Public Storage (PSA) AI Stock Analysis

• Market Cap: $49.28B
• Dividend Yield: 4.27%
• Average Volume (3M): 891.85K
• Price to Earnings (P/E): 30.6
• Beta (1Y): 0.60
• Revenue Growth: 2.49%
• EPS Growth: -14.10%
• Country: US
• Employees: 5,900
• Sector: Real Estate
• Sector Strength: 48
• Industry: REIT - Industrial
• EPS (TTM): 1.76
• Shares Outstanding: 175,452,850
• 10 Day Avg. Volume: 965,261
• 30 Day Avg. Volume: 891,845
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: 1.33
• Enterprise Value/Revenue: 13.77
• Enterprise Value/Gross Profit: 18.90
• Enterprise Value/Ebitda: 20.15
• 1Y Price Target: $326.15
• Price Target Upside: 16.11% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 13

• Rating: 77 Outperform
• Price Target: $309.00 ▲(10.01% Upside)

Public Storage's strong financial performance and positive earnings call outlook are the most significant factors driving the score. Technical indicators suggest bearish trends, and valuation appears slightly high. The strategic corporate event enhances market positioning despite increased leverage.

Positive Factors

Balance Sheet Strength

PSA continues to have an enviable balance sheet with A rated leverage, providing downside support and allowing it to play offense.

Financial Performance

2Q FFO/sh of $4.28 was ahead of the Street’s $4.23.

Market Position

PSA has a dominant market position with a powerful platform and brand.

Negative Factors

Acquisition Risks

PSA is a net acquiror, paying a premium for targets in a sector expected to consolidate, posing a risk amidst macro uncertainty.

Growth Uncertainty

There is uncertainty about the timing of the rolling-off of restrictions ahead of fire season.

Rent Restrictions

Local rent restrictions in LA are expected to increasingly pressure growth through '25, impacting PSA's top-line growth.

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 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.

How the Company Makes Money

Public Storage primarily generates revenue through the rental of storage units to customers. The company charges monthly fees based on the size and location of the storage units, with pricing structures that vary according to market demand and competition. Additionally, Public Storage earns revenue from ancillary services such as the sale of packing supplies (boxes, tape, etc.), insurance for stored items, and administrative fees. The company also benefits from operational efficiencies and economies of scale, as it manages a large portfolio of facilities. Seasonal demand fluctuations, local market conditions, and effective marketing strategies play significant roles in shaping its revenue streams.

Public Storage Financial Statement Overview

Summary

Public Storage demonstrates strong financial health with consistent revenue and profitability growth, robust operational performance, and effective cash flow generation. However, there are minor concerns about increased financial leverage.

Income Statement

Public Storage has demonstrated strong income statement performance. The company has experienced consistent revenue growth with a noticeable increase from 2021 to TTM 2025. Gross profit and net profit margins are robust, indicating efficient cost management and profitability. The EBIT and EBITDA margins are healthy, reflecting strong operational performance.

Balance Sheet

The balance sheet of Public Storage shows a solid financial position. The equity ratio is satisfactory, indicating a good proportion of equity financing. However, the debt-to-equity ratio has increased over time, which presents some financial leverage risks. The return on equity remains strong, indicating efficient use of shareholders' funds.

Cash Flow

Public Storage's cash flow statement shows a positive trend in free cash flow growth, supporting the company's ability to invest and return value to shareholders. The operating cash flow to net income ratio is stable, indicating strong cash generation relative to net income. However, the fluctuations in investing and financing cash flows suggest some volatility in cash management strategies.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	4.75B	4.70B	4.52B	4.18B	3.42B	2.92B
Gross Profit	3.46B	3.44B	3.37B	3.13B	2.50B	2.05B
EBITDA	3.25B	3.51B	3.34B	5.41B	2.78B	1.97B
Net Income	1.81B	2.07B	2.15B	4.35B	1.95B	1.36B
Balance Sheet
Total Assets	20.54B	19.75B	19.81B	17.55B	17.38B	11.82B
Cash, Cash Equivalents and Short-Term Investments	1.10B	447.42M	370.00M	775.25M	734.60M	257.56M
Total Debt	10.44B	9.35B	9.10B	6.87B	7.48B	2.54B
Total Liabilities	11.07B	9.94B	9.70B	7.39B	7.96B	3.24B
Stockholders Equity	9.37B	9.71B	10.01B	10.07B	9.34B	8.56B
Cash Flow
Free Cash Flow	2.82B	2.71B	2.79B	2.66B	2.27B	1.87B
Operating Cash Flow	3.15B	3.13B	3.25B	3.12B	2.54B	2.04B
Investing Cash Flow	-1.25B	-1.00B	-3.54B	1.12B	-5.56B	-1.12B
Financing Cash Flow	-1.36B	-2.08B	-112.93M	-4.19B	3.50B	-1.08B

