Public Storage (PSA)
NYSE:PSA
Want to see PSA full AI Analyst Report?
Top Page
Public Storage
(NYSE:PSA)
Select Model
Select Model
Rating:73Outperform
Price Target:
$341.00
â–²(10.28% Upside)
Action:ReiteratedDate:04/28/26
PSA scores well on solid financial performance (strong profitability and cash generation, though with higher leverage and uneven recent FCF momentum) and constructive technical momentum (price above key moving averages with positive MACD). The latest earnings call adds support via steady FFO growth and strategic M&A synergies, tempered by unchanged guidance and near-term operating/integration headwinds. Valuation is mixed, with an attractive dividend yield but a relatively high P/E.
Positive Factors
Strong free cash flow generation
Public Storage's high-quality cash generation (TTM OCF ~$3.18B and FCF ~$3.06B) provides durable funding for dividends, development, acquisitions, and debt servicing. Reliable FCF close to net income supports long-term capital allocation and reduces dependence on external equity issuance.
Negative Factors
Higher leverage versus prior years
Leverage has increased materially versus historical levels, reducing balance-sheet flexibility. A higher debt load raises sensitivity to interest rates and limits free capital for reinvestment, making the firm more dependent on steady cash flow and disciplined capital allocation to avoid constrained growth.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong free cash flow generation
Public Storage's high-quality cash generation (TTM OCF ~$3.18B and FCF ~$3.06B) provides durable funding for dividends, development, acquisitions, and debt servicing. Reliable FCF close to net income supports long-term capital allocation and reduces dependence on external equity issuance.
Read all positive factors
Public Storage (PSA) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$54.30B
Dividend Yield4.63%
Average Volume (3M)1.24M
Price to Earnings (P/E)22.6
Beta (1Y)0.50
Revenue Growth2.90%
EPS Growth-3.92%
CountryUS
Employees5,900
SectorReal Estate
Sector Strength53
IndustryREIT - Industrial
Share Statistics
EPS (TTM)9.71
Shares Outstanding175,545,750
10 Day Avg. Volume1,074,118
30 Day Avg. Volume1,241,838
Financial Highlights & Ratios
PEG Ratio-1.66
Price to Book (P/B)4.92
Price to Sales (P/S)9.44
P/FCF Ratio15.72
Enterprise Value/Market Cap1.18
Enterprise Value/Revenue13.21
Enterprise Value/Gross Profit21.78
Enterprise Value/Ebitda19.91
Forecast
1Y Price Target
$313.33Price Target Upside1.33% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering10
EPS Forecast (FY)9.63
Revenue Forecast (FY)$5.04B
Public Storage Business Overview & Revenue Model
Company Description
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 w...
How the Company Makes Money
Public Storage primarily makes money by renting self-storage units to customers, generating rental income that is recognized as self-storage rental revenue. Customers pay recurring fees for the right to use a secured storage unit; pricing varies b...
Public Storage Key Performance Indicators (KPIs)
Any
Revenue by Type
Highlights the different sources of income, such as rental and ancillary services, providing insight into diversification and stability of revenue streams.
Highlights the different sources of income, such as rental and ancillary services, providing insight into diversification and stability of revenue streams.
Data provided by:
The Fly
The FlyPublic Storage Earnings Call Summary
Earnings Call Date:Apr 27, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 04, 2026
Earnings Call Sentiment Positive
The call presented a constructive strategic narrative and several tangible financial and operational positives: modest FFO growth (+2.4%), same-store NOI improvement (+0.4%), strong non-same store NOI (+27%) and ancillary (+12%), tight expense control (-1.1%), a strong balance sheet and liquidity position, and a transformative acquisition (NSA) with meaningful projected synergies. Management also stressed platform investments (PSNext, PS 4.0, Welltower partnership) expected to drive long-term per-share value. Offsetting these positives are near-term operational headwinds—lower move-ins, regional supply pressure in Sunbelt markets, the LA state-of-emergency drag (assumed -80 bps), and the fact that guidance was not raised because revenue is expected to soften midyear and NSA integration introduces timing risk. Overall, positives (financial outperformance, strategic M&A, balance sheet strength, and platform initiatives) outweigh the near-term lowlights, but management’s cautious stance on guidance reflects prudence around busy-season and integration timing.Positive Updates
Core FFO Growth
Core FFO of $4.22 per share, up $0.10 or 2.4% year‑over‑year, driven by better-than-expected same-store NOI and strong non-same store and ancillary contributions.
