Public Storage Elects New Directors, Updates Executive Pay

TL;DR

Public Storage adds 3 directors and updates exec pay for CEO & CFO.

AI Summary

Public Storage announced on October 30, 2024, changes to its board of directors and executive compensation. Specifically, the company elected three new directors: Ms. Michelle J. Smith, Mr. David J. Johnson, and Mr. David J. Shiffman. Additionally, the company entered into new employment agreements with its Chief Executive Officer, Mr. Joseph D. Russell, and Chief Financial Officer, Mr. Paul D. Sweeney, effective October 30, 2024.

Why It Matters

Changes in board composition and executive compensation can signal shifts in company strategy or governance, potentially impacting investor confidence and future performance.

Risk Assessment

Risk Level: low — The filing details routine corporate governance changes, including director elections and executive compensation adjustments, which are common and typically do not indicate significant new risks.

Key Players & Entities

• Public Storage (company) — Filer
• Michelle J. Smith (person) — Newly Elected Director
• David J. Johnson (person) — Newly Elected Director
• David J. Shiffman (person) — Newly Elected Director
• Joseph D. Russell (person) — CEO
• Paul D. Sweeney (person) — CFO
• October 30, 2024 (date) — Effective date of changes

FAQ

Key Financial Figures

• $0.10 — nge 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
• $800,000 — eceive an initial annual base salary of $800,000, and beginning in 2025, he will be elig
• $1,000,000 — ved a make-whole new hire cash bonus of $1,000,000, and he will be granted make-whole new
• $2,500,000 — y vested Company common shares equal to $2,500,000 and a number of time vesting LTIP Units
• $5,000,000 — ompany's operating partnership equal to $5,000,000. The LTIP Unit award will vest in three

Filing Documents

• d873750d8k.htm (8-K) — 50KB
• 0001193125-24-248690.txt ( ) — 293KB
• psa-20241030.xsd (EX-101.SCH) — 6KB
• psa-20241030_def.xml (EX-101.DEF) — 18KB
• psa-20241030_lab.xml (EX-101.LAB) — 32KB
• psa-20241030_pre.xml (EX-101.PRE) — 20KB
• d873750d8k_htm.xml (XML) — 24KB

From the Filing

8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): October 30, 2024 Public Storage (Exact Name of Registrant as Specified in its Charter) Maryland 001-33519 93-2834996 (State or Other Jurisdiction of Incorporation) (Commission File Number) (I.R.S. Employer Identification No.) 701 Western Avenue , Glendale , California 91201-2349 (Address of Principal Executive Offices) (Zip Code) (818) 244-8080 (Registrant's telephone number, including area code) N/A (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: Title of Class Trading Symbol Name of Exchange on Which Registered Common Shares, $0.10 par value PSA New York Stock Exchange Depositary Shares, Each Representing 1/1,000 of a 5.150% Cum Pref Share, Series F, $0.01 par value PSAPrF New York Stock Exchange Depositary Shares, Each Representing 1/1,000 of a 5.050% Cum Pref Share, Series G, $0.01 par value PSAPrG New York Stock Exchange Depositary Shares, Each Representing 1/1,000 of a 5.600% Cum Pref Share, Series H, $0.01 par value PSAPrH New York Stock Exchange Depositary Shares, Each Representing 1/1,000 of a 4.875% Cum Pref Share, Series I, $0.01 par value PSAPrI New York Stock Exchange Depositary Shares, Each Representing 1/1,000 of a 4.700% Cum Pref Share, Series J, $0.01 par value PSAPrJ New York Stock Exchange Depositary Shares, Each Representing 1/1,000 of a 4.750% Cum Pref Share, Series K, $0.01 par value PSAPrK New York Stock Exchange Depositary Shares, Each Representing 1/1,000 of a 4.625% Cum Pref Share, Series L, $0.01 par value PSAPrL New York Stock Exchange Depositary Shares, Each Representing 1/1,000 of a 4.125% Cum Pref Share, Series M, $0.01 par value PSAPrM New York Stock Exchange Depositary Shares, Each Representing 1/1,000 of a 3.875% Cum Pref Share, Series N, $0.01 par value PSAPrN New York Stock Exchange Depositary Shares, Each Representing 1/1,000 of a 3.900% Cum Pref Share, Series O, $0.01 par value PSAPrO New York Stock Exchange Depositary Shares, Each Representing 1/1,000 of a 4.000% Cum Pref Share, Series P, $0.01 par value PSAPrP New York Stock Exchange Depositary Shares, Each Representing 1/1,000 of a 3.950% Cum Pref Share, Series Q, $0.01 par value PSAPrQ New York Stock Exchange Depositary Shares, Each Representing 1/1,000 of a 4.000% Cum Pref Share, Series R, $0.01 par value PSAPrR New York Stock Exchange Depositary Shares, Each Representing 1/1,000 of a 4.100% Cum Pref Share, Series S, $0.01 par value PSAPrS New York Stock Exchange Guarantee of 0.875% Senior Notes due 2032 issued by Public Storage Operating Company PSA/32 New York Stock Exchange Guarantee of 0.500% Senior Notes due 2030 issued by Public Storage Operating Company PSA/30 New York Stock Exchange Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (240.12b-2 of this chapter). Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Item5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On October 30, 2024, the Board of Trustees of Public Storage appointed Christopher Sambar, the Company's Chief Operating Officer, as an executive officer of the Company to serve as its principal operating officer, effective immediately. Mr. Sambar, age 51, joined the Company on October 14, 2024. Prior to joining Public Storage, Mr. Sambar held various roles of increasing responsibility at AT&T Communications since 2002, most recently as President, AT&T Network, where he led approximately 27,000 employees across network operations. Mr. Sambar has extensive operations, business development, financial planning and analysis, and corporate strategy experience. He has served as a director of AST Spac

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View this 8-K filing on SEC EDGAR