Want to see PSA full AI Analyst Report?
Top Page
Public Storage
(NYSE:PSA)
Select Model
Select Model
Rating:69Neutral
Price Target:
$348.00
â–²(12.54% Upside)
Action:Downgraded
Date:06/26/26
PSA scores as a solid, but not fully compelling, setup. The biggest support is strong underlying profitability and cash generation, complemented by a constructive technical uptrend. The main constraints on the score are a higher leverage profile versus earlier years, uneven recent FCF momentum, and a demanding valuation (P/E 32.74). Earnings-call commentary was positive but tempered by unchanged guidance and expected midyear softness, while recent financing and Canada expansion events modestly improve the outlook via added flexibility and growth optionality.
Positive Factors
High-quality cash generation
Public Storage generates durable, high-quality cash: operating cash flow and free cash flow are sizable and track closely with net income. This supports reliable dividend capacity, internal investment (development/lending) and acquisition funding over the next 2–6 months and beyond.
Negative Factors
Elevated leverage versus prior years
Leverage has increased materially versus historical levels, reducing financial flexibility. Higher debt ratios constrain the company’s ability to absorb shocks, limit optionality on aggressive buy-and-build moves, and raise refinancing sensitivity across the next 2–6 months.
Read all positive and negative factors
Positive Factors
Negative Factors
High-quality cash generation
Public Storage generates durable, high-quality cash: operating cash flow and free cash flow are sizable and track closely with net income. This supports reliable dividend capacity, internal investment (development/lending) and acquisition funding over the next 2–6 months and beyond.
Read all positive factors
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 (PSA) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$55.89B
Dividend Yield4.63%
Average Volume (3M)896.25K
Price to Earnings (P/E)32.9
Beta (1Y)0.45
Revenue Growth2.90%
EPS Growth-3.92%
CountryUS
Employees5,900
SectorReal Estate
Sector Strength53
IndustryREIT - Industrial
Share Statistics
EPS (TTM)9.71
Shares Outstanding175,579,650
10 Day Avg. Volume1,053,593
30 Day Avg. Volume896,252
Financial Highlights & Ratios
PEG Ratio-1.87
Price to Book (P/B)4.92
Price to Sales (P/S)9.44
P/FCF Ratio15.72
Enterprise Value/Market Cap1.15
Enterprise Value/Revenue13.27
Enterprise Value/Gross Profit21.88
Enterprise Value/Ebitda20.00
Forecast
1Y Price Target
$334.77Price Target Upside8.26% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering14
EPS Forecast (FY)10.11
Revenue Forecast (FY)$5.06B
Public Storage Business Overview & Revenue Model
Company Description
Public Storage (PSA), an esteemed Real Estate Investment Trust (REIT) and a constituent of both the S&P 500 and FT Global 500 indices, concentrates its operations on the acquisition, development, ownership, and management of self-storage propertie...
How the Company Makes Money
Public Storage makes money primarily by renting self-storage units to customers, generating recurring rental revenue that is typically billed monthly. Its core revenue stream comes from self-storage operations: customers lease units of varying siz...
Public 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
307.05
Positive
297.32
Positive
285.02
Positive
Market Momentum
4.97
Positive
55.18
Neutral
68.64
Neutral
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 below the 20-day moving average (MA) of 315.95, above the 50-day MA of 307.05, and above the 200-day MA of 285.02, indicating a bullish trend. The MACD of 4.97 indicates Positive momentum. The RSI at 55.18 is Neutral, neither overbought nor oversold. The STOCH value of 68.64 is Neutral, 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 13 risk factors in its most recent earnings report. Public Storage reported the most risks in the "Finance & Corporate" 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 |
|---|---|---|---|---|---|---|---|
76 Outperform | $1.80B | 15.53 | 6.41% | 13.07% | -13.63% | -24.40% | |
72 Outperform | $32.07B | 32.78 | 6.97% | 5.01% | 4.16% | 3.52% | |
71 Outperform | $9.04B | 28.19 | 11.95% | 5.69% | 5.02% | -15.68% | |
69 Neutral | $55.89B | 32.93 | 20.48% | 4.63% | 2.90% | -3.92% | |
66 Neutral | $59.85M | 30.86 | 4.19% | 5.63% | 1.03% | -19.56% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
59 Neutral | $5.98B | 58.87 | 8.20% | 8.28% | -1.65% | 27.25% |
* Real Estate Sector Average
PSA
Public Storage
318.31
33.05
11.59%
CUBE
Cubesmart
39.77
-1.47
-3.56%
EXR
Extra Space Storage
145.30
0.28
0.19%
NSA
National Storage Affiliates
44.47
14.09
46.39%
IIPR
Innovative Industrial Properties
61.98
12.50
25.26%
SELF
Global Self Storage
5.24
0.21
4.09%
Public Storage Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Public Storage Expands Credit Facilities and Liquidity Capacity
Positive
Jun 25, 2026
On June 25, 2026, Public Storage closed an upsized $3.0 billion unsecured revolving credit facility and a new $500 million delayed draw term loan, replacing a prior $1.5 billion revolver and extending its debt maturities into 2030 and 2031. The ne...
Business Operations and StrategyM&A Transactions
Public Storage Expands Into Canada With Major Acquisition
Positive
Jun 22, 2026
On June 22, 2026, Public Storage’s operating partnership agreed to acquire Public Storage Canada, the country’s third-largest self-storage platform, in a deal valued at about $1.2 billion, largely paid in operating partnership units pl...
Business Operations and StrategyFinancial Disclosures
Public Storage Issues Operating Update Highlighting Stable Occupancy
Neutral
Jun 1, 2026
On June 1, 2026, Public Storage posted an investor presentation providing an operating update for the period from April 1 through May 28, 2026, compared with the same period in 2025. The same-store portfolio showed weighted average square foot occ...
Executive/Board ChangesShareholder Meetings
Public Storage Shareholders Back Board, Governance and Leadership
Positive
May 11, 2026
On May 6, 2026, Public Storage held its 2026 Annual Meeting of Shareholders, where investors elected twelve trustees to the Board to serve until the 2027 meeting and overwhelmingly supported the existing slate, reinforcing continuity in the compan...
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...
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.