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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Emerging growth company
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| Item 7.01 | Regulation FD Disclosure |
On September 6, 2022, 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 8.01 | Other Events |
The Investor Presentation includes the following operating update for the two months ended August 31, 2022.
Same Store Facilities Operating Update (a)
| Two Months Ended August 31, | ||||||||||||
| 2022 | 2021 | Change | ||||||||||
| (Amounts in thousands, except for per square foot amounts) |
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| Tenants moving in during the period: |
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| Average annual contract rent per square foot (b) |
$ | 19.71 | $ | 18.69 | 5.5 | % | ||||||
| Square footage |
16,750 | 15,798 | 6.0 | % | ||||||||
| Contract rents gained from move-ins |
$ | 55,024 | $ | 49,211 | 11.8 | % | ||||||
| Tenants moving out during the period: |
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| Average annual contract rent per square foot (b) |
$ | 21.25 | $ | 18.08 | 17.5 | % | ||||||
| Square footage |
19,042 | 16,822 | 13.2 | % | ||||||||
| Contract rents lost from move-outs |
$ | 67,440 | $ | 50,690 | 33.0 | % | ||||||
| At August 31, |
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| Square foot occupancy |
93.3 | % | 95.9 | % | (2.7 | )% | ||||||
| Annual contract rent per occupied square foot (b) |
$ | 22.80 | $ | 19.32 | 18.0 | % | ||||||
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 June 30, 2022 for further information with respect to the various factors that affect the Company’s revenues.
| (a) | The Same Store Facilities consist of 2,282 facilities (149.5 million net rentable square feet) that have been owned and operated on a stabilized basis since January 1, 2020. |
| (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 June 30, 2022 filed with the Securities and Exchange Commission (the “SEC”) on August 4, 2022 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, 2021 filed with the SEC on February 22, 2022 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: September 6, 2022 | H. Thomas Boyle Senior Vice President and Chief Financial Officer | |||||