Public Storage Trusts to Repurchase Stock
Five real estate investment trusts (REITs) affiliated with Public Storage Inc., a Glendale operator of self-storage warehouses, said they will each repurchase up to 20,000 shares of their outstanding common stock.
The boards of directors of Public Storage Properties VIII, IX, X, XI and XII approved the repurchases June 13, said Harvey Lenkin, president of the REITs. This boosts to 40,000 the number of shares that each REIT will purchase, following a similar buyback in April, Lenkin said.
Lenkin said directors authorized the repurchases because they consider the stock undervalued. The 40,000 shares represent less than 2% of the $2.1 million total shares outstanding for each REIT.
The trusts, so-called because they distribute nearly all of their profits to stockholders, own between 13 and 23 properties each, mostly self-storage facilities and business parks. Public Storage Inc. formed them last Dec. 31 to attract new investors, something it was having trouble doing because of the soft commercial real estate market.
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