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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