Public Storage (PSA)
Market Price (9/5/2026): $302.03 | Market Cap: $53.0 BilSector: Real Estate | Industry: Self-Storage REITs
Public Storage (PSA)
Market Price (9/5/2026): $302.03Market Cap: $53.0 BilSector: Real EstateIndustry: Self-Storage REITs
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.2%, Dividend Yield is 4.3%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.9%, FCF Yield is 5.4% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 65%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 59%, CFO LTM is 3.2 Bil, FCF LTM is 2.9 Bil Low stock price volatilityVol 12M is 23% Megatrend and thematic driversMegatrends include Smart Buildings & Proptech, and Sustainable & Green Buildings. Themes include Building Management Systems, Real Estate Data Analytics, Show more. | Weak multi-year price returns2Y Excs Rtn is -42%, 3Y Excs Rtn is -50% | Expensive valuation multiplesP/SPrice/Sales ratio is 11x Key risksPSA key risks include [1] persistent occupancy declines driven by soft consumer demand and [2] regulatory drag from rent caps spreading to new markets. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.2%, Dividend Yield is 4.3%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.9%, FCF Yield is 5.4% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 65%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 59%, CFO LTM is 3.2 Bil, FCF LTM is 2.9 Bil |
| Low stock price volatilityVol 12M is 23% |
| Megatrend and thematic driversMegatrends include Smart Buildings & Proptech, and Sustainable & Green Buildings. Themes include Building Management Systems, Real Estate Data Analytics, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -42%, 3Y Excs Rtn is -50% |
| Expensive valuation multiplesP/SPrice/Sales ratio is 11x |
| Key risksPSA key risks include [1] persistent occupancy declines driven by soft consumer demand and [2] regulatory drag from rent caps spreading to new markets. |
Qualitative Assessment
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Public Storage (PSA) stock has remained largely at the same level since 5/31/2026 because of the following key factors:
1. Mixed Fiscal Q2 2026 Earnings Performance. Public Storage reported mixed results for fiscal Q2 2026, which ended June 30, 2026. The company's Core Funds From Operations (FFO) per share of $4.17 significantly surpassed analyst estimates of $2.54, representing a 64% beat. However, total revenue came in at approximately $1.01 billion, falling short of analyst forecasts of $1.23 billion. This combination of strong FFO but a revenue miss created a balanced outlook for investors, contributing to the stock's relatively stable movement.
2. Strategic Acquisitions Counterbalanced by Integration Considerations. During the specified period, Public Storage completed two major acquisitions. The $10.5 billion acquisition of National Storage Affiliates Trust closed on July 22, 2026, expanding the company's portfolio to over 4,500 locations. Additionally, the acquisition of Public Storage Canada was completed on September 1, 2026. While these strategic moves are expected to be accretive to long-term growth and drive high single-digit Net Operating Income (NOI) growth, market participants likely weighed these future benefits against the short-term integration costs and the capital deployment associated with such large-scale transactions.
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Public Storage (PSA) stock has remained largely at the same level since 5/31/2026 because of the following key factors:
1. Mixed Fiscal Q2 2026 Earnings Performance. Public Storage reported mixed results for fiscal Q2 2026, which ended June 30, 2026. The company's Core Funds From Operations (FFO) per share of $4.17 significantly surpassed analyst estimates of $2.54, representing a 64% beat. However, total revenue came in at approximately $1.01 billion, falling short of analyst forecasts of $1.23 billion. This combination of strong FFO but a revenue miss created a balanced outlook for investors, contributing to the stock's relatively stable movement.
2. Strategic Acquisitions Counterbalanced by Integration Considerations. During the specified period, Public Storage completed two major acquisitions. The $10.5 billion acquisition of National Storage Affiliates Trust closed on July 22, 2026, expanding the company's portfolio to over 4,500 locations. Additionally, the acquisition of Public Storage Canada was completed on September 1, 2026. While these strategic moves are expected to be accretive to long-term growth and drive high single-digit Net Operating Income (NOI) growth, market participants likely weighed these future benefits against the short-term integration costs and the capital deployment associated with such large-scale transactions.
3. Stabilizing but Softening Self-Storage Market Fundamentals. The broader self-storage industry experienced a period of stabilization in fiscal Q2 2026, with national occupancy rising to 78.1% (up 1.4 points from Q1) and average 10x10 move-in rates climbing 4.6% quarter-over-quarter. However, this improvement was largely driven by fewer move-outs rather than robust new demand, and national advertised rates declined by 1.6% year-over-year in July. This mixed environment, indicating a fragile recovery and ongoing pricing pressures in certain markets, likely prevented a significant upward trajectory for Public Storage's stock.
4. Broader REIT Sector Headwinds from Interest Rate Environment. The broader Real Estate Investment Trust (REIT) sector faced "renewed interest-rate pressure" during the fiscal Q2 2026 earnings season. Rising U.S. Treasury yields, which generally lead to increased financing costs for REITs, typically exert downward pressure on the sector. The median implied capitalization rate for U.S. equity REITs also increased by 6 basis points sequentially in fiscal Q2 2026, reaching 7.8%. These macroeconomic factors likely dampened overall investor enthusiasm for REITs, including Public Storage, despite some positive company-specific developments.
