Public Storage to reorganize into UPREIT holding company structure effective August 14, 2023

Public Storage

Merger of Merger Sub into Public Storage will make New PSA the new public parent; no shareholder vote required.
All outstanding common and preferred shares convert automatically into New PSA shares with identical terms, tickers, and CUSIP numbers.
No change to Public Storage's assets, liabilities, management, dividends, or federal income tax treatment for shareholders.
UPREIT structure expected to enable tax-deferred property acquisitions and equity compensation programs.
Effective date expected August 14, 2023; shares continue trading on NYSE under same symbols.

Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

Public Storage: Reclassified authorized but unissued preferred shares and equity shares as undesignated shares (effective 2023-08-03).

Change: charter amendment
Effective: 2023-08-03

Exact text from the filing

to reclassify all of the authorized but unissued preferred shares and equity shares that were previously issued and then redeemed as undesignated preferred shares and equity shares of beneficial interest, $0.01 par value per share.

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Public Storage filing history →

Source: SEC EDGAR

accession 0001193125-23-201692

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