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Public Storage (PSA) is the largest owner and operator of self-storage facilities in the United States. With more than 3,000 facilities spread across 40 states, the company provides approximately 218 million square feet of rentable storage space. Public Storage stands out not only for its expansive footprint in the U.S. but also for its equity interests in the European self-storage market through its affiliate, Shurgard Self Storage.
The company's core business revolves around offering self-storage solutions to individuals and businesses. They provide various unit sizes to accommodate different storage needs, ranging from small lockers to large spaces that can house vehicles.
In addition to its primary storage services, Public Storage operates a merchandise business that sells packing supplies, such as boxes and locks, aiding customers in their storage endeavors. They also manage a third-party property management business that extends their expertise to other property owners, helping optimize their storage facilities' performance.
Public Storage further diversifies its offerings through an insurance business that provides coverage for the goods stored within their units. This ensures that customers' belongings are protected against potential losses, adding an extra layer of security and trust.
Recent Achievements:
- Expansion into new markets and states, increasing their national presence.
- Technological advancements in their booking and customer service systems.
- Continued growth in their European market through Shurgard Self Storage.
Current Projects:
- Investing in renewable energy initiatives to power their facilities.
- Upgrading existing facilities to enhance customer experience and operational efficiency.
Financially, Public Storage maintains a robust balance sheet with consistent revenue growth, driven by high occupancy rates and strategic acquisitions. Their diversified business model, which includes storage, merchandise sales, property management, and insurance, positions them well for sustained profitability and market leadership.
Public Storage (NYSE:PSA) reported Q3 2024 results with net income of $2.16 per diluted share, down from $3.20 in Q3 2023. Core FFO was $4.20 per share, representing a 3.0% decrease from the previous year. The company's Same Store direct net operating income margin reached 78.4%. Key operational metrics showed some pressure, with Same Store revenues decreasing 1.3% due to lower realized rent per occupied square foot and declining occupancy. During the quarter, PSA acquired three self-storage facilities for $24.3 million and had 14 additional facilities under contract for $181.2 million. The company also expanded its portfolio through development, adding 0.5 million net rentable square feet at a cost of $142.6 million.
Public Storage (NYSE:PSA) has announced the appointment of Chris Sambar as its new Chief Operating Officer. Sambar, a former President at AT&T Communications, brings extensive leadership experience to the company. His background includes various leadership roles at AT&T since 2002, as well as service as a United States Navy SEAL. Sambar's focus on people, strategy, and innovation aligns with Public Storage's operations across more than 5,900 employees, 3,400 branded properties, and two million customers.
Joe Russell, Public Storage's CEO, expressed excitement about Sambar's proven success and leadership. Sambar himself commented on Public Storage's respected position in the real estate industry and its transformation of the operating model through digital innovation. He looks forward to furthering innovation and advancing operating strategies to meet growing customer needs while enhancing employee growth and engagement.
Public Storage (NYSE:PSA) has announced it will release its third quarter 2024 earnings results after market close on Wednesday, October 30, 2024. A conference call to discuss these results is scheduled for Thursday, October 31, 2024, at 9:00 a.m. (PT). The company has provided domestic and international dial-in numbers for both the live call and the replay, which will be accessible through November 14, 2024.
Public Storage, a member of the S&P 500 and FT Global 500, is a REIT primarily focused on self-storage facilities. As of June 30, 2024, the company had interests in 3,049 self-storage facilities across 40 U.S. states, totaling approximately 219 million net rentable square feet. Additionally, Public Storage holds a 35% common equity interest in Shurgard Self Storage , which operates 281 facilities in seven Western European nations.
Public Storage (NYSE:PSA), a leading self-storage REIT and member of the S&P 500 and FT Global 500, has announced its third quarter 2024 dividends. The company's Board of Trustees declared a regular quarterly common dividend of $3.00 per share, payable on September 30, 2024, to shareholders of record as of September 13, 2024. Dividends were also declared for various series of preferred shares.
As of June 30, 2024, Public Storage's portfolio included 3,049 self-storage facilities across 40 U.S. states, totaling approximately 219 million net rentable square feet. Additionally, the company holds a 35% common equity interest in Shurgard Self Storage , which operates 281 facilities in seven Western European countries under the Shurgard® brand.
Public Storage (NYSE:PSA) reported results for the three and six months ended June 30, 2024. Net income for Q2 was $2.66 per diluted share, down from $3.00 in Q2 2023. Core FFO was $4.23 per share. Key highlights include: a $200 million share repurchase, acquisition of two self-storage facilities for $22 million, and issuance of €150 million in senior notes. The company also completed a $1 billion public offering of senior notes. Despite challenges with customer move-in rents due to industry competition, the company remains confident, reflecting this through their share repurchase program.
For the six months, net income was $5.26 per share, down from $5.65 in the same period in 2023. Depreciation and interest expenses increased, partially offset by higher foreign currency gains and improved net operating income from Non-Same Store facilities. The company remains optimistic about the future, adjusting its outlook to account for market dynamics.
Public Storage (NYSE:PSA), a leading REIT and member of the S&P 500 and FT Global 500, has announced the release of its second quarter 2024 earnings results after market close on July 30, 2024. A conference call is scheduled for July 31, 2024, at 9:00 a.m. (PT) to discuss these results. The company will provide both domestic and international dial-in numbers for the live call and replay, as well as a webcast option. As of March 31, 2024, Public Storage had interests in 3,045 self-storage facilities across 40 U.S. states, totaling approximately 218 million net rentable square feet. Additionally, the company holds a 35% common equity interest in Shurgard Self Storage , which operates 279 facilities in seven Western European nations.
Public Storage (NYSE: PSA) has released its 2024 Sustainability Report, highlighting key achievements and future goals. The company aims to reduce scope 1 and scope 2 greenhouse gas emissions by 45% by 2032, compared to 2022 levels. It plans to more than double its solar-powered properties to 1,300 by 2025 and expand community solar programs to over 160 properties, targeting low and moderate-income households. Public Storage has been recognized as a 'Leader in the Light' by Nareit for its exceptional sustainability practices and has earned a Great Place to Work Certification™ for the second consecutive year. The company also continues to engage in community giving programs and leadership development initiatives. CEO Joe Russell emphasized the role of their 6,200 team members in driving innovation and sustainability. The full report is available on the company's website.
Public Storage (NYSE:PSA) declared a regular quarterly common dividend of $3.00 per share and dividends for preferred shares, payable on June 27, 2024. They operate self-storage facilities in the US and have a common equity interest in Shurgard Self Storage in Western Europe.
Public Storage reported operating results for the three months ended March 31, 2024, showing a decrease in net income due to increased depreciation and interest expenses. However, there was an increase in self-storage net operating income. The company opened new facilities and completed expansion projects, with plans for further development. Public Storage also issued senior notes and completed a public offering. FFO and Core FFO per share increased from the same period in 2023. The company provided guidance for the full year 2024.
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