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BUSINESS
April 6, 2010 | By Nathan Olivarez-Giles
Public Storage, the nation's largest self-storage company, is expanding, taking advantage of tough times in the industry. In a deal worth about $189 million, the Glendale company is buying 30 facilities from an owner that has run into difficulties. "The storage industry has been in turmoil, and our competitors have come to us to see if we'd be willing to buy their properties," company spokesman Clem Teng said Monday. "This deal comes in at just under $100 per square foot, which in today's market is pretty hard to duplicate, especially in L.A. and Chicago."
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BUSINESS
April 6, 2010 | By Nathan Olivarez-Giles
Public Storage, the nation's largest self-storage company, is expanding, taking advantage of tough times in the industry. In a deal worth about $189 million, the Glendale company is buying 30 facilities from an owner that has run into difficulties. "The storage industry has been in turmoil, and our competitors have come to us to see if we'd be willing to buy their properties," company spokesman Clem Teng said Monday. "This deal comes in at just under $100 per square foot, which in today's market is pretty hard to duplicate, especially in L.A. and Chicago."
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BUSINESS
April 19, 1997 | Bloomberg News
Glendale-based Public Storage Inc. has formed a $220-million joint venture with a state pension fund to develop self-storage properties, according to a person familiar with the situation. The agreement, which is expected to be announced Monday, will cover the development of up to 60 self-storage properties over the next three years. It's one of the largest development programs by any public real estate company.
BUSINESS
February 20, 2007 | From the Associated Press
Even storing your stuff in Hawaii can be done in an upscale style, as the newest self-storage facilities resemble small resorts and hotels on some of the islands' most expensive real estate. With 24-hour access, air-conditioned hallways and use of fancy business centers and wireless Internet, storage companies are catering to customers as the industry that is booming nationwide becomes more competitive.
BUSINESS
November 6, 2004 | Roger Vincent
Public Storage Inc. said third-quarter funds from operations slipped to $97.8 million, or 76 cents a share, after expenses from stock redemption and hurricane losses, compared with $99.8 million, or 79 cents, a year earlier. The Glendale-based real estate investment trust, which rents out storage units in 37 states, said net income for the three months ended Sept. 30 rose 8.7% to $97.5 million. Average occupancy in the firm's facilities held steady at about 92%.
BUSINESS
December 21, 1993
Glendale-based Public Storage Inc. has joined the bidding between Shurgard Inc. and U-Haul International Inc. for self-storage centers owned by seven Shurgard limited partnerships. Public Storage offered $136 million cash for the Shurgard properties. The offer equals the value that real estate experts hired by Shurgard have put on them, Public Storage said.
BUSINESS
March 8, 2006 | Roger Vincent, Times Staff Writer
Public Storage Inc. agreed to buy Shurgard Storage Centers Inc. for $3.1 billion in stock, concluding a long-sought deal that would expand the nation's largest self-storage business, the companies said Tuesday. Glendale-based Public Storage, known for its empire of orange-colored mini-warehouses for the masses, was rebuffed by Shurgard in 2000 and again last summer but kept up the pursuit of its smaller rival.
BUSINESS
November 5, 1999 | Bloomberg News
Public Storage Inc., the largest owner of self-storage properties in the U.S., said its third-quarter earnings rose 23%, boosted by higher rents and a large acquisition. Separately, the Glendale-based real estate investment trust said it will pay a special dividend of either 65 cents a share in a new class of common stock, or 62 cents payable in cash. The dividend, which is necessary to meet REIT rules, is payable Jan. 14 to shareholders of record Nov. 15.
BUSINESS
November 7, 2003 | Roger Vincent, Times Staff Writer
Public Storage Inc. said Thursday that its third-quarter profit rose 7.7% as it reduced losses from unprofitable operations and continued to attract new business through aggressive advertising and discounts. The Glendale-based real estate investment trust, which rents out storage units in 37 states, earned $89.7 million, or 39 cents a share, compared with $83.4 million, or 27 cents, in the same period last year.
BUSINESS
July 28, 1992
Public Storage Properties IX Inc. said it sold one of its properties, a Public Storage mini-warehouse near Interstate 5 in Santa Ana, to the state of California because the freeway is being widened. The state has paid $3.7 million to the real estate investment trust (REIT), but both parties are still negotiating on the final price, the trust said. Public Storage Properties IX is one of several publicly traded REITs affiliated with Public Storage Co.
