Public Storage Stock Price, News & Analysis

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.

Public Storage (NYSE:PSA) reported Q3 2020 results with a net income of $246.9 million ($1.41 per share), down from $337.4 million ($1.93 per share) in 2019, a $90.5 million decline. Key factors include a $57.5 million drop from foreign currency impacts, and a $9.5 million decrease in self-storage net operating income. Revenues from Same Store Facilities fell by 2.7% ($17 million). For the nine months, net income decreased to $806.2 million ($4.62 per share), impacted by currency losses and increased expenses. Funds from Operations (FFO) also fell 17.4% in Q3.

Public Storage (NYSE:PSA) has appointed Kristy M. Pipes to its Board of Trustees, effective October 26, 2020. Pipes brings a wealth of experience, having previously served as Managing Director and CFO at Deloitte Consulting. She has held leadership roles at Transamerica Life Companies and First Interstate Bank of California. Her extensive financial and operational expertise is expected to enhance the board's capabilities, according to Chairman Ronald L. Havner, Jr. Public Storage operates over 2,500 self-storage facilities, with significant interests in Shurgard Self Storage and PS Business Parks.

Public Storage (NYSE: PSA) announced it will release its third quarter 2020 earnings on November 4, 2020. A conference call will take place on November 5, 2020, at 9:00 a.m. PST to discuss the results. At the end of Q2 2020, Public Storage had interests in 2,500 self-storage facilities across 38 states with approximately 171 million net rentable square feet. The company also holds significant equity interests in Shurgard Self Storage and PS Business Parks. More details are available on their investor relations website.

Public Storage (NYSE: PSA) has announced a public offering of 10 million depositary shares at $25 each, aiming for $250 million in gross proceeds. Each depositary share represents 1/1,000 of a 3.875% Cumulative Preferred Share, Series N. The offering is set to close around October 6, 2020, pending customary conditions. Funds are intended for investments in self-storage facilities, development, and general corporate purposes, including redeeming existing preferred shares. BofA Securities, Morgan Stanley, UBS, and Wells Fargo are managing the offering.