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Stock Movement Drivers
Fundamental Drivers
The 0.4% change in PSA stock from 5/31/2026 to 9/4/2026 was primarily driven by a 6.7% change in the company's Net Income Margin (%).| (LTM values as of) | 5312026 | 9042026 | Change |
|---|---|---|---|
| Stock Price ($) | 300.89 | 302.01 | 0.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,859 | 4,890 | 0.7% |
| Net Income Margin (%) | 39.2% | 41.8% | 6.7% |
| P/E Multiple | 27.8 | 25.9 | -6.6% |
| Shares Outstanding (Mil) | 176 | 176 | 0.0% |
| Cumulative Contribution | 0.4% |
Market Drivers
5/31/2026 to 9/4/2026| Return | Correlation | |
|---|---|---|
| PSA | 0.4% | |
| Market (SPY) | 1.8% | -8.7% |
| Sector (XLRE) | -0.1% | 72.6% |
Fundamental Drivers
The 0.3% change in PSA stock from 2/28/2026 to 9/4/2026 was primarily driven by a 13.0% change in the company's Net Income Margin (%).| (LTM values as of) | 2282026 | 9042026 | Change |
|---|---|---|---|
| Stock Price ($) | 301.17 | 302.01 | 0.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,824 | 4,890 | 1.4% |
| Net Income Margin (%) | 37.0% | 41.8% | 13.0% |
| P/E Multiple | 29.6 | 25.9 | -12.4% |
| Shares Outstanding (Mil) | 175 | 176 | -0.1% |
| Cumulative Contribution | 0.3% |
Market Drivers
2/28/2026 to 9/4/2026| Return | Correlation | |
|---|---|---|
| PSA | 0.3% | |
| Market (SPY) | 12.6% | 26.2% |
| Sector (XLRE) | 0.9% | 75.5% |
Fundamental Drivers
The 6.8% change in PSA stock from 8/31/2025 to 9/4/2026 was primarily driven by a 9.6% change in the company's Net Income Margin (%).| (LTM values as of) | 8312025 | 9042026 | Change |
|---|---|---|---|
| Stock Price ($) | 282.85 | 302.01 | 6.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,749 | 4,890 | 3.0% |
| Net Income Margin (%) | 38.1% | 41.8% | 9.6% |
| P/E Multiple | 27.4 | 25.9 | -5.3% |
| Shares Outstanding (Mil) | 175 | 176 | -0.1% |
| Cumulative Contribution | 6.8% |
Market Drivers
8/31/2025 to 9/4/2026| Return | Correlation | |
|---|---|---|
| PSA | 6.8% | |
| Market (SPY) | 20.4% | 21.3% |
| Sector (XLRE) | 6.5% | 71.7% |
Fundamental Drivers
The 23.4% change in PSA stock from 8/31/2023 to 9/4/2026 was primarily driven by a 158.3% change in the company's P/E Multiple.| (LTM values as of) | 8312023 | 9042026 | Change |
|---|---|---|---|
| Stock Price ($) | 244.75 | 302.01 | 23.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,391 | 4,890 | 11.4% |
| Net Income Margin (%) | 97.4% | 41.8% | -57.1% |
| P/E Multiple | 10.0 | 25.9 | 158.3% |
| Shares Outstanding (Mil) | 175 | 176 | 0.0% |
| Cumulative Contribution | 23.4% |
Market Drivers
8/31/2023 to 9/4/2026| Return | Correlation | |
|---|---|---|
| PSA | 23.4% | |
| Market (SPY) | 77.1% | 32.4% |
| Sector (XLRE) | 30.3% | 79.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| PSA Return | 67% | -20% | 14% | 2% | -10% | 20% | 67% |
| Peers Return | 79% | -25% | 18% | -4% | -16% | 20% | 53% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| PSA Win Rate | 75% | 33% | 42% | 67% | 33% | 67% | |
| Peers Win Rate | 75% | 33% | 44% | 53% | 22% | 63% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 56% | |
Max Drawdowns [4] | |||||||
| PSA Max Drawdown | -10% | -31% | -23% | -20% | -16% | -14% | |
| Peers Max Drawdown | -14% | -35% | -32% | -20% | -24% | -19% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: EXR, CUBE, UHAL. See PSA Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/4/2026 (YTD)
How Low Can It Go
| Event | PSA | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -18.1% | -9.5% |
| % Gain to Breakeven | 22.1% | 10.5% |
| Time to Breakeven | 50 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -18.2% | -24.5% |
| % Gain to Breakeven | 22.3% | 32.4% |
| Time to Breakeven | 675 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -25.9% | -33.7% |
| % Gain to Breakeven | 34.9% | 50.9% |
| Time to Breakeven | 170 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -10.6% | -3.7% |
| % Gain to Breakeven | 11.8% | 3.9% |
| Time to Breakeven | 44 days | 6 days |
| 2013 Taper Tantrum | ||
| % Loss | -10.8% | -0.2% |
| % Gain to Breakeven | 12.1% | 0.2% |
| Time to Breakeven | 90 days | 1 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -17.2% | -17.9% |
| % Gain to Breakeven | 20.7% | 21.8% |
| Time to Breakeven | 22 days | 123 days |
In The Past
Public Storage's stock fell -9.6% during the 2025 US Tariff Shock. Such a loss loss requires a 10.6% gain to breakeven.
