Public Storage (PSA)
NYSE:PSA
Top Page
Public Storage
(NYSE:PSA)
Select Model
Select Model
Rating:67Neutral
Price Target:
$300.00
â–²(1.27% Upside)
Action:ReiteratedDate:04/03/26
The score is anchored by strong cash generation and profitability, but tempered by rising leverage and cautious near-term operating/guidance signals (negative same-store outlook and slightly lower 2026 core FFO). Technical indicators also point to weak momentum, while valuation is helped by the solid dividend yield but constrained by a higher P/E; corporate actions are a modest positive due to potential scale benefits and financing flexibility.
Positive Factors
Cash generation & FCF
Consistent, growing operating cash flow and a large free cash flow improvement in 2025 provide durable internal funding for dividends, reinvestment and debt service. This steady cash generation supports capital allocation flexibility across acquisitions, development and shareholder distributions over time.
Negative Factors
Rising leverage
A materially higher leverage profile increases refinancing and interest-rate sensitivity, reducing financial flexibility. Elevated debt levels make the REIT more vulnerable to higher rates or tighter credit, potentially constraining growth, increasing funding costs, and amplifying downside in a cyclical or stress scenario.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation & FCF
Consistent, growing operating cash flow and a large free cash flow improvement in 2025 provide durable internal funding for dividends, reinvestment and debt service. This steady cash generation supports capital allocation flexibility across acquisitions, development and shareholder distributions over time.
Read all positive factors
Public Storage (PSA) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$51.77B
Dividend Yield4.63%
Average Volume (3M)1.21M
Price to Earnings (P/E)25.5
Beta (1Y)0.50
Revenue Growth2.30%
EPS Growth-0.22%
CountryUS
Employees5,900
SectorReal Estate
Sector Strength53
IndustryREIT - Industrial
Share Statistics
EPS (TTM)2.60
Shares Outstanding175,506,450
10 Day Avg. Volume915,655
30 Day Avg. Volume1,206,414
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 Cap1.22
Enterprise Value/Revenue13.12
Enterprise Value/Gross Profit21.68
Enterprise Value/Ebitda19.50
Forecast
1Y Price Target
$308.08Price Target Upside4.00% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering13
EPS Forecast (FY)9.7
Revenue Forecast (FY)$5.02B
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:Feb 12, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 27, 2026
Earnings Call Sentiment Neutral
The call balanced clear strategic and operational strengths against near-term performance headwinds. Highlights include sector-leading historical performance, a strong balance sheet and liquidity position, sizable non-same-store NOI contribution (20% growth in 2025), a deep acquisition and development pipeline, major digital and sustainability investments, and an articulated PS4.0 strategy with leadership continuity and refreshed incentives. Lowlights include negative same-store revenue/NOI trends, a modest decline in 2026 core FFO guidance (midpoint -1.7%), continued move-in rent pressure (January down ~7% and mid-single-digit guidance), regulatory/regional disruptions (notably Los Angeles), transaction market frictions (large underwriting vs. lower close rate), and near-term development/supply pressure in select Sunbelt markets. Overall, the company highlights long-term optionality and defensive financial positioning while acknowledging short-term operating and regulatory challenges.Positive Updates
Core FFO & Full-Year Results
Q4 core FFO of $4.26 per share; full-year 2025 core FFO of $16.97 per share (reported at the high end of guidance).
Negative Updates
Same-Store Revenue and NOI Weakness
Q4 same-store revenue down 0.2% and same-store NOI down 1.5%; 2026 same-store revenue and NOI guidance at the midpoint are -1.1% and -2.2%, respectively, signaling continued near-term softness.
Read all updates
Q4-2025 Updates
Positive
Negative
Core FFO & Full-Year Results
Q4 core FFO of $4.26 per share; full-year 2025 core FFO of $16.97 per share (reported at the high end of guidance).