Public Storage Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 280.89
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PSA, the sentiment is Negative. The current price of 280.89 is below the 20-day moving average (MA) of 283.81, below the 50-day MA of 289.33, and below the 200-day MA of 298.07, indicating a bearish trend. The MACD of -2.39 indicates Negative momentum. The RSI at 44.61 is Neutral, neither overbought nor oversold. The STOCH value of 57.73 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for PSA.

Public Storage Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
PSA	77 Outperform	$49.28B	30.65	18.98%	4.27%	2.49%	-14.10%
CUBE	74 Outperform	$8.90B	23.68	13.43%	5.27%	3.14%	-8.01%
IIPR	74 Outperform	$1.47B	11.34	7.04%	14.29%	-7.80%	-18.78%
EXR	67 Neutral	$30.04B	29.46	6.97%	4.69%	4.83%	18.94%
Sector *	63 Neutral	$6.82B	13.32	-1.02%	7.20%	3.67%	-27.43%
NSA	55 Neutral	$4.05B	48.16	6.19%	7.54%	-7.33%	-66.93%
LINE	52 Neutral	$9.29B	―	-8.75%	4.75%	―	―

Public Storage Corporate Events

Public Storage Appoints Luke Petherbridge as Trustee

On July 30, 2025, Public Storage appointed Luke Petherbridge as an independent trustee to its Board, expanding it to thirteen members. Petherbridge, with over 20 years of experience in corporate finance and real estate management, will serve on the Nominating, Governance, and Sustainability Committee. Public Storage also reported its financial results for the three and six months ended June 30, 2025, noting a decrease in net income compared to the previous year due to foreign currency losses and other factors. However, the company continues to enhance its operations through strategic acquisitions and developments, with over $1.1 billion in investments anticipated for the year.

The most recent analyst rating on (PSA) stock is a Hold with a $344.00 price target. To see the full list of analyst forecasts on Public Storage stock, see the PSA Stock Forecast page.

Public Storage Issues $875 Million in Senior Notes

On June 30, 2025, Public Storage Operating Company, a subsidiary of Public Storage, completed the issuance of $475 million 4.375% Senior Notes due 2030 and $400 million 5.000% Senior Notes due 2035. These notes, guaranteed by Public Storage, are unsecured and unsubordinated obligations, with specific covenants and redemption options. The issuance aims to strengthen the company’s financial positioning and provide flexibility in managing its debt obligations.

The most recent analyst rating on (PSA) stock is a Hold with a $358.00 price target. To see the full list of analyst forecasts on Public Storage stock, see the PSA Stock Forecast page.

Public Storage Announces $875M Senior Notes Sale

On June 26, 2025, Public Storage and its subsidiary, Public Storage Operating Company (PSOC), entered into an underwriting agreement with BofA Securities and Wells Fargo Securities for the sale of $875 million in senior notes. The offering, expected to close on June 30, 2025, aims to repay existing debt and fund general corporate purposes, including acquisitions of self-storage facilities. This strategic financial move is anticipated to strengthen Public Storage’s market position and operational capabilities.

The most recent analyst rating on (PSA) stock is a Hold with a $358.00 price target. To see the full list of analyst forecasts on Public Storage stock, see the PSA Stock Forecast page.

Public Storage Expands Portfolio Amid Rent Decline

Public Storage announced an operating update for the two months ending May 31, 2025, revealing a slight decrease in average annual contract rent per square foot for both move-ins and move-outs compared to the previous year. The company also reported a minor decline in square foot occupancy but managed to acquire or contract 69 self-storage facilities, adding 4.7 million net rentable square feet to its portfolio for $750.9 million since the start of 2025, indicating an aggressive expansion strategy.

The most recent analyst rating on (PSA) stock is a Hold with a $358.00 price target. To see the full list of analyst forecasts on Public Storage stock, see the PSA Stock Forecast page.