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) has announced its Investor Day scheduled for May 3, 2021, from 9:30 a.m. to 1:30 p.m. PDT. The event aims to showcase the company's leadership in the self-storage industry and will cover topics such as business strategies, competitive advantages, and innovation-driven growth.
CEO Joe Russell expressed enthusiasm about providing insights into the company's future and ongoing growth initiatives. The Investor Day will feature presentations from senior team members and will be accessible via webcast and conference call.
Public Storage (NYSE: PSA) has announced a public offering of $2.0 billion in senior notes in three tranches. The first tranche includes $700 million of floating rate notes due in 2024, the second tranche consists of $650 million of fixed rate notes due in 2028, and the third tranche is $650 million of fixed rate notes due in 2031. The offering will close on April 23, 2021, and net proceeds will be used primarily for an $1.8 billion acquisition of 48 self-storage facilities from ezStorage Corp. The offering is not contingent on the acquisition's closing.
Public Storage (NYSE:PSA) has acquired ezStorage for $1.8 billion, adding 48 properties with 4.2 million net rentable square feet across Washington DC, Virginia, and Maryland. This acquisition is part of Public Storage’s growth strategy, expected to increase its portfolio by 10% by expanding existing properties. Funded through unsecured debt, the deal is anticipated to be accretive to FFO following closing in May 2021. Since 2019, Public Storage has expanded by 21 million net rentable square feet through $4.1 billion in acquisitions and development.
Public Storage (NYSE: PSA) will announce its Q1 2021 earnings on April 28, 2021. A conference call is set for April 29, 2021 at 9:00 a.m. PDT to discuss the results. As of December 31, 2020, the company operated 2,548 self-storage facilities across 38 states, with around 175 million net rentable square feet. It also holds equity interests in Shurgard Self Storage and PS Business Parks.
Public Storage (NYSE:PSA) will participate in a roundtable discussion at the Citi 2021 Global Property CEO Conference on March 10, 2021, at 4:15 p.m. (EST). The event will be webcast live on Public Storage’s website.
Public Storage is a leading REIT focused on self-storage, with interests in 2,548 facilities across 38 states, offering around 175 million net rentable square feet. Additionally, the company has equity interests in Shurgard Self Storage and PS Business Parks, enhancing its footprint in Europe and commercial space.
Public Storage (NYSE: PSA) announced its fourth quarter and full-year operating results for 2020. Net income for Q4 was $292.2 million, or $1.67 per diluted share, down from $327.3 million in 2019. Full-year net income was $1,098.3 million, or $6.29 per diluted share, a decrease from $1,272.8 million in 2019. A $35.4 million foreign currency loss impacted Q4 results. Self-storage net operating income increased by $16.5 million in Q4, driven by improved occupancy. The company continues to focus on innovation and acquisitions, with plans for growth in 2021.
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.
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