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Asset Allocation
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| Event | PSA | S&P 500 |
|---|---|---|
| 2020 COVID-19 Crash | ||
| % Loss | -25.9% | -33.7% |
| % Gain to Breakeven | 34.9% | 50.9% |
| Time to Breakeven | 170 days | 140 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -35.9% | -53.4% |
| % Gain to Breakeven | 56.0% | 114.4% |
| Time to Breakeven | 151 days | 1085 days |
In The Past
Public Storage's stock fell -9.6% during the 2025 US Tariff Shock. Such a loss loss requires a 10.6% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Public Storage (PSA)
Public Storage (PSA) is a prominent Real Estate Investment Trust (REIT) primarily engaged in the self-storage industry. The company's core business involves the acquisition, development, ownership, and operation of self-storage facilities. It offers a crucial service by renting secure storage units to a wide range of customers, including individuals seeking space during life transitions like moving or decluttering, and businesses requiring extra capacity for inventory, equipment, or records.
With a substantial footprint, Public Storage operates over 2,500 self-storage facilities across 38 states in the U.S., accounting for approximately 171 million net rentable square feet. Beyond its significant domestic operations, the company also holds strategic equity interests in other real estate ventures. This includes an approximate 35% common equity interest in Shurgard Self Storage SA, extending its self-storage presence into seven Western European nations, and an approximate 42% common equity interest in PS Business Parks, Inc., which owns and operates commercial space, further diversifying its real estate portfolio.
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- The Marriott of self-storage, renting rooms for your belongings instead of for people.
- Like an apartment landlord, but instead of renting homes for people, they rent secure units for your extra stuff.
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- Self-storage facility rentals: Public Storage provides individual storage units for rent to customers for personal or business use.
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Public Storage (PSA) primarily serves individuals and small businesses that require self-storage solutions. The company does not have major corporate customers purchasing its core storage services. Instead, its customer base can be categorized as follows:
- Residential Customers: This category includes individuals and families who need storage due to life events such as moving, renovating, downsizing, or those simply seeking to de-clutter their homes or store seasonal items, personal belongings, or hobby equipment.
- Small Business Customers: Small to medium-sized businesses utilize Public Storage facilities for various operational needs, including storing inventory, equipment, tools, documents, or archives. This provides them with flexible and often more cost-effective storage solutions compared to traditional commercial warehousing.
- Specialty Storage Users: This can encompass individuals or businesses requiring specific types of storage, such as climate-controlled units for sensitive items, or vehicle storage (e.g., cars, boats, RVs) where such options are available at Public Storage facilities.
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Tom Boyle, Chief Executive Officer
Tom Boyle will assume the role of Chief Executive Officer effective April 1, 2026. He joined Public Storage in 2016 and previously served as the Chief Financial and Investment Officer. Prior to Public Storage, Mr. Boyle held various positions at Morgan Stanley from 2005 to 2016, including Executive Director, Equity and Debt Capital Markets. In that role, he led a capital markets team for equity and debt financing for US real estate, lodging, and gaming companies, and notably led Public Storage transactions.
Joe Fisher, President, Chief Financial Officer
Joe Fisher was appointed President and Chief Financial Officer, effective February 16, 2026. He joined Public Storage in January 2026. Before joining Public Storage, Mr. Fisher served as President, Chief Financial and Investment Officer at UDR, Inc., an S&P 500 multifamily REIT, bringing over 20 years of experience in real estate operations, investment, development, and capital markets.
Natalia Johnson, President, Chief Digital & Transformation Officer
Natalia Johnson was promoted to President, Chief Digital & Transformation Officer, effective February 16, 2026. She joined Public Storage in January 2016. Her background includes extensive experience in various executive roles, including senior management positions at Bank of America, where she served as Human Resources Executive for the Mortgage Business and Chief Operating Officer for Mortgage Technology. Earlier in her career, she held management roles for Coca-Cola Andina and San Cristóbal Insurance in Argentina.
Chris Sambar, President, Chief Operating Officer
Chris Sambar was promoted to President, Chief Operating Officer, effective February 16, 2026. He joined Public Storage in October 2024. In his role, he will oversee the PS Advantage third-party management platform.
Ayash Basu, Chief Revenue and Marketing Officer
Ayash Basu joined Public Storage as Chief Revenue and Marketing Officer in January 2026. Prior to this, he was a Managing Director & Partner at the Boston Consulting Group. He is responsible for leading the company's revenue growth, go-to-market, and brand strategy.
