Tearsheet

Public Storage (PSA)

Market Price (4/15/2026): $304.0 | Market Cap: $53.3 Bil
Sector: Real Estate | Industry: Self-Storage REITs

Public Storage (PSA)

Market Price (4/15/2026): $304.0
Market Cap: $53.3 Bil
Sector: Real Estate
Industry: Self-Storage REITs

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 66%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 60%, CFO LTM is 3.2 Bil, FCF LTM is 2.9 Bil

Attractive yield
FCF Yield is 5.4%

Low stock price volatility
Vol 12M is 22%

Megatrend and thematic drivers
Megatrends include Smart Buildings & Proptech, and Sustainable & Green Buildings. Themes include Building Management Systems, Real Estate Data Analytics, Show more.

Trading close to highs
Dist 52W High is -1.2%

Weak multi-year price returns
2Y Excs Rtn is -21%, 3Y Excs Rtn is -59%

Expensive valuation multiples
P/SPrice/Sales ratio is 11x

Key risks
PSA key risks include [1] persistent occupancy declines driven by soft consumer demand and [2] regulatory drag from rent caps spreading to new markets.

0	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 66%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 60%, CFO LTM is 3.2 Bil, FCF LTM is 2.9 Bil
1	Attractive yield FCF Yield is 5.4%
2	Low stock price volatility Vol 12M is 22%
3	Megatrend and thematic drivers Megatrends include Smart Buildings & Proptech, and Sustainable & Green Buildings. Themes include Building Management Systems, Real Estate Data Analytics, Show more.
4	Trading close to highs Dist 52W High is -1.2%
5	Weak multi-year price returns 2Y Excs Rtn is -21%, 3Y Excs Rtn is -59%
6	Expensive valuation multiples P/SPrice/Sales ratio is 11x
7	Key risks PSA key risks include [1] persistent occupancy declines driven by soft consumer demand and [2] regulatory drag from rent caps spreading to new markets.

Valuation, Metrics & Events

	4/15/26	2025	2024	2023	2022
Share Price CYE	$304.00	$299.29	$290.06	$302.14	$390.28
Market Cap CYE ($ Bil)	53.3	52.5	51.0	53.0	68.4
Total Debt ($ Bil)	10.3	9.4	9.1	6.9	7.4
Total Cash ($ Bil)	0.3	0.3	0.3	0.7	0.9
Enterprise Value ($ Bil)	63.3	61.9	60.1	59.9	75.8
Valuation Ratios
P/S TTM	11.1	11.1	11.1	12.3	18.9
P/EBIT TTM	25.5	23.0	21.3	11.7	31.6
P/E TTM	29.9	26.6	23.8	12.2	33.6
P/FCF TTM	18.4	18.8	18.6	19.6	29.0
Sector Ratios
P/S TTM (Sector)	5.6	5.2	5.0	5.3	7.3
P/EBIT TTM (Sector)	15.4	16.3	15.5	14.8	20.6
P/E TTM (Sector)	23.5	26.0	23.8	22.3	33.3
P/FCF TTM (Sector)	14.2	14.1	13.9	13.7	20.1

	4/15/26	2025	2024
Share Price CYE	$304.00	$299.29	$290.06
Market Cap CYE ($ Bil)	53.3	52.5	51.0
Total Debt ($ Bil)	10.3	9.4	9.1
Total Cash ($ Bil)	0.3	0.3	0.3
Enterprise Value ($ Bil)	63.3	61.9	60.1
Valuation Ratios
P/S TTM	11.1	11.1	11.1
P/EBIT TTM	25.5	23.0	21.3
P/E TTM	29.9	26.6	23.8
P/FCF TTM	18.4	18.8	18.6
Sector Ratios
P/S TTM (Sector)	5.6	5.2	5.0
P/EBIT TTM (Sector)	15.4	16.3	15.5
P/E TTM (Sector)	23.5	26.0	23.8
P/FCF TTM (Sector)	14.2	14.1	13.9

	PSA	S&P 500
REVENUE GROWTH	POOR
Rev LTM ($ Bil)	4.8
Rev Chg Q	3.3%	7.5%
Rev Chg LTM	2.7%	6.8%
Rev Chg 3Y Avg	4.9%	5.7%
PROFITABILITY	VERY GOOD
Op Inc LTM ($ Bil)	2.3
CFO LTM ($ Bil)	3.2
Net Inc LTM ($ Bil)	1.8
Op Mgn LTM	46.8%	18.6%
CFO/Rev LTM	66.1%	20.6%
Net Inc Mgn	37.0%	12.8%
VALUATION	VERY HIGH
P/S	11.1	3.3
P/CFO	16.7	15.5
P/FCF	18.4	20.1
P/E	29.9	24.3

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Metric	Value	Date	Source
Number of Self-Storage Facilities	3491	9302025	Link
Total Net Rentable Square Feet	254 million	9302025	Link
Number of Customers	approximately 2 million	5082024	Link
Weighted Average Square Foot Occupancy	92.6%	7312025	Link
Realized Annual Rental Income per Occupied Square Foot	$22.50	7312025	Link
Market Share	5.5%	3092025	Link

Upcoming
4/29/2026	Earnings Release	Rev: $1.0 Bil (E) EPS: $2.42 (E)

Price Chart

Return (1M):

Why The Stock Moved

Qualitative Assessment

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Public Storage (PSA) stock has gained about 20% since 12/31/2025 because of the following key factors:

1. Public Storage reported strong fourth-quarter 2025 earnings that significantly exceeded analyst expectations, driving positive investor sentiment. The company announced an Earnings Per Share (EPS) of $4.26 for Q4 2025 on February 13, 2026, surpassing analysts' consensus estimate of $3.18 by 33.96%. Additionally, Core Funds From Operations (FFO) per share increased by 1.2% year-over-year to $4.26 for the quarter. This financial outperformance signaled operational strength.

2. The announcement of Public Storage's acquisition of National Storage Affiliates (NSA) for approximately $5.7 billion fueled growth expectations and market consolidation. This significant stock deal, reported around March 16, 2026, positioned Public Storage for further expansion and was perceived as a move to create substantial value for stakeholders.