BUSINESS
March 8, 2006 | Roger Vincent, Times Staff Writer
Public Storage Inc. agreed to buy Shurgard Storage Centers Inc. for $3.1 billion in stock, concluding a long-sought deal that would expand the nation's largest self-storage business, the companies said Tuesday. Glendale-based Public Storage, known for its empire of orange-colored mini-warehouses for the masses, was rebuffed by Shurgard in 2000 and again last summer but kept up the pursuit of its smaller rival.
BUSINESS
September 27, 2005 | From Reuters
Public Storage Inc. expressed willingness Monday to raise its takeover offer for Shurgard Storage Centers Inc. and said the owners of more than 50% of Shurgard's outstanding stock strongly endorsed a deal. Public Storage, a Glendale-based real estate investment trust that owns self-storage facilities, made an unsolicited $2.5-billion bid for its smaller rival Aug. 1 even though Shurgard said it was not for sale. Seattle-based Shurgard has refused to discuss a transaction.
BUSINESS
August 2, 2005 | Roger Vincent, Times Staff Writer
Consumer spending drives our economy, but it also creates the headache of where to put all that stuff. That need helped create the nation's largest owner of mini warehouse facilities, Glendale-based Public Storage Inc. On Monday the company unveiled plans to get even bigger by revealing that it had made an unsolicited $2.5-billion offer to buy smaller rival Shurgard Storage Centers Inc. On July 8, Public Storage offered to pay 0.8 share of Public Storage stock for each share of Shurgard.
BUSINESS
November 6, 2004 | Roger Vincent
Public Storage Inc. said third-quarter funds from operations slipped to $97.8 million, or 76 cents a share, after expenses from stock redemption and hurricane losses, compared with $99.8 million, or 79 cents, a year earlier. The Glendale-based real estate investment trust, which rents out storage units in 37 states, said net income for the three months ended Sept. 30 rose 8.7% to $97.5 million. Average occupancy in the firm's facilities held steady at about 92%.
BUSINESS
May 7, 2004 | Roger Vincent
Public Storage Inc. said first-quarter profit fell 9.9% primarily because of the restructuring of preferred partnership interests. The Glendale-based real estate investment trust, which rents out storage units in 31 states, earned $69 million, or 17 cents a share, in the three months ended March 31, compared with $76.6 million, or 26 cents, in the same period a year earlier. Average occupancy in the firm's facilities rose to 89.6% from 84.9% a year earlier.
BUSINESS
November 7, 2003 | Roger Vincent, Times Staff Writer
Public Storage Inc. said Thursday that its third-quarter profit rose 7.7% as it reduced losses from unprofitable operations and continued to attract new business through aggressive advertising and discounts. The Glendale-based real estate investment trust, which rents out storage units in 37 states, earned $89.7 million, or 39 cents a share, compared with $83.4 million, or 27 cents, in the same period last year.
BUSINESS
October 8, 1991
Two more partnership affiliates of Public Storage Inc. in Glendale have been converted to real estate investment trusts (REITs) whose shares are now trading on the American Stock Exchange. Public Storage Properties XV and Public Storage Properties XVII own 19 and 20 properties, respectively, which are primarily self-storage warehouses managed by Public Storage or other affiliates. The two REITS formerly were organized as limited partnerships.
BUSINESS
June 18, 2003 | From Bloomberg News
The chairman of Public Storage Inc., the nation's largest owner of self-storage warehouses, filed a preemptive lawsuit to keep the company from challenging the terms of its 2001 purchase of his family's insurance company. Bradley Wayne Hughes said he has been informed that Public Storage intends to attempt to recover at least some of the $31.7 million he and his family received for the sale of PS Insurance Co. to Public Storage. The family owns 37% of Public Storage shares, a controlling stake.
MAGAZINE
August 10, 2003 | Victoria Clayton, Victoria Clayton is a freelance writer living in Westlake Village.
Before those big orange public storage signs and others like them dotted the sides of Southern California freeways, psychoanalyst Erich Fromm had already posed this prescient question: "If I am what I have, and what I have is lost, who then am I?" It's not something veteran self-storage managers David and Tina Fleming take lightly.
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