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Rising Interest Rates and Capital Costs
Public Storage faces significant challenges from rising interest rates, which directly impact its profitability and debt servicing capabilities. The company has a substantial amount of debt and preferred equity, and while its fixed-charge coverage ratio has been healthy, increasing interest rates could pressure this ratio in the future, affecting its ability to refinance debt and maintain profitability. Rising interest rates also increase the cost of capital, potentially slowing transaction activity and impacting construction financing for new developments.
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Weakening Demand, Increased Competition, and Market Saturation
The post-COVID surge in demand for self-storage is subsiding, leading to increased competition, pricing pressures, and declining occupancy and move-in rates for Public Storage. The self-storage industry is highly fragmented, with numerous smaller operators contributing to a competitive environment that can lead to price competition and affect Public Storage's ability to maintain high occupancy levels and rental rates. This competitive landscape is resulting in lower same-store revenues and funds from operations (FFO) misses.
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Economic Downturns and Shifting Consumer Behavior
Public Storage's business is sensitive to broader economic conditions. Economic downturns, declining consumer confidence, and shifts in consumer behavior can lead to decreased demand for storage space, lower occupancy rates, and reduced rental income. Factors such as changes in employment patterns (e.g., increased remote work reducing the need for temporary storage), a slowdown in the housing market, and general shifts in consumer financial well-being can all negatively impact the need for self-storage services.
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On-demand/valet storage services (e.g., Clutter, MakeSpace) that offer pickup, storage, and re-delivery of items, eliminating the need for customers to visit a physical facility. Additionally, peer-to-peer storage platforms (e.g., Neighbor.com) that connect individuals with spare space to those needing storage, leveraging existing residential and commercial properties.
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The addressable market sizes for Public Storage's main products and services are as follows:
Self-Storage Market in the United States
The self-storage market in the United States is estimated to be approximately USD 45.34 billion in 2025, with projections to grow to USD 47.28 billion in 2026. This market is further anticipated to reach USD 57.79 billion by 2031, demonstrating a compound annual growth rate (CAGR) of 4.10% over the 2026-2031 period. Another source indicates the U.S. self-storage market was valued at USD 44 billion based on a five-year historical analysis. As of 2024, the U.S. self-storage industry was valued at approximately $44.3 billion.
Self-Storage Market in Europe
The self-storage market in Europe was valued at approximately USD 17.04 billion in 2024, with an estimated value of USD 17.96 billion in 2025. This market is projected to reach USD 27.29 billion by 2033, growing at a CAGR of 5.37% from 2025 to 2033. Another estimate indicates the European self-storage market reached USD 26.6 billion in 2024 and is projected to grow to USD 34.7 billion by 2033.
Commercial Real Estate Market in the United States
The United States Commercial Real Estate Market size is estimated at approximately USD 1.74 trillion in 2026, growing from a 2025 value of USD 1.7 trillion. Projections show this market reaching USD 1.97 trillion by 2031, expanding at a CAGR of 2.45% over the 2026-2031 period. Other estimates place the U.S. commercial real estate market size at USD 742.3 billion in 2025, projected to reach USD 995.6 billion by 2034.
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Public Storage (NYSE: PSA) is anticipated to drive future revenue growth over the next 2-3 years through a combination of strategic acquisitions, optimized pricing and occupancy leveraging advanced technology, expansion of its ancillary services, and potential tailwinds from favorable housing market trends.
Here are the key drivers:
- Strategic Acquisitions and New Facility Development: Public Storage consistently expands its portfolio through acquisitions and new developments. The company reported increasing its high-growth non-same-store pool to 705 properties and 63 million square feet, with non-same-store Net Operating Income (NOI) growing significantly. In 2025 alone, Public Storage acquired 87 facilities totaling 6.1 million square feet. The development pipeline includes 3.9 million square feet with more growth expected from these investments. This aggressive capital deployment and external expansion are expected to continue contributing to revenue growth.
- Optimized Pricing and Occupancy through Digital and AI Initiatives: Public Storage launched its PS4.0 strategic initiative, focusing on enhancing customer experience, improving margins, and leveraging digital capabilities. This includes deploying a robust omni-channel digital ecosystem and infusing AI to optimize conversion rates and costs. The company aims to sharpen capital deployment and operating decisions through analytics, improving pricing and occupancy management to offset market pressures. These technological advancements are designed to drive revenue and sustainable value creation.
- Growth in Ancillary Services: Public Storage is actively expanding its ancillary businesses, which include tenant insurance, third-party property management, and lending. The company has been accelerating growth in third-party property management, adding 132 properties and reaching a total of 324 properties under management. These expanding services provide additional revenue streams beyond traditional storage rentals.
- Favorable Housing Market Trends: Analysts anticipate that a stabilization in interest rates, potentially settling in the 3.25% to 3.50% range, could lead to a surge in housing turnover. Every home sale typically generates a need for self-storage, which could drive increased move-in volumes for Public Storage, a demand factor that has been subdued in recent years.
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Share Repurchases
- Public Storage executed annual share buybacks totaling $200 million in 2024.
- Between October 1, 2025, and February 12, 2026, the company did not repurchase any shares.
- As of March 2026, the current share buybacks for PSA stock amount to $0.00.
Outbound Investments
- In 2021, Public Storage acquired 106 self-storage facilities, encompassing 11.5 million net rentable square feet, for $2.3 billion.
