Company Quick10K Filing
Public Storage
Price245.01 EPS10
Shares175 P/E25
MCap42,781 P/FCF27
Net Debt1,435 EBIT1,760
TEV44,216 TEV/EBIT25
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-04-30
10-K 2019-12-31 Filed 2020-02-25
10-Q 2019-09-30 Filed 2019-10-30
10-Q 2019-06-30 Filed 2019-07-30
10-Q 2019-03-31 Filed 2019-05-01
10-K 2018-12-31 Filed 2019-02-27
10-Q 2018-09-30 Filed 2018-10-30
10-Q 2018-06-30 Filed 2018-08-01
10-Q 2018-03-31 Filed 2018-05-03
10-K 2017-12-31 Filed 2018-03-01
10-Q 2017-09-30 Filed 2017-11-01
10-Q 2017-06-30 Filed 2017-07-31
10-Q 2017-03-31 Filed 2017-05-04
10-K 2016-12-31 Filed 2017-03-01
10-Q 2016-09-30 Filed 2016-11-03
10-Q 2016-06-30 Filed 2016-08-05
10-Q 2016-03-31 Filed 2016-05-06
10-K 2015-12-31 Filed 2016-02-29
10-Q 2015-09-30 Filed 2015-11-05
10-Q 2015-06-30 Filed 2015-08-05
10-Q 2015-03-31 Filed 2015-05-06
10-K 2014-12-31 Filed 2015-02-25
10-Q 2014-09-30 Filed 2014-11-04
10-Q 2014-06-30 Filed 2014-08-05
10-Q 2014-03-31 Filed 2014-05-05
10-K 2013-12-31 Filed 2014-02-26
10-Q 2013-09-30 Filed 2013-11-06
10-Q 2013-06-30 Filed 2013-08-05
10-Q 2013-03-31 Filed 2013-05-10
10-K 2012-12-31 Filed 2013-02-26
10-Q 2012-09-30 Filed 2012-11-09
10-Q 2012-06-30 Filed 2012-08-06
10-Q 2012-03-31 Filed 2012-05-07
10-K 2011-12-31 Filed 2012-02-27
10-Q 2011-09-30 Filed 2011-11-07
10-Q 2011-06-30 Filed 2011-08-08
10-Q 2011-03-31 Filed 2011-05-09
10-K 2010-12-31 Filed 2011-03-01
10-Q 2010-09-29 Filed 2010-11-08
10-Q 2010-06-30 Filed 2010-08-09
10-Q 2010-03-31 Filed 2010-05-10
10-K 2009-12-31 Filed 2010-03-01
8-K 2020-06-08
8-K 2020-06-02
8-K 2020-04-30
8-K 2020-04-21
8-K 2020-03-17
8-K 2020-02-25
8-K 2020-02-14
8-K 2020-01-24
8-K 2020-01-17
8-K 2019-12-11
8-K 2019-11-05
8-K 2019-10-29
8-K 2019-09-05
8-K 2019-07-24
8-K 2019-06-30
8-K 2019-04-24
8-K 2019-04-19
8-K 2019-04-15
8-K 2019-04-12
8-K 2019-04-10
8-K 2019-03-31
8-K 2019-03-04
8-K 2019-02-28
8-K 2018-12-31
8-K 2018-09-30
8-K 2018-08-01
8-K 2018-05-08
8-K 2018-04-25
8-K 2018-02-27
8-K 2018-02-20
8-K 2018-02-20

PSA 10Q Quarterly Report

Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II.Other Information
Item 1.Legal Proceedings
Item 1A.Risk Factors
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
Item 6.Exhibits
EX-10.1 psa-20200331xex10_1.htm
EX-10.2 psa-20200331xex10_2.htm
EX-10.3 psa-20200331xex10_3.htm
EX-10.4 psa-20200331xex10_4.htm
EX-10.5 psa-20200331xex10_5.htm
EX-31.1 psa-20200331xex31_1.htm
EX-31.2 psa-20200331xex31_2.htm
EX-32 psa-20200331xex32.htm

Public Storage Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
151296302012201420172020
Assets, Equity
0.80.60.50.30.20.02012201420172020
Rev, G Profit, Net Income
0.70.40.1-0.3-0.6-0.92012201420172020
Ops, Inv, Fin

psa-20200331x10q
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

[X]Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended March 31, 2020

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)

