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 7.01 | Regulation FD Disclosure. |
Public Storage announced today the following operating update for the three months ended December 31, 2020.
Same Store Facilities Operating Update (a)
| Three months ended December 31, | ||||||||||||
| 2020 | 2019 | Percentage Change |
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| Move-In Customers: |
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| Square feet moved in (millions) |
23.5 | 24.5 | (4.1 | %) | ||||||||
| Annual contract rent per square foot (b) |
$ | 14.81 | $ | 13.19 | 12.3 | % | ||||||
| Move-Out Customers: |
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| Square feet moved out (millions) |
24.1 | 25.9 | (6.9 | %) | ||||||||
| Annual contract rent per square foot (b) |
$ | 15.80 | $ | 15.93 | (0.8 | %) | ||||||
Please see “Analysis of Same Store Revenue” under “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our September 30, 2020 Form 10-Q for further information with respect to the various factors we see affecting our revenues in the year ended December 31, 2020.
| (a) | The Same Store Facilities at December 31, 2020 consist of 2,221 facilities (143.7 million net rentable square feet) that have been owned and operated on a stabilized basis since January 1, 2018. These facilities represented approximately 82% of the aggregate net rentable square feet of our U.S. consolidated self-storage portfolio at December 31, 2020. |
| (b) | Annual contract rent represents the agreed upon monthly rate that is paid by our tenants in place at the time of measurement. Contract rates are initially set in the lease agreement upon move-in and we adjust 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 Form 8-K contains 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 “expects,” “believes,” “intends,” “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 our most recent Annual Report on Form 10-K filed with the SEC on February 25, 2020, our most recent Form 10-Q filed with the SEC on November 4, 2020, and in our 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 | |||||
| H. Thomas Boyle | ||||||
| Date: January 7, 2021 | Chief Financial Officer | |||||