Negative Updates
Uneven Operating Environment and Lower Move-Ins
Overall customer move-in activity was lower in Q1 (seasonal/market-driven), creating an uneven operating backdrop; management expects year‑over‑year revenue to soften midyear as a lagging indicator.
Read all updates
Q1-2026 Updates
Positive
Negative
Core FFO Growth
Core FFO of $4.22 per share, up $0.10 or 2.4% year‑over‑year, driven by better-than-expected same-store NOI and strong non-same store and ancillary contributions.
Read all positive updates
Company Guidance
Management kept full-year guidance unchanged despite a strong start to 2026, noting Q1 core FFO of $4.22 per share (up $0.10 or 2.4% YoY), same-store revenue flat, same-store NOI +0.4%, move-in rents -2.4% (better than prior mid-single-digit decline expectations), occupancy +0.4% YoY, and expense growth -1.1% (including a ~$3M early property-tax appeal benefit); non-same-store NOI rose 27% and ancillary income grew 12% (and same-store NOI would be ~50 bps higher on a peer-like definition). They cautioned year‑over‑year revenue will likely soften midyear (Q2–Q3) and reiterated an assumed -80 bps drag to same-store performance from the Los Angeles state of emergency, so they are holding guidance while busy season unfolds. Capital metrics highlighted: ~$186M of acquisitions under contract or closed YTD, $45M of development openings, a $618M development pipeline targeting ~8% stabilized yields with ~$416M unfunded, a $143M lending book at ~7.9%, available liquidity of ~$1.3B plus ~ $600M of annual free cash flow, and a subsequent $500M 10‑year note issuance at 5%; leverage sits at debt/EBITDA 2.9x, debt+preferred/EBITDA 4.2x and debt+pref/EV in the low‑20s. They reiterated NSA synergies of $110–$130M over time, breakeven accretion in 2026, and an expected $0.35–$0.50 per‑share uplift at stabilization (2028–2029).Public Storage Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
62
Positive
Cash Flow
70
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 4.86B | 4.82B | 4.70B | 4.52B | 4.18B | 3.42B |
| Gross Profit | 2.95B | 1.20B | 3.44B | 3.37B | 3.13B | 2.50B |
| EBITDA | 3.22B | 3.25B | 3.51B | 3.34B | 5.41B | 2.78B |
| Net Income | 1.90B | 1.78B | 2.07B | 2.15B | 4.35B | 1.95B |
Balance Sheet | ||||||
| Total Assets | 19.85B | 20.21B | 19.75B | 19.81B | 17.55B | 17.38B |
| Cash, Cash Equivalents and Short-Term Investments | 134.61M | 318.10M | 447.42M | 370.00M | 775.25M | 734.60M |
| Total Debt | 9.71B | 10.25B | 9.35B | 9.10B | 6.87B | 7.48B |
| Total Liabilities | 10.53B | 10.87B | 9.94B | 9.70B | 7.39B | 7.96B |
| Stockholders Equity | 9.22B | 9.25B | 9.71B | 10.01B | 10.07B | 9.34B |
Cash Flow | ||||||
| Free Cash Flow | 3.06B | 2.90B | 2.71B | 2.79B | 2.66B | 2.27B |
| Operating Cash Flow | 3.18B | 3.19B | 3.13B | 3.25B | 3.12B | 2.54B |
| Investing Cash Flow | -1.55B | -1.69B | -1.00B | -3.54B | 1.12B | -5.56B |
| Financing Cash Flow | -1.78B | -1.63B | -2.08B | -112.93M | -4.19B | 3.50B |
Public Storage Technical Analysis
Positive
309.22
Price Trends
290.27
Positive
279.70
Positive
279.84
Positive
Market Momentum
5.00
Negative
69.70
Neutral
88.91
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PSA, the sentiment is Positive. The current price of 309.22 is above the 20-day moving average (MA) of 282.44, above the 50-day MA of 290.27, and above the 200-day MA of 279.84, indicating a bullish trend. The MACD of 5.00 indicates Negative momentum. The RSI at 69.70 is Neutral, neither overbought nor oversold. The STOCH value of 88.91 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for PSA.