- The company acquired Simply Self Storage in July 2023 for $2.2 billion.
- In 2025, Public Storage acquired 87 self-storage facilities with 6.1 million net rentable square feet for $945.6 million.
Capital Expenditures
- Public Storage's annual capital expenditures were $1.562 billion in 2025.
- In 2025, the company delivered new developments and completed expansion projects adding 2.1 million net rentable square feet at a cost of $408.9 million.
- As of December 31, 2025, Public Storage had facilities in development and expansion expected to add 3.5 million net rentable square feet at an estimated aggregate cost of $609.9 million, with remaining development costs of $415.6 million anticipated over the next 18 to 24 months.
Peer Outperformance in Self-Storage REITs
null| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care REITs | 14 | 17.9% | 61.4% | 59.2% | WELL 207% · CTRE 123% · DHC 121% |
| Retail REITs | 22 | 12.2% | 38.5% | 34.1% | IVT 1599% · SKT 163% · SPG 101% |
| Real Estate Development | 6 | -8.3% | 17.1% | 20.2% | JOE 49% · AXR 46% · FOR 37% |
| Other Specialized REITs | 11 | 7.9% | 21.6% | 13.5% | IRM 188% · LAMR 67% · EPR 66% |
| Hotel & Resort REITs | 16 | 27.8% | 27.6% | 5.3% | RHP 76% · HST 73% · DRH 54% |
| Industrial REITs | 11 | 16.5% | 20.9% | 3.0% | FR 25% · EGP 25% · PLD 14% |
| Diversified REITs | 12 | 10.1% | 29.6% | -7.3% | CTO 70% · WPC 20% · LXP 13% |
| Multi-Family Residential REITs | 13 | -4.2% | 4.0% | -18.2% | AIV 13% · ESS -1% · VMRK -7% |
| Single-Family Residential REITs | 4 | -2.3% | 2.6% | -19.5% | AMH -12% · ELS -19% · INVH -20% |
| Real Estate Services | 27 | -13.9% | -7.9% | -25.0% | REAX 867% · MDRR 567% · CHCI 272% |
| Office REITs | 18 | -4.9% | 18.8% | -28.3% | PSTL 61% · CDP 54% · SLG 10% |
| Telecom Tower REITs | 3 | -6.4% | -9.1% | -43.8% | AMT -32% · SBAC -44% · CCI -51% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 103.22 |
| Mkt Cap | 21.3 |
| Rev LTM | 4,168 |
| Op Inc LTM | 987 |
| FCF LTM | 1,235 |
| FCF 3Y Avg | 1,227 |
| CFO LTM | 1,864 |
| CFO 3Y Avg | 1,742 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 3.4% |
| Rev Chg 3Y Avg | 3.3% |
| Rev Chg Q | 2.9% |
| QoQ Delta Rev Chg LTM | 0.8% |
| Op Inc Chg LTM | -1.7% |
| Op Inc Chg 3Y Avg | 0.0% |
| Op Mgn LTM | 42.0% |
| Op Mgn 3Y Avg | 43.5% |
| QoQ Delta Op Mgn LTM | -0.2% |
| CFO/Rev LTM | 53.9% |
| CFO/Rev 3Y Avg | 56.3% |
| FCF/Rev LTM | 53.3% |
| FCF/Rev 3Y Avg | 55.9% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 21.3 |
| P/S | 8.2 |
| P/Op Inc | 21.7 |
| P/EBIT | 21.1 |
| P/E | 28.7 |
| P/CFO | 15.2 |
| Total Yield | 8.1% |
| Dividend Yield | 4.5% |
| FCF Yield 3Y Avg | 5.6% |
| D/E | 0.4 |
| Net D/E | 0.4 |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Self-Storage Operations | 4,489 | 4,396 | 4,260 | 3,946 | 3,204 |
| Ancillary Operations | 335 | 300 | 258 | 236 | 212 |
| Total | 4,824 | 4,696 | 4,518 | 4,182 | 3,416 |
| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Self-Storage Operations | 3,259 | 3,198 | 2,966 | 2,352 | 1,914 |
| Ancillary Operations | 178 | 172 | 163 | 144 | 134 |
| General and administrative | -107 | -81 | -72 | -83 | |
| Depreciation and amortization | -1,130 | -970 | -888 | -553 | |
| Total | 2,201 | 2,319 | 2,169 | 2,495 | 1,411 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2018 |
|---|---|---|---|---|---|
| Self-Storage Operations | 2,161 | 2,130 | 2,228 | 2,078 | 1,418 |
| Ancillary Operations | 113 | ||||
| Investment in PS Business Parks, Inc. (“PSB”) | 89 | ||||
| Investment in Shurgard | 166 | ||||
| Other Items Not Allocated to Segments | -69 | ||||
