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Name | Symbol | Market | Type |
---|---|---|---|
Public Storage | NYSE:PSA-S | NYSE | Preference Share |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.01 | 0.06% | 18.01 | 18.04 | 17.97 | 17.97 | 9,015 | 23:20:57 |
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
Date of Report (Date of earliest event reported):
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
(Address of principal executive offices) | (Zip Code) |
(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 | ||
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 7.01 | Regulation FD Disclosure. |
On September 13, 2023, Public Storage (the “Company”) issued the press release, attached to this Form 8-K as Exhibit 99.1, regarding the completion of the acquisition described below.
The information in Item 7.01 of this Form 8-K, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”) or the Exchange Act, except as expressly set forth by specific reference in such filing.
Item 8.01 | Other Events. |
On September 13, 2023, the Company completed its previously announced acquisition of BREIT Simply Storage LLC, a self-storage company that owns and operates 127 self-storage facilities (9.4 million square feet) and manages 25 self-storage facilities (1.8 million square feet) for third parties.
Item 9.01 | Financial Statements and Exhibits. |
(d) | Exhibits |
Exhibit |
||
99.1 | Press Release dated September 13, 2023 | |
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
1
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: September 13, 2023 | Senior Vice President, Chief Legal Officer and Corporate Secretary |
2
Exhibit 99.1
News Release
Public Storage
701 Western Avenue
Glendale, CA 91201-2349
PublicStorage.com
For Release: |
Immediately | |||
Date: |
September 13, 2023 |
Public Storage Announces Closing of Simply Self Storage Acquisition
GLENDALE, California & New York Public Storage (NYSE:PSA) (the Company) announced today that it has completed the previously announced acquisition of Simply Self Storage (Simply) from Blackstone Real Estate Income Trust, Inc. (BREIT) for $2.2 billion.
The portfolio comprises 127 wholly-owned properties and 9 million net rentable square feet that are geographically diversified across 18 states and located in markets with population growth that has been approximately double the national average since 2018. Approximately 65% of the properties are located in high-growth Sunbelt markets.
Public Storage is deploying its industry-leading brand and operating platform to drive customer recognition and enhance performance. The Company has integrated an additional 25 properties into its PS Advantage® third-party management platform. By combining the Simply team with Public Storages leading platform, the Company is deepening its presence in fast-growing markets, bolstering its core strengths, and unlocking additional opportunities for growth and value creation.
Public Storage funded the acquisition by utilizing its growth-oriented balance sheet to issue $2.2 billion of senior unsecured notes and quickly closed the transaction in a well-coordinated effort with the Simply and Blackstone teams. The Company expects the transaction will be accretive to FFO per share, with accretion accelerating through stabilization. A presentation with further detail is available on the Investor Relations section of PublicStorage.com.
The acquisition reflects Public Storages continued execution of its opportunistic growth strategy. Since the start of 2019, the Company has expanded its portfolio by 54 million net rentable square feet, or 33%, through $10.7 billion of acquisitions, development, and redevelopment, including properties under contract. Recent acquisition and development properties in the Companys non-same store pool account for nearly 30% of the portfolio, providing significant growth for Public Storage and its stakeholders as the properties lease up over the next few years.
We are pleased to welcome Simplys team, customers, and third-party management partners to Public Storages industry-leading brand and platform, said Joe Russell, Public Storages Chief Executive Officer. We thank the Simply and Blackstone teams for their partnership through this process. The expeditious execution and integration further demonstrate our position as an acquirer of choice in the self-storage industry.
Nadeem Meghji, Head of Blackstone Real Estate Americas, said, This sale represents a terrific outcome for BREIT investors and enables us to further concentrate BREITs portfolio in its highest growth sectors. Public Storage is a leader in its space and will be an excellent steward of this portfolio.
Eastdil Secured served as financial advisor to Public Storage, and Wachtell, Lipton, Rosen & Katz and Hogan Lovells US LLP acted as legal advisors.
Wells Fargo and Newmark Group, Inc. served as lead financial advisors to BREIT, and BMO Capital Markets, Citigroup Global Markets Inc. and Sumitomo Mitsui Banking Corporation (SMBC) also served as financial advisors. Simpson Thacher & Bartlett LLP acted as BREITs legal advisor.
Contacts
Public Storage
Ryan Burke
(818) 244-8080, Ext. 1141
Blackstone
Jeffrey Kauth
Jeffrey.Kauth@Blackstone.com
(212) 583-5395
About Public Storage
Public Storage, a member of the S&P 500 and FT Global 500, is a REIT that primarily acquires, develops, owns, and operates self-storage facilities. At June 30, 2023, we had: (i) interests in 2,888 self-storage facilities located in 40 states with approximately 206 million net rentable square feet in the United States and (ii) a 35% common equity interest in Shurgard Self Storage Limited (Euronext Brussels:SHUR), which owned 266 self-storage facilities located in seven Western European nations with approximately 15 million net rentable square feet operated under the Shurgard® brand. Our headquarters are located in Glendale, California.
Additional information about Public Storage is available on the Companys website at PublicStorage.com.
About Blackstone Real Estate Income Trust
Blackstone Real Estate Income Trust, Inc. (BREIT) is a perpetual-life, institutional quality real estate investment platform that brings private real estate to income focused investors. BREIT invests primarily in stabilized, income-generating U.S. commercial real estate across key property types and to a lesser extent in real estate debt investments. BREIT is externally managed by a subsidiary of Blackstone (NYSE: BX), a global leader in real estate investing. Blackstones real estate business was founded in 1991 and has approximately $333 billion in investor capital under management. Further information is available at www.breit.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are based on the beliefs and assumptions of the Companys and BREITs management made based on information currently available to them and 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 the Companys or BREITs respective actual results and performance to be materially different from those expressed or implied in the forward-looking statements. Risks and uncertainties that may impact the Companys or BREITs respective future results and performance include, but are not limited to those described in the Companys Annual Report on Form 10-K filed with the Securities and Exchange Commission (the SEC) on February 21, 2023, BREITs Annual Report on Form 10-K filed with the SEC on March 17, 2023 as well as under the section entitled Risk Factors in BREITs prospectus and in the Companys and BREITs other filings with the SEC, each of which is accessible on the SECs website at www.sec.gov. These include changes in demand for the Companys and BREITs facilities, impacts of natural disasters, adverse changes in laws and regulations including governing property tax, evictions, rental rates, minimum wage levels, and insurance, adverse economic effects from the COVID-19 Pandemic, international military conflicts, or similar events impacting public health and/or economic activity, adverse impacts from inflation, unfavorable foreign currency rate fluctuations, changes in federal or state tax laws related to the taxation of REITs, security breaches, including ransomware, or a failure of networks, systems, or technology. These forward-looking statements are not guarantees of future plans and speak only as of the date of this press release or as of the dates indicated in the statements. Actual plans and operating results may differ materially from what is expressed or forecasted in this press release. All forward-looking statements, including those in this press release, are qualified in their entirety by this cautionary statement. The Company and BREIT expressly disclaim any obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, new estimates, or other factors, events, or circumstances after the date of these forward-looking statements, except when expressly required by law. Given these risks and uncertainties, you should not rely on any forward-looking statements in this press release, or which the Companys or BREITs management may make orally or in writing from time to time, neither as predictions of future events nor guarantees of future performance.
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