Public Storage Provides Hurricane Irma and Harvey Updates
September 10 2017 - 05:17PM
Business Wire
Public Storage (NYSE:PSA) announced today that due to severe
weather conditions related to Hurricane Irma, all properties in
Florida and nine properties in South Carolina and Georgia are
temporarily closed for the safety of our customers and employees.
These property closures include 284 properties across both coasts
in Florida with approximately 19 million net rentable square feet
and over 194,000 units, six South Carolina properties including the
Hilton Head area with 298,000 net rentable square feet and over
2,400 units and three Georgia properties with 260,000 net rentable
square feet and close to 2,000 units. As the situation remains
ongoing and the full impact of the storm is still unknown, the
Company will provide additional information as appropriate.
We have established a dedicated hotline for those impacted by
Hurricane Irma and any customer who would like to speak to a Public
Storage Team Member can call (866) 381-0520. We will also keep our
customers informed of any updates by email.
"Our thoughts are with our employees, customers and the
communities impacted by Hurricane Irma. As we have done recently in
Houston (due to the events tied to Hurricane Harvey), our first
priority is to maintain the highest level of safety as we determine
any potential damage caused by Hurricane Irma,” said Joseph D.
Russell, Jr., President of Public Storage. “We are working
diligently to assess each property, and once we have conducted
necessary safety inspections we will reopen properties as soon as
practical."
In Houston, we have reopened access to all 116 properties
covering 8.5 million net rentable square feet and over 79,500
units. However, we anticipate that seven properties more severely
impacted by Hurricane Harvey, covering approximately 500,000 net
rentable square feet and 4,000 units, will be demolished and
rebuilt to state-of the-art properties to withstand potential
500-year floods in the future. In the meantime, our dedicated
hotline for those impacted by Hurricane Harvey remains open for any
Houston customer who would like to speak to a Public Storage Team
Member: (866) 381-0515.
Company Information
Public Storage, a member of the S&P 500 and FT Global 500,
is a fully integrated, self-administered and self-managed real
estate investment trust that primarily acquires, develops, owns and
operates self-storage facilities. The Company’s headquarters are
located in Glendale, California. At June 30, 2017, the Company had
interests in 2,358 self-storage facilities located in 38 states
with approximately 156 million net rentable square feet in the
United States and 220 storage facilities located in seven
Western European nations with approximately 12 million net
rentable square feet operated under the “Shurgard” brand. The
Company also owns a 42% common equity interest in PS Business
Parks, Inc. (NYSE:PSB) which owned and operated approximately 28
million rentable square feet of commercial space, primarily flex,
multi-tenant office and industrial space, at June 30, 2017.
Additional information about Public Storage is available on the
Internet. The Company’s web site is PublicStorage.com.
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Public StorageClemente Teng(818) 244-8080, Ext. 1141
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