10-Q 1 psa-20220331.htm 10-Q psa-20220331
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended March 31, 2022
or
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from ____________ to ____________.
Commission File Number: 001-33519
Public Storage
(Exact name of registrant as specified in its charter)
Maryland95-3551121
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer Identification Number)
  
701 Western Avenue, Glendale, California
91201-2349
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (818) 244-8080.
Former name, former address and former fiscal, if changed since last report: N/A
Securities registered pursuant to Section 12b of the Act:
Title of ClassTrading SymbolName of each exchange on which registered
Common Shares, $0.10 par valuePSANew York Stock Exchange
Depositary Shares Each Representing 1/1,000 of a 5.150% Cum Pref Share, Series F, $0.01 par valuePSAPrFNew York Stock Exchange
Depositary Shares Each Representing 1/1,000 of a 5.050% Cum Pref Share, Series G, $0.01 par valuePSAPrGNew York Stock Exchange
Depositary Shares Each Representing 1/1,000 of a 5.600% Cum Pref Share, Series H, $0.01 par valuePSAPrHNew York Stock Exchange
Depositary Shares Each Representing 1/1,000 of a 4.875% Cum Pref Share, Series I, $0.01 par valuePSAPrINew York Stock Exchange
Depositary Shares Each Representing 1/1,000 of a 4.700% Cum Pref Share, Series J, $0.01 par valuePSAPrJNew York Stock Exchange
Depositary Shares Each Representing 1/1,000 of a 4.750% Cum Pref Share, Series K, $0.01 par valuePSAPrKNew York Stock Exchange
Depositary Shares Each Representing 1/1,000 of a 4.625% Cum Pref Share, Series L, $0.01 par valuePSAPrLNew York Stock Exchange
Depositary Shares Each Representing 1/1,000 of a 4.125% Cum Pref Share, Series M, $0.01 par valuePSAPrMNew York Stock Exchange
Depositary Shares Each Representing 1/1,000 of a 3.875% Cum Pref Share, Series N, $0.01 par valuePSAPrNNew York Stock Exchange
Depositary Shares Each Representing 1/1,000 of a 3.900% Cum Pref Share, Series O, $0.01 par valuePSAPrONew York Stock Exchange
Depositary Shares Each Representing 1/1,000 of a 4.000% Cum Pref Share, Series P, $0.01 par valuePSAPrPNew York Stock Exchange
Depositary Shares Each Representing 1/1,000 of a 3.950% Cum Pref Share, Series Q, $0.01 par valuePSAPrQNew York Stock Exchange
Depositary Shares Each Representing 1/1,000 of a 4.000% Cum Pref Share, Series R, $0.01 par valuePSAPrRNew York Stock Exchange
Depositary Shares Each Representing 1/1,000 of a 4.100% Cum Pref Share, Series S, $0.01 par valuePSAPrSNew York Stock Exchange
0.875% Senior Notes due 2032PSA32New York Stock Exchange
0.500% Senior Notes due 2030PSA30New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for at least the past 90 days.
Yes ☐ No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes ☐ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated
filer
Non-accelerated filerSmaller reporting companyEmerging 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 provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes ☒ No
Indicate the number of the registrant’s outstanding common shares of beneficial interest, as of April 28, 2022:
Common Shares of beneficial interest, $0.10 par value per share – 175,528,938 shares



PUBLIC STORAGE
INDEX
PART IFINANCIAL INFORMATIONPages
Item 1.Consolidated Financial Statements (Unaudited) 
 
Consolidated Balance Sheets at March 31, 2022 and December 31, 2021
 
Consolidated Statements of Income for the Three Months Ended March 31, 2022 and 2021
 
Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2022 and 2021
 
Consolidated Statements of Equity and Redeemable Noncontrolling Interests for the Three Months Ended March 31, 2022 and 2021
4-5
 
Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2022 and 2021
6-7
 Condensed Notes to Consolidated Financial Statements
8-20
Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations
21-44
Item 3.Quantitative and Qualitative Disclosures About Market Risk
Item 4.Controls and Procedures
PART II
OTHER INFORMATION (Items 3, 4 and 5 are not applicable)
Item 1.Legal Proceedings
Item 1A.Risk Factors
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
Item 6.Exhibits





PUBLIC STORAGE
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except share data)

 March 31,
2022
December 31,
2021
(Unaudited)
ASSETS  
    
Cash and equivalents$940,524 $734,599 
Real estate facilities, at cost:
Land5,156,795 5,134,060 
Buildings17,886,912 17,673,773 
23,043,707 22,807,833 
Accumulated depreciation (7,958,536)(7,773,308)
15,085,171 15,034,525 
Construction in process337,552 272,471 
15,422,723 15,306,996 
Investments in unconsolidated real estate entities850,649 828,763 
Goodwill and other intangible assets, net271,127 302,894 
Other assets213,758 207,656 
Total assets $17,698,781 $17,380,908 
     
LIABILITIES AND EQUITY    
    
Notes payable$7,441,723 $7,475,279 
Accrued and other liabilities453,971 482,091 
Total liabilities7,895,694 7,957,370 
    
Commitments and contingencies (Note 14)
  
  
Redeemable noncontrolling interests83,826 68,249 
     
Equity:    
Public Storage shareholders’ equity:    
Preferred Shares, $0.01 par value, 100,000,000 shares authorized, 174,000 shares issued (in series) and outstanding, (164,000 at December 31, 2021) at liquidation preference
4,350,000 4,100,000 
Common Shares, $0.10 par value, 650,000,000 shares authorized, 175,212,439 shares issued and outstanding (175,134,455 shares at December 31, 2021)
17,521 17,513 
Paid-in capital 5,827,674 5,821,667 
Accumulated deficit (436,101)(550,416)
Accumulated other comprehensive loss(60,382)(53,587)
Total Public Storage shareholders’ equity 9,698,712 9,335,177 
Noncontrolling interests20,549 20,112 
Total equity9,719,261 9,355,289 
Total liabilities, redeemable noncontrolling interests and equity$17,698,781 $17,380,908 

See accompanying notes.
1


PUBLIC STORAGE
CONSOLIDATED STATEMENTS OF INCOME
(Amounts in thousands, except per share amounts)
(Unaudited)

 Three Months Ended March 31,
 20222021
Revenues:
Self-storage facilities $917,015 $716,347 
Ancillary operations 56,430 50,915 
973,445 767,262 
Expenses:
Self-storage cost of operations 245,494 212,105 
Ancillary cost of operations 15,515 16,318 
Depreciation and amortization 222,128 146,859 
General and administrative 23,069 19,574 
Interest expense 33,124 15,250 
 539,330 410,106 
Other increases to net income:
Interest and other income 3,379 2,852 
Equity in earnings of unconsolidated real estate entities 43,424 19,456 
Foreign currency exchange gain35,377 45,385 
Gain on sale of real estate  9,413 
Net income 516,295 434,262 
Allocation to noncontrolling interests (2,352)(1,226)
Net income allocable to Public Storage shareholders 513,943 433,036 
Allocation of net income to:
Preferred shareholders(48,365)(46,080)
Restricted share units (1,454)(1,146)
Net income allocable to common shareholders$464,124 $385,810 
Net income per common share:
Basic$2.65 $2.21 
Diluted$2.63 $2.21 
Basic weighted average common shares outstanding 175,170174,611
Diluted weighted average common shares outstanding176,336174,840

See accompanying notes.
2


PUBLIC STORAGE
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Amounts in thousands)
(Unaudited)

 Three Months Ended March 31,
 20222021
Net income $516,295 $434,262 
Foreign currency exchange loss on investment in Shurgard(6,795)(5,940)
Total comprehensive income 509,500 428,322 
Allocation to noncontrolling interests (2,352)(1,226)
Comprehensive income allocable to Public Storage shareholders$507,148 $427,096 

