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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 3, 2024
____________________
Public Storage
(Exact Name of Registrant as Specified in its Charter)
____________________
Maryland001-3351993-2834996
(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 ClassTrading SymbolName of exchange on which registered
Common Shares, $0.10 par valuePSANew York Stock Exchange
Depositary Shares, Each Representing 1/1,000 of a 5.150% Cum Pref Share, Series F, $0.01 par valuePSAPrFNew York Stock Exchange
Depositary Shares, Each Representing 1/1,000 of a 5.050% Cum Pref Share, Series G, $0.01 par valuePSAPrGNew York Stock Exchange
Depositary Shares, Each Representing 1/1,000 of a 5.600% Cum Pref Share, Series H, $0.01 par valuePSAPrHNew York Stock Exchange
Depositary Shares, Each Representing 1/1,000 of a 4.875% Cum Pref Share, Series I, $0.01 par valuePSAPrINew York Stock Exchange



Depositary Shares, Each Representing 1/1,000 of a 4.700% Cum Pref Share, Series J, $0.01 par valuePSAPrJNew York Stock Exchange
Depositary Shares, Each Representing 1/1,000 of a 4.750% Cum Pref Share, Series K, $0.01 par valuePSAPrKNew York Stock Exchange
Depositary Shares, Each Representing 1/1,000 of a 4.625% Cum Pref Share, Series L, $0.01 par valuePSAPrLNew York Stock Exchange
Depositary Shares, Each Representing 1/1,000 of a 4.125% Cum Pref Share, Series M, $0.01 par valuePSAPrMNew York Stock Exchange
Depositary Shares, Each Representing 1/1,000 of a 3.875% Cum Pref Share, Series N, $0.01 par valuePSAPrNNew York Stock Exchange
Depositary Shares, Each Representing 1/1,000 of a 3.900% Cum Pref Share, Series O, $0.01 par valuePSAPrONew 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. ☐





Item 7.01Regulation FD Disclosure.
On June 3, 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.
Item 8.01Other Events.
The Investor Presentation includes the following operating update for the two months ended May 31, 2024.
Same Store Facilities Operating Update (a)
Two Months Ended May 31,
20242023Change
(Amounts in thousands, except for per square foot amounts)
Tenants moving in during the period:
Average annual contract rent per square foot (b)$14.05 $16.65 (15.6)%
Square footage 21,093 20,953 0.7%
Contract rents gained from move-ins$49,393 $58,145 (15.1)%
Tenants moving out during the period:
Average annual contract rent per square foot (b)$20.77 $21.08 (1.5)%
Square footage 19,486 20,136 (3.2)%
Contract rents lost from move-outs$67,454 $70,744 (4.7)%
At May 31,
Square foot occupancy92.8%92.9%(0.1)%
Annual contract rent per occupied square foot (b)$22.64 $22.89 (1.1)%
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 March 31, 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
This Current Report on Form 8-K, including the sections of the Company’s Quarterly Report on Form 10-Q for the period ended March 31, 2024 filed with the Securities and Exchange Commission (the “SEC”) on April 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
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: June 3, 2024
H. Thomas Boyle
Senior Vice President, Chief Financial and Investment Officer

v3.24.1.1.u2
Cover
Jun. 03, 2024
Document Information [Line Items]  
Document Type 8-K
Document Period End Date Jun. 03, 2024
Entity Registrant Name Public Storage
Entity Incorporation, State or 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
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  
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  
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  
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  
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  
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  
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  
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  
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  
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  
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  
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  
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  
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  
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  
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
Guarantee of 0.875% Senior Notes due 2032 issued by Public Storage Operating Company  
Document Information [Line Items]  
Title of 12(b) Security Guarantee of 0.875% Senior Notes due 2032 issued by Public Storage Operating Company
Trading Symbol PSA/32
Security Exchange Name NYSE
Guarantee of 0.500% Senior Notes due 2030 issued by Public Storage Operating Company  
Document Information [Line Items]  
Title of 12(b) Security Guarantee of 0.500% Senior Notes due 2030 issued by Public Storage Operating Company
Trading Symbol PSA/30
Security Exchange Name NYSE

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