Maryland

95-3551121

(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 Class

 

Trading Symbol

 

Name of each exchange on which registered

Common Shares, $0.10 par value

 

PSA

New York Stock Exchange

Depositary Shares Each Representing 1/1,000 of a 5.375% Cum Pref Share, Series V, $0.01 par value

PSAPrV

New York Stock Exchange

Depositary Shares Each Representing 1/1,000 of a 5.200% Cum Pref Share, Series W, $0.01 par value

PSAPrW

New York Stock Exchange

Depositary Shares Each Representing 1/1,000 of a 5.200% Cum Pref Share, Series X, $0.01 par value

PSAPrX

New York Stock Exchange

Depositary Shares Each Representing 1/1,000 of a 5.400% Cum Pref Share, Series B, $0.01 par value

PSAPrB

New York Stock Exchange

Depositary Shares Each Representing 1/1,000 of a 5.125% Cum Pref Share, Series C, $0.01 par value

PSAPrC

New York Stock Exchange

Depositary Shares Each Representing 1/1,000 of a 4.950% Cum Pref Share, Series D, $0.01 par value

PSAPrD

New York Stock Exchange

Depositary Shares Each Representing 1/1,000 of a 4.900% Cum Pref Share, Series E, $0.01 par value

PSAPrE

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

0.875% Senior Notes due 2032

PSA32

New 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.

[X] 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).

[X] 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

filer

Accelerated

filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

[X]

[ ]

[ ]

[ ]

[ ]

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 [X] No

Indicate the number of the registrant’s outstanding common shares of beneficial interest, as of April 27, 2020:

Common Shares of beneficial interest, $0.10 par value per share – 174,792,745 shares


PUBLIC STORAGE

INDEX

PART I

FINANCIAL INFORMATION

Pages

Item 1.

Financial Statements (Unaudited)

Balance Sheets at March 31, 2020 and December 31, 2019

1

Statements of Income for the Three Months Ended March 31, 2020 and 2019

2

Statements of Comprehensive Income for the Three Months Ended
March 31, 2020 and 2019

3

Statements of Equity for the Three Months Ended March 31, 2020 and 2019

4-5

Statements of Cash Flows for the Three Months Ended March 31, 2020 and 2019

6-7

Condensed Notes to Financial Statements

8-25

Item 2.

Management’s Discussion and Analysis of
Financial Condition and Results of Operations

26-59

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

59-60

Item 4.

Controls and Procedures

60

PART II

OTHER INFORMATION (Items 3, 4 and 5 are not applicable)

Item 1.

Legal Proceedings

61

Item 1A.

Risk Factors

61

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

62

Item 6.

Exhibits

62

 


PUBLIC STORAGE

BALANCE SHEETS

(Amounts in thousands, except share data)

March 31,

December 31,

2020

2019

ASSETS

(Unaudited)

Cash and equivalents

$

718,427 

$

409,743 

Real estate facilities, at cost:

Land

4,267,474 

4,186,873 

Buildings

12,281,507 

12,102,273 

16,548,981 

16,289,146 

Accumulated depreciation

(6,751,150)

(6,623,475)

9,797,831 

9,665,671 

Construction in process

161,699 

141,934 

9,959,530 

9,807,605 

Investments in unconsolidated real estate entities

763,226 

767,816 

Goodwill and other intangible assets, net

209,440 

205,936 

Other assets

175,298 

174,344 

Total assets

$

11,825,921 

$

11,365,444 

LIABILITIES AND EQUITY

Notes payable

$

2,438,668 

$

1,902,493 

Accrued and other liabilities

357,045 

383,284 

Total liabilities

2,795,713 

2,285,777 

Commitments and contingencies (Note 12)

 

 

Equity:

Public Storage shareholders’ equity:

Preferred Shares, $0.01 par value, 100,000,000 shares authorized,

162,600 shares issued (in series) and outstanding, (162,600 at

December 31, 2019), at liquidation preference

4,065,000 

4,065,000 

Common Shares, $0.10 par value, 650,000,000 shares authorized,

174,475,022 shares issued and outstanding (174,418,615 shares at

December 31, 2019)

17,448 

17,442 

Paid-in capital

5,709,861 

5,710,934 

Accumulated deficit

(701,226)

(665,575)

Accumulated other comprehensive loss

(78,005)

(64,890)

Total Public Storage shareholders’ equity

9,013,078 

9,062,911 

Noncontrolling interests

17,130 

16,756 

Total equity

9,030,208 

9,079,667 

Total liabilities and equity

$

11,825,921 

$

11,365,444 

 


See accompanying notes.