See accompanying notes.
3


PUBLIC STORAGE
CONSOLIDATED STATEMENTS OF EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS
Three Months Ended March 31, 2022
(Amounts in thousands, except share and per share amounts)
(Unaudited)
 Cumulative Preferred SharesCommon SharesPaid-in CapitalAccumulated DeficitAccumulated
Other Comprehensive Loss
Total
Public Storage Shareholders' Equity
Noncontrolling InterestsTotal EquityRedeemable Noncontrolling Interests
Balances at December 31, 2021
$4,100,000 $17,513 $5,821,667 $(550,416)$(53,587)$9,335,177 $20,112 $9,355,289 $68,249 
Issuance of 10,000 preferred shares (Note 9)
250,000 — (7,168)— — 242,832 — 242,832 — 
Issuance of common shares in connection with share-based compensation (77,984 shares) (Note 11)
— 8 8,099 — — 8,107 — 8,107 — 
Taxes withheld upon net share settlement of restricted share units (Note 11)— — (10,574)— — (10,574)— (10,574)— 
Share-based compensation expense (Note 11)— — 15,650 — — 15,650 — 15,650 — 
Contributions by noncontrolling interests— — — — — — 791 791 15,426 
Net income — — — 516,295 — 516,295 — 516,295 — 
Net income allocated to noncontrolling interests — — — (2,352)— (2,352)1,692 (660)660 
Distributions to:
Preferred shareholders (Note 9)— — — (48,365)— (48,365)— (48,365)— 
Noncontrolling interests — — — — — — (2,046)(2,046)(509)
Common shareholders and restricted share unitholders ($2.00 per share) (Note 9)
— — — (351,263)— (351,263)— (351,263)— 
Other comprehensive loss— — — — (6,795)(6,795)— (6,795)— 
Balances at March 31, 2022
$4,350,000 $17,521 $5,827,674 $(436,101)$(60,382)$9,698,712 $20,549 $9,719,261 $83,826 
See accompanying notes.
4


PUBLIC STORAGE
CONSOLIDATED STATEMENTS OF EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS
Three Months Ended March 31, 2021
(Amounts in thousands, except share and per share amounts)
(Unaudited)

 Cumulative Preferred SharesCommon SharesPaid-in CapitalAccumulated DeficitAccumulated
Other Comprehensive Loss
Total
Public Storage Shareholders' Equity
Noncontrolling InterestsTotal EquityRedeemable Noncontrolling Interests
                 
Balances at December 31, 2020
$3,792,500 $17,458 $5,707,101 $(914,791)$(43,401)$8,558,867 $18,032 $8,576,899 $ 
Issuance of common shares in connection with share-based compensation (69,262 shares)
— 7 4,696 — — 4,703 — 4,703 — 
Share-based compensation expense, net of cash paid in lieu of common shares
— — 3,489 — — 3,489 — 3,489 — 
Acquisition of noncontrolling interests— — (32)— — (32)(1)(33)— 
Contributions by noncontrolling interests— — — — — — 1,380 1,380 — 
Net income — — — 434,262 — 434,262 — 434,262 — 
Net income allocated to noncontrolling interests — — — (1,226)— (1,226)1,226 — — 
Distributions to:
Preferred shareholders (Note 9) — — — (46,080)— (46,080)— (46,080)— 
Noncontrolling interests — — — — — — (1,269)(1,269)— 
Common shareholders and restricted share unitholders ($2.00 per share) (Note 9)
— — — (350,096)— (350,096)— (350,096)— 
Other comprehensive loss— — — — (5,940)(5,940)— (5,940)— 
Balances at March 31, 2021
$3,792,500 $17,465 $5,715,254 $(877,931)$(49,341)$8,597,947 $19,368 $8,617,315 $ 

See accompanying notes.
5


PUBLIC STORAGE
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands)
(Unaudited)

