Public Storage (PSA) opened its largest self-storage facility in The Bronx, New York. Positioned at 385 Gerard Avenue (at East 144th Street), this 12-story facility will provide numerous storage solutions to local customers.
Increased demand for smaller sized units at Public Storage’s other facilities throughout greater NYC is one of the reasons for the company to come up with a facility of this stature. Upon completion, the property will have over 4,000 units. It will serve the demands of customers from Manhattan to Harlem and The Bronx.
With easy accessibility, free parking and off-street loading docks for large moving vans, the property is positioned well with 687,000 New Yorkers residing nearby (within 2 miles).
We believe that Public Storage is well poised to maintain its growth curve backed by its robust presence in all major U.S. markets. The current property marks its 2,079th location.
In addition to being a leading owner and operator of storage facilities in the U.S., the company has significantly increased the scale and scope of its operations through the acquisition of Shurgard Storage Centers that enjoys considerable presence in the European markets.
Public Storage also possesses a 41% common equity interest in PS Business Parks Inc. (PSB), which owns and operates commercial space, primarily flex, multi-tenant office and industrial space.
Moreover, the storage facilities of the company have high visibility and are usually located in heavily populated areas that enhance the local awareness of the brand. This provides a significant upside potential to the company and we expect the size and scope of its operations to enable it to achieve economies of scale.
Public Storage currently has a Zacks Rank #3 (Hold). Two other REITs that are performing well and deserve a look include DCT Industrial Trust Inc. (DCT) and Extra Space Storage Inc. (EXR), both carrying a Zacks Rank #2.
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