Public Storage reports news on its self-storage REIT operations, dividend actions, operating results, and capital allocation initiatives. The company primarily acquires, develops, owns, and operates self-storage facilities across the United States and holds a common equity interest in Shurgard Self Storage, which operates facilities in Western Europe under the Shurgard brand.
Recurring developments include quarterly common and preferred share dividends, earnings releases and conference calls, capital-structure updates, governance and leadership matters, and initiatives tied to operating analytics, revenue management, customer behavior modeling, demand forecasting, and the company’s PS4.0 strategy.
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.