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Stock Movement Drivers

Fundamental Drivers

The 18.3% change in PSA stock from 12/31/2025 to 4/14/2026 was primarily driven by a 25.5% change in the company's P/E Multiple.

(LTM values as of)	12312025	4142026	Change
Stock Price ($)	256.89	304.00	18.3%
Change Contribution By:
Total Revenues ($ Mil)	4,786	4,824	0.8%
Net Income Margin (%)	39.5%	37.0%	-6.4%
P/E Multiple	23.8	29.9	25.5%
Shares Outstanding (Mil)	175	175	0.0%
Cumulative Contribution			18.3%

LTM = Last Twelve Months as of date shown

Market Drivers

12/31/2025 to 4/14/2026

	Return	Correlation
PSA	18.3%
Market (SPY)	-5.4%	31.0%
Sector (XLRE)	7.6%	72.8%

Fundamental Drivers

The 7.5% change in PSA stock from 9/30/2025 to 4/14/2026 was primarily driven by a 9.1% change in the company's P/E Multiple.

(LTM values as of)	9302025	4142026	Change
Stock Price ($)	282.82	304.00	7.5%
Change Contribution By:
Total Revenues ($ Mil)	4,749	4,824	1.6%
Net Income Margin (%)	38.1%	37.0%	-3.0%
P/E Multiple	27.4	29.9	9.1%
Shares Outstanding (Mil)	175	175	0.0%
Cumulative Contribution			7.5%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2025 to 4/14/2026

	Return	Correlation
PSA	7.5%
Market (SPY)	-2.9%	21.7%
Sector (XLRE)	4.2%	67.1%

Fundamental Drivers

The 5.9% change in PSA stock from 3/31/2025 to 4/14/2026 was primarily driven by a 23.1% change in the company's P/E Multiple.

(LTM values as of)	3312025	4142026	Change
Stock Price ($)	287.14	304.00	5.9%
Change Contribution By:
Total Revenues ($ Mil)	4,696	4,824	2.7%
Net Income Margin (%)	44.1%	37.0%	-16.2%
P/E Multiple	24.3	29.9	23.1%
Shares Outstanding (Mil)	175	175	-0.2%
Cumulative Contribution			5.9%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2025 to 4/14/2026

	Return	Correlation
PSA	5.9%
Market (SPY)	16.3%	38.8%
Sector (XLRE)	6.7%	76.1%

Fundamental Drivers

The 13.8% change in PSA stock from 3/31/2023 to 4/14/2026 was primarily driven by a 177.5% change in the company's P/E Multiple.

(LTM values as of)	3312023	4142026	Change
Stock Price ($)	267.23	304.00	13.8%
Change Contribution By:
Total Revenues ($ Mil)	4,182	4,824	15.3%
Net Income Margin (%)	104.0%	37.0%	-64.4%
P/E Multiple	10.8	29.9	177.5%
Shares Outstanding (Mil)	175	175	-0.1%
Cumulative Contribution			13.8%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2023 to 4/14/2026

	Return	Correlation
PSA	13.8%
Market (SPY)	63.3%	32.9%
Sector (XLRE)	28.0%	77.0%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
PSA Return	67%	-20%	14%	2%	-10%	15%	60%
Peers Return	83%	-30%	19%	-4%	-17%	17%	43%
S&P 500 Return	27%	-19%	24%	23%	16%	-0%	81%
Monthly Win Rates [3]
PSA Win Rate	75%	33%	42%	67%	33%	75%
Peers Win Rate	77%	31%	44%	54%	25%	75%
S&P 500 Win Rate	75%	42%	67%	75%	67%	50%
Max Drawdowns [4]
PSA Max Drawdown	-7%	-22%	-12%	-15%	-10%	-0%
Peers Max Drawdown	-5%	-38%	-20%	-15%	-20%	-5%
S&P 500 Max Drawdown	-1%	-25%	-1%	-2%	-15%	-7%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: EXR, CUBE, NSA, 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 4/14/2026 (YTD)

How Low Can It Go

Unique Key	Event	PSA	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-43.3%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	76.4%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-31.0%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	45.0%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	200 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-22.8%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	29.6%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	488 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-58.3%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	139.9%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	782 days	1,480 days

Compare to EXR, CUBE, NSA, UHAL

In The Past

Public Storage's stock fell -43.3% during the 2022 Inflation Shock from a high on 4/20/2022. A -43.3% loss requires a 76.4% gain to breakeven.

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About Public Storage (PSA)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Public Storage, a member of the S&P 500 and FT Global 500, is a REIT that primarily acquires, develops, owns and operates self-storage facilities. At September 30, 2020, we had: (i) interests in 2,504 self-storage facilities located in 38 states with approximately 171 million net rentable square feet in the United States, (ii) an approximate 35% common equity interest in Shurgard Self Storage SA (Euronext Brussels:SHUR) which owned 239 self-storage facilities located in seven Western European nations with approximately 13 million net rentable square feet operated under the Shurgard brand and (iii) an approximate 42% common equity interest in PS Business Parks, Inc. (NYSE:PSB) which owned and operated approximately 28 million rentable square feet of commercial space at September 30, 2020. Our headquarters are located in Glendale, California.

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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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Here are the key risks to Public Storage's business:

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.
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.
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.

Interactive Breakdown

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Better Bets vs. Public Storage (PSA)

INDUSTRY: Self-Storage REITs

Higher Rev Chg 3Y Avg | Lower P/S (Values for PSA: 4.9% | 11.1x)

EXR (21.3% | 8.9x)

Extra Space Storage

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for PSA: 4.9% | 23.6x)

EXR (21.3% | 20.1x)

Extra Space Storage

Higher Rev Chg LTM (Value for PSA: 2.7%)

EXR (3.7%)

Extra Space Storage

Higher Rev Chg 3Y Avg (Value for PSA: 4.9%)

EXR (21.3%)

Extra Space Storage

Higher Total Yield (Value for PSA: 3.3%)

EXR (7.8%)

Extra Space Storage

NSA (7.6%)

National Storage Affiliates Trust

SECTOR: Real Estate

Higher Rev Chg 3Y Avg | Lower P/S (Values for PSA: 4.9% | 11.1x)

DLR (9.4% | 11.0x)

Digital Realty Trust

SPG (6.4% | 10.4x)

