10-Q 1 psa-20220630.htm 10-Q psa-20220630
FALSE2022Q212/31000139331100013933112022-01-012022-06-300001393311us-gaap:CommonStockMember2022-01-012022-06-300001393311us-gaap:SeriesFPreferredStockMember2022-01-012022-06-300001393311us-gaap:SeriesGPreferredStockMember2022-01-012022-06-300001393311us-gaap:SeriesHPreferredStockMember2022-01-012022-06-300001393311psa:SeriesIPreferredStockMember2022-01-012022-06-300001393311psa:SeriesJPreferredStockMember2022-01-012022-06-300001393311psa:SeriesKPreferredStockMember2022-01-012022-06-300001393311psa:SeriesLPreferredStockMember2022-01-012022-06-300001393311psa:SeriesMPreferredStockMember2022-01-012022-06-300001393311psa:SeriesNPreferredStockMember2022-01-012022-06-300001393311psa:SeriesOPreferredStockMember2022-01-012022-06-300001393311psa:SeriesPPreferredStockMember2022-01-012022-06-300001393311psa:SeriesQPreferredStockMember2022-01-012022-06-300001393311psa:SeriesRPreferredStockMember2022-01-012022-06-300001393311psa:SeriesSPreferredStockMember2022-01-012022-06-300001393311psa:NotesDue2032Member2022-01-012022-06-300001393311psa:NotesDue2030Member2022-01-012022-06-3000013933112022-08-01xbrli:shares00013933112022-06-30iso4217:USD00013933112021-12-31iso4217:USDxbrli:shares0001393311psa:SelfStorageOperationsMember2022-04-012022-06-300001393311psa:SelfStorageOperationsMember2021-04-012021-06-300001393311psa:SelfStorageOperationsMember2022-01-012022-06-300001393311psa:SelfStorageOperationsMember2021-01-012021-06-300001393311psa:AncillaryOperationsMember2022-04-012022-06-300001393311psa:AncillaryOperationsMember2021-04-012021-06-300001393311psa:AncillaryOperationsMember2022-01-012022-06-300001393311psa:AncillaryOperationsMember2021-01-012021-06-3000013933112022-04-012022-06-3000013933112021-04-012021-06-3000013933112021-01-012021-06-300001393311us-gaap:PreferredStockMember2022-03-310001393311us-gaap:CommonStockMember2022-03-310001393311us-gaap:AdditionalPaidInCapitalMember2022-03-310001393311us-gaap:RetainedEarningsMember2022-03-310001393311us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-03-310001393311us-gaap:ParentMember2022-03-310001393311us-gaap:NoncontrollingInterestMember2022-03-3100013933112022-03-310001393311us-gaap:CommonStockMember2022-04-012022-06-300001393311us-gaap:CommonStockMemberus-gaap:CommonStockMember2022-04-012022-06-300001393311us-gaap:AdditionalPaidInCapitalMember2022-04-012022-06-300001393311us-gaap:ParentMember2022-04-012022-06-300001393311us-gaap:NoncontrollingInterestMember2022-04-012022-06-300001393311us-gaap:RetainedEarningsMember2022-04-012022-06-300001393311us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-04-012022-06-300001393311us-gaap:PreferredStockMember2022-06-300001393311us-gaap:CommonStockMember2022-06-300001393311us-gaap:AdditionalPaidInCapitalMember2022-06-300001393311us-gaap:RetainedEarningsMember2022-06-300001393311us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-06-300001393311us-gaap:ParentMember2022-06-300001393311us-gaap:NoncontrollingInterestMember2022-06-300001393311us-gaap:PreferredStockMember2021-03-310001393311us-gaap:CommonStockMember2021-03-310001393311us-gaap:AdditionalPaidInCapitalMember2021-03-310001393311us-gaap:RetainedEarningsMember2021-03-310001393311us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-310001393311us-gaap:ParentMember2021-03-310001393311us-gaap:NoncontrollingInterestMember2021-03-3100013933112021-03-310001393311us-gaap:PreferredStockMember2021-04-012021-06-300001393311us-gaap:PreferredStockMemberus-gaap:PreferredStockMember2021-04-012021-06-300001393311us-gaap:PreferredStockMemberus-gaap:AdditionalPaidInCapitalMember2021-04-012021-06-300001393311us-gaap:PreferredStockMemberus-gaap:ParentMember2021-04-012021-06-300001393311us-gaap:PreferredStockMember2021-04-012021-06-300001393311us-gaap:ParentMember2021-04-012021-06-300001393311us-gaap:CommonStockMember2021-04-012021-06-300001393311us-gaap:CommonStockMemberus-gaap:CommonStockMember2021-04-012021-06-300001393311us-gaap:CommonStockMemberus-gaap:AdditionalPaidInCapitalMember2021-04-012021-06-300001393311us-gaap:CommonStockMemberus-gaap:ParentMember2021-04-012021-06-300001393311us-gaap:AdditionalPaidInCapitalMember2021-04-012021-06-300001393311us-gaap:NoncontrollingInterestMember2021-04-012021-06-300001393311us-gaap:RetainedEarningsMember2021-04-012021-06-300001393311us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-04-012021-06-300001393311us-gaap:PreferredStockMember2021-06-300001393311us-gaap:CommonStockMember2021-06-300001393311us-gaap:AdditionalPaidInCapitalMember2021-06-300001393311us-gaap:RetainedEarningsMember2021-06-300001393311us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-06-300001393311us-gaap:ParentMember2021-06-300001393311us-gaap:NoncontrollingInterestMember2021-06-3000013933112021-06-300001393311us-gaap:PreferredStockMember2021-12-310001393311us-gaap:CommonStockMember2021-12-310001393311us-gaap:AdditionalPaidInCapitalMember