SSSAF - Public Storage rises 4.6% as Elliott pushes for new committee

Public Storage (PSA) gains 4.6% after news broke this weekend that Elliott Associates, Paul Singer's flagship hedge fund founded in 1977, built up a significant stake in the self-storage REIT.On Monday morning, Elliott confirms that it took significant stake in the firm and that it nominated six trustees for its board.The activist investor urges that PSA refresh its board, form a new board committee to evaluate the REIT's performance and plan, and hold an investor day to restore investor credibility, all moves intended to help the company remedy its underperformance vs. its self-storage peers over the past decade.PSA shares lag those of rivals EXR, CUBE, LSI over the past 10 years:Elliott has been in talks with PSA for more than a month and contends that "the best path forward for PSA is increased investment in its stores, its employees and its customer experience, combined with governance and investor-communication enhancements to ensure the proper

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Public Storage rises 4.6% as Elliott pushes for new committee