8-KEarnings & ResultsLeadership ChangesRegulation FD+1

Public Storage 8-K Report, Financial Results (Mar 1, 2010)

Filed March 1, 2010For Securities:PSAPSA-PRPSA-PFPSA-PGPSA-PHPSA-PIPSA-PJPSA-PMPSA-PNPSA-POPSA-PPPSA-PQPSA-PSPSA-PKPSA-PL

Summary

This 8-K filing from Public Storage (PSA) primarily announces key corporate governance changes and financial updates as of February 26, 2010. The company has expanded its Board of Trustees by electing two new members, Avedick B. Poladian and Ronald P. Spogli, bringing the total to thirteen. Both individuals bring significant experience in real estate, finance, and investment, enhancing the board's expertise. Additionally, the filing details a redemption of all outstanding depositary shares for Equity Shares, Series A, scheduled for April 15, 2010, at $24.50 per share. This action involves a total redemption amount of approximately $205 million. The report also highlights a positive financial development: the declaration of a regular common dividend of $0.65 per common share. This represents an 18% increase from the prior quarter's distribution, signaling confidence in the company's financial performance and a commitment to returning value to shareholders. Investors should note these changes as they may impact future strategic decisions and shareholder returns.

Key Highlights

  • 1Public Storage expanded its Board of Trustees by electing Avedick B. Poladian and Ronald P. Spogli, increasing the board size to thirteen.
  • 2Avedick B. Poladian brings extensive experience from Lowe Enterprises, Inc., including operations, finance, and accounting. He also serves on the boards of Occidental Petroleum Corporation and Western Asset Management Funds.
  • 3Ronald P. Spogli, a co-founder of Freeman Spogli & Co., has a strong background in private investment and investment banking, with prior service as the U.S. Ambassador to Italy.
  • 4The company announced the redemption of all outstanding depositary shares for Equity Shares, Series A, on April 15, 2010, at $24.50 per share, totaling approximately $205 million.
  • 5A regular common dividend of $0.65 per common share was declared, marking an 18% increase ($0.10 per share) from the previous quarter.
  • 6The financial results for the quarter ended December 31, 2009, were announced in a press release filed as Exhibit 99.1.

Frequently Asked Questions

Public Storage elected two new trustees, Avedick B. Poladian and Ronald P. Spogli, to its Board of Trustees, increasing the board's size from twelve to thirteen members. Both individuals bring significant expertise in real estate, finance, and investment.

Public Storage is calling for the redemption of all outstanding depositary shares representing interests in its Equity Shares, Series A, on April 15, 2010. These shares will be redeemed at a price of $24.50 per share, for an aggregate amount of approximately $205 million.

The Board of Trustees declared a regular common dividend of $0.65 per common share. This represents a substantial 18% increase from the previous quarter's distribution, signaling positive financial performance and a commitment to shareholder returns.

There are no immediate specific financial arrangements or impacts disclosed regarding the newly appointed trustees. Mr. Poladian and Mr. Spogli will receive compensation for their board service consistent with other outside members, as detailed in the company's 2009 proxy statement. Their expertise is expected to contribute to strategic guidance over time.