Public Storage

Business picked up for Glendale-based Public Storage Inc. in the third quarter, and the company is looking to buy more properties to add to the 2,000 self-storage locations it operates in the United States, according to an announcement on Friday. The company, the largest self-storage firm in the world, increased profit and revenue compared with the same period last year, and saw the number of tenants at its units grow by a total of 15,000. President and Chief Executive Ronald Havner Jr. said that Public Storage will continue to offer special $1-a-month move-in deals to new customers, but that if trends continue it will restore normal pricing by the middle of 2011.

Robert Shaffer GLENDALE -- Residents of Glassell Park are appealing to the city of Los Angeles to force a Glendale company to tear down a building they say is destroying their view of the local hillsides. Residents of the community southeast of Forest Lawn Memorial-Park are appealing to the city's mayor-appointed board of building & safety commissioners to reconsider the permits allowing Public Storage, Inc. to keep the building erect. Public Storage, a Glendale-based company that runs more than 1,300 storage facilities in 37 states, is owned by Irshad Ul-Haque, president elect of the Glendale Chamber of Commerce.

Public Storage Inc. pursues merger Glendale-based Public Storage Inc. filed additional paperwork this week with the Securities and Exchange Commission in connection with its proposal to acquire Shurgard Storage Centers Inc. The materials, designed to show the value of the merger to Shurgard shareholders, are available on Public Storage's website at www.publicstorage.com under Corporate Information and at the SEC's website at http://www.sec.gov. Public Storage announced a proposal to merge with Shurgard in August, but Shurgard rejected the offer, in which Shurgard stock would be exchanged for 0.8 shares of Public Storage stocks.

Public Storage stock price on the rise Analysts are reporting a strong week for Glendale-based Public Storage, whose stock finished up 0.15% this week despite a 0.72% drop this week in the Dow Jones Industrial Average, which finished at $11,543. Public Storage, PSA, finished at $88.32 Friday, reaching a high for the week of $89.48 late Thursday. PSA fell sharply, 3.35%, early Tuesday before picking up steam after analysts listed the stock among a list of companies with strong future earning potential.

Nestle and O'Neal team up for camp Teens from around the country took on NBA superstar Shaquille O'Neal Saturday at the seventh annual Nestle Crunch Hotshots Camp. Shaq and Miami Heat teammate Dwayne Wade were at the camp to help battle the winners of Nestle Crunch Hot Shot 2005 Winners. The 12 winners flew to the basketball camp in Miami. Public Storage announces results Public Storage Inc. on Friday announced operating results for the quarter ending June 30. Net income for the period was $108 million compared to $92 million for the same period in 2004, representing an increase of 17.2% The increase was primarily due to improved operations from self-storage facilities and improved tenant operations.

More people are stashing furniture and files in rented storage units, boosting the fortunes of Glendale-based Public Storage Inc. Corporate officials reported Monday that business is picking up in nearly all U.S. markets, including Southern California, and that they plan to raise rates among existing customers this year as demand rebounds. The company, which steadily acquired properties in 2010, also plans to buy struggling rivals as slumping real estate prices drive a “forced acquisition pipeline our way,” Chief Executive Ronald Havner Jr. said.

Business picked up for Glendale-based Public Storage Inc. in the third quarter, and the company is looking to buy more properties to add to the 2,000 self-storage locations it operates in the United States, according to an announcement on Friday. The company, the largest self-storage firm in the world, increased profit and revenue compared with the same period last year, and saw the number of tenants at its units grow by a total of 15,000. President and Chief Executive Ronald Havner Jr. said that Public Storage will continue to offer special $1-a-month move-in deals to new customers, but that if trends continue it will restore normal pricing by the middle of 2011.

In an effort to help job seekers and entrepreneurs, Rep. Adam Schiff (D-Burbank) is sponsoring a Small Business Assistance and Career Opportunity Fair today at the Pasadena Convention Center. Representatives from seven local chambers of commerce, the Small Business Administration, the Verdugo Workforce Investment Board and dozens of other government or economic development agencies will be at the event. Morning seminars will include "Business Loans 101," "How Businesses Can Survive and Thrive in Tough Economic Times" and "How to Get a Job with the Federal Government.

Stock market hits local companies A roller coaster week on Wall Street, in which the Dow Jones Industrial Average set records for biggest single-day gains and losses, hit publicly traded companies based in Glendale that were unable to escape the financial turmoil. Public Storage, the Western Avenue company that provides personal cargo space, has been a traditional pillar of strength through some of the darkest moments during the fiscal decline. But its price dropped more than 9% this week to finish at $77.07 per share.

GLENDALE — The stock market plunged to its lowest point in four years Monday as global concerns about a worsening credit market precipitated a massive sell-off that afflicted local corporations unable to avoid the collapse. Economists said the morbid reality of bank collapses that has recently become commonplace in this country has now hit European financial institutions as bank-to-bank lending becomes tighter during the global fiscal meltdown. “That’s a symptom of banks’ lack of trust in one another and then the hoarding of cash,” said economist Edward Leamer, a professor at the UCLA Anderson School of Management.

GLENDALE — The U.S. House of Representatives delivered a rebuke to President George W. Bush on Monday in rejecting a $700 billion proposal to bail out struggling financial firms as a historic stock market collapse sent shock waves from Wall Street to Glendale. The 228-205 vote on the Bush-backed bill included nays from Democratic Reps. Adam Schiff and Brad Sherman and a yes vote from Republican Rep. David Dreier. “There was a great difference of opinion about the best way to deal with this,” Schiff said.