Simon Property

O (20.6% | 10.1x)

Realty Income

CBRE (9.7% | 1.1x)

CBRE

VTR (12.3% | 6.9x)

Ventas

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for PSA: 4.9% | 23.6x)

SPG (6.4% | 20.8x)

Simon Property

O (20.6% | 21.9x)

Realty Income

VICI (16.5% | 8.3x)

VICI Properties

EXR (21.3% | 20.1x)

Extra Space Storage

INVH (6.9% | 21.6x)

Invitation Homes

Higher Rev Chg LTM (Value for PSA: 2.7%)

WELL (35.8%)

Welltower

DLR (10.0%)

Digital Realty Trust

PLD (7.2%)

Prologis

EQIX (5.4%)

Equinix

AMT (5.1%)

American Tower

Higher Rev Chg 3Y Avg (Value for PSA: 4.9%)

WELL (23.1%)

Welltower

PLD (14.6%)

Prologis

DLR (9.4%)

Digital Realty Trust

EQIX (8.3%)

Equinix

SPG (6.4%)

Simon Property

Higher Op Mgn LTM (Value for PSA: 46.8%)

VICI (91.2%)

VICI Properties

SBAC (55.2%)

SBA Communications

WPC (50.8%)

W.P. Carey

SPG (49.9%)

Simon Property

CCI (48.9%)

Crown Castle

Higher CFO/Rev LTM (Value for PSA: 66.1%)

WPC (74.7%)

W.P. Carey

OHI (73.8%)

Omega Healthcare Investors

CCI (71.7%)

Crown Castle

GLPI (70.8%)

Gaming and Leisure Properties

O (68.7%)

Realty Income

Higher FCF/Rev LTM (Value for PSA: 60.1%)

WPC (74.7%)

W.P. Carey

OHI (73.8%)

Omega Healthcare Investors

O (68.7%)

Realty Income

CCI (67.4%)

Crown Castle

VICI (62.6%)

VICI Properties

Higher Total Yield (Value for PSA: 3.3%)

VICI (15.3%)

VICI Properties

SPG (7.7%)

Simon Property

AMT (6.9%)

American Tower

O (6.8%)

Realty Income

CCI (6.7%)

Crown Castle

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for PSA: 4.9% | 11.1x)

GOOGL (12.5% | 10.0x)

Alphabet

MSFT (14.4% | 9.6x)

Microsoft

AMZN (11.7% | 3.7x)

Amazon.com

META (19.9% | 8.3x)

Meta Platforms

BRK-B (27.0% | 2.5x)

Berkshire Hathaway

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for PSA: 4.9% | 23.6x)

MSFT (14.4% | 20.5x)

Microsoft

META (19.9% | 20.1x)

Meta Platforms

V (11.1% | 21.5x)

Visa

MU (45.3% | 18.6x)

Micron Technology

ORCL (10.2% | 22.7x)

Oracle

Higher Rev Chg LTM (Value for PSA: 2.7%)

NVDA (65.5%)

NVIDIA

MSFT (16.7%)

Microsoft

GOOGL (15.1%)

Alphabet

AMZN (12.4%)

Amazon.com

AAPL (10.1%)

Apple

Higher Rev Chg 3Y Avg (Value for PSA: 4.9%)

NVDA (101.8%)

NVIDIA

AVGO (26.2%)

Broadcom

MSFT (14.4%)

Microsoft

GOOGL (12.5%)

Alphabet

AMZN (11.7%)

Amazon.com

Higher Op Mgn LTM (Value for PSA: 46.8%)

V (67.0%)

Visa

NVDA (60.4%)

NVIDIA

MA (59.5%)

Mastercard

SCCO (52.2%)

Southern Copper

MU (48.4%)

Micron Technology

Higher CFO/Rev LTM (Value for PSA: 66.1%)

IBKR (154.7%)

Interactive Brokers

RY (91.5%)

Royal Bank of Canada

STT (85.2%)

State Street

FNV (81.9%)

Franco-Nevada

APP (68.4%)

AppLovin

Higher FCF/Rev LTM (Value for PSA: 60.1%)

RY (88.3%)

Royal Bank of Canada

STT (77.6%)

State Street

APP (68.4%)

AppLovin

CME (64.3%)

CME

MFC (60.6%)

Manulife Financial

Higher Total Yield (Value for PSA: 3.3%)

BRK-B (6.5%)

Berkshire Hathaway

MSFT (4.9%)

Microsoft

META (3.9%)

Meta Platforms

GOOGL (3.5%)

Alphabet

AAPL (3.5%)

Apple

Best Bets in Real Estate

What You Pay

P/EBIT (Value for PSA: 25.5x)

CTRE (23.8x)

CareTrust REIT

WPC (19.8x)

W.P. Carey

NNN (14.0x)

NNN REIT

OHI (16.1x)

Omega Healthcare Investors

EPRT (17.8x)

Essential Properties Realty Trust

EPR (10.6x)

EPR Properties

GLPI (10.8x)

Gaming and Leisure Properties

FCPT (16.1x)

Four Corners Property Trust

VICI (8.3x)

VICI Properties

EXR (17.6x)

Extra Space Storage

P/E (Value for PSA: 29.9x)

CTRE (27.4x)

CareTrust REIT

WPC (33.9x)

W.P. Carey

NNN (21.4x)

NNN REIT

OHI (22.9x)

Omega Healthcare Investors

EPRT (25.5x)

Essential Properties Realty Trust

EPR (15.5x)

EPR Properties

GLPI (16.0x)

Gaming and Leisure Properties

FCPT (23.6x)

Four Corners Property Trust

VICI (10.9x)

VICI Properties

EXR (30.7x)

Extra Space Storage

What You Get

Rev Chg 3Y Avg (Value for PSA: 4.9%)

CTRE (27.6%)

CareTrust REIT

WPC (5.7%)

W.P. Carey

NNN (6.2%)

NNN REIT

OHI (10.7%)

Omega Healthcare Investors

EPRT (25.1%)

Essential Properties Realty Trust

EPR (3.4%)

EPR Properties

GLPI (6.8%)

Gaming and Leisure Properties

FCPT (9.7%)

Four Corners Property Trust

VICI (16.5%)

