Welcome to our dedicated page for PSB news (Ticker: PSB), a resource for investors and traders seeking the latest updates and insights on PSB stock.
Our selection of high-quality news articles is accompanied by an expert summary from Rhea-AI, detailing the impact and sentiment surrounding the news at the time of release, providing a deeper understanding of how each news could potentially affect PSB's stock performance. The page also features a concise end-of-day stock performance summary, highlighting the actual market reaction to each news event. The list of tags makes it easy to classify and navigate through different types of news, whether you're interested in earnings reports, stock offerings, stock splits, clinical trials, fda approvals, dividends or buybacks.
Designed with both novice traders and seasoned investors in mind, our page aims to simplify the complex world of stock market news. By combining real-time updates, Rhea-AI's analytical insights, and historical stock performance data, we provide a holistic view of PSB's position in the market.
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.
PS Business Parks, Inc. (NYSE:PSB) announced it will release its Q1 2022 earnings on May 2, 2022, after the market close. A conference call is scheduled for May 3, 2022, at 10:00 a.m. PDT to discuss the results, with a toll-free number of 866-831-8713 and conference ID PSBQ122. The company operates 96 properties, serving about 4,900 tenants across 27 million square feet. PSB aims to keep stakeholders informed via earnings announcements and conference calls.
Public Storage (NYSE:PSA) will release its first quarter 2022 earnings results after market close on
PS Business Parks (NYSE:PSB) has appointed Stephen W. Wilson as President and CEO, effective immediately. Previously serving as interim CEO since January 2022, Wilson has been a director since July 2019. His past experience includes over 21 years at AvalonBay Communities (NYSE:AVB) in senior leadership roles. The company operates 97 properties across the U.S., serving approximately 5,000 tenants in 28 million square feet, and includes 800 residential units. Wilson aims to enhance value for stakeholders through strategic execution.
PS Business Parks, Inc. (NYSE:PSB) has successfully completed the sale of the remaining 12 buildings in the Royal Tech Business Park in Irving, Texas, for a gross price of $93 million. The net proceeds after transaction costs are approximately $91.9 million. This sale reduces the Company's office property holdings, emphasizing its strategic shift towards infill industrial property acquisitions. The net proceeds are available for a potential Section 1031 exchange to identify suitable investments.
PS Business Parks, Inc. (NYSE:PSB) announced that Dan "Mac" Chandler, III will step down as President and CEO due to health reasons, effective March 23, 2022. Stephen W. Wilson, who has been acting as interim President and CEO since January 17, 2022, will continue in this role, supported by the senior management team. The Board expressed gratitude for Chandler's leadership and confidence in Wilson and the management team. PS Business Parks operates 97 properties, serving about 5,000 tenants across 28 million square feet, primarily in coastal markets.
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).
PS Business Parks, Inc. (NYSE:PSB) reported a net income of $267.4 million for Q4 2021, equating to $9.66 per diluted share, and $393.1 million for the full year, or $14.22 per share. FFO declined by 7.8% to $1.53 per share in Q4 but rose 2.5% for the year to $6.67. Core FFO increased by 9.0% to $1.81 for Q4 and 6.1% to $6.97 for the year. Cash NOI rose 4.8% to $77.6 million in Q4 and 7.0% to $306.8 million for the year. Occupancy rates improved to 95.5% in Q4 2021, up from 92.4% a year prior. The company acquired a property for $25.6 million and sold three properties for a total of $324.4 million.
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.
FAQ
What is the market cap of PSB (PSB)?
