) 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
DCT INDUSTRIAL (DCT): Free Stock Analysis
EXTRA SPACE STG (EXR): Free Stock Analysis
PUBLIC STORAGE (PSA): Free Stock Analysis
PS BUSINESS PKS (PSB): Free Stock Analysis
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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
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
Public Storage also possesses a 41% common equity interest in
PS Business Parks Inc.
), 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.
Extra Space Storage Inc.
), both carrying a Zacks Rank #2.