VICI Properties

EXR (21.3%)

Extra Space Storage

Rev Chg LTM (Value for PSA: 2.7%)

CTRE (61.8%)

CareTrust REIT

WPC (8.4%)

W.P. Carey

NNN (6.6%)

NNN REIT

OHI (13.2%)

Omega Healthcare Investors

EPRT (24.8%)

Essential Properties Realty Trust

EPR (5.0%)

EPR Properties

GLPI (4.1%)

Gaming and Leisure Properties

FCPT (9.7%)

Four Corners Property Trust

VICI (4.1%)

VICI Properties

EXR (3.7%)

Extra Space Storage

Rev Chg Q (Value for PSA: 3.3%)

CTRE (72.8%)

CareTrust REIT

WPC (9.4%)

W.P. Carey

NNN (9.1%)

NNN REIT

OHI (14.3%)

Omega Healthcare Investors

EPRT (25.2%)

Essential Properties Realty Trust

EPR (5.7%)

EPR Properties

GLPI (4.5%)

Gaming and Leisure Properties

FCPT (10.7%)

Four Corners Property Trust

VICI (3.8%)

VICI Properties

EXR (4.3%)

Extra Space Storage

FCF/Rev 3Y Avg (Value for PSA: 59.8%)

CTRE (92.8%)

CareTrust REIT

WPC (84.0%)

W.P. Carey

NNN (73.0%)

NNN REIT

OHI (70.0%)

Omega Healthcare Investors

EPRT (69.1%)

Essential Properties Realty Trust

EPR (63.9%)

EPR Properties

GLPI (62.0%)

Gaming and Leisure Properties

FCPT (61.7%)

Four Corners Property Trust

VICI (61.5%)

VICI Properties

EXR (55.2%)

Extra Space Storage

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 9.6%, alpha of 3.1%, and sharpe of 0.44

Latest Trefis Analyses

	Title	Date
0	DASHBOARDS
1	Public Storage Stock In Shambles: Down 9.5% With 8-Day Losing Streak	03/20/2026
2	Public Storage Stock Slides 9.4% With A 7-Day Losing Spree	03/19/2026
3	Public Storage Stock 6-Day Losing Spree: Stock Falls 6.6%	03/18/2026
4	Public Storage Stock In Shambles: Down 5.4% With 6-Day Losing Streak	03/17/2026
5	Public Storage Earnings Notes	12/25/2025
6	Public Storage Stock Plummets 5.8% With 5-Day Losing Streak	12/20/2025
7	Day 9 of Loss Streak for Public Storage Stock with -9.9% Return (vs. -5% YTD) [11/4/2025]	11/05/2025
8	Day 9 of Loss Streak for Public Storage Stock with -11% Return (vs. -5% YTD) [11/4/2025]	11/05/2025
9	Day 8 of Loss Streak for Public Storage Stock with -11% Return (vs. -4.4% YTD) [11/3/2025]	11/04/2025
10	ARTICLES
11	Public Storage Stock 8-Day Losing Spree: Stock Falls -9.5%	03/20/2026
12	Public Storage Stock Slides -9.4% With A 7-Day Losing Spree	03/19/2026
13	Public Storage Stock Slides -6.6% With A 6-Day Losing Spree	03/18/2026
14	Public Storage Stock Slides -5.4% With A 6-Day Losing Spree	03/17/2026
15	Public Storage Stock Plummets -5.8% With 5-Day Losing Streak	12/20/2025

	Title
0	DASHBOARDS
1	Public Storage Stock In Shambles: Down 9.5% With 8-Day Losing Streak
2	Public Storage Stock Slides 9.4% With A 7-Day Losing Spree
3	Public Storage Stock 6-Day Losing Spree: Stock Falls 6.6%
4	Public Storage Stock In Shambles: Down 5.4% With 6-Day Losing Streak
5	Public Storage Earnings Notes
6	Public Storage Stock Plummets 5.8% With 5-Day Losing Streak
7	Day 9 of Loss Streak for Public Storage Stock with -9.9% Return (vs. -5% YTD) [11/4/2025]
8	Day 9 of Loss Streak for Public Storage Stock with -11% Return (vs. -5% YTD) [11/4/2025]
9	Day 8 of Loss Streak for Public Storage Stock with -11% Return (vs. -4.4% YTD) [11/3/2025]
10	ARTICLES
11	Public Storage Stock 8-Day Losing Spree: Stock Falls -9.5%
12	Public Storage Stock Slides -9.4% With A 7-Day Losing Spree
13	Public Storage Stock Slides -6.6% With A 6-Day Losing Spree
14	Public Storage Stock Slides -5.4% With A 6-Day Losing Spree
15	Public Storage Stock Plummets -5.8% With 5-Day Losing Streak

