Amid 91201 Foreclosures, Public Storage Inc. Reports Strong Gains

storage-unit.jpgPublic Storage Inc., based in Glendale 91201, just reported a 500% increase in quarterly net income from one year ago (40 cents per share, vs. 8 cents per share last year). The stock climbed $4.53, or 5.7%, in morning trading yesterday, according to this AP report.

Located in an equestrian area of smaller homes (some of which I featured on this blog two days ago), the corporate headquarters of Public Storage sits on a corner with a view of Griffith Park.

While foreclosures mount and homeowners lose their homes, self-storage facilities are seeing a boom in many distressed areas. This ABC story filed Friday from the San Jose area quotes a storage facility owner who claims he no longer goes looking for business–it is coming to him.

Calculated Risk mentioned some of the sadder details of this increase in self-storage demand back in May of this year, quoting a NY Times article, which elicited quite a few comments. And Guz’s World published a post titled Downturn Stocks just last week, naming several stocks that should go up during the recent downturn, with Public Storage number two on the list.

Just a few blocks from Public Storage, here are three more homes listed on Redfin:

1604 Garden Street
$469,000

2 bed/1 bath
912 sq.ft.
$514 per sq.ft.
On Redfin 31 days

225 Winchester Ave
$619,000
(originally $659,000)
2 bed/1 bath
1,258 sq.ft.
$492 per sq.ft.
On Redfin 87 days

1519 Randall Street
$756,000
(originally $837,000)
4 bed/2 bath
2,182 sq.ft.
$346 per sq.ft.
On Redfin 105 days