Public Storage Stock Price, News & Analysis

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.

Public Storage (NYSE:PSA) has appointed Michelle Millstone-Shroff and Rebecca Owen to its Board of Trustees, with David Neithercut as Lead Independent Trustee. A new Long-Term Planning Committee has been established to focus on growth and capital strategies. These changes follow engagement with shareholders, including Elliott Investment Management, which has withdrawn its nominees in support of the Board’s selections. The Board aims to enhance corporate governance and is committed to driving long-term value creation through reinvestment and innovation.

Public Storage (NYSE: PSA) addressed Elliott Associates' recent letter, reaffirming its commitment to shareholder value creation. The company, with a market cap of $46 billion, reported impressive long-term growth rates: 7% CAGR for core FFO per share, 12% for dividends, and 16% for total shareholder return since 2000. Key initiatives include a 9% portfolio expansion, a $500 million investment in customer experience, and raising over $3 billion for growth. Year-to-date total shareholder returns stand at +6%, outperforming the MSCI US REIT Index.

Elliott Associates and Elliott International have nominated six trustee candidates to the Public Storage Board, citing significant underperformance of the company in comparison to self-storage REIT peers over the past decade. The letter highlights a lack of investment and lagging same-store sales growth, exacerbated by poor corporate governance. Elliott proposes a comprehensive review of the company’s strategy, enhanced investment in stores and employees, and improved investor communication to unlock substantial value creation. The letter expresses a desire for ongoing constructive dialogue with Public Storage.