Public Storage entered into an Equity Distribution Agreement on December 2, 2024, allowing it to offer and sell up to $2,000,000,000 in common shares (par value $0.10) from time to time through the Managers.

1. 01

   Public Storage entered into an Equity Distribution Agreement on December 2, 2024, allowing it to offer and sell up to $2,000,000,000 in common shares (par value $0.10) from time to time through the Managers.

2. 02

   The company said it will use the proceeds for general corporate purposes, including acquisitions. The company said the program complements its existing share repurchase program, which has remaining capacity of over 10.5 million shares.

3. 03

   The company said it may enter into forward sale agreements with Forward Purchasers and that it will not receive any proceeds when a Forward Seller sells borrowed shares. The company said it expects to receive cash equal to the number of shares underlying the agreement multiplied by the forward sale price on physical settlement, but it may also choose cash settlement or net share settlement.

4. 04

   The company said Manager commissions on common shares sold as its sales agent will not exceed 2.0% of the gross sales price. The program will terminate on the earlier of the date the aggregate gross sales price reaches $2,000,000,000 or the termination of the agreement, and the company or any Manager may suspend offerings at any time.

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Original filing

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