 For the Three Months Ended March 31,
 20222021
Cash flows from operating activities:    
Net income $516,295 $434,262 
Adjustments to reconcile net income to net cash flows from operating activities:
Gain on sale of real estate (9,413)
Depreciation and amortization222,128 146,859 
Equity in earnings of unconsolidated real estate entities(43,424)(19,456)
Distributions from cumulative equity in earnings of unconsolidated real estate entities15,501 15,487 
Foreign currency exchange gain(35,377)(45,385)
Share-based compensation expense13,928 14,407 
Other (32,810)(27,599)
Total adjustments 139,946 74,900 
Net cash flows from operating activities 656,241 509,162 
Cash flows from investing activities:
Capital expenditures to maintain real estate facilities(99,549)(36,551)
Development and expansion of real estate facilities(76,705)(61,213)
Acquisition of real estate facilities and intangible assets(112,277)(203,108)
Real estate deposits and costs for pending acquisitions (114,415)
Proceeds from sale of real estate investments 11,562 
Net cash flows used in investing activities (288,531)(403,725)
Cash flows from financing activities:
Repayments on notes payable(236)(527)
Issuance of notes payable, net of issuance costs 496,235 
Issuance of preferred shares 242,832  
Issuance of common shares in connection with share-based compensation8,073 4,703 
Redemption of preferred shares  (300,000)
Taxes paid upon net share settlement of restricted share units(10,574)(7,284)
Acquisition of noncontrolling interests  (33)
Contributions by noncontrolling interests 791 1,380 
Distributions paid to preferred shareholders, common shareholders and restricted share unitholders(399,584)(396,176)
Distributions paid to noncontrolling interests (2,555)(1,269)
Net cash flows used in financing activities (161,253)(202,971)
Net cash flows from (used in) operating, investing, and financing activities 206,457 (97,534)
Net effect of foreign exchange impact on cash and equivalents, including restricted cash173 178 
Increase (decrease) in cash and equivalents, including restricted cash $206,630 $(97,356)
See accompanying notes.
6


PUBLIC STORAGE
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands)
(Unaudited)

 For the Three Months Ended March 31,
 20222021
Cash and equivalents, including restricted cash at beginning of the period:
Cash and equivalents $734,599 $257,560 
Restricted cash included in other assets26,691 25,040 
$761,290 $282,600 
Cash and equivalents, including restricted cash at end of the period:
Cash and equivalents $940,524 $159,622 
Restricted cash included in other assets27,396 25,622 
 $967,920 $185,244 
Supplemental schedule of non-cash investing and financing activities:
Costs incurred during the period remaining unpaid at period end for:
Capital expenditures to maintain real estate facilities $(14,119)$(9,018)
Construction or expansion of real estate facilities(42,245)(21,886)
Real estate acquired in exchange for noncontrolling interests(15,426) 

See accompanying notes.
7


PUBLIC STORAGE
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2022
(Unaudited)