| Total | 2,161 | 2,130 | 2,228 | 2,078 | 1,717 |
Price Behavior
| Market Price | $302.01 | |
| Market Cap ($ Bil) | 53.0 | |
| First Trading Date | 11/18/1980 | |
| Distance from 52W High | -8.6% | |
| 50 Days | 200 Days | |
| DMA Price | $320.44 | $294.49 |
| DMA Trend | up | up |
| Distance from DMA | -5.8% | 2.6% |
| 3M | 1YR | |
| Volatility | 22.3% | 23.0% |
| Downside Capture | -2.85 | 25.01 |
| Upside Capture | -9.49 | 28.25 |
| Correlation (SPY) | -9.6% | 21.1% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.37 | -0.30 | -0.22 | 0.43 | 0.38 | 0.49 |
| Up Beta | 0.65 | -0.90 | -0.58 | 0.56 | 0.54 | 0.49 |
| Down Beta | 0.43 | 0.07 | 0.04 | 0.48 | 0.51 | 0.40 |
| Up Capture | -23% | -30% | -13% | 29% | 21% | 22% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 8 | 19 | 35 | 66 | 126 | 386 |
| Down Capture | 105% | 9% | -29% | 44% | 31% | 79% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 13 | 23 | 29 | 61 | 125 | 365 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PSA | |
|---|---|---|---|---|
| PSA | 7.7% | 23.0% | 0.25 | - |
| Sector ETF (XLRE) | 7.9% | 14.0% | 0.31 | 72.0% |
| Equity (SPY) | 19.7% | 12.8% | 1.13 | 21.2% |
| Gold (GLD) | 24.6% | 29.2% | 0.75 | 20.8% |
| Commodities (DBC) | 44.1% | 20.4% | 1.69 | -17.8% |
| Real Estate (VNQ) | 9.1% | 13.6% | 0.39 | 71.8% |
| Bitcoin (BTCUSD) | -26.9% | 43.8% | -0.59 | 9.9% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PSA | |
|---|---|---|---|---|
| PSA | 4.5% | 24.1% | 0.15 | - |
| Sector ETF (XLRE) | 1.9% | 19.2% | -0.00 | 77.7% |
| Equity (SPY) | 12.8% | 17.2% | 0.57 | 41.7% |
| Gold (GLD) | 19.1% | 18.8% | 0.82 | 17.2% |
| Commodities (DBC) | 10.7% | 19.5% | 0.43 | 5.3% |
| Real Estate (VNQ) | 1.7% | 18.9% | -0.01 | 76.5% |
| Bitcoin (BTCUSD) | 10.6% | 52.6% | 0.38 | 14.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PSA | |
|---|---|---|---|---|
| PSA | 7.7% | 23.5% | 0.31 | - |
| Sector ETF (XLRE) | 6.2% | 20.4% | 0.26 | 74.9% |
| Equity (SPY) | 15.3% | 17.9% | 0.72 | 43.2% |
| Gold (GLD) | 12.4% | 16.3% | 0.62 | 15.2% |
| Commodities (DBC) | 7.9% | 18.1% | 0.35 | 7.8% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.19 | 73.1% |
| Bitcoin (BTCUSD) | 64.0% | 66.2% | 1.04 | 9.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 8/31/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/29/2026 | -3.6% | -0.6% | -5.5% |
| 4/27/2026 | -2.7% | -3.3% | 0.4% |
| 2/12/2026 | 2.7% | 4.3% | 0.1% |
| 10/29/2025 | -2.9% | -3.5% | -6.2% |
| 7/30/2025 | -5.8% | -2.5% | 1.0% |
| 4/30/2025 | -0.1% | -0.2% | 2.7% |
| 2/24/2025 | 1.7% | 2.5% | -3.7% |
| 10/30/2024 | -2.0% | -3.1% | 3.6% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 14 | 16 |
| # Negative | 14 | 11 | 9 |
| Median Positive | 1.8% | 2.7% | 2.5% |
| Median Negative | -2.1% | -3.1% | -4.0% |
| Max Positive | 3.2% | 6.3% | 12.0% |
| Max Negative | -8.0% | -12.5% | -6.7% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/29/2026 | -3.6% | -0.6% | -5.5% |
| 4/27/2026 | -2.7% | -3.3% | 0.4% |
| 2/12/2026 | 2.7% | 4.3% | 0.1% |
| 10/29/2025 | -2.9% | -3.5% | -6.2% |
| 7/30/2025 | -5.8% | -2.5% | 1.0% |
| 4/30/2025 | -0.1% | -0.2% | 2.7% |
| 2/24/2025 | 1.7% | 2.5% | -3.7% |
| 10/30/2024 | -2.0% | -3.1% | 3.6% |
| 7/30/2024 | -2.8% | 2.7% | 12.0% |
| 4/30/2024 | 0.3% | 5.3% | 3.4% |
| 2/20/2024 | 1.6% | -1.6% | 0.3% |
| 10/30/2023 | -0.0% | 3.9% | 8.0% |
| 8/2/2023 | 2.9% | 2.7% | -0.9% |
| 5/3/2023 | 2.8% | 6.3% | 2.2% |
| 2/21/2023 | -2.2% | 0.0% | -3.7% |
| 11/1/2022 | -8.0% | -6.8% | -4.0% |
| 8/4/2022 | 0.2% | 4.8% | 0.7% |
| 5/3/2022 | -0.5% | -12.5% | -6.7% |
| 2/22/2022 | 3.2% | 4.8% | 8.1% |