2021-12-310001393311us-gaap:RetainedEarningsMember2021-12-310001393311us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310001393311us-gaap:ParentMember2021-12-310001393311us-gaap:NoncontrollingInterestMember2021-12-310001393311us-gaap:PreferredStockMember2022-01-012022-06-300001393311us-gaap:PreferredStockMemberus-gaap:PreferredStockMember2022-01-012022-06-300001393311us-gaap:PreferredStockMemberus-gaap:AdditionalPaidInCapitalMember2022-01-012022-06-300001393311us-gaap:PreferredStockMemberus-gaap:ParentMember2022-01-012022-06-300001393311us-gaap:CommonStockMemberus-gaap:CommonStockMember2022-01-012022-06-300001393311us-gaap:CommonStockMemberus-gaap:AdditionalPaidInCapitalMember2022-01-012022-06-300001393311us-gaap:CommonStockMemberus-gaap:ParentMember2022-01-012022-06-300001393311us-gaap:AdditionalPaidInCapitalMember2022-01-012022-06-300001393311us-gaap:ParentMember2022-01-012022-06-300001393311us-gaap:NoncontrollingInterestMember2022-01-012022-06-300001393311us-gaap:RetainedEarningsMember2022-01-012022-06-300001393311us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-06-300001393311us-gaap:PreferredStockMember2020-12-310001393311us-gaap:CommonStockMember2020-12-310001393311us-gaap:AdditionalPaidInCapitalMember2020-12-310001393311us-gaap:RetainedEarningsMember2020-12-310001393311us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310001393311us-gaap:ParentMember2020-12-310001393311us-gaap:NoncontrollingInterestMember2020-12-3100013933112020-12-310001393311us-gaap:PreferredStockMember2021-01-012021-06-300001393311us-gaap:PreferredStockMember2021-01-012021-06-300001393311us-gaap:AdditionalPaidInCapitalMember2021-01-012021-06-300001393311us-gaap:ParentMember2021-01-012021-06-300001393311us-gaap:CommonStockMember2021-01-012021-06-300001393311us-gaap:CommonStockMemberus-gaap:CommonStockMember2021-01-012021-06-300001393311us-gaap:CommonStockMemberus-gaap:AdditionalPaidInCapitalMember2021-01-012021-06-300001393311us-gaap:CommonStockMemberus-gaap:ParentMember2021-01-012021-06-300001393311us-gaap:NoncontrollingInterestMember2021-01-012021-06-300001393311us-gaap:RetainedEarningsMember2021-01-012021-06-300001393311us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-06-300001393311psa:PublicStorageMember2022-06-30psa:storageFacilityutr:sqftpsa:state0001393311psa:CommercialAndRetailSpaceMemberpsa:PublicStorageMember2022-06-300001393311psa:ShurgardSelfStorageSaMember2022-06-30xbrli:pure0001393311psa:ShurgardSelfStorageSaMember2021-12-31psa:country0001393311psa:PSBusinessParksMember2022-06-300001393311us-gaap:SubsequentEventMemberpsa:PSBusinessParksMember2022-07-200001393311psa:AcquisitionOfSelfStorageFacilitiesMember2022-01-012022-06-300001393311psa:ExpansionProjectsMemberpsa:CompletedDevelopmentAndExpansionProjectMember2022-01-012022-06-300001393311psa:PSBusinessParksMember2021-12-310001393311psa:PSBusinessParksMember2022-04-012022-06-300001393311psa:PSBusinessParksMember2021-04-012021-06-300001393311psa:PSBusinessParksMember2022-01-012022-06-300001393311psa:PSBusinessParksMember2021-01-012021-06-300001393311psa:ShurgardSelfStorageSaMember2022-04-012022-06-300001393311psa:ShurgardSelfStorageSaMember2021-04-012021-06-300001393311psa:ShurgardSelfStorageSaMember2022-01-012022-06-300001393311psa:ShurgardSelfStorageSaMember2021-01-012021-06-30iso4217:EURxbrli:shares0001393311us-gaap:LicenseMemberpsa:ShurgardSelfStorageSaMember2021-01-012021-06-300001393311us-gaap:LicenseMemberpsa:ShurgardSelfStorageSaMember2022-01-012022-06-300001393311us-gaap:TradeNamesMember2022-06-300001393311us-gaap:TradeNamesMember2021-12-310001393311us-gaap:RevolvingCreditFacilityMember2022-06-300001393311srt:MinimumMemberus-gaap:RevolvingCreditFacilityMember2022-01-012022-06-300001393311srt:MaximumMemberus-gaap:RevolvingCreditFacilityMember2022-01-012022-06-300001393311us-gaap:RevolvingCreditFacilityMember2022-06-302022-06-300001393311us-gaap:RevolvingCreditFacilityMemberus-gaap:SubsequentEventMember2022-08-040001393311us-gaap:StandbyLettersOfCreditMember2022-06-300001393311us-gaap:StandbyLettersOfCreditMember2021-12-310001393311psa:NotesDueSeptember152022Memberpsa:USDollarDenominatedUnsecuredDebtMember2022-06-300001393311psa:NotesDueApril232024Memberpsa:USDollarDenominatedUnsecuredDebtMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2022-06-302022-06-300001393311psa:NotesDueApril232024Memberpsa:USDollarDenominatedUnsecuredDebtMember2022-06-300001393311psa:NotesDueFebruary152026Memberpsa:USDollarDenominatedUnsecuredDebtMember2022-06-300001393311psa:NotesDueNovember92026Memberpsa:USDollarDenominatedUnsecuredDebtMember2022-06-300001393311psa:NotesDueSeptember152027Memberpsa:USDollarDenominatedUnsecuredDebtMember2022-06-300001393311psa:NotesDueMay12028Memberpsa:USDollarDenominatedUnsecuredDebtMember2022-06-300001393311psa:NotesDueNovember92028Memberpsa:USDollarDenominatedUnsecuredDebtMember2022-06-300001393311psa:NotesDueMay12029Memberpsa:USDollarDenominatedUnsecuredDebtMember2022-06-300001393311psa:NotesDueMay12031Memberpsa:USDollarDenominatedUnsecuredDebtMember2022-06-300001393311psa:NotesDueNovember92031Memberpsa:USDollarDenominatedUnsecuredDebtMember2022-06-300001393311psa:USDollarDenominatedUnsecuredDebtMember2022-06-300001393311psa:EuroDenominatedUnsecuredDebtMemberpsa:NotesDueApril122024Member2022-06-300001393311psa:EuroDenominatedUnsecuredDebtMemberpsa:NotesDueNovember32025Member2022-06-300001393311psa:EuroDenominatedUnsecuredDebtMemberpsa:NotesDueSeptember92030Member2022-06-300001393311psa:EuroDenominatedUnsecuredDebtMemberpsa:NotesDueJanuary242032Member2022-06-300001393311psa:EuroDenominatedUnsecuredDebtMember2022-06-300001393311us-gaap:MortgagesMember2022-06-30psa:company0001393311psa:NotesDueSeptember152022Memberpsa:USDollarDenominatedUnsecuredDebtMember2021-12-310001393311psa:NotesDueApril232024Memberpsa:USDollarDenominatedUnsecuredDebtMember2021-12-310001393311psa:NotesDueFebruary152026Memberpsa:USDollarDenominatedUnsecuredDebtMember2021-12-310001393311psa:NotesDueNovember92026Memberpsa:USDollarDenominatedUnsecuredDebtMember2021-12-310001393311psa:NotesDueSeptember152027Memberpsa:USDollarDenominatedUnsecuredDebtMember2021-12-310001393311psa:NotesDueMay12028Memberpsa:USDollarDenominatedUnsecuredDebtMember2021-12-310001393311psa:NotesDueNovember92028Memberpsa:USDollarDenominatedUnsecuredDebtMember2021-12-310001393311psa:NotesDueMay12029Memberpsa:USDollarDenominatedUnsecuredDebtMember2021-12-310001393311psa:NotesDueMay12031Memberpsa:USDollarDenominatedUnsecuredDebtMember2021-12-310001393311psa:NotesDueNovember92031Memberpsa:USDollarDenominatedUnsecuredDebtMember2021-12-310001393311psa:USDollarDenominatedUnsecuredDebtMember2021-12-310001393311psa:EuroDenominatedUnsecuredDebtMemberpsa:NotesDueApril122024Member2021-12-310001393311psa:EuroDenominatedUnsecuredDebtMemberpsa:NotesDueNovember32025Member2021-12-310001393311psa:EuroDenominatedUnsecuredDebtMemberpsa:NotesDueSeptember92030Member2021-12-310001393311psa:EuroDenominatedUnsecuredDebtMemberpsa:NotesDueJanuary242032Member2021-12-310001393311psa:EuroDenominatedUnsecuredDebtMember2021-12-310001393311us-gaap:MortgagesMember2021-12-310001393311psa:MaximumCovenantMemberpsa:USDollarDenominatedUnsecuredDebtMember2022-06-300001393311srt:MinimumMemberpsa:USDollarDenominatedUnsecuredDebtMember2021-07-012022-06-300001393311psa:USDollarDenominatedUnsecuredDebtMember2021-07-012022-06-30psa:tranche0001393311psa:EuroDenominatedUnsecuredDebtMemberpsa:NotesDueNovember32025Member2015-11-03iso4217:EUR0001393311psa:EuroDenominatedUnsecuredDebtMemberpsa:NotesDueApril122024Member2016-04-120001393311psa:EuroDenominatedUnsecuredDebtMemberpsa:NotesDueJanuary242032Member2020-01-240001393311psa:EuroDenominatedUnsecuredDebtMemberpsa:NotesDueSeptember92030Member2021-09-090001393311psa:EuroDenominatedUnsecuredDebtMember2022-04-012022-06-300001393311psa:EuroDenominatedUnsecuredDebtMember2022-01-012022-06-300001393311psa:EuroDenominatedUnsecuredDebtMember2021-04-012021-06-300001393311psa:EuroDenominatedUnsecuredDebtMember2021-01-012021-06-300001393311srt:MinimumMemberus-gaap:MortgagesMember2022-06-300001393311srt:MaximumMemberus-gaap:MortgagesMember2022-06-300001393311us-gaap:UnsecuredDebtMember2022-06-300001393311us-gaap:NotesPayableToBanksMember2022-06-300001393311psa:AcquisitionOfSelfStorageFacilitiesMemberus-gaap:NoncontrollingInterestMember2022-06-300001393311psa:AcquisitionOfSelfStorageFacilitiesToDateMemberus-gaap:NoncontrollingInterestMember2022-03-310001393311psa:AcquisitionOfSelfStorageFacilitiesToDateMember2022-03-312022-03-310001393311us-gaap:SeriesFPreferredStockMember2022-06-300001393311us-gaap:SeriesFPreferredStockMember2021-12-310001393311us-gaap:SeriesGPreferredStockMember2022-06-300001393311us-gaap:SeriesGPreferredStockMember2021-12-310001393311us-gaap:SeriesHPreferredStockMember2022-06-300001393311us-gaap:SeriesHPreferredStockMember2021-12-310001393311psa:SeriesIPreferredStockMember2022-06-300001393311psa:SeriesIPreferredStockMember2021-12-310001393311psa:SeriesJPreferredStockMember2022-06-300001393311psa:SeriesJPreferredStockMember2021-12-310001393311psa:SeriesKPreferredStockMember2022-06-300001393311psa:SeriesKPreferredStockMember2021-12-310001393311psa:SeriesLPreferredStockMember2022-06-300001393311psa:SeriesLPreferredStockMember2021-12-310001393311psa:SeriesMPreferredStockMember2022-06-300001393311psa:SeriesMPreferredStockMember2021-12-310001393311psa:SeriesNPreferredStockMember2022-06-300001393311psa:SeriesNPreferredStockMember2021-12-310001393311psa:SeriesOPreferredStockMember2022-06-300001393311psa:SeriesOPreferredStockMember2021-12-310001393311psa:SeriesPPreferredStockMember2022-06-300001393311psa:SeriesPPreferredStockMember2021-12-310001393311psa:SeriesQPreferredStockMember2022-06-300001393311psa:SeriesQPreferredStockMember2021-12-310001393311psa:SeriesRPreferredStockMember2022-06-300001393311psa:SeriesRPreferredStockMember2