Public Storage Stock Price, News & Analysis

Public Storage (NYSE: PSA) has announced a public offering of 21 million depositary shares priced at $25 each, representing 1/1,000 of its 4.000% Cumulative Preferred Share, Series P. The offering is expected to generate $525 million in gross proceeds and is set to close around June 16, 2021. The funds will primarily be used for general corporate purposes, including redeeming existing preferred shares. Public Storage has successfully reduced its average cost of preferred equity over the years, enhancing its financial strategy.

Public Storage (NYSE: PSA) will present virtually at REITweek 2021 on June 8, 2021, from 12:45 p.m. to 1:15 p.m. PDT. The webcast is open to registered participants at no cost. As of March 31, 2021, Public Storage operates 2,563 self-storage facilities across 38 states, comprising approximately 176 million net rentable square feet. Additionally, it holds a 35% equity interest in Shurgard Self-Storage in Europe and a 42% equity interest in PS Business Parks. For more information, visit PublicStorage.com.

Public Storage (NYSE:PSA) is set to redeem all outstanding depositary shares linked to its 5.125% Cumulative Preferred Shares, Series C (NYSE:PSAPrC) on June 30, 2021, at a price of $25 per share. The total redemption amount will reach $200 million. As of March 31, 2021, Public Storage held interests in 2,563 self-storage facilities across 38 states, totaling approximately 176 million net rentable square feet. Additionally, it has stakes in Shurgard Self-Storage SA and PS Business Parks, Inc., enhancing its footprint in Europe and commercial spaces.

Elliott Investment Management L.P. issued a statement on May 4, 2021, highlighting Public Storage's recent Investor Day presentation. Portfolio Manager Johannes Weber commended the company's efforts in enhancing transparency and investor communication. He expressed optimism regarding the management's commitment to implement changes that are expected to positively impact Public Storage's financial performance as the company explores substantial growth opportunities. Elliott manages over $42 billion in assets and aims to support long-term value creation for its investments.

Public Storage (NYSE: PSA) has completed the acquisition of ezStorage for $1.8 billion, adding 48 properties with 4.2 million net rentable square feet in high-demand areas of Washington DC, Virginia, and Maryland. This acquisition enhances Public Storage's presence, yielding a total of 163 properties and 11.3 million net rentable square feet in the Mid-Atlantic region. The transaction, immediately accretive to FFO, was funded by $2 billion in senior unsecured notes, and is expected to enhance the company's growth strategy.

Public Storage (NYSE:PSA) reported strong operating results for Q1 2021, with net income of $2.21 per diluted share, up from $1.79 in 2020. Core Funds from Operations (FFO) rose 9.3% to $2.82 per share. This increase was driven by a 6.5% growth in same-store direct net operating income and a notable drop in operational costs.

The company acquired 15 self-storage facilities for $203.1 million and plans further acquisitions valued at $2.3 billion. Public Storage also issued $500 million in senior notes and declared a quarterly dividend of $2.00 per share.

Public Storage (NYSE:PSA) has announced its Investor Day scheduled for May 3, 2021, from 9:30 a.m. to 1:30 p.m. PDT. The event aims to showcase the company's leadership in the self-storage industry and will cover topics such as business strategies, competitive advantages, and innovation-driven growth.

CEO Joe Russell expressed enthusiasm about providing insights into the company's future and ongoing growth initiatives. The Investor Day will feature presentations from senior team members and will be accessible via webcast and conference call.

Public Storage (NYSE: PSA) has announced a public offering of $2.0 billion in senior notes in three tranches. The first tranche includes $700 million of floating rate notes due in 2024, the second tranche consists of $650 million of fixed rate notes due in 2028, and the third tranche is $650 million of fixed rate notes due in 2031. The offering will close on April 23, 2021, and net proceeds will be used primarily for an $1.8 billion acquisition of 48 self-storage facilities from ezStorage Corp. The offering is not contingent on the acquisition's closing.