1


PUBLIC STORAGE

STATEMENTS OF INCOME

(Amounts in thousands, except per share amounts)

(Unaudited)

For the Three Months Ended March 31,

2020

2019

Revenues:

Self-storage facilities

$

674,201 

$

650,408 

Ancillary operations

41,881 

38,630 

716,082 

689,038 

Expenses:

Self-storage cost of operations

207,925 

193,656 

Ancillary cost of operations

10,945 

10,545 

Depreciation and amortization

135,900 

121,941 

General and administrative

21,064 

19,503 

Interest expense

13,621 

8,143 

389,455 

353,788 

Other increases to net income:

Interest and other income

6,479 

6,965 

Equity in earnings of unconsolidated real estate entities

23,968 

17,672 

Foreign currency exchange gain

8,945 

7,791 

Gain on sale of real estate

1,117 

-

Net income

367,136 

367,678 

Allocation to noncontrolling interests

(980)

(1,157)

Net income allocable to Public Storage shareholders

366,156 

366,521 

Allocation of net income to:

Preferred shareholders - distributions

(52,005)

(55,012)

Preferred shareholders - redemptions (Note 8)

-

(8,533)

Restricted share units

(1,017)

(1,233)

Net income allocable to common shareholders

$

313,134 

$

301,743 

Net income per common share:

Basic

$

1.80 

$

1.73 

Diluted

$

1.79 

$

1.73 

Basic weighted average common shares outstanding

174,446 

174,177 

Diluted weighted average common shares outstanding

174,616 

174,376 

 

See accompanying notes.

2


PUBLIC STORAGE

STATEMENTS OF COMPREHENSIVE INCOME

(Amounts in thousands)

(Unaudited)

For the Three Months Ended March 31,

2020

2019

Net income

$

367,136 

$

367,678 

Other comprehensive income (loss):

Aggregate foreign currency exchange (loss) gain

(4,170)

5,880 

Adjust for aggregate foreign currency exchange

gain included in net income

(8,945)

(7,791)

Other comprehensive loss

(13,115)

(1,911)

Total comprehensive income

354,021 

365,767 

Allocation to noncontrolling interests

(980)

(1,157)

Comprehensive income allocable to

Public Storage shareholders

$

353,041 

$

364,610 

 

See accompanying notes.

3


 PUBLIC STORAGE

STATEMENT OF EQUITY

Three Months Ended March 31, 2020

(Amounts in thousands, except share and per share amounts)

(Unaudited)

Accumulated

Total

Cumulative

Other

Public Storage

Preferred

Common

Paid-in

Accumulated

Comprehensive

Shareholders’

Noncontrolling

Total

Shares

Shares

Capital

Deficit

Loss

Equity

Interests

Equity

Balances at December 31, 2019

$

4,065,000 

$

17,442 

$

5,710,934 

$

(665,575)

$

(64,890)

$

9,062,911 

$

16,756 

$

9,079,667 

Issuance of common shares in connection with

share-based compensation (56,407 shares) (Note 10)

-

6 

1,757 

-

-

1,763 

-

1,763 

Cash paid in lieu of common shares, net of

share-based compensation expense (Note 10)

-

-

(2,830)

-

-

(2,830)

-

(2,830)

Contributions by noncontrolling interests

-

-

-

-

-

-

566 

566 

Net income

-

-

-

367,136 

-

367,136 

-

367,136 

Net income allocated to noncontrolling interests

-

-

-

(980)

-

(980)

980 

-

Distributions to:

Preferred shareholders (Note 8)

-

-

-

(52,005)

-

(52,005)

-

(52,005)

Noncontrolling interests

-

-

-

-

-

-

(1,172)

(1,172)

Common shareholders and restricted share

unitholders ($2.00 per share)

-