1.Description of the Business
Public Storage (referred to herein as “the Company,” “we,” “us,” or “our”), a Maryland real estate investment trust (“REIT”), was organized in 1980. Our principal business activities include the ownership and operation of self-storage facilities that offer storage spaces for lease, generally on a month-to-month basis, for personal and business use, ancillary activities such as tenant reinsurance, merchandise sales, and third party management, as well as the acquisition and development of additional self-storage space.
At March 31, 2022, we have direct and indirect equity interests in 2,797 self-storage facilities (with approximately 199.1 million net rentable square feet) located in 39 states in the United States (“U.S.”) operating under the Public Storage® name, and 0.9 million net rentable square feet of commercial and retail space.
We own an approximate 35% common equity interest in Shurgard Self Storage SA (“Shurgard”), a public company traded on Euronext Brussels under the “SHUR” symbol, which owns 254 self-storage facilities (with approximately 14 million net rentable square feet) located in seven Western European countries, all operating under the Shurgard® name. We also own an approximate 41% common equity interest in PS Business Parks, Inc. (“PSB”), a REIT traded on the New York Stock Exchange under the “PSB” symbol, which owns 27 million net rentable square feet of commercial properties, primarily multi-tenant industrial, flex, and office space, located in six states.
Disclosures of the number and square footage of facilities, as well as the number and coverage of tenant reinsurance policies (Note 14) are unaudited and outside the scope of our independent registered public accounting firm’s review of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board (U.S.).
2.Basis of Presentation and Summary of Significant Accounting Policies
Basis of Presentation
We have prepared the accompanying interim consolidated financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) as set forth in the Accounting Standards Codification of the Financial Accounting Standards Board (“FASB”), and in conformity with the rules and regulations of the Securities and Exchange Commission (“SEC”). In our opinion, the interim consolidated financial statements presented herein reflect all adjustments, primarily of a normal recurring nature, that are necessary to present fairly the interim consolidated financial statements. Because they do not include all of the disclosures required by GAAP for complete annual financial statements, these interim consolidated financial statements should be read together with the audited Consolidated Financial Statements and related Notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.
Operating results for the quarter ended March 31, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022.
Summary of Significant Accounting Policies
There have been no significant changes to the Company's significant accounting policies described in Note 2, Basis of Presentation and Summary of Significant Accounting Policies, in Notes to Consolidated Financial Statements included in Item 8 of Part II of the Company's Annual Report on Form 10-K for the year ended December 31, 2021.
8


PUBLIC STORAGE
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2022
(Unaudited)

3.Real Estate Facilities

Activity in real estate facilities during the three months ended March 31, 2022 is as follows:
Three Months Ended March 31, 2022
 (Amounts in thousands)
Operating facilities, at cost:
Beginning balance $22,807,833 
Capital expenditures to maintain real estate facilities91,344 
Acquisitions 125,534 
Dispositions(383)
Developed or expanded facilities opened for operation19,379 
Ending balance 23,043,707 
Accumulated depreciation:
Beginning balance (7,773,308)
Depreciation expense (185,409)
Dispositions181 
Ending balance (7,958,536)
Construction in process:
Beginning balance 272,471 
Costs incurred to develop and expand real estate facilities84,460 
Developed or expanded facilities opened for operation(19,379)
Ending balance 337,552 
Total real estate facilities at March 31, 2022
$15,422,723 
During the three months ended March 31, 2022, we acquired ten self-storage facilities (781,000 net rentable square feet of storage space), for a total cost of $127.7 million, consisting $112.3 million in cash and $15.4 million in partnership units in our subsidiary. Approximately $2.2 million of the total cost was allocated to intangible assets. We completed development and redevelopment activities costing $19.4 million during the three months ended March 31, 2022, adding 0.1 million net rentable square feet of self-storage space. Construction in process at March 31, 2022 consists of projects to develop new self-storage facilities and expand existing self-storage facilities.

9


PUBLIC STORAGE
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2022
(Unaudited)

4.Investments in Unconsolidated Real Estate Entities
The following tables set forth our investments in, and equity in earnings of, the Unconsolidated Real Estate Entities (amounts in thousands):
 Investments in Unconsolidated Real Estate Entities at
 March 31, 2022December 31, 2021
PSB $537,331$515,312
Shurgard313,318313,451
Total $850,649$828,763

 Equity in Earnings of Unconsolidated Real Estate Entities for the
 Three Months Ended March 31,
 20222021
PSB $36,886$14,476
Shurgard6,5384,980
Total $43,424$19,456

Investment in PSB
Throughout all periods presented, we owned 7,158,354 shares of PSB’s common stock and 7,305,355 limited partnership units in an operating partnership controlled by PSB, representing an approximate 41% common equity interest as of March 31, 2022 (41% as of December 31, 2021). The limited partnership units are convertible at our option, subject to certain conditions, on a one-for-one basis into PSB common stock.
Based upon the closing price at March 31, 2022 ($168.08 per share of PSB common stock), the shares and units we owned had a market value of approximately $2.4 billion. During each of the three months ended March 31, 2022 and 2021, we received cash distributions from PSB totaling $15.2 million.
PSB is a publicly held entity traded on the New York Stock Exchange under the symbol “PSB”.
Refer to Note “15. Subsequent Events” for additional information about our investment in PSB.

