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) announced updates concerning the acquisition of PS Business Parks (NYSE:PSB) by Blackstone affiliates. Upon completion, PSA will receive $187.50 in cash per PSB share, totaling approximately $2.7 billion in cash proceeds. The company anticipates a $2.3 billion tax gain on sale, which it intends to distribute to shareholders. However, PSA’s annual Core Funds from Operations may decline by around $101 million post-transaction, reflecting a reduction of about 4% of its total Core FFO for 2021.
Public Storage (NYSE:PSA) will release its first quarter 2022 earnings results after market close on
Public Storage (NYSE:PSA) announced its participation in the Citi 2022 Global Property CEO Conference on March 8, 2022, at The Diplomat Resort & Spa in Hollywood, Florida. The discussion will commence at 9:00 a.m. EST, and a webcast of the presentation will be accessible on Public Storage's website under 'Investor Relations'. As of December 31, 2021, Public Storage operated 2,787 facilities across 39 states, totaling approximately 198 million rentable square feet, alongside significant equity interests in Shurgard Self-Storage SA and PS Business Parks, Inc. (NYSE:PSB).
Public Storage (NYSE: PSA) reported strong results for Q4 and the full year 2021, highlighting significant portfolio growth and record financial performance. For Q4, net income was $3.17 per diluted share, a 90% increase year-over-year. Core FFO rose to $3.54 per diluted share, up 20.8%. For the full year, net income was $9.87 per diluted share and Core FFO reached $12.93, increasing by 21.9%. The company acquired 106 facilities for $2.3 billion and opened six new facilities. Looking ahead, Public Storage expects Core FFO per share for 2022 to range from $14.75 to $15.65, emphasizing strong growth potential.
Public Storage (NYSE:PSA) will announce its fourth quarter 2021 earnings on February 22, 2022, after market close. A conference call to discuss the results is scheduled for February 23, 2022, at 9:00 a.m. PST. The call can be accessed domestically at (800) 891-3840 and internationally at (785) 424-1249, using conference ID PSAQ421. Investors can also join via a live audio webcast on the company's website. Public Storage operates over 2,678 self-storage facilities across the U.S. and has significant equity interests in Shurgard Self Storage and PS Business Parks.
Public Storage (NYSE:PSA) announced the tax treatment of its 2021 dividends. For the year ending
Public Storage (NYSE:PSA) announced a public offering of 10 million depositary shares priced at $25.00 each, equating to gross proceeds of $250 million. Each depositary share represents a 4.100% Cumulative Preferred Share of Beneficial Interest, Series S. The offering is expected to close around January 13, 2022. Proceeds will support general corporate purposes, including acquisitions of self-storage facilities and redemptions of preferred shares. Joint book-running managers include BofA Securities, Morgan Stanley, UBS, and Wells Fargo.
Public Storage (NYSE:PSA) has successfully acquired All Storage, a self-storage portfolio, for $1.5 billion. This acquisition adds 56 properties and 7.5 million net rentable square feet, primarily in the Dallas-Fort Worth area. The company utilized its growth-oriented balance sheet, issuing $1.75 billion in senior unsecured notes to fund the deal. The transaction is expected to be immediately accretive to FFO per share and aligns with Public Storage's growth strategy, which has seen a 22% increase in its portfolio since 2019.
Public Storage (NYSE:PSA) announced the redemption of all outstanding depositary shares representing interests in its 4.90% Cumulative Preferred Shares, Series E (NYSE:PSAPrE) on December 30, 2021. The redemption price is $25 per depositary share, amounting to an aggregate of $350,000,000 to be paid to all holders. This action could reflect the company's financial strategy and capital management as it continues to operate across 2,678 self-storage facilities in the U.S. and interests in European storage assets.
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