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

NYSE

Website

www.publicstorage.com

CEO

Joseph Russell

Incorporated

Maryland

Location

California

Fiscal year end

Dec 31

Sector

Finance and Insurance > Other Financial Vehicles

Industry (SIC)

Real Estate Investment Trusts

Annaly Capital Management • AGNC Investment • Simon Property • VEREIT • Prologis • Vornado Realty Trust • Vornado Realty • Welltower • Healthpeak Properties • Erp Operating LTD Partnership ...

SEC CIK

0001393311

Corporate docs

Articles of Incorporation & Bylaws

Underwriting Agreements

Plans of Reorganization

Indentures

Material Contracts & Credit Agreements

Subsidiaries Lists

Subsidiaries

PS California Holdings, Inc ...

IRS number

953551121

PSA stock data

1M 1Y 5Y

News

From Benzinga Pro

Earnings Scheduled For August 4, 2022

4 Aug 22

Companies Reporting Before The Bell • Toyota Motor (NYSE:TM) is projected to report earnings for its first quarter.

$100 Invested In This Stock 15 Years Ago Would Be Worth $400 Today

3 Aug 22

Public Storage (NYSE:PSA) has outperformed the market over the past 15 years by 3.03% on an annualized basis producing an average annual return of 10.27%. Currently, Public Storage has a market capitalization of $56.33 billion.

What's In The Cards For Realty Income (O) In Q2 Earnings?

2 Aug 22

Realty Income Corp.'s (NYSE: O) second-quarter 2022 results are slated for an Aug 3 release after the bell. The company's quarterly results are likely to display increases in revenues and funds from operations (FFO) per share.

The Real Estate Select Sector SPDR Fund: A Trend Analysis On The Benchmark REIT ETF

27 Jul 22

Peering Into Public Storage's Recent Short Interest

25 Jul 22

Press releases

From Benzinga Pro

Public Storage Reports Results for the Three and Six Months Ended June 30, 2022

4 Aug 22

Public Storage (NYSE:PSA) announced today operating results for the three and six months ended June 30, 2022. "Public Storage's operating strength was evident during the quarter, with strong performance across the same

Public Storage Announces Redemption of 2.370% Senior Notes due 2022

26 Jul 22

Public Storage (NYSE:PSA, the "Company")) announced today that it is calling for redemption on August 15, 2022 its 2.370% Senior Notes due September 15, 2022 (the "Notes"). The Notes will be redeemed for cash at a price

Public Storage Announces $2.3 Billion Special Dividend Related to PS Business Parks Merger Consideration

22 Jul 22

Public Storage (NYSE:PSA, the "Company")) announced today that its Board of Trustees has declared a one-time dividend of $13.15 per common share, payable on August 4, 2022 to shareholders of record on August 1,

Public Storage to Release Second Quarter 2022 Earnings Results and Host Quarterly Conference Call

13 Jul 22

Public Storage Releases 2022 Sustainability Report

30 Jun 22

Analyst ratings and price targets

Last 3 months

Average target

$353.83

Low target

$298.00

High target

$385.00

Calendar

4 Aug 22

14 Aug 22

31 Dec 22

Financial summary

Financial statements Chart PSA financial data

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

Financial data from company earnings reports.

Recent insider trades

PSA insider ownership history Insider history

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

Data from 3, 4 and 5 filings. Values as filed, not updated for current price.

Institutional ownership, Q1 2022

PSA institutional ownership history Ownership history

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%

Data from 13F filings, for the last complete 13F reporting period. For most recent data, click the ownership history button. Values as filed, not updated for current price. Long positions only.

Financial report summary

Competition

Amerco • CubeSmart • CubeSmart • National Storage Affiliates Trust • Jernigan Capital

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

Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability	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

From filing 10-Q 2022 Q2

Financial reports

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