021-12-310001393311psa:SeriesSPreferredStockMember2022-06-300001393311psa:SeriesSPreferredStockMember2021-12-31psa:dividendpsa:boardMember0001393311psa:SeriesSPreferredStockMember2022-01-130001393311psa:SeriesSPreferredStockMember2022-01-132022-01-130001393311psa:TamaraHughesGustavsonMembercountry:CApsa:HughesOwnedCanadianFacilitiesMember2022-06-300001393311country:CApsa:HughesOwnedCanadianFacilitiesMember2022-06-30psa:adult_children0001393311psa:DirectCostsOfLeasedAndRentedPropertyOrEquipmentMember2022-04-012022-06-300001393311psa:DirectCostsOfLeasedAndRentedPropertyOrEquipmentMember2021-04-012021-06-300001393311psa:DirectCostsOfLeasedAndRentedPropertyOrEquipmentMember2022-01-012022-06-300001393311psa:DirectCostsOfLeasedAndRentedPropertyOrEquipmentMember2021-01-012021-06-300001393311psa:OtherCostOfOperatingRevenueMember2022-04-012022-06-300001393311psa:OtherCostOfOperatingRevenueMember2021-04-012021-06-300001393311psa:OtherCostOfOperatingRevenueMember2022-01-012022-06-300001393311psa:OtherCostOfOperatingRevenueMember2021-01-012021-06-300001393311us-gaap:GeneralAndAdministrativeExpenseMember2022-04-012022-06-300001393311us-gaap:GeneralAndAdministrativeExpenseMember2021-04-012021-06-300001393311us-gaap:GeneralAndAdministrativeExpenseMember2022-01-012022-06-300001393311us-gaap:GeneralAndAdministrativeExpenseMember2021-01-012021-06-300001393311srt:MinimumMemberus-gaap:EmployeeStockOptionMember2022-01-012022-06-300001393311srt:MaximumMemberus-gaap:EmployeeStockOptionMember2022-01-012022-06-300001393311us-gaap:EmployeeStockOptionMember2022-01-012022-06-300001393311psa:NonManagementTrusteeMember2022-01-012022-06-300001393311psa:PerformanceTargetStockOptionsMember2022-01-012022-06-300001393311psa:PerformanceTargetStockOptionsMember2022-06-300001393311us-gaap:EmployeeStockOptionMember2022-04-012022-06-300001393311us-gaap:EmployeeStockOptionMember2021-04-012021-06-300001393311us-gaap:EmployeeStockOptionMember2021-01-012021-06-300001393311srt:MinimumMemberus-gaap:RestrictedStockUnitsRSUMember2022-01-012022-06-300001393311srt:MaximumMemberus-gaap:RestrictedStockUnitsRSUMember2022-01-012022-06-300001393311us-gaap:RestrictedStockUnitsRSUMember2022-01-012022-06-300001393311us-gaap:RestrictedStockUnitsRSUMember2022-06-300001393311us-gaap:RestrictedStockUnitsRSUMember2021-12-310001393311psa:PerformanceTargetRestrictedShareUnitsMember2022-01-012022-06-300001393311psa:PerformanceTargetRestrictedShareUnitsMember2022-06-300001393311psa:ServiceBasedRestrictedStockUnitsRSUsMember2022-01-012022-06-300001393311us-gaap:RestrictedStockUnitsRSUMember2022-04-012022-06-300001393311us-gaap:RestrictedStockUnitsRSUMember2021-04-012021-06-300001393311us-gaap:RestrictedStockUnitsRSUMember2021-01-012021-06-300001393311psa:DeferredStockUnitsDSUsMember2022-01-012022-06-300001393311psa:UnrestrictedCommonStockMember2022-01-012022-06-300001393311psa:SelfStorageOperationsMemberus-gaap:OperatingSegmentsMember2022-04-012022-06-300001393311psa:SelfStorageOperationsMemberus-gaap:OperatingSegmentsMember2021-04-012021-06-300001393311psa:SelfStorageOperationsMemberus-gaap:OperatingSegmentsMember2022-01-012022-06-300001393311psa:SelfStorageOperationsMemberus-gaap:OperatingSegmentsMember2021-01-012021-06-300001393311us-gaap:OperatingSegmentsMemberpsa:AncillaryOperationsMember2022-04-012022-06-300001393311us-gaap:OperatingSegmentsMemberpsa:AncillaryOperationsMember2021-04-012021-06-300001393311us-gaap:OperatingSegmentsMemberpsa:AncillaryOperationsMember2022-01-012022-06-300001393311us-gaap:OperatingSegmentsMemberpsa:AncillaryOperationsMember2021-01-012021-06-300001393311us-gaap:OperatingSegmentsMember2022-04-012022-06-300001393311us-gaap:OperatingSegmentsMember2021-04-012021-06-300001393311us-gaap:OperatingSegmentsMember2022-01-012022-06-300001393311us-gaap:OperatingSegmentsMember2021-01-012021-06-300001393311us-gaap:MaterialReconcilingItemsMember2022-04-012022-06-300001393311us-gaap:MaterialReconcilingItemsMember2021-04-012021-06-300001393311us-gaap:MaterialReconcilingItemsMember2022-01-012022-06-300001393311us-gaap:MaterialReconcilingItemsMember2021-01-012021-06-30psa:certificate0001393311us-gaap:SubsequentEventMemberpsa:AcquisitionOfSelfStorageFacilitiesMember2022-08-040001393311us-gaap:SubsequentEventMemberpsa:AcquisitionOfSelfStorageFacilitiesMember2022-07-012022-08-040001393311us-gaap:SubsequentEventMemberpsa:AcquisitionOfSelfStorageFacilitiesMember2022-07-08psa:sitepsa:property0001393311us-gaap:SubsequentEventMemberpsa:AcquisitionOfSelfStorageFacilitiesMember2022-07-082022-07-080001393311psa:PSBusinessParksMemberpsa:BlackstoneRealEstateMemberus-gaap:SubsequentEventMember2022-07-200001393311us-gaap:SubsequentEventMemberpsa:BlackstoneRealEstateMemberpsa:PSBusinessParksMember2022-07-202022-07-200001393311us-gaap:SubsequentEventMember2022-08-042022-08-040001393311psa:NotesDueSeptember152022Memberus-gaap:SubsequentEventMemberpsa:USDollarDenominatedUnsecuredDebtMember2022-07-26

