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Public Storage is the largest owner of self-storage facilities in the US with more than 3,000 self-storage facilities in 40 states and approximately 218 million square feet of rentable space. Through equity interests, it also has exposure to the European self-storage market through Shurgard Self Storage. The company also has a merchandise business, a third-party property management business, and an insurance business that offers products to cover losses for the goods in self-storage facilities.

In early June, the Bank of Canada lowered its benchmark interest rate by 25 basis points to 4.75%, its first downward move in four years and with the central bank noting the following. "With continued evidence that underlying inflation is easing, Governing Council agreed that monetary policy no longer needs to be as restrictive." Consumer price inflation in Canada decelerated to 2.7% in April, below the central bank's forecast of 2.9%, though still above their 2% target. Policymakers have said that inflation easing likely will be uneven due to global tensions, a greater-than-expected rise in housing prices, and wage growth that is outpacing productivity. The central bank still sees price inflation staying near 3% until mid-2024, before gradually easing. The Canadian economy added 27,000 jobs in May, yet unemployment still rose to 6.2%. Meanwhile, Canada's GDP grew by a slower-than-forecasted 1.7% in the first quarter (after growth of only 1% in the fourth quarter). The consensus of Canadian economists is that there will be another rate cut in July, though uncertainty remains as to how many additional rate cuts will occur by the end of 2024. We believe that select companies in our Canadian coverage continue to offer investment opportunities.

The Vickers Top Insider Picks is a daily report that utilizes a proprietary algorithm to identify 25 companies with compelling insider purchase histories based on transactions over the past three months.

The Vickers Top Insider Picks is a daily report that utilizes a proprietary algorithm to identify 25 companies with compelling insider purchase histories based on transactions over the past three months.