Trade Ideas

Select ideas related to PSA.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
SBAC_3272026_Dip_Buyer_FCFYield	03272026	SBAC	SBA Communications	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	3.0%	3.0%	0.0%
HIW_3132026_Dip_Buyer_ValueBuy	03132026	HIW	Highwoods Properties	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	-0.2%	-0.2%	-4.1%
ARE_3062026_Insider_Buying_GTE_1Mil_EBITp+DE_V2	03062026	ARE	Alexandria Real Estate Equities	Insider	Insider Buys \| Low D/EStrong Insider Buying Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap	-7.1%	-7.1%	-7.8%
VNO_3062026_Insider_Buying_GTE_1Mil_EBITp+DE_V2	03062026	VNO	Vornado Realty Trust	Insider	Insider Buys \| Low D/EStrong Insider Buying Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap	-3.5%	-3.5%	-8.3%
KRC_2272026_Dip_Buyer_ValueBuy	02272026	KRC	Kilroy Realty	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	-3.6%	-3.6%	-5.4%
PSA_10312023_Dip_Buyer_FCFYield	10312023	PSA	Public Storage	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	11.0%	46.5%	0.0%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
AVNS	Avanos Medical	1.1	69.5%	119.3%
TVTX	Travere Therapeutics	3.8	37.2%	10.3%
BE	Bloom Energy	57.8	24.0%	152.1%
IONQ	IonQ	12.4	20.2%	-20.3%
CRDO	Credo Technology	29.1	18.7%	10.9%
MGTX	MeiraGTx	0.9	17.2%	42.0%
JBLU	JetBlue Airways	2.1	16.9%	23.1%
QBTS	D-Wave Quantum	6.0	15.8%	-35.1%
REPL	Replimune	0.2	14.7%	-79.9%
APLD	Applied Digital	8.7	14.0%	28.3%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ALLO	Allogene Therapeutics	0.5	-25.5%	66.4%
KMX	CarMax	6.1	-15.1%	7.8%
FSLY	Fastly	3.2	-14.0%	105.8%
REPX	Riley Exploration Permian	0.7	-13.4%	34.0%
ASTS	AST SpaceMobile	25.2	-10.5%	21.9%
STAA	Staar Surgical	1.2	-9.0%	5.8%
POET	POET Technologies	0.6	-8.1%	6.0%
DOCN	DigitalOcean	6.7	-8.0%	52.6%
BKSY	BlackSky Technology	1.1	-7.9%	70.9%
WTI	W&T Offshore	0.4	-7.9%	72.4%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
AVNS	Avanos Medical	1.1	79.9%	119.3%
CAR	Avis Budget	14.5	61.3%	220.7%
BE	Bloom Energy	57.8	61.2%	152.1%
RVMD	Revolution Medicines	28.6	52.7%	84.6%
CRDO	Credo Technology	29.1	49.4%	10.9%
LWLG	Lightwave Logic	1.7	48.8%	277.2%
AXTI	AXT	3.0	48.0%	311.6%
AEHR	Aehr Test Systems	2.2	48.0%	268.4%
ALAB	Astera Labs	28.9	43.4%	2.5%
OGN	Organon	2.3	42.2%	21.6%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
REPL	Replimune	0.2	-75.0%	-79.9%
FSLY	Fastly	3.2	-33.7%	105.8%
BETR	Better Home & Finance	0.5	-22.5%	6.7%
AKAM	Akamai Technologies	12.8	-22.0%	1.8%
TBN	Tamboran Resources	0.7	-21.8%	30.2%
VG	Venture Global	30.6	-21.8%	83.7%
SMPL	Simply Good Foods	1.1	-21.2%	-43.3%
OKTA	Okta	11.4	-19.2%	-25.9%
KOS	Kosmos Energy	1.2	-17.5%	175.5%
NET	Cloudflare	62.7	-17.4%	-9.4%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
XLO	Xilio Therapeutics	0.6	1584.0%	-4.2%
CAR	Avis Budget	14.5	308.7%	220.7%
SATL	Satellogic	1.0	145.8%	290.4%
APLS	Apellis Pharmaceuticals	5.2	115.7%	62.6%
AEHR	Aehr Test Systems	2.2	108.5%	268.4%
KOD	Kodiak Sciences	2.4	94.4%	61.2%
AVNS	Avanos Medical	1.1	79.9%	119.3%
HTZ	Hertz Global	2.2	79.7%	36.0%
KODK	Eastman Kodak	1.2	77.8%	46.5%
CBIO	Crescent Biopharma	0.6	74.6%	64.6%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
REPL	Replimune	0.2	-72.7%	-79.9%
VRDN	Viridian Therapeutics	1.4	-47.0%	-51.2%
MAZE	Maze Therapeutics	1.3	-44.9%	-33.2%
WVE	WAVE Life Sciences	1.3	-43.2%	-56.5%
BUR	Burford Capital	1.0	-40.5%	-47.2%
TE	T1 Energy	0.8	-36.2%	-27.2%
FRMI	Fermi	3.1	-33.7%	-34.0%
ADMA	ADMA Biologics	2.5	-30.8%	-42.5%
FIG	Figma	9.5	-29.2%	-50.7%
SAIL	SailPoint	6.2	-28.0%	-45.0%

Peer Comparisons

Peers to compare with:

Financials

	PSA	EXR	CUBE	NSA	UHAL	Median
Name	Public S.	Extra Sp.	CubeSmart	National.	U-Haul
Mkt Price	304.00	141.43	39.61	42.44	51.84	51.84
Mkt Cap	53.3	29.9	9.1	3.3	10.2	10.2
Rev LTM	4,824	3,378	1,123	753	6,000	3,378
Op Inc LTM	2,260	1,489	449	279	613	613
FCF LTM	2,897	1,829	609	299	-1,603	609
FCF 3Y Avg	2,797	1,694	617	333	-1,728	617
CFO LTM	3,186	1,850	609	339	1,589	1,589
CFO 3Y Avg	3,187	1,713	617	381	1,504	1,504

Growth & Margins

	PSA	EXR	CUBE	NSA	UHAL	Median
Name	Public S.	Extra Sp.	CubeSmart	National.	U-Haul
Rev Chg LTM	2.7%	3.7%	5.3%	-2.3%	5.4%	3.7%
Rev Chg 3Y Avg	4.9%	21.3%	3.6%	-1.8%	0.8%	3.6%
Rev Chg Q	3.3%	4.3%	5.6%	-1.6%	1.9%	3.3%
QoQ Delta Rev Chg LTM	0.8%	1.1%	1.4%	-0.4%	0.5%	0.8%
Op Mgn LTM	46.8%	44.1%	40.0%	37.0%	10.2%	40.0%
Op Mgn 3Y Avg	48.4%	45.1%	44.2%	38.3%	15.5%	44.2%
QoQ Delta Op Mgn LTM	-0.1%	0.6%	-1.7%	-0.1%	-1.5%	-0.1%
CFO/Rev LTM	66.1%	54.8%	54.2%	45.0%	26.5%	54.2%
CFO/Rev 3Y Avg	68.2%	55.8%	57.2%	47.9%	25.9%	55.8%
FCF/Rev LTM	60.1%	54.2%	54.2%	39.7%	-26.7%	54.2%
FCF/Rev 3Y Avg	59.8%	55.2%	57.2%	41.8%	-29.8%	55.2%