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 June 30, 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 August 1, 2022:
Common Shares of beneficial interest, $0.10 par value per share – 175,541,870 shares



PUBLIC STORAGE
INDEX
PART IFINANCIAL INFORMATIONPages
Item 1.Consolidated Financial Statements (Unaudited) 
 Consolidated Balance Sheets
 Consolidated Statements of Income
 Consolidated Statements of Comprehensive Income
 Consolidated Statements of Equity and Redeemable Noncontrolling Interests
4-7
 Consolidated Statements of Cash Flows
8-9
 Condensed Notes to Consolidated Financial Statements
10-22
Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations
23-49
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)

 June 30,
2022
December 31,
2021
(Unaudited)
ASSETS  
    
Cash and equivalents$1,013,886 $734,599 
Real estate facilities, at cost:
Land5,175,744 5,134,060 
Buildings18,139,804 17,673,773 
23,315,548 22,807,833 
Accumulated depreciation (8,150,113)(7,773,308)
15,165,435 15,034,525 
Construction in process380,060 272,471 
15,545,495 15,306,996 
Investments in unconsolidated real estate entities845,894 828,763 
Goodwill and other intangible assets, net249,744 302,894 
Other assets207,832 207,656 
Total assets $17,862,851 $17,380,908 
     
LIABILITIES AND EQUITY    
    
Notes payable$7,340,904 $7,475,279 
Accrued and other liabilities473,599 482,091 
Total liabilities7,814,503 7,957,370 
    
Commitments and contingencies (Note 14)
  
