Welcome to our dedicated page for Public Storage news (Ticker: PSA), a resource for investors and traders seeking the latest updates and insights on Public Storage stock.
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) has appointed Michelle Millstone-Shroff and Rebecca Owen to its Board of Trustees, with David Neithercut as Lead Independent Trustee. A new Long-Term Planning Committee has been established to focus on growth and capital strategies. These changes follow engagement with shareholders, including Elliott Investment Management, which has withdrawn its nominees in support of the Board’s selections. The Board aims to enhance corporate governance and is committed to driving long-term value creation through reinvestment and innovation.
Public Storage (NYSE: PSA) addressed Elliott Associates' recent letter, reaffirming its commitment to shareholder value creation. The company, with a market cap of $46 billion, reported impressive long-term growth rates: 7% CAGR for core FFO per share, 12% for dividends, and 16% for total shareholder return since 2000. Key initiatives include a 9% portfolio expansion, a $500 million investment in customer experience, and raising over $3 billion for growth. Year-to-date total shareholder returns stand at +6%, outperforming the MSCI US REIT Index.
Elliott Associates and Elliott International have nominated six trustee candidates to the Public Storage Board, citing significant underperformance of the company in comparison to self-storage REIT peers over the past decade. The letter highlights a lack of investment and lagging same-store sales growth, exacerbated by poor corporate governance. Elliott proposes a comprehensive review of the company’s strategy, enhanced investment in stores and employees, and improved investor communication to unlock substantial value creation. The letter expresses a desire for ongoing constructive dialogue with Public Storage.
Public Storage (NYSE:PSA) has announced the redemption of all outstanding depositary shares of its 5.40% Cumulative Preferred Shares, Series B (NYSE:PSAPrB) on January 20, 2021. Shareholders will receive $25 per depositary share, plus accrued dividends from January 1, 2021, amounting to an aggregate redemption of $300 million. The company operates 2,504 self-storage facilities across 38 states and holds significant equity interests in Shurgard Self Storage SA and PS Business Parks, Inc. Public Storage remains committed to maintaining transparency with its shareholders.
Public Storage (NYSE: PSA) has announced an upcoming virtual Investor Day scheduled for May 3, 2021. This event will allow investors and analysts to gain insights into the company’s long-term strategy, growth initiatives, and priorities regarding capital allocation, sustainability, and diversity. A live audio webcast of the presentations will be accessible on the Public Storage Investor Relations website. The company, a member of the S&P 500, operates numerous self-storage facilities across the United States and Europe, highlighting its significant market presence.
Public Storage (NYSE:PSA) has appointed three new independent Trustees: Shankh Mitra, David Neithercut, and Paul Williams, effective January 1, 2021. This decision follows the retirement of three current Trustees, reflecting a strategic focus on enhancing corporate governance. The new board members bring extensive experience in finance, real estate, and corporate governance, aiming to promote long-term value creation. Over the last 18 months, Public Storage has added five independent Trustees, reinforcing its commitment to stakeholder alignment and sustainable growth.
Public Storage (NYSE:PSA) has appointed three new members to its Board of Trustees effective January 1, 2021: Shankh Mitra, David Neithercut, and Paul Williams. These appointments follow the retirement of three current Trustees, enhancing the Board's composition with five independent Trustees added in the last 18 months. The new members bring extensive experience in real estate and corporate governance, which is expected to bolster the company's strategic initiatives and shareholder value. The Board remains focused on aligning with stakeholder interests and sustaining long-term growth.
Public Storage (NYSE: PSA) has completed the first phase of its $528 million acquisition of the Beyond Self Storage portfolio, consisting of 36 properties with 3.6 million net rentable square feet.
The initial phase includes 24 existing properties covering 2.3 million net rentable square feet, with an average occupancy of 35%. This acquisition aligns with Public Storage’s growth strategy and its goal of expanding its portfolio, having already increased it by 13.9 million square feet since 2019 through $1.9 billion in acquisitions and developments.
Public Storage (NYSE:PSA) has announced the pricing of a public offering of 6,000,000 depositary shares at $25.00 each, aiming for gross proceeds of $150 million. The offering is scheduled to close around November 17, 2020, pending customary conditions. Proceeds will be utilized for investments in self-storage facilities, development projects, and general corporate purposes, including redemption of existing preferred shares. Joint book-running managers for the offering include BofA Securities, Morgan Stanley, UBS, and Wells Fargo.
Public Storage (NYSE:PSA) reported Q3 2020 results with a net income of $246.9 million ($1.41 per share), down from $337.4 million ($1.93 per share) in 2019, a $90.5 million decline. Key factors include a $57.5 million drop from foreign currency impacts, and a $9.5 million decrease in self-storage net operating income. Revenues from Same Store Facilities fell by 2.7% ($17 million). For the nine months, net income decreased to $806.2 million ($4.62 per share), impacted by currency losses and increased expenses. Funds from Operations (FFO) also fell 17.4% in Q3.
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