Investment in Shurgard
Throughout all periods presented, we effectively owned, directly and indirectly 31,268,459 Shurgard common shares, representing an approximate 35% equity interest in Shurgard.
Based upon the closing price at March 31, 2022 (€56.30 per share of Shurgard common stock, at 1.111 exchange rate of US Dollars to the Euro), the shares we owned had a market value of approximately $2.0 billion.
Our equity in earnings of Shurgard comprised our equity share of Shurgard’s net income, less amortization of the Shurgard Basis Differential (defined below). We eliminated $0.3 million intra-entity profits and losses for each of the three months ended March 31, 2022 and 2021, representing our equity share of the trademark license fees that Shurgard pays to us for the use of the Shurgard® trademark. We classify the remaining license fees we receive from Shurgard as interest and other income on our income statement.
At March 31, 2022, our investment in Shurgard’s real estate assets included in investment in unconsolidated real estate entities exceeds our pro-rata share of the underlying amounts on Shurgard’s balance sheet by approximately $73.4 million ($74.7 million at December 31, 2021). This differential (the “Shurgard Basis Differential”) includes our cost basis adjustment in Shurgard’s real estate assets net of related deferred income taxes. The real estate assets basis differential is being amortized as a reduction to equity in earnings of the Unconsolidated Real Estate Entities. Such
10


PUBLIC STORAGE
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2022
(Unaudited)

amortization totaled approximately $1.3 million and $2.5 million during the three months ended March 31, 2022 and 2021, respectively.
Shurgard is a publicly held entity trading on Euronext Brussels under the symbol “SHUR”.
5.Goodwill and Other Intangible Assets

Goodwill and other intangible assets consisted of the following (amounts in thousands):
At March 31, 2022At December 31, 2021
Gross Book ValueAccumulated AmortizationNet Book ValueGross Book ValueAccumulated AmortizationNet Book Value
Goodwill$165,843 $— $165,843 $165,843 $— $165,843 
Shurgard® Trade Name18,824 — 18,824 18,824 — 18,824 
Finite-lived intangible assets, subject to amortization196,178 (109,718)86,460 198,180 (79,953)118,227 
Total goodwill and other intangible assets$380,845 $(109,718)$271,127 $382,847 $(79,953)$302,894 

Finite-lived intangible assets consist primarily of acquired customers in place. Amortization expense related to intangible assets subject to amortization was $33.9 million and $6.1 million for the three months ended March 31, 2022 and 2021, respectively. During the three months ended March 31, 2022, intangibles increased $2.2 million, in connection with the acquisition of self-storage facilities (Note 3).
The estimated future amortization expense for our finite-lived intangible assets at March 31, 2022 is as follows (amounts in thousands):
YearAmount
Remainder of 2022$54,379 
202324,876 
Thereafter7,205 
Total$86,460 
6.Credit Facility
We have a revolving credit agreement (the “Credit Facility”) with a $500 million borrowing limit that matures on April 19, 2024. Amounts drawn on the Credit Facility bear annual interest at rates ranging from LIBOR plus 0.7% to LIBOR plus 1.350% depending upon the ratio of our Total Indebtedness to Gross Asset Value (as defined in the Credit Facility) (LIBOR plus 0.75% at March 31, 2022). We are also required to pay a quarterly facility fee ranging from 0.07% per annum to 0.25% per annum depending upon the ratio of our Total Indebtedness to our Gross Asset Value (0.10% per annum at March 31, 2022). At March 31, 2022 and May 3, 2022, we had no outstanding borrowings under this Credit Facility. We had undrawn standby letters of credit, which reduces our borrowing capacity, totaling $21.2 million at March 31, 2022 ($21.2 million at December 31, 2021). The Credit Facility has various customary restrictive covenants, with which we were in compliance at March 31, 2022.

