Elliott Management Builds Significant Stake in Public Storage (PSA) - WSJ

The Wall Street Journal reported that Elliott Management has built a "significant" stake in Public Storage (NYSE: PSA).

The investment management firm privately nominated six directors to the company's board as a result of discussions held with the self-storage company. Elliott is trying to find ways to boost PSA stock price as shares are up about 3% YTD, compared to a rise of 13% in S&P 500.

PSA share price trades 1.8% higher in pre-market Monday.

Public Storage confirmed Elliott submitted the names of 6 directors as talks continue. Elliott will still be in the minority as the total number of board members stands at 13.

The company also announced the appointment of three new members to its Board of Trustees, effective January 1, 2021, after three members retired. Three new members are:

• Shankh Mitra, Chief Executive Officer, Chief Investment Officer and director of Welltower Inc.
• David Neithercut, former President and Chief Executive Officer and current Board member of Equity Residential.
• Paul Williams, President of the National Association of Corporate Directors (NACD) Chicago Chapter.

“We are pleased to welcome Shankh, David, and Paul to the Board,” said Ronald L. Havner, Jr., Chairman of the Board of Public Storage.

“With deep real estate investing experience, corporate governance expertise, and proven track records as public company leaders and board members, they will bring valuable perspectives and skillsets that complement those of our current Trustees.”

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