| 11/1/2021 | 1.8% | -2.5% | -1.8% |
| 8/3/2021 | -1.0% | 0.5% | 6.5% |
| 4/28/2021 | 2.3% | 0.5% | 2.4% |
| 2/24/2021 | 0.3% | -4.8% | 0.3% |
| 11/4/2020 | -2.0% | 0.2% | -4.6% |
| 8/5/2020 | -0.5% | 0.7% | 8.1% |
| SUMMARY STATS | |||
| # Positive | 11 | 14 | 16 |
| # Negative | 14 | 11 | 9 |
| Median Positive | 1.8% | 2.7% | 2.5% |
| Median Negative | -2.1% | -3.1% | -4.0% |
| Max Positive | 3.2% | 6.3% | 12.0% |
| Max Negative | -8.0% | -12.5% | -6.7% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/29/2026 | 10-Q |
| 03/31/2026 | 04/27/2026 | 10-Q |
| 12/31/2025 | 02/12/2026 | 10-K |
| 09/30/2025 | 10/29/2025 | 10-Q |
| 06/30/2025 | 07/30/2025 | 10-Q |
| 03/31/2025 | 04/30/2025 | 10-Q |
| 12/31/2024 | 02/24/2025 | 10-K |
| 09/30/2024 | 10/30/2024 | 10-Q |
| 06/30/2024 | 07/30/2024 | 10-Q |
| 03/31/2024 | 04/30/2024 | 10-Q |
| 12/31/2023 | 02/20/2024 | 10-K |
| 09/30/2023 | 10/30/2023 | 10-Q |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 02/21/2023 | 10-K |
| 09/30/2022 | 11/01/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/29/2026 | 10-Q |
| 03/31/2026 | 04/27/2026 | 10-Q |
| 12/31/2025 | 02/12/2026 | 10-K |
| 09/30/2025 | 10/29/2025 | 10-Q |
| 06/30/2025 | 07/30/2025 | 10-Q |
| 03/31/2025 | 04/30/2025 | 10-Q |
| 12/31/2024 | 02/24/2025 | 10-K |
| 09/30/2024 | 10/30/2024 | 10-Q |
| 06/30/2024 | 07/30/2024 | 10-Q |
| 03/31/2024 | 04/30/2024 | 10-Q |
| 12/31/2023 | 02/20/2024 | 10-K |
| 09/30/2023 | 10/30/2023 | 10-Q |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 02/21/2023 | 10-K |
| 09/30/2022 | 11/01/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| 03/31/2022 | 05/03/2022 | 10-Q |
| 12/31/2021 | 02/22/2022 | 10-K |
| 09/30/2021 | 11/01/2021 | 10-Q |
| 06/30/2021 | 08/03/2021 | 10-Q |
| 03/31/2021 | 04/28/2021 | 10-Q |
| 12/31/2020 | 02/24/2021 | 10-K |
| 09/30/2020 | 11/04/2020 | 10-Q |
| 06/30/2020 | 08/05/2020 | 10-Q |
| 03/31/2020 | 04/30/2020 | 10-Q |
| 12/31/2019 | 02/25/2020 | 10-K |
| 09/30/2019 | 10/30/2019 | 10-Q |
Recent Forward Guidance
Updated 7/30/2026Latest: Q2 2026 Earnings Reported 7/29/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Same Store Revenue Growth | Reported | -0.7% | -0.2% | 0.3% | 0.9% | Raised | Guidance: -1.1% for 2026 | |
| 2026 Same Store Expense Growth | Reported | 2.0% | 2.5% | 3.0% | 0.4% | Raised | Guidance: 2.15% for 2026 | |
| 2026 Same Store Net Operating Income Growth | Reported | -2.0% | -1.15% | -0.3% | 1.0% | Raised | Guidance: -2.2% for 2026 | |
| 2026 Non-Same Store Net Operating Income | Reported | 343.00 Mil | 350.00 Mil | 357.00 Mil | 1.4% | Raised | Guidance: 345.00 Mil for 2026 | |
| 2026 Core FFO per share | Reported | 16.8 | 16.9 | 17.1 | 1.3% | Raised | Guidance: 16.7 for 2026 | |
| 2029 Run-rate synergies | Reported | 110.00 Mil | 120.00 Mil | 130.00 Mil | ||||
| 2029 Annualized FFO accretion | Reported | 0.35 | 0.42 | 0.5 | ||||
Prior: Q4 2025 Earnings Reported 2/12/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Same Store Revenue Growth | Reported | -2.2% | -1.1% | 0.0% | -1.1% | Lower New | Actual: 0.0% for 2025 | |
| 2026 Same Store Expense Growth | Reported | 1.5% | 2.15% | 2.8% | -0.2% | Lower New | Actual: 2.3% for 2025 | |
| 2026 Same Store Net Operating Income Growth | Reported | -3.9% | -2.2% | -0.5% | -1.5% | Lower New | Actual: -0.7% for 2025 | |
| 2026 Non-Same Store Net Operating Income | Reported | 335.00 Mil | 345.00 Mil | 355.00 Mil | -28.1% | Lower New | Actual: 480.00 Mil for 2025 | |
| 2026 Core FFO per share | Reported | 16.4 | 16.7 | 17 | -1.0% | Lower New | Actual: 16.9 for 2025 | |
