PSB - PSB STOCK NEWS

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.

PS Business Parks, Inc. (PSB) reported its financial results for Q3 2021, achieving a net income of $52.2 million ($1.89 per diluted share) and $125.7 million ($4.55 per diluted share) for the nine-month period. Same Park NOI increased by 8.5% to $70.8 million in Q3, driven by 8.4% cash rental income growth. The company saw a weighted average occupancy of 94.8% and executed leases totaling 2 million square feet in Q3. Funds from Operations (FFO) per share rose 11.2% to $1.72. A quarterly dividend of $1.05 was declared, alongside a significant property sale yielding $311.1 million post-transaction costs.

PS Business Parks has completed the sale of Lusk Business Park in San Diego for $315.4 million. After transaction costs, the net proceeds were $311.1 million. The company anticipates that about $50.5 million will qualify for a Section 1031 exchange related to its acquisition of Port America Industrial Park in Dallas. If suitable exchange opportunities aren't found, a one-time special dividend of $166.0 million to $183.5 million (or $4.75 to $5.25 per share) will be declared. The proceeds will also be used to redeem Series W preferred shares on November 3, 2021.

PS Business Parks, Inc. (NYSE:PSB) plans to release its third quarter 2021 earnings on October 28, 2021, after market close. A conference call to discuss results is scheduled for October 29, 2021, at 10:00 a.m. PDT. The company operates 97 properties across major coastal markets, serving approximately 5,100 tenants with a total of 28 million square feet. Forward-looking statements highlight risks, including COVID-19 impacts, competition, and economic conditions.

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.

PS Business Parks, Inc. (NYSE:PSB) announces the appointment of Adeel Khan as Executive Vice President, Chief Financial Officer, and Corporate Secretary, effective January 10, 2022. Khan, a Certified Public Accountant, previously served as CFO for Rexford Industrial Realty, Inc. (NYSE:REXR). Jeffrey D. Hedges will transition out of the CFO role by November 12, 2021, continuing as a consultant until February 11, 2022. CEO Mac Chandler expressed enthusiasm about Khan's expertise in real estate and finance.

PS Business Parks operates 97 properties, serving approximately 5,100 tenants across 28 million square feet.

PS Business Parks, Inc. announced the sale of Lusk Business Park in San Diego to Longfellow Real Estate Partners for $315.4 million. The deal, which is expected to yield net proceeds of approximately $311.0 million, reflects a cap rate of about 1.6% based on projected net operating income of $5.1 million. The company plans to utilize around $50.5 million of the proceeds for a Section 1031 exchange and may issue a special dividend estimated between $166.0 million to $183.5 million, or $4.75 to $5.25 per share, if it fails to find a suitable exchange opportunity.