PSA - Dividend Sleuthing: Public Storage

• Public Storage is the largest owner of self-storage facilities in the U.S., and it owns a stake in two REITs, spinoff PS Business Parks and a European company, Shurgard.
• From one storage unit in 1972, to a fast-growing real estate investment trust, to a mature sector leader, Public Storage has plateaued, resulting in a flat dividend since 2017.
• The company has avoided a fight with Elliott Management by agreeing to place two Elliott representatives on the company's board (called "trustees").
• The company has low debt and is one of only two REITs with a Standard & Poor's credit rating of A. The Public Storage Investor Day is May 3, 2021.

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