  
Redeemable noncontrolling interests 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, 175,239,263 shares issued and outstanding (175,134,455 shares at December 31, 2021)
17,524 17,513 
Paid-in capital 5,848,632 5,821,667 
Accumulated deficit (182,213)(550,416)
Accumulated other comprehensive loss(79,217)(53,587)
Total Public Storage shareholders’ equity 9,954,726 9,335,177 
Noncontrolling interests93,622 20,112 
Total equity10,048,348 9,355,289 
Total liabilities, redeemable noncontrolling interests and equity$17,862,851 $17,380,908 

See accompanying notes.
1


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

 Three Months Ended June 30,Six Months Ended June 30,
 2022202120222021
Revenues:
Self-storage facilities $973,286 $776,993 $1,890,301 $1,493,340 
Ancillary operations 58,759 52,322 115,189 103,237 
1,032,045 829,315 2,005,490 1,596,577 
Expenses:
Self-storage cost of operations 237,989 202,595 483,483 414,700 
Ancillary cost of operations 17,210 15,991 32,725 32,309 
Depreciation and amortization 218,708 172,728 440,836 319,587 
General and administrative 28,831 27,740 51,900 47,314 
Interest expense 32,941 21,994 66,065 37,244 
 535,679 441,048 1,075,009 851,154 
Other increases (decreases) to net income:
Interest and other income 10,279 3,113 13,658 5,965 
Equity in earnings of unconsolidated real estate entities 48,525 29,066 91,949 48,522 
Foreign currency exchange gain (loss)101,723 (12,707)137,100 32,678 
Gain on sale of real estate  3,991  13,404 
Net income 656,893 411,730 1,173,188 845,992 
Allocation to noncontrolling interests (3,043)(1,304)(5,395)(2,530)
Net income allocable to Public Storage shareholders 653,850 410,426 1,167,793 843,462 
Allocation of net income to:
Preferred shareholders(48,673)(46,183)(97,038)(92,263)
Preferred shareholders - redemptions (16,989) (16,989)
Restricted share units (1,796)(1,005)(3,250)(2,151)
Net income allocable to common shareholders$603,381 $346,249 $1,067,505 $732,059 
Net income per common share:
Basic$3.44 $1.98 $6.09 $4.19 
Diluted$3.42 $1.97 $6.05 $4.18 
Basic weighted average common shares outstanding 175,229174,824175,200174,718
Diluted weighted average common shares outstanding176,312175,547176,325175,194

See accompanying notes.
2


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

 Three Months Ended June 30,Six Months Ended June 30,
 2022202120222021
Net income $656,893 $411,730 $1,173,188 $845,992 
Foreign currency exchange (loss) gain on investment in Shurgard(18,835)3,259 (25,630)(2,681)
Total comprehensive income 638,058 414,989 1,147,558 843,311 
Allocation to noncontrolling interests (3,043)(1,304)(5,395)(2,530)
Comprehensive income allocable to Public Storage shareholders$635,015 $413,685 $1,142,163 $840,781 

See accompanying notes.
3


PUBLIC STORAGE
CONSOLIDATED STATEMENTS OF EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS
Three Months Ended June 30, 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 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 
Issuance of common shares in connection with share-based compensation (26,824 shares)
— 3 3,450 — — 3,453 — 3,453 — 
Taxes withheld upon net share settlement of restricted share units— — (1,636)— — (1,636)— (1,636)— 
Share-based compensation expense— — 19,144 — — 19,144 — 19,144 — 
Contributions by noncontrolling interests— — — — — — 5,346 5,346  
Reclassification from redeemable noncontrolling interests to noncontrolling interests— — — — — — 83,826 83,826 (83,826)
Net income — — — 656,893 — 656,893 — 656,893 — 
Net income allocated to noncontrolling interests — — — (3,043)— (3,043)3,043 —  
Distributions to:
Preferred shareholders (Note 9) — — — (48,673)— (48,673)— (48,673)— 
Noncontrolling interests — — — — — — (19,142)(19,142) 
Common shareholders and restricted share unitholders ($2.00 per share) (Note 9)
— — — (351,289)— (351,289)— (351,289)— 
Other comprehensive loss— — — — (18,835)(18,835)— (18,835)— 
Balances at June 30, 2022
$4,350,000 $17,524 $5,848,632 $(182,213)$(79,217)$9,954,726 $93,622 $10,048,348 $ 
See accompanying notes.
4


PUBLIC STORAGE
CONSOLIDATED STATEMENTS OF EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS
Three Months Ended June 30, 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 March 31, 2021
$3,792,500 $17,465 $5,715,254 $(877,931)$(49,341)$8,597,947 $19,368 $8,617,315 $ 
Issuance of 24,150 preferred shares
603,750 — (17,412)— — 586,338 — 586,338 — 
Redemption and shares called for redemption of 21,000 preferred shares
(525,000)— — — — (525,000)— (525,000)— 
Issuance of common shares in connection with share-based compensation (213,433 shares)
— 21 42,874 — — 42,895 — 42,895 — 
Share-based compensation expense, net of cash paid in lieu of common shares— — 23,956 — — 23,956 — 23,956 — 
Contributions by noncontrolling interests— — — — — — 385 385  
Net income — — — 411,730 — 411,730 — 411,730 — 
Net income allocated to noncontrolling interests — — — (1,304)— (1,304)1,304 —  
Distributions to:
Preferred shareholders— — — (46,183)— (46,183)— (46,183)— 
Noncontrolling interests — — — — — — (1,538)(1,538) 
Common shareholders and restricted share unitholders ($2.00 per share)
— — — (350,054)— (350,054)— (350,054)— 
Other comprehensive income— — — — 3,259 3,259 — 3,259 — 
Balances at June 30, 2021
$3,871,250 $17,486 $5,764,672 $(863,742)$(46,082)$8,743,584 $19,519 $8,763,103 $ 
See accompanying notes.
5


