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) reported strong operating results for the three and nine months ending September 30, 2022, showing significant growth driven by acquisitions and increased revenues. For Q3 2022, net income per share surged to $15.38, a dramatic increase from $2.52 in 2021. Core FFO rose by 20.8% to $4.13 per diluted share. The company is well-positioned with over 50 million square feet in acquisitions, development, and redevelopment, accounting for 25% of its portfolio. A notable one-time dividend of $13.15 per share was distributed following a successful equity investment sale in PS Business Park.
Public Storage (NYSE:PSA) will release its Q3 2022 earnings on November 1, 2022, post-market close, followed by a conference call on November 2, 2022, at 9:00 a.m. PDT. Investors can access the live call through domestic dial-in at (800) 343-4849 or international at (203) 518-9848, using conference ID PSAQ322. A replay will be available starting November 9, 2022. Public Storage operates 2,807 self-storage facilities across 39 states and holds a 35% stake in Shurgard Self-Storage SA.
AECOM (NYSE: ACM) has appointed Kristy Pipes to its Board of Directors, effective October 1, 2022. Ms. Pipes brings extensive financial and management experience, previously serving as Managing Director and CFO at Deloitte Consulting. She currently holds directorships at Public Storage (NYSE: PSA) and ExlService Holdings (NASDAQ: EXLS). Douglas Stotlar, AECOM’s chairman, highlighted her expertise in professional services as a key asset in advancing the company's strategy focused on infrastructure and sustainability.
Public Storage (NYSE:PSA) will join a roundtable at Bank of America's 2022 Global Real Estate Conference on September 13, 2022, starting at 4:25 p.m. (EDT), in New York City. This event can be streamed live on the company’s website. As of June 30, 2022, Public Storage operates 2,807 self-storage facilities across 39 states, totaling around 200 million net rentable square feet. The company also holds a 35% stake in Shurgard Self-Storage SA, which operates 256 facilities in Europe.
Public Storage (NYSE: PSA) reported strong operating results for the quarter ending June 30, 2022, with net income of $603.4 million, translating to $3.42 per diluted share, a significant increase from $346.2 million in 2021. Core FFO rose to $3.99 per diluted share, a 26.7% year-over-year increase. Same Store revenues grew 15.9%, boosting direct net operating income by 17.8%. The company acquired ten facilities for $123.6 million and announced further acquisitions totaling 1.7 million net rentable square feet for $257.4 million. Their outlook for 2022 projects Core FFO per share between $15.00 and $15.70.
Public Storage (NYSE:PSA) announced the redemption of its 2.370% Senior Notes, due September 15, 2022, on August 15, 2022. The total outstanding principal of these Notes is $500 million, and holders will receive 100% of the principal plus accrued interest. A redemption notice will be sent to record holders on July 27, 2022. Public Storage, a leading real estate investment trust, operates 2,797 self-storage facilities across the U.S. and holds a 35% equity interest in Shurgard Self-Storage SA in Europe.
Public Storage (NYSE:PSA) has declared a one-time dividend of $13.15 per common share, payable on August 4, 2022, to shareholders on record by August 1, 2022. This dividend comes from a projected $2.3 billion tax gain related to the acquisition of PS Business Parks, Inc. (NYSE:PSB) by Blackstone Real Estate, completed on July 20, 2022. Public Storage received $187.50 in cash per share for its 41% stake in PSB, aimed at fulfilling REIT distribution requirements for 2022 taxable income. A guidance update regarding the transaction is expected on August 4, 2022.
Public Storage (NYSE:PSA) will release its second quarter 2022 earnings results on August 4, 2022, after market close. A conference call to discuss these results is scheduled for August 5, 2022, at 9:00 a.m. PDT. Investors can join the call using the domestic dial-in number (866) 342-8591 or the international number (203) 518-9713, referencing Conference ID PSAQ222. The earnings call will also be available via a webcast at PublicStorage.com, under Investor Relations.
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