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 Q2 2021 results, with net income of $346.2 million, or $1.97 per diluted share, showing a $100.1 million increase from the prior year. Core FFO increased by 28% to $3.15 per share. Same Store direct net operating income rose 20.8%, driven by a 10.8% revenue increase and a significant 15.9% cut in operating costs. The company acquired 84 self-storage facilities for $2.3 billion, funded by a record $2 billion bond issuance. Operating margins improved to 79.4%. PSA also opened new facilities and plans further expansions.
Public Storage (NYSE: PSA) plans to release its second quarter 2021 earnings results on August 3, 2021. A conference call to discuss these results is scheduled for August 4, 2021, at 9:00 a.m. PDT. Investors can join the call using the domestic dial-in number (866) 406-5408 or the international number (973) 582-2770, with Conference ID 2088572. The results will provide insights into the company’s performance and operational metrics related to its extensive portfolio of self-storage facilities.
Public Storage (NYSE:PSA) announced the redemption of all outstanding depositary shares for its 4.95% Cumulative Preferred Shares, Series D (NYSE:PSAPrD) on July 20, 2021. The redemption price is set at $25 per depositary share, plus accrued dividends from July 1, 2021, leading to an aggregate redemption total of $325 million before dividend payments. Public Storage, a leading REIT, operates 2,563 self-storage facilities across 38 states, with additional interests in European and U.S. commercial properties as of March 31, 2021.
Public Storage (NYSE: PSA) has announced a public offering of 21 million depositary shares priced at $25 each, representing 1/1,000 of its 4.000% Cumulative Preferred Share, Series P. The offering is expected to generate $525 million in gross proceeds and is set to close around June 16, 2021. The funds will primarily be used for general corporate purposes, including redeeming existing preferred shares. Public Storage has successfully reduced its average cost of preferred equity over the years, enhancing its financial strategy.
Public Storage (NYSE: PSA) will present virtually at REITweek 2021 on June 8, 2021, from 12:45 p.m. to 1:15 p.m. PDT. The webcast is open to registered participants at no cost. As of March 31, 2021, Public Storage operates 2,563 self-storage facilities across 38 states, comprising approximately 176 million net rentable square feet. Additionally, it holds a 35% equity interest in Shurgard Self-Storage in Europe and a 42% equity interest in PS Business Parks. For more information, visit PublicStorage.com.
Public Storage (NYSE:PSA) is set to redeem all outstanding depositary shares linked to its 5.125% Cumulative Preferred Shares, Series C (NYSE:PSAPrC) on June 30, 2021, at a price of $25 per share. The total redemption amount will reach $200 million. As of March 31, 2021, Public Storage held interests in 2,563 self-storage facilities across 38 states, totaling approximately 176 million net rentable square feet. Additionally, it has stakes in Shurgard Self-Storage SA and PS Business Parks, Inc., enhancing its footprint in Europe and commercial spaces.
Elliott Investment Management L.P. issued a statement on May 4, 2021, highlighting Public Storage's recent Investor Day presentation. Portfolio Manager Johannes Weber commended the company's efforts in enhancing transparency and investor communication. He expressed optimism regarding the management's commitment to implement changes that are expected to positively impact Public Storage's financial performance as the company explores substantial growth opportunities. Elliott manages over $42 billion in assets and aims to support long-term value creation for its investments.
Public Storage (NYSE: PSA) has completed the acquisition of ezStorage for $1.8 billion, adding 48 properties with 4.2 million net rentable square feet in high-demand areas of Washington DC, Virginia, and Maryland. This acquisition enhances Public Storage's presence, yielding a total of 163 properties and 11.3 million net rentable square feet in the Mid-Atlantic region. The transaction, immediately accretive to FFO, was funded by $2 billion in senior unsecured notes, and is expected to enhance the company's growth strategy.
Public Storage (NYSE:PSA) reported strong operating results for Q1 2021, with net income of $2.21 per diluted share, up from $1.79 in 2020. Core Funds from Operations (FFO) rose 9.3% to $2.82 per share. This increase was driven by a 6.5% growth in same-store direct net operating income and a notable drop in operational costs.
The company acquired 15 self-storage facilities for $203.1 million and plans further acquisitions valued at $2.3 billion. Public Storage also issued $500 million in senior notes and declared a quarterly dividend of $2.00 per share.
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