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) plans to release its fourth quarter 2020 earnings on February 24, 2021. A conference call for details will occur on February 25, 2021, at 9:00 a.m. (PST). The earnings report is anticipated to cover key financial metrics affecting shareholders.
The company reported ownership of 2,504 self-storage facilities across 38 states, totaling approximately 171 million net rentable square feet. It also holds interests in Shurgard Self Storage and PS Business Parks.
Public Storage (NYSE:PSA) disclosed the tax treatment of its 2020 dividends, stating that 100% of the distributions for common and preferred stock are classified as ordinary income. There are no capital gain distributions or unrecaptured section 1250 gains for 2020. The ordinary income dividends do not qualify as “qualified dividend income,” but are categorized as “qualified REIT dividends” for non-corporate shareholders under the Tax Cuts and Jobs Act of 2017. This announcement is based on preliminary tax filing results and is subject to adjustment.
Public Storage (NYSE: PSA) announced a public offering of $500 million Senior Notes due 2026, with a 0.875% annual interest rate. Issued at 99.817% of par value, the Notes will mature on February 15, 2026, and pay interest semi-annually. The offering is anticipated to close on January 19, 2021. Proceeds will fund investments in self-storage facilities and general corporate purposes, including preferred share redemption. BofA Securities, J.P. Morgan, and Wells Fargo are managing the offering. This announcement does not constitute an offer to sell securities.
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.
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