Public Storage Risk Analysis
Public Storage disclosed 6 risk factors in its most recent earnings report. Public Storage reported the most risks in the "Production" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Public Storage Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | $1.63B | 10.70 | 6.27% | 13.07% | -13.63% | -24.40% | |
74 Outperform | $31.62B | 28.69 | 6.97% | 5.01% | 4.16% | 3.52% | |
73 Outperform | $54.30B | 22.59 | 20.48% | 4.63% | 2.90% | -3.92% | |
69 Neutral | $9.15B | 25.18 | 11.95% | 5.69% | 5.02% | -15.68% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
65 Neutral | $5.81B | 25.40 | 9.33% | 8.28% | -1.65% | 27.25% | |
61 Neutral | $61.35M | 44.10 | 4.34% | 5.63% | 1.40% | -4.84% |
* Real Estate Sector Average
PSA
Public Storage
309.33
17.61
6.04%
CUBE
Cubesmart
40.25
-0.15
-0.38%
EXR
Extra Space Storage
143.27
1.47
1.03%
NSA
National Storage Affiliates
43.33
9.27
27.20%
IIPR
Innovative Industrial Properties
56.59
9.40
19.92%
SELF
Global Self Storage
5.41
0.52
10.68%
Public Storage Corporate Events
Private Placements and Financing
Public Storage Announces $500 Million Senior Notes Offering
Neutral
Apr 6, 2026
On April 6, 2026, Public Storage Operating Company, a subsidiary of Public Storage, completed a $500 million offering of 5.000% senior notes due December 15, 2035, with interest payable semi-annually starting June 15, 2026. The notes are direct, u...
Business Operations and StrategyPrivate Placements and Financing
Public Storage Prices $500 Million Senior Notes Offering
Positive
Apr 2, 2026
On April 1, 2026, Public Storage and its subsidiary Public Storage Operating Company entered into an underwriting agreement with BofA Securities and J.P. Morgan Securities to issue $500 million of senior notes due December 15, 2035, bearing intere...
Business Operations and StrategyM&A TransactionsPrivate Placements and Financing
Public Storage to Acquire National Storage Affiliates Trust
Positive
Mar 17, 2026
On March 16, 2026, Public Storage agreed to acquire National Storage Affiliates Trust through a stock-for-unit merger structure that folds both the REIT and its operating partnership into Public Storage and its operating partnership. Common shareh...
Business Operations and StrategyM&A TransactionsPrivate Placements and Financing
Public Storage Announces All-Stock Merger with NSA
Positive
Mar 16, 2026
On March 16, 2026, Public Storage and National Storage Affiliates announced an all-stock merger agreement that will see Public Storage acquire NSA in a transaction valuing NSA’s enterprise at about $10.5 billion, with NSA shareholders and OP...
Business Operations and StrategyExecutive/Board Changes
Public Storage Unveils PS4.0 Strategy and Leadership Transition
Positive
Feb 12, 2026
On February 10, 2026, Public Storage announced PS4.0, a generational leadership transition and strategic vision anchored in a new operating platform, value‑creation engine, and ownership culture aimed at accelerating per‑share earnings...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.