Valuation

	PSA	EXR	CUBE	NSA	UHAL	Median
Name	Public S.	Extra Sp.	CubeSmart	National.	U-Haul
Mkt Cap	53.3	29.9	9.1	3.3	10.2	10.2
P/S	11.1	8.9	8.1	4.3	1.7	8.1
P/EBIT	25.5	17.6	20.3	11.6	20.3	20.3
P/E	29.9	30.7	27.1	44.3	79.0	30.7
P/CFO	16.7	16.2	14.9	9.6	6.4	14.9
Total Yield	3.3%	7.8%	8.9%	7.6%	1.6%	7.6%
Dividend Yield	0.0%	4.6%	5.3%	5.4%	0.3%	4.6%
FCF Yield 3Y Avg	5.6%	5.5%	6.6%	12.0%	-14.1%	5.6%
D/E	0.2	0.5	0.4	1.0	0.8	0.5
Net D/E	0.2	0.5	0.4	1.0	0.6	0.5

Returns

	PSA	EXR	CUBE	NSA	UHAL	Median
Name	Public S.	Extra Sp.	CubeSmart	National.	U-Haul
1M Rtn	2.1%	0.0%	4.0%	37.2%	13.0%	4.0%
3M Rtn	9.7%	1.8%	6.5%	35.3%	-7.1%	6.5%
6M Rtn	2.8%	-2.0%	-0.3%	40.2%	-7.3%	-0.3%
12M Rtn	9.7%	7.5%	9.2%	29.6%	-14.6%	9.2%
3Y Rtn	18.4%	4.0%	-0.5%	30.7%	-13.9%	4.0%
1M Excs Rtn	-2.9%	-5.0%	-1.1%	32.1%	8.0%	-1.1%
3M Excs Rtn	10.1%	2.1%	6.2%	35.1%	-5.9%	6.2%
6M Excs Rtn	-0.9%	-4.3%	-2.6%	39.8%	-10.9%	-2.6%
12M Excs Rtn	-18.3%	-20.0%	-19.4%	3.4%	-47.1%	-19.4%
3Y Excs Rtn	-59.1%	-70.6%	-73.9%	-50.0%	-79.9%	-70.6%

Comparison Analyses

	Title
0	How Does Public Storage Stock Stack Up Against Its Peers?

FDIC Bank Data

Bank Capital

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Bank Deposits

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Bank Assets

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Bank Loans

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FDA Approved Drugs Data

Expand for Morenull

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2025	2024	2023	2022	2021	2020
Period End	12/31/2025	12/31/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020
Filing Date	2/12/2026	2/12/2026	2/24/2025	2/20/2024	2/21/2023	2/22/2022	2/24/2021
Key Financials
Total Revenue	4,824	4,824	4,696	4,518	4,182	3,416	2,915
Net Income	1,784	1,784	2,072	2,148	4,349	1,953	1,357
EPS	9.03	9.04	10.68	11.11	23.64	9.91	6.29
Growth Rates
Total Revenue Growth	2.7%	2.7%	3.9%	8.0%	22.4%	17.2%	2.1%
Net Income Growth	-13.9%	-13.9%	-3.6%	-50.6%	122.7%	43.9%	-10.7%
Margins
Net Income Margin	37.0%	37.0%	44.1%	47.6%	104.0%	57.2%	46.6%
Cash & Debt
Total Cash	318	318	447	370	775	735	258
Total Debt	10,254	10,254	9,353	9,103	6,871	7,475	2,545
Net Debt / (Cash)	9,936	9,936	8,906	8,733	6,096	6,741	2,287
Cash Flows
Net Cash from Operations	3,186	3,186	3,128	3,247	3,117	2,544	2,043
Free Cash from Operations	2,897	2,897	2,708	2,786	2,657	2,273	1,873
Returns to Shareholders
Dividends	2,303	2,303	2,302	2,305	3,908	1,589	1,606
Share Repurchases	-0	-0	200	-0	-0	1,175	1,220

$ Mil \| FY: 12/31	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1
Period End	12/31/2025	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023
Filing Date	2/12/2026	10/29/2025	7/30/2025	4/30/2025	2/24/2025	10/30/2024	7/30/2024	4/30/2024	2/20/2024	10/30/2023	8/2/2023	5/3/2023
Key Financials Quarterly
Total Revenue	1,216	1,224	1,201	1,183	1,177	1,188	1,173	1,157	1,160	1,144	1,120	1,094
Net Income	507	511	358	408	615	430	518	509	439	613	578	518
EPS	2.60	2.63	1.76	2.04	3.22	2.17	2.67	2.61	2.22	3.21	3.01	2.67
Key Financials TTM
Total Revenue TTM	4,824	4,786	4,749	4,722	4,696	4,678	4,634	4,581	4,518	4,446	4,391	4,303
Net Income TTM	1,784	1,892	1,811	1,971	2,072	1,897	2,080	2,140	2,148	2,121	4,277	4,353
Growth Rates Quarterly
Total Revenue Growth	3.3%	3.1%	2.4%	2.2%	1.5%	3.8%	4.8%	5.8%	6.6%	5.1%	8.5%	12.4%
Net Income Growth	-17.5%	18.8%	-30.8%	-19.9%	39.9%	-29.8%	-10.4%	-1.7%	6.5%	-77.9%	-11.6%	0.7%
Margins Quarterly
Net Income Margin	41.7%	41.8%	29.8%	34.5%	52.2%	36.2%	44.2%	44.0%	37.9%	53.6%	51.6%	47.3%
Cash & Debt
Total Cash	318	296	1,105	287	447	599	542	272	370	630	652	695
Total Debt	10,254	10,043	10,440	9,425	9,353	9,474	9,401	9,068	9,103	9,030	6,894	6,899
Net Debt / (Cash)	9,936	9,746	9,336	9,137	8,906	8,875	8,858	8,796	8,733	8,400	6,243	6,204
Cash Flows Quarterly
FCF from Operations	734	875	873	705	769	799	895	666	792	876	882	697
Cash Flows TTM
FCF from Operations TTM	3,186	3,221	3,145	3,168	3,128	3,151	3,228	3,215	3,247	3,191	3,243	3,158
Returns to Shareholders Quarterly
Dividends	576	576	576	576	576	575	575	577	576	576	576	576
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	11.1%	11.3%	11.5%	11.1%	11.5%	11.6%	11.7%	11.0%	11.7%	12.7%	14.5%	13.7%
Return on Invested Capital (ROIC) TTM
ROIC TTM	11.1%	11.1%	11.2%	11.3%	11.4%	11.4%	11.7%	11.9%	12.1%	12.7%	14.2%	13.8%

