Public Storage - PSA STOCK NEWS

Public Storage (NYSE:PSA) will report its Q3 2021 earnings on November 1, 2021, followed by a conference call on November 2, 2021, at 9:00 a.m. PDT. Investors can access the call domestically at (866) 342-8591 and internationally at (203) 518-9713, using the Conference ID PSAQ321. The webcast of the call will be available on the company’s website.

Public Storage is a leading REIT specializing in self-storage, operating 2,649 facilities across 39 states and holding substantial interests in Shurgard Self-Storage and PS Business Parks.

Public Storage has priced a public offering of €700 million in Senior Notes due September 9, 2030, with a 0.500% interest rate. The offering aims to close on September 9, 2021, subject to conditions. Proceeds will be directed towards investments in self-storage facilities and general corporate purposes. This issuance supports the company’s strategy, leveraging its 35% equity stake in Shurgard Self-Storage, which operates 243 facilities in Europe. Since 2015, Public Storage has issued $5.8 billion in unsecured notes for growth.

American Homes 4 Rent (NYSE: AMH) has expressed profound condolences following the passing of B. Wayne Hughes, the founder and former Chairman of the Board of Trustees. Hughes was a pioneering figure in the real estate industry, known for founding Public Storage (NYSE: PSA) and spearheading the single-family rental (SFR) market. His vision led to the establishment of American Homes 4 Rent in 2011, focusing on affordable housing. Hughes’ legacy includes philanthropy in education and cancer research and a passion for thoroughbred racing, highlighted by his association with the 2020 Kentucky Derby winner, Authentic.

Public Storage (NYSE:PSA) announced the passing of co-founder and Chairman Emeritus B. Wayne Hughes on August 18, 2021. Hughes, who co-founded the company in 1972, helped it grow into a self-storage leader with over 3,000 properties and 200 million square feet. Ron Havner, Chairman of the Board, and CEO Joe Russell praised Hughes' innovative spirit and contributions to the company's success. Public Storage, part of the S&P 500, operates 2,649 facilities in the U.S. and has interests in European and commercial properties.

Public Storage (NYSE:PSA) has priced a public offering of 5 million depositary shares at $25.00 per share, representing 1/1,000 of a 3.950% Cumulative Preferred Share, Series Q. This offering aims to raise $125 million, pending customary closing conditions, and is set to close around August 17, 2021. Funds will be used for general corporate purposes, potentially redeeming its existing 4.900% Preferred Shares, Series E, due October 14, 2021. Since 2015, Public Storage has redeemed $4.9 billion in preferred equity, reducing its in-place cost of capital by 123 basis points to 4.6%.

Public Storage (NYSE:PSA) reported strong Q2 2021 results, with net income of $346.2 million, or $1.97 per diluted share, showing a $100.1 million increase from the prior year. Core FFO increased by 28% to $3.15 per share. Same Store direct net operating income rose 20.8%, driven by a 10.8% revenue increase and a significant 15.9% cut in operating costs. The company acquired 84 self-storage facilities for $2.3 billion, funded by a record $2 billion bond issuance. Operating margins improved to 79.4%. PSA also opened new facilities and plans further expansions.

Public Storage (NYSE: PSA) plans to release its second quarter 2021 earnings results on August 3, 2021. A conference call to discuss these results is scheduled for August 4, 2021, at 9:00 a.m. PDT. Investors can join the call using the domestic dial-in number (866) 406-5408 or the international number (973) 582-2770, with Conference ID 2088572. The results will provide insights into the company’s performance and operational metrics related to its extensive portfolio of self-storage facilities.

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.