Q4 2025 Earnings Reported 2/12/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Same Store Revenue Growth | Reported | -2.2% | -1.1% | 0.0% | -1.1% | Lower New | Actual: 0.0% for 2025 | |
| 2026 Same Store Expense Growth | Reported | 1.5% | 2.15% | 2.8% | -0.2% | Lower New | Actual: 2.3% for 2025 | |
| 2026 Same Store Net Operating Income Growth | Reported | -3.9% | -2.2% | -0.5% | -1.5% | Lower New | Actual: -0.7% for 2025 | |
| 2026 Non-Same Store Net Operating Income | Reported | 335.00 Mil | 345.00 Mil | 355.00 Mil | -28.1% | Lower New | Actual: 480.00 Mil for 2025 | |
| 2026 Core FFO per share | Reported | 16.4 | 16.7 | 17 | -1.0% | Lower New | Actual: 16.9 for 2025 | |
Q3 2025 Earnings Reported 10/29/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Expense Growth | Reported | 1.8% | 2.3% | 2.8% | -0.4% | Lowered | Guidance: 2.65% for 2025 | |
| 2025 Non-Same Store Net Operating Income | Reported | 475.00 Mil | 480.00 Mil | 485.00 Mil | 2.1% | Raised | Guidance: 470.00 Mil for 2025 | |
| 2025 Core General and Administrative Expense | Reported | 91.00 Mil | 94.00 Mil | 97.00 Mil | 0.0% | Affirmed | Guidance: 94.00 Mil for 2025 | |
| 2025 Preferred Dividends | Reported | 195.00 Mil | 0.0% | Affirmed | Guidance: 195.00 Mil for 2025 | |||
| 2025 Development Openings | Reported | 370.00 Mil | 0.0% | Affirmed | Guidance: 370.00 Mil for 2025 | |||
| 2025 Maintenance of real estate facilities | Reported | 175.00 Mil | 16.7% | Raised | Guidance: 150.00 Mil for 2025 | |||
| 2025 Energy efficiencies | Reported | 75.00 Mil | 50.0% | Raised | Guidance: 50.00 Mil for 2025 | |||
| 2025 Core FFO per share | Reported | 16.7 | 16.9 | 17 | 0.7% | Raised | Guidance: 16.7 for 2025 | |
| 2025 Core FFO per share growth | Reported | 0.2% | 1.1% | 2.0% | 0.8% | Raised | Guidance: 0.35% for 2025 | |
| 2025 Revenue Growth | Reported | -0.3% | 0.0% | 0.3% | 0.2% | Raised | Guidance: -0.25% for 2025 | |
| 2025 Net Operating Income Growth | Reported | -1.2% | -0.7% | -0.2% | 0.4% | Raised | Guidance: -1.15% for 2025 | |
| 2025 Ancillary Net Operating Income | Reported | 195.00 Mil | 197.50 Mil | 200.00 Mil | -2.5% | Lowered | Guidance: 202.50 Mil for 2025 | |
| 2025 Interest Expense | Reported | 305.00 Mil | 0.3% | Lowered | Guidance: 304.00 Mil for 2025 | |||
| 2026 Incremental Non-Same Store NOI | Reported | 130.00 Mil | 18.2% | Raised | Guidance: 110.00 Mil for 2026 | |||
Investor Activity (13F)
Updated Sep 5, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| B&I Capital AG | $20.2 Mil | 6.9% | 24 | ADD +90.8% | 13F |
| Lasalle Investment Management Securities LLC | $131.3 Mil | 5.2% | 48 | Hold | 13F |
| Seven Post Investment Office LP | $8.3 Mil | 2.7% | 36 | Hold | 13F |
| Sophron Capital Management L.P. | $7.8 Mil | 2.3% | 41 | TRIM -21.0% | 13F |
| Adelante Capital Management LLC | $11.2 Mil | 0.8% | 42 | ADD +10.0% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Lasalle Investment Management Securities LLC | $131.3 Mil | 5.2% | 48 | Hold | 13F |
| B&I Capital AG | $20.2 Mil | 6.9% | 24 | ADD +90.8% | 13F |
| Adelante Capital Management LLC | $11.2 Mil | 0.8% | 42 | ADD +10.0% | 13F |
| Seven Post Investment Office LP | $8.3 Mil | 2.7% | 36 | Hold | 13F |
| Sophron Capital Management L.P. | $7.8 Mil | 2.3% | 41 | TRIM -21.0% | 13F |
Industry Resources
| Real Estate Resources |
| The Real Deal |
| Commercial Observer |
| Inman |
| Self-Storage REITs Resources |
| Inside Self-Storage (ISS) |
| Mini-Storage Messenger |
| Self Storage Association |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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