PUBLIC STORAGE
CONSOLIDATED STATEMENTS OF EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS
Six Months Ended June 30, 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 (104,808 shares) (Note 11)
— 11 11,549 — — 11,560 — 11,560 — 
Taxes withheld upon net share settlement of restricted share units (Note 11)— — (12,210)— — (12,210)— (12,210)— 
Share-based compensation expense (Note 11)— — 34,794 — — 34,794 — 34,794 — 
Contributions by noncontrolling interests— — — — — — 6,137 6,137 15,426 
Reclassification from redeemable noncontrolling interests to noncontrolling interests83,826 83,826 (83,826)
Net income — — — 1,173,188 — 1,173,188 — 1,173,188 — 
Net income allocated to noncontrolling interests — — — (5,395)— (5,395)4,735 (660)660 
Distributions to:
Preferred shareholders (Note 9)— — — (97,038)— (97,038)— (97,038)— 
Noncontrolling interests — — — — — — (21,188)(21,188)(509)
Common shareholders and restricted share unitholders ($4.00 per share) (Note 9)
— — — (702,552)— (702,552)— (702,552)— 
Other comprehensive loss— — — — (25,630)(25,630)— (25,630)— 
Balances at June 30, 2022
$4,350,000 $17,524 $5,848,632 $(182,213)$(79,217)$9,954,726 $93,622 $10,048,348 $ 
See accompanying notes.
6


PUBLIC STORAGE
CONSOLIDATED STATEMENTS OF EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS
Six Months Ended June 30, 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 24,150 preferred shares
603,750 — (17,412)— — 586,338 — 586,338 — 
Redemption and shares called for redemption of 21,000 preferred shares
(525,000)— — — — (525,000)— (525,000)— 
Issuance of common shares in connection with share-based compensation (282,695 shares)
— 28 47,570 — — 47,598 — 47,598 — 
Share-based compensation expense, net of cash paid in lieu of common shares
— — 27,445 — — 27,445 — 27,445 — 
Acquisition of noncontrolling interests— — (32)— — (32)(1)(33)— 
Contributions by noncontrolling interests— — — — — — 1,765 1,765 — 
Net income — — — 845,992 — 845,992 — 845,992 — 
Net income allocated to noncontrolling interests — — — (2,530)— (2,530)2,530 — — 
Distributions to:
Preferred shareholders— — — (92,263)— (92,263)— (92,263)— 
Noncontrolling interests — — — — — — (2,807)(2,807)— 
Common shareholders and restricted share unitholders ($4.00 per share)
— — — (700,150)— (700,150)— (700,150)— 
Other comprehensive loss— — — — (2,681)(2,681)— (2,681)— 
Balances at June 30, 2021
$3,871,250 $17,486 $5,764,672 $(863,742)$(46,082)$8,743,584 $19,519 $8,763,103 $ 

See accompanying notes.
7


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

 For the Six Months Ended June 30,
 20222021
Cash flows from operating activities:    
Net income $1,173,188 $845,992 
Adjustments to reconcile net income to net cash flows from operating activities:
Gain on sale of real estate (13,404)
Depreciation and amortization440,836 319,587 
Equity in earnings of unconsolidated real estate entities(91,949)(48,522)
Distributions from cumulative equity in earnings of unconsolidated real estate entities46,593 43,747 
Unrealized foreign currency exchange gain(136,818)(32,678)
Share-based compensation expense30,856 32,672 
Other (8,933)(16,939)
Total adjustments 280,585 284,463 
Net cash flows from operating activities 1,453,773 1,130,455 
Cash flows from investing activities:
Capital expenditures to maintain real estate facilities(212,473)(90,644)
Development and expansion of real estate facilities(156,463)(135,180)
Acquisition of real estate facilities and intangible assets(231,417)(2,518,358)
Distributions in excess of cumulative equity in earnings from unconsolidated real estate entities4,537 8,765 
Proceeds from sale of real estate investments 15,713 
Net cash flows used in investing activities (595,816)(2,719,704)
Cash flows from financing activities:
Repayments on notes payable(472)(1,053)
Issuance of notes payable, net of issuance costs 2,482,529 
Issuance of preferred shares 242,832 586,338 
Issuance of common shares in connection with share-based compensation11,492 47,598 
Redemption of preferred shares  (500,000)
Taxes paid upon net share settlement of restricted share units(12,210)(9,013)
Acquisition of noncontrolling interests  (33)
Contributions by noncontrolling interests 1,698 1,765 
Distributions paid to preferred shareholders, common shareholders and restricted share unitholders(799,502)(792,413)
Distributions paid to noncontrolling interests (21,697)(2,807)
Net cash flows (used in) from financing activities (577,859)1,812,911 
Net cash flows from operating, investing, and financing activities 280,098 223,662 
Net effect of foreign exchange impact on cash and equivalents, including restricted cash 173 
Increase in cash and equivalents, including restricted cash $280,098 $223,835 
See accompanying notes.
8


