Elliott Buys Stake in Public Storage, Takes Six Board Seats

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Activist investor Elliott Management Corp. held “constructive discussions” with Public Storage in recent weeks and nominated six directors to the board, the real estate investment trust said Sunday.

Elliott is seeking the board seats after buying a sizable stake in Public Storage, according to a person familiar with the matter. It’s unclear what Elliott’s plans are for the Glendale, California-based operator of storage facilities, the person said, asking not to be identified as the information isn’t yet public.

An Elliott official declined to comment. Public Storage didn’t elaborate beyond its statement, where it also announced three new board members.

Public Storage shares have gained just 3.3% this year, compared with a 13% increase in the S&P 500 Index. Still, it has outperformed the S&P index tracking 31 real estate stocks, which has fallen 6.7%.

Dow Jones first reported Elliott’s stake in Public Storage.

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