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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): June 28, 2023

 

 

PUBLIC STORAGE

(Exact name of registrant as specified in its charter)

 

 

 

Maryland   001-33519   95-3551121

(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
0.875% Senior Notes due 2032   PSA32   New York Stock Exchange
0.500% Senior Notes due 2030   PSA30   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 5.02(e)

Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

On June 28, 2023, the Compensation and Human Capital Committee (the “Committee”) of Public Storage (the “Company”) approved certain changes to the compensation of Joseph D. Russell, Jr., the Company’s President and Chief Executive Officer, based upon a review of peer compensation levels and practices by the Committee’s independent compensation consultant. Effective July 1, 2023, the Committee increased Mr. Russell’s base salary from $800,000 to $1,000,000 per year. The Committee also increased Mr. Russell’s target annual performance-based bonus to 200% of his base salary. The Committee did not modify the performance criteria or goals for Mr. Russell’s 2023 annual performance-based bonus award.

 

1

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: July 5, 2023      

Nathaniel A. Vitan

Senior Vice President, Chief Legal Officer & Corporate Secretary

 

2

v3.23.2
Document and Entity Information
Jun. 28, 2023
Document Information [Line Items]  
Document Type 8-K
Document Period End Date Jun. 28, 2023
Entity Registrant Name PUBLIC STORAGE
Entity Incorporation, State or Country Code MD
Entity File Number 001-33519
Entity Tax Identification Number 95-3551121
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
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Entity Central Index Key 0001393311
Amendment Flag false
Common Shares, $0.10 par value [Member]  
Document Information [Line Items]  
Title of 12(b) Security Common Shares, $0.10 par value
Trading Symbol PSA
Security Exchange Name NYSE
Depositary Shares, Each Representing 1/1,000 of a 5.150% Cum Pref Share, Series F, $0.01 par value [Member]  
Document Information [Line Items]  
Title of 12(b) Security Depositary Shares Each Representing 1/1,000 of a 5.150% Cum Pref Share, Series F, $0.01 par value
Trading Symbol PSAPrF
Security Exchange Name NYSE
Depositary Shares, Each Representing 1/1,000 of a 5.050% Cum Pref Share, Series G, $0.01 par value [Member]  
Document Information [Line Items]  
Title of 12(b) Security Depositary Shares Each Representing 1/1,000 of a 5.050% Cum Pref Share, Series G, $0.01 par value
Trading Symbol PSAPrG
Security Exchange Name NYSE
Depositary Shares, Each Representing 1/1,000 of a 5.600% Cum Pref Share, Series H, $0.01 par value [Member]  
Document Information [Line Items]  
Title of 12(b) Security Depositary Shares Each Representing 1/1,000 of a 5.600% Cum Pref Share, Series H, $0.01 par value
Trading Symbol PSAPrH
Security Exchange Name NYSE
Depositary Shares, Each Representing 1/1,000 of a 4.875% Cum Pref Share, Series I, $0.01 par value [Member]  
Document Information [Line Items]  
Title of 12(b) Security Depositary Shares Each Representing 1/1,000 of a 4.875% Cum Pref Share, Series I, $0.01 par value
Trading Symbol PSAPrI
Security Exchange Name NYSE
Depositary Shares, Each Representing 1/1,000 of a 4.700% Cum Pref Share, Series J, $0.01 par value [Member]  
Document Information [Line Items]  
Title of 12(b) Security Depositary Shares Each Representing 1/1,000 of a 4.700% Cum Pref Share, Series J, $0.01 par value
Trading Symbol PSAPrJ
Security Exchange Name NYSE
Depositary Shares, Each Representing 1/1,000 of a 4.750% Cum Pref Share, Series K, $0.01 par value [Member]  
Document Information [Line Items]  
Title of 12(b) Security Depositary Shares Each Representing 1/1,000 of a 4.750% Cum Pref Share, Series K, $0.01 par value
Trading Symbol PSAPrK
Security Exchange Name NYSE
Depositary Shares, Each Representing 1/1,000 of a 4.625% Cum Pref Share, Series L, $0.01 par value [Member]  
Document Information [Line Items]  
Title of 12(b) Security Depositary Shares Each Representing 1/1,000 of a 4.625% Cum Pref Share, Series L, $0.01 par value
Trading Symbol PSAPrL
Security Exchange Name NYSE
Depositary Shares, Each Representing 1/1,000 of a 4.125% Cum Pref Share, Series M, $0.01 par value [Member]  
Document Information [Line Items]  
Title of 12(b) Security Depositary Shares Each Representing 1/1,000 of a 4.125% Cum Pref Share, Series M, $0.01 par value
Trading Symbol PSAPrM
Security Exchange Name NYSE
Depositary Shares, Each Representing 1/1,000 of a 3.875% Cum Pref Share, Series N, $0.01 par value [Member]  
Document Information [Line Items]  
Title of 12(b) Security Depositary Shares Each Representing 1/1,000 of a 3.875% Cum Pref Share, Series N, $0.01 par value
Trading Symbol PSAPrN
Security Exchange Name NYSE
Depositary Shares, Each Representing 1/1,000 of a 3.900% Cum Pref Share, Series O, $0.01 par value [Member]  
Document Information [Line Items]  
Title of 12(b) Security 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 1/1,000 of a 4.000% Cum Pref Share, Series P, $0.01 par value [Member]  
Document Information [Line Items]  
Title of 12(b) Security 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 1/1,000 of a 3.950% Cum Pref Share, Series Q, $0.01 par value [Member]  
Document Information [Line Items]  
Title of 12(b) Security 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 1/1,000 of a 4.000% Cum Pref Share, Series R, $0.01 par value [Member]  
Document Information [Line Items]  
Title of 12(b) Security 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 1/1,000 of a 4.100% Cum Pref Share, Series S, $0.01 par value [Member]  
Document Information [Line Items]  
Title of 12(b) Security 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
0.875% Senior Notes due 2032 [Member]  
Document Information [Line Items]  
Title of 12(b) Security 0.875% Senior Notes due 2032
Trading Symbol PSA32
Security Exchange Name NYSE
0.500% Senior Notes due 2030 [Member]  
Document Information [Line Items]  
Title of 12(b) Security 0.500% Senior Notes due 2030
Trading Symbol PSA30
Security Exchange Name NYSE
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