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 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) is scheduled to release its Q1 2023 earnings after market close on May 3, 2023, followed by a conference call on May 4, 2023, at 9:00 a.m. (PT). The company, part of the S&P 500 and FT Global 500, operates 2,869 self-storage facilities in the U.S., totaling approximately 204 million net rentable square feet. Additionally, it holds a 35% equity interest in Shurgard Self Storage Limited, with 266 facilities across seven Western European countries, encompassing around 15 million net rentable square feet. Stakeholders can participate in the conference call via a domestic dial-in number at (800) 225-9448 or an international number at (203) 518-9708. Full details are available on PublicStorage.com.
Public Storage (NYSE: PSA) reported strong financial results for the fourth quarter and year ending December 31, 2022. The company achieved a net income of $362.6 million, or $2.06 per diluted share, alongside a core FFO of $4.16 per diluted share, up 17.5% from the same period in 2021. 2022 saw a net income of $4.14 billion ($23.50 per share) and a core FFO of $15.92 per share, a 23.1% increase year-over-year. Public Storage acquired 74 facilities for $730.5 million in 2022 and plans significant development projects totaling almost $1 billion. The company announced a dividend increase from $2.00 to $3.00 per share, payable on March 30, 2023.
Public Storage (NYSE: PSA) has proposed to acquire Life Storage, Inc. (NYSE: LSI) in an all-stock transaction, offering an exchange ratio of 0.4192 shares of Public Storage for each Life Storage share. This proposal represents a 19% premium based on the 20-day trailing volume-weighted average prices (VWAP) as of February 3, 2023. The company emphasizes the benefits of enhanced growth and profitability for Life Storage shareholders, leveraging Public Storage's operational efficiencies and strong balance sheet. Public Storage's Board of Trustees has unanimously approved the proposal, urging Life Storage’s board to engage in discussions regarding the transaction.
Public Storage (NYSE:PSA) announced a 50% increase in its common quarterly dividend, raising it from $2.00 to $3.00 per share. This change elevates the annual dividend from $8.00 to $12.00. The new dividends are set for payment on March 30, 2023, with a record date of March 15, 2023. CEO Joe Russell emphasized the company’s strong financial performance and strategic initiatives aimed at enhancing digital innovations and operational advantages, aiming for continued growth and value creation.
Public Storage (NYSE:PSA) plans to announce its fourth quarter 2022 earnings results on February 21, 2023, after market close. A conference call will be held the following day at 9:00 a.m. PST to discuss these results. Investors can join the call via domestic dial-in at (800) 274-8461 or internationally at (203) 518-9708. The conference ID is PSAQ422. A replay will be accessible starting March 1, 2023. As a leading REIT, Public Storage has operations across 2,836 facilities in the U.S., with approximately 202 million net rentable square feet and a 35% interest in Shurgard Self-Storage in Europe.
Public Storage (NYSE:PSA) has announced the tax treatment of 2022 dividends, providing essential information for shareholders. For the year ending December 31, 2022, ordinary dividends were classified as follows: 29.6070% for Q1 and Q2, 39.6574% for Q3, and 0.0000% for Q4. Additionally, capital gain distributions were 70.3930% for Q1 and Q2, 60.3426% for Q3, and 100.0000% for Q4. Notably, ordinary dividends do not qualify as “qualified dividend income.” Shareholders are advised to consult tax advisors for clarity. This preliminary report is subject to adjustments based on final tax filings.
Public Storage (NYSE:PSA) announced that Tom Boyle will serve as both Chief Financial Officer and Chief Investment Officer, effective January 1, 2023. This dual role involves overseeing development, acquisitions, and asset management. President Joe Russell expressed confidence in Boyle's leadership, noting his critical contributions to the company's capital structure and growth strategies. As of September 30, 2022, Public Storage reported interests in 2,836 facilities across 40 states and a significant investment in Shurgard Self-Storage in Europe.
Public Storage (NYSE:PSA) announced the reopening of a revamped facility in Cupertino, California, near Apple, Inc.'s offices. The new facility features two five-level buildings expanding from 51,000 to 195,000 square feet, boasting 2,593 climate-controlled units. Noteworthy enhancements include app-enabled digital access, energy-efficient solar panels, and LEED Silver® certification. The company’s development pipeline exceeds $1 billion, with over $500 million allocated to redevelopment projects. CEO Joe Russell highlighted the competitive advantage of redeveloping properties.
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Public Storage (NYSE:PSA) reported strong operating results for the three and nine months ending September 30, 2022, showing significant growth driven by acquisitions and increased revenues. For Q3 2022, net income per share surged to $15.38, a dramatic increase from $2.52 in 2021. Core FFO rose by 20.8% to $4.13 per diluted share. The company is well-positioned with over 50 million square feet in acquisitions, development, and redevelopment, accounting for 25% of its portfolio. A notable one-time dividend of $13.15 per share was distributed following a successful equity investment sale in PS Business Park.