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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): May 7, 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)		   (IRS 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)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐

Written communication 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 pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

Item 5.07

Submission of Matters to a Vote of Security Holders

On May 7, 2024, Public Storage (the “Company”) held its 2024 Annual Meeting of Shareholders (the “Annual Meeting”). Three proposals were submitted to the Company’s shareholders for a vote at the Annual Meeting.

The three proposals are described in detail in the Company’s proxy statement for the Annual Meeting filed with the Securities and Exchange Commission on March 25, 2024. The final results for the votes for each proposal are set forth below.

 

1.

The shareholders elected eleven trustees to the Board of Trustees to hold office until the 2025 Annual Meeting or until their successors are duly qualified and elected, and the size of the Board of Trustees concurrently was reduced to eleven. The votes for each nominee were as follows:

 

Name

    Votes For    Votes Against    Abstain    Broker Non-Votes

Ronald L. Havner, Jr.

    146,714,447    5,961,299    378,341    8,714,898

Tamara Hughes Gustavson

    150,911,040    1,788,767    354,280    8,714,898

Shankh S. Mitra

    151,629,869    1,062,801    361,417    8,714,898

Rebecca Owen

    151,969,015    728,232    356,840    8,714,898

Kristy M. Pipes

    145,054,252    7,645,440    354,395    8,714,898

Avedick B. Poladian

    148,131,386    4,560,570    362,131    8,714,898

John Reyes

    151,934,457    761,488    358,142    8,714,898

Joseph D. Russell, Jr.

    151,540,597    1,153,530    359,960    8,714,898

Tariq M. Shaukat

    151,928,712    765,820    359,555    8,714,898

Ronald P. Spogli

    139,577,770    13,040,857    435,460    8,714,898

Paul S. Williams

    147,212,462    5,477,566    364,059    8,714,898

 

2.

The shareholders approved the advisory vote to approve the compensation of named executive officers as follows:

 

Votes For

  

Votes Against

  

Abstain

  

Broker Non-Votes

147,239,032

   5,323,870   491,185   8,714,898

 

3.

The shareholders ratified the appointment of Ernst & Young LLP as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2024 as follows:

 

Votes For

  

Votes Against

  

Abstain

  

Broker Non-Votes

152,601,670

   9,069,711   97,604   —

 

Item 8.01

Other Events

Subsequent to the Annual Meeting, the Board of Trustees approved the following committee assignments, effective May 7, 2024:

 

Audit Committee

  

Compensation and Human

Capital Committee

  

Nominating, Governance, and

Sustainability Committee

Kristy M. Pipes (Chair)   Avedick B. Poladian (Chair)   Ronald P. Spogli (Chair)
Avedick B. Poladian   Shankh S. Mitra   Rebecca Owen
John Reyes   Rebecca Owen   Kristy M. Pipes
Tariq M. Shaukat   Ronald P. Spogli   Paul S. Williams
  Paul S. Williams  

Additionally, the Board of Trustees appointed Ms. Pipes to serve as the Lead Independent Trustee, effective May 7, 2024.

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
Date: May 8, 2024       Senior Vice President, Chief Legal Officer & Corporate Secretary
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Document Type 8-K
Document Period End Date May 07, 2024
Entity Registrant Name PUBLIC STORAGE
Entity Incorporation State Country Code MD
Entity File Number 001-33519
Entity Tax Identification Number 93-2834996
Entity Address, Address Line One 701 Western Avenue
Entity Address, City or Town Glendale
Entity Address, State or Province CA
Entity Address, Postal Zip Code 91201-2349
City Area Code (818)
Local Phone Number 244-8080
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Security Exchange Name NYSE
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Document And Entity Information [Line Items]  
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Trading Symbol PSAPrK
Security Exchange Name NYSE
Depositary Shares Each Representing 11000 Of A 4.625 Cum Pref Share Series L 0.01 Par Value [Member]  
Document And Entity Information [Line Items]  
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Trading Symbol PSAPrL
Security Exchange Name NYSE
Depositary Shares Each Representing 11000 Of A 4.125 Cum Pref Share Series M 0.01 Par Value [Member]  
Document And Entity Information [Line Items]  
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Trading Symbol PSAPrM
Security Exchange Name NYSE
Depositary Shares Each Representing 11000 Of A 3.875 Cum Pref Share Series N 0.01 Par Value [Member]  
Document And Entity Information [Line Items]  
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Security Exchange Name NYSE
Depositary Shares Each Representing 11000 Of A 3.900 Cum Pref Share Series O 0.01 Par Value [Member]  
Document And Entity Information [Line Items]  
Security 12b Title Depositary Shares Each Representing 1/1,000 of a 3.900% Cum Pref Share, Series O, $0.01 par value
Trading Symbol PSAPrO
Security Exchange Name NYSE
Depositary Shares Each Representing 11000 Of A 4.000 Cum Pref Share Series P 0.01 Par Value [Member]  
Document And Entity Information [Line Items]  
Security 12b Title Depositary Shares Each Representing 1/1,000 of a 4.000% Cum Pref Share, Series P, $0.01 par value
Trading Symbol PSAPrP
Security Exchange Name NYSE
Depositary Shares Each Representing 11000 Of A 3.950 Cum Pref Share Series Q 0.01 Par Value [Member]  
Document And Entity Information [Line Items]  
Security 12b Title Depositary Shares Each Representing 1/1,000 of a 3.950% Cum Pref Share, Series Q, $0.01 par value
Trading Symbol PSAPrQ
Security Exchange Name NYSE
Depositary Shares Each Representing 11000 Of A 4.000 Cum Pref Share Series R 0.01 Par Value [Member]  
Document And Entity Information [Line Items]  
Security 12b Title Depositary Shares Each Representing 1/1,000 of a 4.000% Cum Pref Share, Series R, $0.01 par value
Trading Symbol PSAPrR
Security Exchange Name NYSE
Depositary Shares Each Representing 11000 Of A 4.100 Cum Pref Share Series S 0.01 Par Value [Member]  
Document And Entity Information [Line Items]  
Security 12b Title Depositary Shares Each Representing 1/1,000 of a 4.100% Cum Pref Share, Series S, $0.01 par value
Trading Symbol PSAPrS
Security Exchange Name NYSE
Guarantee Notes Due 2032 [Member]  
Document And Entity Information [Line Items]  
Security 12b Title Guarantee of 0.875% Senior Notes due 2032 issued by Public Storage Operating Company
Trading Symbol PSA/32
Security Exchange Name NYSE
Guarantee Notes Due 2030 [Member]  
Document And Entity Information [Line Items]  
Security 12b Title Guarantee of 0.500% Senior Notes due 2030 issued by Public Storage Operating Company
Trading Symbol PSA/30
Security Exchange Name NYSE
Public Storage (NYSE:PSA)
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