What's Going on with Public Storage?

Here is an example of the Public Storage / AMEX campaign:

Then I heard that Public Storage is advertising on television. A quick search on YouTube produced television ads from PSA roughly seven years ago. PSA has not been the most active in marketing its product directly to customers in recent years. These recent marketing actions seemed out of character for the company, which was the 800 pound gorilla, until recently when Extra Space and Life Storage locked arms and became the largest self storage REIT.

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In December 2020, Elliott Management sent a letter to the PSA board pointing out the opportunity for the company to improve its performance. It highlights that PSA needed to invest in its current assets and aggressively lagging sales growth. That letter appears to be having an impact on the company. PSA has built an incredible portfolio of assets over decades, pioneering the self storage industry. They also have arguably the best name recognition. If this is the tip of the iceberg on PSA’s actions to improve sales, then the industry should take note. A sleeping giant might have awakened.

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Elliott Management's Letter to PSA