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 (NYSE: PSA) is an S&P 500 real estate investment trust that primarily acquires, develops, owns, and operates self-storage facilities. The PSA news feed on Stock Titan aggregates company press releases and other coverage so readers can follow how its self-storage portfolio, capital structure, and operating metrics evolve over time.
News about Public Storage often centers on quarterly and year-to-date operating results, including net income, Funds from Operations (FFO), Core FFO, and detailed Same Store and Non-Same Store performance. The company regularly reports on occupancy levels, annual contract rent per occupied square foot, and net operating income margins for its stabilized Same Store Facilities, as well as contributions from newly acquired and developed properties.
Another key category of PSA news involves acquisitions and development activity. Public Storage discloses when it acquires or enters contracts to acquire self-storage facilities, including the number of properties, net rentable square footage, and aggregate investment amounts. Updates also cover development and expansion projects that add new rentable space to its U.S. portfolio.
Investors can also follow capital markets and financing announcements, such as public offerings of unsecured senior notes by Public Storage Operating Company, guaranteed by Public Storage, and related 8-K filings that describe terms, interest rates, maturities, and intended use of proceeds. Dividend declarations for common and preferred shares, as well as information on the tax treatment of annual distributions, are another recurring news theme.
For those tracking the broader self-storage sector, PSA news may also include information about its 35% equity interest in Shurgard Self Storage Limited in Western Europe and updates from investor presentations. Bookmark this page to monitor the latest official communications and performance updates from Public Storage.
Public Storage (NYSE:PSA) announced the redemption of all outstanding depositary shares for its 4.95% Cumulative Preferred Shares, Series D (NYSE:PSAPrD) on July 20, 2021. The redemption price is set at $25 per depositary share, plus accrued dividends from July 1, 2021, leading to an aggregate redemption total of $325 million before dividend payments. Public Storage, a leading REIT, operates 2,563 self-storage facilities across 38 states, with additional interests in European and U.S. commercial properties as of March 31, 2021.
Public Storage (NYSE: PSA) has announced a public offering of 21 million depositary shares priced at $25 each, representing 1/1,000 of its 4.000% Cumulative Preferred Share, Series P. The offering is expected to generate $525 million in gross proceeds and is set to close around June 16, 2021. The funds will primarily be used for general corporate purposes, including redeeming existing preferred shares. Public Storage has successfully reduced its average cost of preferred equity over the years, enhancing its financial strategy.
Public Storage (NYSE: PSA) will present virtually at REITweek 2021 on June 8, 2021, from 12:45 p.m. to 1:15 p.m. PDT. The webcast is open to registered participants at no cost. As of March 31, 2021, Public Storage operates 2,563 self-storage facilities across 38 states, comprising approximately 176 million net rentable square feet. Additionally, it holds a 35% equity interest in Shurgard Self-Storage in Europe and a 42% equity interest in PS Business Parks. For more information, visit PublicStorage.com.
Public Storage (NYSE:PSA) is set to redeem all outstanding depositary shares linked to its 5.125% Cumulative Preferred Shares, Series C (NYSE:PSAPrC) on June 30, 2021, at a price of $25 per share. The total redemption amount will reach $200 million. As of March 31, 2021, Public Storage held interests in 2,563 self-storage facilities across 38 states, totaling approximately 176 million net rentable square feet. Additionally, it has stakes in Shurgard Self-Storage SA and PS Business Parks, Inc., enhancing its footprint in Europe and commercial spaces.
Elliott Investment Management L.P. issued a statement on May 4, 2021, highlighting Public Storage's recent Investor Day presentation. Portfolio Manager Johannes Weber commended the company's efforts in enhancing transparency and investor communication. He expressed optimism regarding the management's commitment to implement changes that are expected to positively impact Public Storage's financial performance as the company explores substantial growth opportunities. Elliott manages over $42 billion in assets and aims to support long-term value creation for its investments.
Public Storage (NYSE: PSA) has completed the acquisition of ezStorage for $1.8 billion, adding 48 properties with 4.2 million net rentable square feet in high-demand areas of Washington DC, Virginia, and Maryland. This acquisition enhances Public Storage's presence, yielding a total of 163 properties and 11.3 million net rentable square feet in the Mid-Atlantic region. The transaction, immediately accretive to FFO, was funded by $2 billion in senior unsecured notes, and is expected to enhance the company's growth strategy.
Public Storage (NYSE:PSA) reported strong operating results for Q1 2021, with net income of $2.21 per diluted share, up from $1.79 in 2020. Core Funds from Operations (FFO) rose 9.3% to $2.82 per share. This increase was driven by a 6.5% growth in same-store direct net operating income and a notable drop in operational costs.
The company acquired 15 self-storage facilities for $203.1 million and plans further acquisitions valued at $2.3 billion. Public Storage also issued $500 million in senior notes and declared a quarterly dividend of $2.00 per share.
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.
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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.