Elliott Management takes stake in Public Storage, nominates six directors - WSJ

• Paul Singer's Elliott Management has built a significant stake in Public Storage (NYSE:PSA) and privately nominated six directors to the self-storage REIT's 13-person board, the Wall Street Journal reports, citing people familiar with the matter.
• Representatives of Elliott and Public Storage have held multiple talks in recent weeks about changes that could be made at the company, they said.
• While the sources didn't tell the WSJ what kind of changes that Elliott is seeking, the firm may be concerned with PSA's stock performance. PSA's total return of 10% during the past year lags the S&P 500's 18% increase during the same period:
• The activist hedge fund submitted its nominations within the past few weeks, before the Dec. 12 deadline for such nominations.
• Earlier this year, Singer sought to oust Jack Dorsey as Twitter's CEO.
• Elliott's 13F filing for Q3 didn't include any PSA shares at the time. Other REIT holdings in the fund's portfolio as of Sept. 30 were: 250K shares of Digital Realty, 146K shares of Equinix, 1M shares of Invitation Homes, 20.5M shares of Uniti Group, and 400K shares of Welltower.