Segment Financials

Revenue by Segment

$ Mil	2025	2024	2023	2022	2021
Self-Storage Operations	4,260	3,946	3,204	2,722	2,685
Ancillary Operations	258	236	212	193	171
Total	4,518	4,182	3,416	2,915	2,855

Operating Income by Segment

$ Mil	2025	2024	2023	2022	2021
Self-Storage Operations	3,198	2,966	2,352	1,914	1,922
Ancillary Operations	172	163	144	134	120
General and administrative	-81	-72	-101	-83	-62
Depreciation and amortization	-970	-888	-713	-553	-513
Total	2,319	2,169	1,681	1,411	1,467

Net Income by Segment

$ Mil	2025	2024	2023	2022	2021
Self-Storage Operations	2,228
Total	2,228

Price Behavior

Price Behavior

Market Price	$304.00
Market Cap ($ Bil)	53.3
First Trading Date	11/18/1980
Distance from 52W High	-1.2%
	50 Days	200 Days
DMA Price	$288.92	$279.62
DMA Trend	indeterminate	up
Distance from DMA	5.2%	8.7%
	3M	1YR
Volatility	26.3%	22.2%
Downside Capture	-0.17	0.12
Upside Capture	17.37	28.97
Correlation (SPY)	25.3%	24.0%

PSA Betas & Captures as of 3/31/2026

	1M	2M	3M	6M	1Y	3Y
Beta	0.69	0.47	0.65	0.39	0.48	0.50
Up Beta	-0.50	-0.10	0.32	0.27	0.53	0.47
Down Beta	0.71	1.14	1.27	0.71	0.49	0.38
Up Capture	4%	29%	58%	18%	25%	23%
Bmk +ve Days	7	16	27	65	139	424
Stock +ve Days	7	19	31	59	119	379
Down Capture	119%	34%	25%	38%	59%	85%
Bmk -ve Days	12	23	33	58	110	323
Stock -ve Days	15	23	32	67	133	369

[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	14.0%	22.3%	0.51	-
Sector ETF (XLRE)	16.4%	13.9%	0.86	73.8%
Equity (SPY)	24.2%	12.9%	1.49	25.2%
Gold (GLD)	53.4%	27.6%	1.55	17.7%
Commodities (DBC)	26.8%	16.2%	1.47	1.2%
Real Estate (VNQ)	18.7%	13.8%	1.00	73.3%
Bitcoin (BTCUSD)	-6.8%	42.9%	-0.05	15.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with PSA
PSA	9.2%	23.6%	0.35	-
Sector ETF (XLRE)	4.7%	19.0%	0.15	77.4%
Equity (SPY)	11.1%	17.0%	0.50	42.9%
Gold (GLD)	22.5%	17.8%	1.03	17.6%
Commodities (DBC)	11.7%	18.8%	0.51	10.4%
Real Estate (VNQ)	3.9%	18.8%	0.11	76.2%
Bitcoin (BTCUSD)	5.8%	56.5%	0.32	13.3%

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	5.7%	23.4%	0.24	-
Sector ETF (XLRE)	6.6%	20.4%	0.28	74.4%
Equity (SPY)	14.0%	17.9%	0.67	43.3%
Gold (GLD)	14.3%	15.9%	0.75	14.8%
Commodities (DBC)	8.8%	17.6%	0.42	10.1%
Real Estate (VNQ)	5.4%	20.7%	0.23	72.7%
Bitcoin (BTCUSD)	67.7%	66.9%	1.07	10.0%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date	3312026
Short Interest: Shares Quantity	6.8 Mil
Short Interest: % Change Since 3152026	32.6%
Average Daily Volume	1.6 Mil
Days-to-Cover Short Interest	4.2 days
Basic Shares Quantity	175.5 Mil
Short % of Basic Shares	3.9%

Returns Analyses

	Title
0	Is Public Storage Stock Built to Withstand More Downside?
1	Public Storage Stock Return Comparison
2	[10/2/2021] Public Storage (PSA) Stock Price Forecast: AI Forecasts PSA Stock Price To Be Around $299 In A Month (Up 0.8%)
3	Public Storage Total Shareholder Return (TSR): -25.2% in 2022 and 9.6% 3-yr returns (below peer average)

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
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%
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%
...
SUMMARY STATS
# Positive	10	13	13
# Negative	11	8	8
Median Positive	1.8%	2.7%	3.4%
Median Negative	-2.0%	-3.3%	-3.8%
Max Positive	3.2%	6.3%	12.0%
Max Negative	-8.0%	-12.5%	-6.7%

	Forward Returns
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%
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%
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	10	13	13
# Negative	11	8	8
Median Positive	1.8%	2.7%	3.4%
Median Negative	-2.0%	-3.3%	-3.8%
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
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

Recent Forward Guidance [BETA]

Latest: Q4 2025 Earnings Reported 2/12/2026

Forward Guidance				Guidance Change
Metric	Low	Mid	High	% Chg	% Delta	Change	Prior
2026 Same Store Revenue Growth	-2.2%	-1.1%	0.0%		-1.1%	Lowered	Actual: 0.0% for 2025
2026 Same Store Expense Growth	1.5%	2.15%	2.8%	-6.5%	-0.2%	Lowered	Actual: 2.3% for 2025
2026 Same Store Net Operating Income Growth	-3.9%	-2.2%	-0.5%	214.3%	-1.5%	Lowered	Actual: -0.7% for 2025
2026 Non-Same Store Net Operating Income	335.00 Mil	345.00 Mil	355.00 Mil	-28.1%		Lowered	Actual: 480.00 Mil for 2025
2026 Core FFO per share	16.4	16.7	17	-1.0%		Lowered	Actual: 16.9 for 2025

