UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
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Item 8.01 | Other Events |
On June 7, 2021, Public Storage (the “Company”) issued a press release announcing the pricing of its public offering of 4.000% Cumulative Preferred Share of Beneficial Interest, Series P (the “Series P Preferred Shares”). The full text of the press release is included in Exhibit 99.1 to this Current Report on Form 8-K.
The Company expects to use the net proceeds for general corporate purposes, including the redemption of its 5.125% Cumulative Preferred Shares, Series C. The issuance reflects continuing execution of the Company’s strategy to lower the cost of its in-place capital. Since 2015, the Company has redeemed or called for redemption $4.6 billion of preferred equity, reducing its average in-place cost of preferred equity approximately 120 basis points to 4.7% (including the Series P Preferred Shares). Over the same time period, the Company has issued $5 billion of unsecured debt at a 1.9% average rate to fund its strategic growth along with free cash flow.
Forward-Looking Statements
When used within this Current Report on Form 8-K, the words “outlook,” “guidance,” “expects,” “believes,” “anticipates,” “should,” “estimates” and similar expressions are intended to identify “forward-looking statements,” including but not limited to, statements about the completion, timing and size of the proposed offering of securities by the Company and the use of net proceeds of such offering. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause our actual results to be materially different from those expressed or implied in the forward-looking statements. Such factors include market conditions and the demand for the Company’s preferred securities and risks detailed in the Company’s prospectus and prospectus supplement filed with the Securities and Exchange Commission (the “SEC”) in connection with this offering and in the Company’s SEC reports, including quarterly reports on Form 10-Q, current reports on Form 8-K and annual reports on Form 10-K. We undertake no obligation to publicly update or revise forward-looking statements which may be made to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events, except as required by law.
Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits
Exhibit |
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99.1 | Press Release dated June 7, 2021 | |
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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: June 7, 2021 | Senior Vice President, Chief Legal Officer & Corporate Secretary |