Former Chairman & Chief Executive Officer, Public Storage
Search every verified Ronald Jr. interview, podcast appearance, and on-the-record quote — each transcript cross-checked by AI and human review to confirm speaker identity. In a 2020 interview, Havner described the self-storage industry as "recession resistant, not recession proof," noting that while demand had degraded due to reduced moving and economic activity, fundamental drivers such as death, divorce, and children moving continued to support the business. He stated that the REIT model was validated in 2009 as a vehicle for consolidating commercial real estate, and he predicted another wave of private-to-public real estate consolidation. Havner also discussed Public Storage’s capital position, saying the company was sitting on $700 million in cash with no significant debt maturities and was awaiting opportunities to acquire assets as financial institutions cleansed their balance sheets. In a separate 2020 appearance, Havner commented on market efficiency, citing Warren Buffett's adage that "in the short run the market's a voting machine, in the long run it's a weighing machine," and argued that over the long term, cash flows dictate stock prices. He noted that Public Storage’s stock had risen from $29 per share in 2002 to $200 per share. Regarding Federal Reserve policy, Havner said that the central bank’s commitment to holding interest rates near zero until 2022, combined with large stimulus plans, represented "a flattener of economic activity, not a stimulant." He also recalled that Public Storage was the first REIT to issue preferred equity, in 1991, as a way to inject leverage into the company given REITs' limited ability to retain cash.
“we were the first read to issue preferred equity i think in 1991 and we did it because reits have limited ability to retain cash we have to distribute out 90 95 essentially 100 of our taxable income and so out of the depreciation which is the only way you can retain cash you've got to fund your principal payments your...”
“big picture when the federal reserve says interest rates are going to stay near zero until 2022 when europe and the us are looking at trillion dollar stimulus plans i would say it's going to be a while it's unprecedented for the federal reserve to say we're holding rates at zero for several years and that's a flattener...”
“we were the first read to issue preferred equity i think in 1991 and we did it because reits have limited ability to retain cash we have to distribute out 90 95 essentially 100 of our taxable income and so out of the depreciation which is the only way you can retain cash you've got to fund your principal payments your...”
“big picture when the federal reserve says interest rates are going to stay near zero until 2022 when europe and the us are looking at trillion dollar stimulus plans i would say it's going to be a while it's unprecedented for the federal reserve to say we're holding rates at zero for several years and that's a flattener...”
Ron Havner, Chairman of Public Storage, joins the Schack Institute for the third week of the Summer 2020 REIT Leadership ...
Public Storage's Ron Havner, Jr. describes steps his company has taken to navigate the recession.
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