11


PUBLIC STORAGE
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2022
(Unaudited)

7.Notes Payable
Our notes payable are reflected net of issuance costs (including original issue discounts), which are amortized as interest expense on the effective interest method over the term of each respective note. Our notes payable at March 31, 2022 and December 31, 2021 are set forth in the tables below:
   
Amounts at March 31, 2022
 Coupon RateEffective Rate PrincipalUnamortized CostsBook
 Value
Fair
 Value
   ($ amounts in thousands)
U.S. Dollar Denominated Unsecured Debt
Notes due September 15, 2022
2.370%2.483%$500,000 $(231)$499,769 $501,283 
Notes due April 23, 2024
SOFR+0.47%
0.619%700,000 (1,452)698,548 696,594 
Notes due February 15, 2026
0.875%1.030%500,000 (2,877)497,123 461,600 
Notes due November 9, 20261.500%1.640%650,000 (4,010)645,990 608,077 
Notes due September 15, 2027
3.094%3.218%500,000 (2,888)497,112 493,907 
Notes due May 1, 2028
1.850%1.962%650,000 (4,107)645,893 599,449 
Notes due November 9, 20281.950%2.044%550,000 (3,179)546,821 505,937 
Notes due May 1, 2029
3.385%3.459%500,000 (2,179)497,821 504,863 
Notes due May 1, 2031
2.300%2.419%650,000 (6,211)643,789 600,303 
Notes due November 9, 20312.250%2.322%550,000 (3,399)546,601 502,782 
 5,750,000 (30,533)5,719,467 5,474,795 
Euro Denominated Unsecured Debt
Notes due April 12, 2024
1.540%1.540%111,148  111,148 112,427 
Notes due November 3, 2025
2.175%2.175%268,993  268,993 277,704 
Notes due September 9, 20300.500%0.640%778,036 (9,449)768,587 679,225 
Notes due January 24, 2032
0.875%0.978%555,740 (5,260)550,480 491,274 
   1,713,917 (14,709)1,699,208 1,560,630 
 Mortgage Debt, secured by 11 real estate facilities with a net book value of $65.7 million
3.877%3.896%23,048  23,048 23,782 
 $7,486,965 $(45,242)$7,441,723 $7,059,207 
12


PUBLIC STORAGE
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2022
(Unaudited)

Amounts at
 December 31, 2021
 Book ValueFair Value
 ($ amounts in thousands)
U.S. Dollar Denominated Unsecured Debt
Notes due September 15, 2022 $499,637 $506,362 
Notes due April 23, 2024698,372 700,314 
Notes due February 15, 2026496,939 488,141 
Notes due November 9, 2026645,773 649,996 
Notes due September 15, 2027496,980 535,206 
Notes due May 1, 2028645,724 649,221 
Notes due November 9, 2028546,701 548,241 
Notes due May 1, 2029497,743 545,580 
Notes due May 1, 2031643,617 656,546 
Notes due November 9, 2031546,512 551,932 
 5,717,998 5,831,539 
Euro Denominated Unsecured Debt
Notes due April 12, 2024113,431 117,526 
Notes due November 3, 2025274,518 295,256 
Notes due September 9, 2030784,287 769,561 
Notes due January 24, 2032561,761 551,842 
 1,733,997 1,734,185 
Mortgage Debt23,284 24,208 
 $7,475,279 $7,589,932 
U.S. Dollar Denominated Unsecured Notes
The U.S. Dollar Denominated Unsecured Notes have various financial covenants, with which we were in compliance at March 31, 2022. Included in these covenants are (a) a maximum Debt to Total Assets of 65% (approximately 15% at March 31, 2022) and (b) a minimum ratio of Adjusted EBITDA to Interest Expense of 1.5x (approximately 27x for the twelve months ended March 31, 2022) as well as covenants limiting the amount we can encumber our properties with mortgage debt.
Euro Denominated Unsecured Notes
Our Euro denominated unsecured notes (the “Euro Notes”) consist of four tranches: (i) €242.0 million issued to institutional investors on November 3, 2015, (ii) €100.0 million issued to institutional investors on April 12, 2016, (iii) €500.0 million issued in a public offering on January 24, 2020, and (iv) €700.0 million issued in a public offering on September 9, 2021. The Euro Notes have financial covenants similar to those of the U.S. Dollar Denominated Unsecured Notes.
We reflect changes in the U.S. Dollar equivalent of the amount payable, as a result of changes in foreign exchange rates as “Foreign currency exchange gain” on our income statement (gains of $35.4 million and $45.4 million for the three months ended March 31, 2022 and 2021, respectively).
Mortgage Notes
We assumed our non-recourse mortgage debt in connection with property acquisitions, and we recorded such debt at fair value with any premium or discount to the stated note balance amortized using the effective interest method.
13


