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Public Storage (PSA)

Public Storage, a member of the S&P 500 and FT Global 500, is a REIT that primarily acquires, develops, owns and operates self-storage facilities. At December 31, 2020, The Company had: interests in 2,548 self-storage facilities located in 38 states with approximately 175 million net rentable square feet in the United States, an approximate 35% common equity interest in Shurgard Self Storage SA which owned 241 self-storage facilities located in seven Western European nations with approximately 13 million net rentable square feet operated under the 'Shurgard' brand and an approximate 42% common equity interest in PS Business Parks, Inc. which owned and operated approximately 28 million rentable square feet of commercial space at December 31, 2020. Its headquarters are located in Glendale, California.

Company profile

Ticker
PSA, PSA+I, PSA+J, PSA+K, PSA+L, PSA+N, PSA+O, PSA+P, PSA+Q, PSA+R, PSA+S
Exchange
CEO
Joseph Russell
Employees
Incorporated
Location
Fiscal year end
SEC CIK
Subsidiaries
PS California Holdings, Inc ...
IRS number
953551121

PSA stock data

Calendar

4 Aug 22
14 Aug 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
4 Aug 22 Johnson Natalia Common Stock Payment of exercise Dispose F No No 330.57 199 65.78K 21,446
30 Jun 22 John Reyes Common Stock Grant Acquire A No No 312.67 96 30.02K 175,449
30 Jun 22 Spogli Ronald P Common Stock Grant Acquire A No No 312.67 112 35.02K 6,343
30 Jun 22 Neithercut David J Common Stock Grant Acquire A No No 312.67 124 38.77K 746
30 Jun 22 Owen Rebecca L Common Stock Grant Acquire A No No 312.67 108 33.77K 195
0.1% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 1 1
Opened positions 0 1 EXIT
Closed positions 0 1 EXIT
Increased positions 1 0 NEW
Reduced positions 0 0
13F shares Current Prev Q Change
Total value 5.78M 5.78M
Total shares 229.73K 214.37K +7.2%
Total puts 0 0
Total calls 0 0
Total put/call ratio
Largest owners Shares Value Change
Bartlett & Co. 229.73K $5.78M +7.2%
Largest transactions Shares Bought/sold Change
Bartlett & Co. 229.73K +15.36K +7.2%

Financial report summary

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Risks
  • We have significant exposure to real estate risk.
  • Economic conditions can adversely affect our business, financial condition, growth and access to capital.
  • We have exposure to European operations through our ownership in Shurgard.
  • We have exposure to commercial property risk through our ownership in PSB.
  • We are subject to risks from the COVID Pandemic and we may in the future be subject to risks from other public health crises.
  • We have been and may in the future be adversely impacted by emergency regulations adopted in response to significant events, such as natural disasters or public health crises, that could adversely impact our operations.
  • Our marketing and pricing strategies may fail to be effective or may be constrained by factors outside of our control.
  • We are exposed to ongoing litigation and other legal and regulatory actions, which may divert management’s time and attention, require us to pay damages and expenses or restrict the operation of our business.
  • Our failure to modernize and adopt advancements in information technology may hinder or prevent us from achieving strategic objectives.
  • If our confidential information is compromised or corrupted, including as a result of a cybersecurity breach, our reputation and business relationships could be damaged, which could adversely affect our financial condition and operating results.
  • Ineffective succession planning for our CEO and executive management, as well as for our other key employees, may impact the execution of our strategic plan.
  • We may fail to adequately protect our trademarks.
  • Takeover attempts or changes in control could be thwarted, even if beneficial to shareholders.
  • Holders of our preferred shares have dividend, liquidation and other rights that are senior to the rights of the holders of shares of our common stock.
  • Preferred Shareholders are subject to certain risks.
  • We would incur adverse tax consequences if we failed to qualify as a REIT, and we would have to pay substantial U.S. federal corporate income taxes.
  • Changes in tax laws could negatively impact us.
  • We may pay some taxes, reducing cash available for shareholders.
  • We have exposure to increased property tax in California.
  • We are subject to new and changing legislation and regulations, including the California Privacy Rights Act (CPRA).
  • Our tenant reinsurance business is subject to governmental regulation which could reduce our profitability or limit our growth.
Management Discussion
  • ITEM 2.    Management’s Discussion and Analysis of Financial Condition and Results of Operations
  • This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include statements relating to our 2022 outlook and all underlying assumptions, our expected acquisition, disposition, development and redevelopment activity, supply and demand for our self-storage facilities, information relating to operating trends in our markets, expectations regarding operating expenses, including property tax changes, our strategic priorities, expectations with respect to financing activities, rental rates, cap rates and yields, leasing expectations, our credit ratings, and all other statements other than statements of historical fact. Such statements are based on management’s beliefs and assumptions made based on information currently available to management. All statements in this document, other than statements of historical fact, are forward-looking statements that may be identified by the use of the words “outlook,” “guidance,” “expects,” “believes,” “anticipates,” “should,” “estimates,” and similar expressions.
  • These forward-looking statements involve known and unknown risks and uncertainties, which may cause our actual results and performance to be materially different from those expressed or implied in the forward-looking statements. Factors and risks that may impact future results and performance include, but are not limited to those factors and risks described in Part 1, Item 1A, “Risk Factors” in our most recent Annual Report on Form 10-K for the year ended December 31, 2021 filed with the Securities and Exchange Commission (the “SEC”) on February 22, 2022 and in our other filings with the SEC including. These include changes in demand for our facilities, impacts of natural disasters, adverse changes in laws and regulations including governing property tax, evictions, rental rates, minimum wage levels, and insurance, adverse economic effects from the COVID-19 pandemic, international military conflicts, or similar events impacting public health and/or economic activity, increases in the costs of our primary customer acquisition channels, adverse impacts to us and our customers from inflation, unfavorable foreign currency rate fluctuations, changes in federal or state tax laws related to the taxation of REITs, and security breaches, including ransomware, or a failure of our networks, systems or technology.

Content analysis

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H.S. senior Good
New words: antidilutive, broader, feature, implemented, inflation, inflationary, jointly, moderating, Nevada, Oregon, prorated, unrealized
Removed: accelerated, accessed, complex, damage, HVAC, incorporated, Luxembourg, obtained, personnel, reclassification, recognize, reduced, reference, removal, responsible, roof, snow, supervise, trade, website