Public Storage Stock Price, News & Analysis

Public Storage (NYSE:PSA) will announce its fourth quarter 2021 earnings on February 22, 2022, after market close. A conference call to discuss the results is scheduled for February 23, 2022, at 9:00 a.m. PST. The call can be accessed domestically at (800) 891-3840 and internationally at (785) 424-1249, using conference ID PSAQ421. Investors can also join via a live audio webcast on the company's website. Public Storage operates over 2,678 self-storage facilities across the U.S. and has significant equity interests in Shurgard Self Storage and PS Business Parks.

Public Storage (NYSE:PSA) announced the tax treatment of its 2021 dividends. For the year ending December 31, 2021, ordinary dividends consisted of approximately 94.55% ordinary income and 5.45% capital gains. Notably, these ordinary dividends are not classified as "qualified dividend income." For non-corporate shareholders, they qualify as "qualified REIT dividends" for determining business income. The company expects no material changes to this classification, aiming to assist those distributing Forms 1099.

Public Storage (NYSE:PSA) announced a public offering of 10 million depositary shares priced at $25.00 each, equating to gross proceeds of $250 million. Each depositary share represents a 4.100% Cumulative Preferred Share of Beneficial Interest, Series S. The offering is expected to close around January 13, 2022. Proceeds will support general corporate purposes, including acquisitions of self-storage facilities and redemptions of preferred shares. Joint book-running managers include BofA Securities, Morgan Stanley, UBS, and Wells Fargo.

Public Storage (NYSE:PSA) has successfully acquired All Storage, a self-storage portfolio, for $1.5 billion. This acquisition adds 56 properties and 7.5 million net rentable square feet, primarily in the Dallas-Fort Worth area. The company utilized its growth-oriented balance sheet, issuing $1.75 billion in senior unsecured notes to fund the deal. The transaction is expected to be immediately accretive to FFO per share and aligns with Public Storage's growth strategy, which has seen a 22% increase in its portfolio since 2019.

Public Storage (NYSE:PSA) announced the redemption of all outstanding depositary shares representing interests in its 4.90% Cumulative Preferred Shares, Series E (NYSE:PSAPrE) on December 30, 2021. The redemption price is $25 per depositary share, amounting to an aggregate of $350,000,000 to be paid to all holders. This action could reflect the company's financial strategy and capital management as it continues to operate across 2,678 self-storage facilities in the U.S. and interests in European storage assets.

Public Storage (NYSE: PSA) announced the pricing of a public offering for 17,400,000 depositary shares at $25.00 each, representing a 4.00% Cumulative Preferred Share of Beneficial Interest, Series R. The offering aims for gross proceeds of approximately $435 million, expected to close around November 19, 2021. The net proceeds will be used for general corporate purposes, including acquisitions and redemptions of preferred shares. Joint book-running managers for the offering include BofA Securities, Morgan Stanley, UBS, and Wells Fargo.

Public Storage (NYSE: PSA) has priced a public offering of $1.75 billion in senior notes across three tranches. The first tranche is $650 million due in 2026 at 1.500% interest, the second is $550 million due in 2028 at 1.950%, and the third is $550 million due in 2031 at 2.250%. The offering is expected to close on November 9, 2022, with net proceeds aimed at funding the $1.5 billion All Storage acquisition and general corporate purposes. This reflects the company’s strategy for portfolio expansion and long-term growth.

Public Storage (NYSE:PSA) has announced the appointment of David Lee as Chief Operating Officer. With over 20 years of leadership experience, Lee previously worked at The UPS Store, overseeing operations for over 5,200 locations in the U.S. and Canada. His focus on innovation and employee engagement aligns with Public Storage's strategic goals across its 2,700 properties and 1.7 million customers. CEO Joe Russell expressed confidence in Lee’s leadership, emphasizing the company's transformation through end-to-end digitization.

Public Storage (NYSE:PSA) reported strong Q3 2021 results with net income of $442.3 million, translating to $2.52 per diluted share, up from $246.9 million or $1.41 per diluted share in Q3 2020. Core FFO reached $3.42 per diluted share, reflecting a 30.0% year-over-year increase. Same Store direct net operating income surged 20.8%, supported by a 14.0% rise in revenues. The company acquired 27 self-storage facilities for $0.3 billion during the quarter and announced plans for further acquisitions worth $2.3 billion. The Board declared a quarterly dividend of $2.00 per share.