Read all positive updates
Company Guidance
Public Storage guided 2026 core FFO of $16.35–$17.00 per share (midpoint $16.68, down 1.7% YoY), with same‑store revenue and NOI guidance of -1.1% and -2.2% at the midpoint, occupancy expected to be roughly stable, move‑in rents forecast down mid‑single digits for the year but improving through the year, and Los Angeles carrying an ~80 bps drag on same‑store revenue due to the state of emergency; management expects expense growth to remain constrained (property taxes mid‑single digits offset by payroll/R&M/utilities savings), non‑same‑store NOI to grow ~16% YoY (pre‑transactions), and did not assume additional acquisitions or lending in the guide—the company cites ~$1.8B available liquidity plus ~ $600M/year free cash flow, debt+preferred/EBITDA ~4.2x (debt+preferred/enterprise value in the low‑20% range), a $610M development pipeline targeting ~8% stabilized yields with $416M unfunded, and 2025 acquisitions of $953M at stabilized yields in the high‑6% range; reaching the high end of guidance would require an earlier LA reopening and slightly better occupancy, new move‑in rates and ECRI performance.Public Storage Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
64
Positive
Cash Flow
82
Very Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 4.82B | 4.70B | 4.52B | 4.18B | 3.42B |
| Gross Profit | 1.20B | 3.44B | 3.37B | 3.13B | 2.50B |
| EBITDA | 3.25B | 3.51B | 3.34B | 5.41B | 2.78B |
| Net Income | 1.78B | 2.07B | 2.15B | 4.35B | 1.95B |
Balance Sheet | |||||
| Total Assets | 20.21B | 19.75B | 19.81B | 17.55B | 17.38B |
| Cash, Cash Equivalents and Short-Term Investments | 318.10M | 447.42M | 370.00M | 775.25M | 734.60M |
| Total Debt | 10.25B | 9.35B | 9.10B | 6.87B | 7.48B |
| Total Liabilities | 10.87B | 9.94B | 9.70B | 7.39B | 7.96B |
| Stockholders Equity | 9.25B | 9.71B | 10.01B | 10.07B | 9.34B |
Cash Flow | |||||
| Free Cash Flow | 2.90B | 2.71B | 2.79B | 2.66B | 2.27B |
| Operating Cash Flow | 3.19B | 3.13B | 3.25B | 3.12B | 2.54B |
| Investing Cash Flow | -1.69B | -1.00B | -3.54B | 1.12B | -5.56B |
| Financing Cash Flow | -1.63B | -2.08B | -112.93M | -4.19B | 3.50B |
Public Storage Technical Analysis
Positive
296.23
Price Trends
288.07
Positive
278.06
Positive
279.44
Positive
Market Momentum
0.96
Negative
63.57
Neutral
96.15
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 296.23 is above the 20-day moving average (MA) of 278.24, above the 50-day MA of 288.07, and above the 200-day MA of 279.44, indicating a bullish trend. The MACD of 0.96 indicates Negative momentum. The RSI at 63.57 is Neutral, neither overbought nor oversold. The STOCH value of 96.15 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 |
|---|---|---|---|---|---|---|---|
78 Outperform | $1.43B | 11.59 | 6.29% | 13.07% | -11.22% | -24.64% | |
75 Outperform | $30.63B | 24.31 | 7.12% | 5.01% | 3.38% | 17.16% | |
71 Outperform | $8.87B | 24.70 | 11.96% | 5.69% | 4.19% | -12.19% | |
67 Neutral | $51.77B | 25.52 | 19.03% | 4.63% | 2.30% | -0.22% | |
67 Neutral | $59.76M | 27.94 | 4.34% | 5.63% | 3.36% | -43.55% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
65 Neutral | $5.52B | 29.30 | 7.46% | 8.28% | -4.98% | -65.45% |
* Real Estate Sector Average
PSA
Public Storage
296.23
19.05
6.87%
CUBE
Cubesmart
39.03
2.55
6.98%
EXR
Extra Space Storage
139.75
7.67
5.81%
NSA
National Storage Affiliates
41.37
8.36
25.34%
IIPR
Innovative Industrial Properties
50.68
7.06
16.18%
SELF
Global Self Storage
5.36
0.44
9.03%
Public Storage Corporate Events
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...
Business Operations and StrategyFinancial Disclosures
Public Storage issues mixed 2025 operating update
Neutral
Jan 7, 2026
On January 7, 2026, Public Storage released an investor presentation containing an operating update for the three months and year ended December 31, 2025, showing a mixed performance across its same-store portfolio. For 2025, the company reported ...
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.