Public Storage Outed Elliott Management’s Plans

Public Storage Outed Elliott Management’s Plans

In a sign of how aggressively campaigns may be waged next year, Public Storage outed Elliott Management’s plans to advance a six-person slate to its board last week, citing a litany of metrics that pointed to the company’s growth and announcing three new board members.

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Q3 2020 hedge fund letters, conferences and more

Elliott's Psuh To Change Public Storage's Board Composition

In a public letter following Public Storage’s announcement, Elliott said that it wants to substantially change the composition of the board, which had one of the lowest percentages of independent directors in the S&P 500 and an average board tenure of 12 years prior to its announcement.

Carlson’s Double Black Diamond Ends 2021 On A High

Black DiamondIn December, a strong performance helped Carlson Capital's Double Black Diamond fund achieve a double-digit return in 2021. Q4 2021 hedge fund letters, conferences and more Double-Digit Return According to a copy of the latest investor update, which ValueWalk has been able to review, Clint Carlson's Double Black Diamond fund returned 2.9% in December and Read More

Elliott said that there are opportunities for Public Storage to deploy capital in order to increase growth. The activist also suggested that the company’s operations, including in-store experience and occupancy optimization, could be significantly improved to increase shareholder returns.

To arrange an online demonstration of Activist Insight Online email us at [email protected].

What We'll Be Watching For This Week

  • How will Japan's Faith react to RMB Capital's suggested strategy change, including an increased dividend?
  • Will Whitebox Advisors launch a solicitation or lawsuit against LG in an attempt to block the company from spinning off a collection of affiliates into a new holding company?
  • Santa!

Activist Shorts Update

Medical device maker Penumbra began a voluntary recall of all configurations of its JET 7 aspiration catheter, citing a risk of unexpected death or serious injury after short seller Quintessential Capital Management alleged the product was dangerous. The U.S. Food and Drug Administration (FDA) followed up with a public letter urging all users to stop using the device, and instructing facilities to remove it from their inventory.

Reacting to the news, Quintessential and fellow short seller Marc Cohodes said in a statement to Activist Insight Shorts that they are "pleased" with the FDA’s standpoint. Quintessential and Cohodes pledged to continue their work to unearth evidence of "extensive malfeasance" at Penumbra, saying that the catheter is just the "tip of the iceberg."

The stock was down more than 10% in pre-market trading on Wednesday at $159 per share, after the report was published. It has since recovered, closing up at around $186 yesterday.

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Chart Of The Week

The number of global public real estate companies publicly subjected to activist demands, between January 01 and December 18, in respective years.

Public Storage Elliott

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Financial news and data providers Activist Insight and Proxy Insight announced in October 2020 that they had merged to form Insightia, a leader in the field of public company information. Activist Insight was formed in 2012 and offers an extensive range of products including Activist Insight Online, Activist Insight Governance, Activist Insight Vulnerability, Activist Insight Shorts, Activist Insight Monthly magazine, and The Activist Insight Podcast. Proxy Insight has quickly become the world’s leading source of information on global shareholder voting, covering such hot topics as director and auditor elections, “say on pay” resolutions and environmental, social, and governance (ESG) proposals.
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