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

 For the Six Months Ended June 30,
 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 $1,013,886 $480,810 
Restricted cash included in other assets27,502 25,625 
 $1,041,388 $506,435 
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 $(15,796)$(13,728)
Construction or expansion of real estate facilities(48,682)(41,345)
Real estate acquired in exchange for noncontrolling interests(19,865) 
Preferred shares called for redemption and reclassified to liabilities 325,000 

See accompanying notes.
9


PUBLIC STORAGE
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
June 30, 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 June 30, 2022, we had direct and indirect equity interests in 2,807 self-storage facilities (with approximately 200.1 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.
At June 30, 2022, we owned a 35% common equity interest in Shurgard Self Storage SA (“Shurgard”), a public company traded on Euronext Brussels under the “SHUR” symbol, which owned 256 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 owned a 41% common equity interest in PS Business Parks, Inc. (“PSB”), a REIT traded on the New York Stock Exchange under the “PSB” symbol, which owned 27 million net rentable square feet of commercial properties, primarily multi-tenant industrial, flex, and office space, located in six states.
Refer to Note 15. Subsequent Events for information regarding PSB’s closed merger transaction with affiliates of Blackstone Real Estate ("Blackstone") on July 20, 2022, which resulted in the sale of our 41% common equity interest in PSB in its entirety.
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.
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.).
Operating results for the three and six months ended June 30, 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.
10


PUBLIC STORAGE
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2022
(Unaudited)

3.Real Estate Facilities

Activity in real estate facilities during the six months ended June 30, 2022 is as follows:
Six Months Ended June 30, 2022
 (Amounts in thousands)
Operating facilities, at cost:
Beginning balance $22,807,833 
Capital expenditures to maintain real estate facilities205,558 
Acquisitions 246,274 
Dispositions(383)
Developed or expanded facilities opened for operation56,266 
Ending balance 23,315,548 
Accumulated depreciation:
Beginning balance (7,773,308)
Depreciation expense (376,986)
Dispositions181 
Ending balance (8,150,113)
Construction in process:
Beginning balance 272,471 
Costs incurred to develop and expand real estate facilities163,855 
Developed or expanded facilities opened for operation(56,266)
Ending balance 380,060 
Total real estate facilities at June 30, 2022
$15,545,495 
During the six months ended June 30, 2022, we acquired 20 self-storage facilities (1.5 million net rentable square feet of storage space), for a total cost of $251.3 million, consisting $231.4 million in cash and $19.9 million in partnership units in our subsidiary. Approximately $5.0 million of the total cost was allocated to intangible assets. We completed development and redevelopment activities costing $56.3 million during the six months ended June 30, 2022, adding 0.4 million net rentable square feet of self-storage space. Construction in process at June 30, 2022 consists of projects to develop new self-storage facilities and expand existing self-storage facilities.
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
 June 30, 2022December 31, 2021
PSB $563,041$515,312
Shurgard282,853313,451
Total $845,894$828,763

11


PUBLIC STORAGE
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2022
(Unaudited)

 Equity in Earnings of Unconsolidated Real Estate Entities for the
 Three Months Ended June 30,Six Months Ended June 30,
 2022202120222021
PSB $40,124$20,908$77,010$35,384
Shurgard8,4018,15814,93913,138
Total $48,525$29,066$91,949$48,522

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 a 41% common equity interest as of June 30, 2022 (41% as of December 31, 2021). The limited partnership units were convertible at our option, subject to certain conditions, on a one-for-one basis into PSB common stock.
Based upon the closing price at June 30, 2022 ($187.15 per share of PSB common stock), the shares and units we owned had a market value of approximately $2.7 billion. During each of the six months ended June 30, 2022 and 2021, we received cash distributions from PSB totaling $30.4 million.
As of June 30, 2022, PSB was a publicly held entity traded on the New York Stock Exchange under the symbol “PSB”.
Refer to Note 15. Subsequent Events for information regarding PSB’s closed merger transaction with Blackstone on July 20, 2022, which resulted in the sale of our 41% common equity interest in PSB in its entirety.
Investment in Shurgard
Throughout all periods presented, we effectively owned, directly and indirectly 31,268,459 Shurgard common shares, representing a 35% equity interest in Shurgard.
Based upon the closing price at June 30, 2022 (€44.45 per share of Shurgard common stock, at 1.045 exchange rate of US Dollars to the Euro), the shares we owned had a market value of approximately $1.5 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 $0.6 million of intra-entity profits and losses for each of the six months ended June 30, 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. During the six months ended June 30, 2022 and 2021, we received cash dividends from Shurgard totaling $20.1 million and $21.5 million, respectively.
At June 30, 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 $70.6 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 amortization totaled approximately $4.1 million and $4.4 million during the six months ended June 30, 2022 and 2021, respectively.
Shurgard is a publicly held entity trading on Euronext Brussels under the symbol “SHUR”.

12


PUBLIC STORAGE
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2022
(Unaudited)

5.Goodwill and Other Intangible Assets

Goodwill and other intangible assets consisted of the following (amounts in thousands):
At June 30, 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