Prior: Q3 2025 Earnings Reported 10/29/2025

Forward Guidance				Guidance Change
Metric	Low	Mid	High	% Chg	% Delta	Change	Prior
2025 Revenue Growth	-0.3%	0.0%	0.3%		0.2%	Raised	Guidance: -0.25% for 2025
2025 Expense Growth	1.8%	2.3%	2.8%	-13.2%	-0.4%	Lowered	Guidance: 2.65% for 2025
2025 Net Operating Income Growth	-1.2%	-0.7%	-0.2%	39.1%	0.4%	Raised	Guidance: -1.15% for 2025
2025 Non-Same Store Net Operating Income	475.00 Mil	480.00 Mil	485.00 Mil	2.1%		Raised	Guidance: 470.00 Mil for 2025
2025 Ancillary Net Operating Income	195.00 Mil	197.50 Mil	200.00 Mil	-2.5%		Lowered	Guidance: 202.50 Mil for 2025
2025 Core General and Administrative Expense	91.00 Mil	94.00 Mil	97.00 Mil	0.0%		Affirmed	Guidance: 94.00 Mil for 2025
2025 Interest Expense		305.00 Mil		0.3%		Raised	Guidance: 304.00 Mil for 2025
2025 Preferred Dividends		195.00 Mil		0.0%		Affirmed	Guidance: 195.00 Mil for 2025
2025 Development Openings		370.00 Mil		0.0%		Affirmed	Guidance: 370.00 Mil for 2025
2025 Maintenance of real estate facilities		175.00 Mil		16.7%		Raised	Guidance: 150.00 Mil for 2025
2025 Energy efficiencies		75.00 Mil		50.0%		Raised	Guidance: 50.00 Mil for 2025
2025 Core FFO per share	16.7	16.9	17	0.7%		Raised	Guidance: 16.7 for 2025
2025 Core FFO per share growth	0.2%	1.1%	2.0%	214.3%	0.8%	Raised	Guidance: 0.35% for 2025
2026 Incremental Non-Same Store NOI		130.00 Mil		18.2%		Raised	Guidance: 110.00 Mil for 2026

Insider Activity

Expand for More

#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Petherbridge, Luke J		Direct	Buy	8082025	284.25	700	198,975	198,975	Form

PSA Trade Sentinel

Stock Conviction

null

CONVICTION RATIONALE

null

STOCK ARCHETYPE

null

INVESTMENT THESIS

null

Mechanism: null

Supporting Evidence:

PRIMARY RISK

null

Mechanism: null

Supporting Evidence:

Key KPI Watchlist

KPI	Threshold	Rationale

Core Investment Debate

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Next 6 months: Risks and Catalysts

Timeline	Event & Metric To Watch

Key Events in Last 6 Months

Date	Event	Stock Impact

Risk Management

Position Sizing

null

Diversification Alternatives

How Is The Market Pricing PSA?

What will confirm the thesis

What will damage the thesis

Noise: Real but irrelevant to thesis

Repricing Catalyst

What PSA Makes & Who Pays

TTM figures based on

PSA Evolution: Price Return by Era

① Structure

② Volume / Momentum

③ Catalyst

Combined Score

0 / 12

1 Price Structure & Trend · ▾

2 Momentum ▾

3 Relative Strength vs. SPY ▾

4 Institutional Footprint & Volume ▾

5 Volatility ▾

6 Key Price Levels Range · Vol ▾

7 Earnings Reaction History ▾

8 How the Verdict Is Derived Three Pillars ▾

Pillar	Score
① Structure	0
② Vol / Mom	0
③ Catalyst	0

ℹ Bull Pillars: 0 · Bear Pillars: 0 · Combined Score: 0 →

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Public Storage (PSA)

Market Price (4/15/2026): $304.0 | Market Cap: $53.3 BilSector: Real Estate | Industry: Self-Storage REITs

Public Storage (PSA)

Market Price (4/15/2026): $304.0Market Cap: $53.3 BilSector: Real EstateIndustry: Self-Storage REITs

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About Public Storage (PSA)

Rising Interest Rates and Capital Costs

Weakening Demand, Increased Competition, and Market Saturation

Economic Downturns and Shifting Consumer Behavior

Self-Storage Market in the United States

Self-Storage Market in Europe

Commercial Real Estate Market in the United States

Share Repurchases

Outbound Investments

Capital Expenditures

Interactive Breakdown

Better Bets vs. Public Storage (PSA)

INDUSTRY: Self-Storage REITs

Higher Rev Chg 3Y Avg | Lower P/S (Values for PSA: 4.9% | 11.1x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for PSA: 4.9% | 23.6x)

Higher Rev Chg LTM (Value for PSA: 2.7%)

Higher Rev Chg 3Y Avg (Value for PSA: 4.9%)

Higher Total Yield (Value for PSA: 3.3%)

SECTOR: Real Estate

Higher Rev Chg 3Y Avg | Lower P/S (Values for PSA: 4.9% | 11.1x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for PSA: 4.9% | 23.6x)

Higher Rev Chg LTM (Value for PSA: 2.7%)

Higher Rev Chg 3Y Avg (Value for PSA: 4.9%)

Higher Op Mgn LTM (Value for PSA: 46.8%)

Higher CFO/Rev LTM (Value for PSA: 66.1%)

Higher FCF/Rev LTM (Value for PSA: 60.1%)

Higher Total Yield (Value for PSA: 3.3%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for PSA: 4.9% | 11.1x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for PSA: 4.9% | 23.6x)

Higher Rev Chg LTM (Value for PSA: 2.7%)

Higher Rev Chg 3Y Avg (Value for PSA: 4.9%)

Higher Op Mgn LTM (Value for PSA: 46.8%)

Higher CFO/Rev LTM (Value for PSA: 66.1%)

Higher FCF/Rev LTM (Value for PSA: 60.1%)

Higher Total Yield (Value for PSA: 3.3%)

Best Bets in Real Estate

P/EBIT (Value for PSA: 25.5x)

P/E (Value for PSA: 29.9x)

Rev Chg 3Y Avg (Value for PSA: 4.9%)

Rev Chg LTM (Value for PSA: 2.7%)

Rev Chg Q (Value for PSA: 3.3%)

FCF/Rev 3Y Avg (Value for PSA: 59.8%)

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Market Price (4/15/2026): $304.0 | Market Cap: $53.3 Bil
Sector: Real Estate | Industry: Self-Storage REITs

Market Price (4/15/2026): $304.0
Market Cap: $53.3 Bil
Sector: Real Estate
Industry: Self-Storage REITs