PUBLIC STORAGE (NYSE:PSA) Files An 8-K Amendments to Articles of Incorporation or Bylaws; Change in Fiscal YearItem 5.03Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
OnFebruary 27, 2018, the Board of Trustees (the “Board”) of Public Storage (the “Company”) approved an amendment and restatement of the Company’s Bylaws (the “Bylaws”), to implement proxy access by adding a new Article III, Section17 to the Company’s Bylaws. The Bylaws also reflect certain technical, conforming and clarifying changes made to several other sections of the previous bylaws of the Company.
The Bylaws will permit qualifying shareholders, or a qualifying group of no more than 20 shareholders, that have continuously owned at least 3% of the Company’s outstanding common shares throughout at least a three-year period, to include in the Company’s proxy materials a number of trustee nominees up to the greater of two trustees or 20% of the number of trustees serving on the Board, provided that the shareholder(s) and the nominee(s) satisfy the requirements specified in the Bylaws and subject to the terms and conditions therein. Proxy access candidates may be nominated to the Bylaws beginning with the 2019 annual meeting of shareholders.
The foregoing description of the Company’s Bylaws does not purport to be complete and is qualified in its entirety by reference to the full text of the Bylaws, a copy of which is filed as Exhibit 3.1 to this Current Report on Form 8-K and is incorporated by reference herein.
Item 5.03 Financial Statements and Exhibits
(d) Exhibits
Exhibit 3.1—Amended and Restated Bylaws of Public Storage as adopted February 27, 2018
Public Storage ExhibitEX-3.1 2 d466214dex31.htm EX-3.1 EX-3.1 Exhibit 3.1 PUBLIC STORAGE AMENDED AND RESTATED BYLAWS The following constitutes the Amended and Restated Bylaws of Public Storage,…To view the full exhibit click here
About PUBLIC STORAGE (NYSE:PSA)
Public Storage is a real estate investment trust. The Company’s business activities include the ownership and operation of self-storage facilities, which offer storage spaces for lease, generally on a month-to-month basis, for personal and business use, ancillary activities, such as merchandise sales and tenant reinsurance to the tenants at its self-storage facilities, as well as the acquisition and development of additional self-storage space. It operates through Self-Storage Operations, Ancillary Operations, Investment in PS Business Parks, Inc. (PSB) and Investment in Shurgard Europe segments. It also has direct and indirect equity interests in over 30 million net rentable square feet of commercial space located in over nine states in the United States primarily owned and operated by PSB under the PS Business Parks name. It manages approximately 30 self-storage facilities for third parties, and has equity interests in and manages over 12 additional self-storage facilities.
