 20, 2024 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: September 9, 2024 H. Thomas Boyle Senior Vice President, Chief Financial and Investment Officer

View Full Filing

View this 8-K filing on SEC EDGAR