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) 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.