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 2, 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,
 
91201-2349
Glendale, California    
(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 5.07
Submission of Matters to a Vote of Security Holders

On May 2, 2023, Public Storage (the “Company”) held its 2023 Annual Meeting of Shareholders (the “Annual Meeting”). Five proposals were submitted to the Company’s shareholders for a vote at the Annual Meeting.
 
The five proposals are described in detail in the Company’s proxy statement for the Annual Meeting filed with the Securities and Exchange Commission on March 22, 2023. The final results for the votes for each proposal are set forth below.


1.
The shareholders elected thirteen trustees to the Board of Trustees to hold office until the 2024 Annual Meeting or until their successors are duly qualified and elected, and the size of the Board of Trustees concurrently was reduced to thirteen. The votes for each nominee were as follows:

Name
 
Votes For
 
Votes Against
 
Abstain
 
Broker Non-Votes
Ronald L. Havner, Jr.
 
145,627,367
 
5,435,568
 
2,568,013
 
7,372,840
Tamara Hughes Gustavson
 
151,470,659
 
1,882,017
 
278,272
 
7,372,840
Leslie S. Heisz
 
143,212,687
 
10,142,388
 
275,873
 
7,372,840
Shankh S. Mitra
 
152,146,697
 
1,151,204
 
333,047
 
7,372,840
David J. Neithercut
 
151,905,295
 
1,393,115
 
332,538
 
7,372,840
Rebecca Owen
 
152,459,305
 
842,746
 
328,897
 
7,372,840
Kristy M. Pipes
 
148,590,761
 
4,710,436
 
329,751
 
7,372,840
Avedick B. Poladian
 
148,543,975
 
4,803,617
 
283,356
 
7,372,840
John Reyes
 
151,799,827
 
1,556,009
 
275,112
 
7,372,840
Joseph D. Russell, Jr.
 
152,191,588
 
1,145,130
 
294,230
 
7,372,840
Tariq M. Shaukat
 
151,954,040
 
1,397,122
 
279,786
 
7,372,840
Ronald P. Spogli
 
147,990,953
 
5,357,873
 
282,122
 
7,372,840
Paul S. Williams
 
145,872,795
 
7,421,146
 
337,007
 
7,372,840


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
150,785,791
 
2,506,867
 
338,290
 
7,372,840


3.
The shareholders voted to hold future advisory votes to approve executive compensation annually as follows:
                 
Votes For 1 Year
 
Votes For 2 Years
 
Votes for 3 Years
 
Abstain
 
Broker Non-Votes
149,449,001
 
95,918
 
3,802,692
 
283,337
 
7,372,840

After considering the voting results for this proposal, the Company’s Board of Trustees determined to continue to hold the advisory vote on the compensation of the Company’s named executive officers on an annual basis.



4.
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, 2023 as follows:
             
Votes For
 
Votes Against
 
Abstain
 
Broker Non-Votes
152,225,230
 
8,687,849
 
90,709
 


5.
The shareholders did not approve the shareholder proposal requesting that the Company’s Board of Trustees issue short- and long-term Scope 1-3 greenhouse gas reduction targets aligned with the Paris Agreement as follows:
             
Votes For
 
Votes Against
 
Abstain
 
Broker Non-Votes
53,062,151
 
99,813,029
 
755,768
 
7,372,840


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 4, 2023
 
Senior Vice President, Chief Legal Officer & Corporate Secretary
 


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