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 the pricing of a public offering for 17,400,000 depositary shares at $25.00 each, representing a 4.00% Cumulative Preferred Share of Beneficial Interest, Series R. The offering aims for gross proceeds of approximately $435 million, expected to close around November 19, 2021. The net proceeds will be used for general corporate purposes, including acquisitions and redemptions of preferred shares. Joint book-running managers for the offering include BofA Securities, Morgan Stanley, UBS, and Wells Fargo.
Public Storage (NYSE: PSA) has priced a public offering of $1.75 billion in senior notes across three tranches. The first tranche is $650 million due in 2026 at 1.500% interest, the second is $550 million due in 2028 at 1.950%, and the third is $550 million due in 2031 at 2.250%. The offering is expected to close on November 9, 2022, with net proceeds aimed at funding the $1.5 billion All Storage acquisition and general corporate purposes. This reflects the company’s strategy for portfolio expansion and long-term growth.
Public Storage (NYSE:PSA) has announced the appointment of David Lee as Chief Operating Officer. With over 20 years of leadership experience, Lee previously worked at The UPS Store, overseeing operations for over 5,200 locations in the U.S. and Canada. His focus on innovation and employee engagement aligns with Public Storage's strategic goals across its 2,700 properties and 1.7 million customers. CEO Joe Russell expressed confidence in Lee’s leadership, emphasizing the company's transformation through end-to-end digitization.
Public Storage (NYSE:PSA) reported strong Q3 2021 results with net income of $442.3 million, translating to $2.52 per diluted share, up from $246.9 million or $1.41 per diluted share in Q3 2020. Core FFO reached $3.42 per diluted share, reflecting a 30.0% year-over-year increase. Same Store direct net operating income surged 20.8%, supported by a 14.0% rise in revenues. The company acquired 27 self-storage facilities for $0.3 billion during the quarter and announced plans for further acquisitions worth $2.3 billion. The Board declared a quarterly dividend of $2.00 per share.
Public Storage (NYSE:PSA) announced the acquisition of the All Storage portfolio for $1.5 billion, comprising 56 high-quality properties with 7.5 million net rentable square feet, primarily in the Dallas-Fort Worth area. This acquisition enhances Public Storage's existing portfolio, bringing its coverage in Dallas-Fort Worth to 172 locations with 15.5 million square feet. The deal is expected to be immediately accretive to FFO per share, with further growth anticipated by 2025. The company plans to finance the acquisition using unsecured debt.
Public Storage (NYSE:PSA) will report its Q3 2021 earnings on November 1, 2021, followed by a conference call on November 2, 2021, at 9:00 a.m. PDT. Investors can access the call domestically at (866) 342-8591 and internationally at (203) 518-9713, using the Conference ID PSAQ321. The webcast of the call will be available on the company’s website.
Public Storage is a leading REIT specializing in self-storage, operating 2,649 facilities across 39 states and holding substantial interests in Shurgard Self-Storage and PS Business Parks.
Public Storage has priced a public offering of €700 million in Senior Notes due September 9, 2030, with a 0.500% interest rate. The offering aims to close on September 9, 2021, subject to conditions. Proceeds will be directed towards investments in self-storage facilities and general corporate purposes. This issuance supports the company’s strategy, leveraging its 35% equity stake in Shurgard Self-Storage, which operates 243 facilities in Europe. Since 2015, Public Storage has issued $5.8 billion in unsecured notes for growth.
American Homes 4 Rent (NYSE: AMH) has expressed profound condolences following the passing of B. Wayne Hughes, the founder and former Chairman of the Board of Trustees. Hughes was a pioneering figure in the real estate industry, known for founding Public Storage (NYSE: PSA) and spearheading the single-family rental (SFR) market. His vision led to the establishment of American Homes 4 Rent in 2011, focusing on affordable housing. Hughes’ legacy includes philanthropy in education and cancer research and a passion for thoroughbred racing, highlighted by his association with the 2020 Kentucky Derby winner, Authentic.
Public Storage (NYSE:PSA) announced the passing of co-founder and Chairman Emeritus B. Wayne Hughes on August 18, 2021. Hughes, who co-founded the company in 1972, helped it grow into a self-storage leader with over 3,000 properties and 200 million square feet. Ron Havner, Chairman of the Board, and CEO Joe Russell praised Hughes' innovative spirit and contributions to the company's success. Public Storage, part of the S&P 500, operates 2,649 facilities in the U.S. and has interests in European and commercial properties.
Public Storage (NYSE:PSA) has priced a public offering of 5 million depositary shares at $25.00 per share, representing 1/1,000 of a 3.950% Cumulative Preferred Share, Series Q. This offering aims to raise $125 million, pending customary closing conditions, and is set to close around August 17, 2021. Funds will be used for general corporate purposes, potentially redeeming its existing 4.900% Preferred Shares, Series E, due October 14, 2021. Since 2015, Public Storage has redeemed $4.9 billion in preferred equity, reducing its in-place cost of capital by 123 basis points to 4.6%.
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