Public Storage Stock Price, News & Analysis

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 These changes follow engagement with shareholders, including Elliott Investment Management, which has withdrawn its nominees in support of the Board’s selections.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.

Public Storage (NYSE:PSA) has announced the redemption of all outstanding depositary shares of its 5.40% Cumulative Preferred Shares, Series B (NYSE:PSAPrB) on January 20, 2021. Shareholders will receive $25 per depositary share, plus accrued dividends from January 1, 2021, amounting to an aggregate redemption of $300 million. The company operates 2,504 self-storage facilities across 38 states and holds significant equity interests in Shurgard Self Storage SA and PS Business Parks, Inc. Public Storage remains committed to maintaining transparency with its shareholders.

Public Storage (NYSE: PSA) has announced an upcoming virtual Investor Day scheduled for May 3, 2021. This event will allow investors and analysts to gain insights into the company’s long-term strategy, growth initiatives, and priorities regarding capital allocation, sustainability, and diversity. A live audio webcast of the presentations will be accessible on the Public Storage Investor Relations website. The company, a member of the S&P 500, operates numerous self-storage facilities across the United States and Europe, highlighting its significant market presence.

Public Storage (NYSE:PSA) has appointed three new independent Trustees: Shankh Mitra, David Neithercut, and Paul Williams, effective January 1, 2021. This decision follows the retirement of three current Trustees, reflecting a strategic focus on enhancing corporate governance. The new board members bring extensive experience in finance, real estate, and corporate governance, aiming to promote long-term value creation. Over the last 18 months, Public Storage has added five independent Trustees, reinforcing its commitment to stakeholder alignment and sustainable growth.

Public Storage (NYSE:PSA) has appointed three new members to its Board of Trustees effective January 1, 2021: Shankh Mitra, David Neithercut, and Paul Williams. These appointments follow the retirement of three current Trustees, enhancing the Board's composition with five independent Trustees added in the last 18 months. The new members bring extensive experience in real estate and corporate governance, which is expected to bolster the company's strategic initiatives and shareholder value. The Board remains focused on aligning with stakeholder interests and sustaining long-term growth.

Public Storage (NYSE: PSA) has completed the first phase of its $528 million acquisition of the Beyond Self Storage portfolio, consisting of 36 properties with 3.6 million net rentable square feet.

The initial phase includes 24 existing properties covering 2.3 million net rentable square feet, with an average occupancy of 35%. This acquisition aligns with Public Storage’s growth strategy and its goal of expanding its portfolio, having already increased it by 13.9 million square feet since 2019 through $1.9 billion in acquisitions and developments.

Public Storage (NYSE:PSA) has announced the pricing of a public offering of 6,000,000 depositary shares at $25.00 each, aiming for gross proceeds of $150 million. The offering is scheduled to close around November 17, 2020, pending customary conditions. Proceeds will be utilized for investments in self-storage facilities, development projects, and general corporate purposes, including redemption of existing preferred shares. Joint book-running managers for the offering include BofA Securities, Morgan Stanley, UBS, and Wells Fargo.