PUBLIC STORAGE
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2022
(Unaudited)

At March 31, 2022, the related contractual interest rates of our mortgage notes are fixed, ranging between 3.2% and 7.1%, and mature between November 1, 2022 and July 1, 2030.
At March 31, 2022, approximate principal maturities of our Notes Payable are as follows (amounts in thousands):
 Unsecured DebtMortgage DebtTotal
Remainder of 2022
$500,000$2,246$502,246
202319,21919,219
2024811,148124811,272
2025268,993131269,124
20261,150,0001381,150,138
Thereafter 4,733,7761,1904,734,966
$7,463,917$23,048$7,486,965
Weighted average effective rate 1.8%3.9%1.8%
Cash paid for interest totaled $22.2 million and $19.4 million for the three months ended March 31, 2022 and 2021, respectively. Interest capitalized as real estate totaled $1.2 million and $0.9 million for the three months ended March 31, 2022 and 2021, respectively.
8.Noncontrolling Interests
We have noncontrolling interests related to several subsidiaries we consolidate of which we do not own 100% of the equity. At March 31, 2022, certain of these subsidiaries issued 486,811 partnership units to third-parties that are convertible on a one-for-one basis (subject to certain limitations) into common shares of the Company at the option of the unitholder. These include a total of 254,833 partnership units of $83.6 million issued to third-parties in connection with our acquisition of a portfolio of self-storage properties (42,841 partnership units of $15.4 million issued in the three months ended March 31, 2022). The unitholders of these 254,833 partnership units have the right to require us to redeem their partnership units in cash if common shares of the Company are not publicly listed. We classify these noncontrolling interests as redeemable noncontrolling interest outside of total equity in our consolidated balance sheets.
14


PUBLIC STORAGE
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2022
(Unaudited)

9.Shareholders’ Equity

Preferred Shares
At March 31, 2022 and December 31, 2021, we had the following series of Cumulative Preferred Shares (“Preferred Shares”) outstanding:

   
At March 31, 2022
At December 31, 2021
SeriesEarliest Redemption DateDividend RateShares OutstandingLiquidation PreferenceShares OutstandingLiquidation Preference
   (Dollar amounts in thousands)
Series F6/2/20225.150 %11,200 $280,000 11,200 $280,000 
Series G8/9/20225.050 %12,000 300,000 12,000 300,000 
Series H3/11/20245.600 %11,400 285,000 11,400 285,000 
Series I9/12/20244.875 %12,650 316,250 12,650 316,250 
Series J11/15/20244.700 %10,350 258,750 10,350 258,750 
Series K12/20/20244.750 %9,200 230,000 9,200 230,000 
Series L6/17/20254.625 %22,600 565,000 22,600 565,000 
Series M8/14/20254.125 %9,200 230,000 9,200 230,000 
Series N10/6/20253.875 %11,300 282,500 11,300 282,500 
Series O11/17/20253.900 %6,800 170,000 6,800 170,000 
Series P6/16/20264.000 %24,150 603,750 24,150 603,750 
Series Q8/17/20263.950 %5,750