Want to see PSA full AI Analyst Report?
Top Page
Public Storage
(NYSE:PSA)
Select Model
Select Model
Rating:69Neutral
Price Target:
$323.00
â–²(1.77% Upside)
Action:Downgraded
Date:09/16/26
The score is driven primarily by strong financial performance (high profitability and excellent cash generation) and a supportive earnings update (raised guidance and improving leading indicators). These positives are tempered by weak technical momentum (below key moving averages with negative MACD) and a less compelling valuation due to a relatively high P/E despite a solid dividend yield.
Positive Factors
Strong cash generation
Robust operating and free cash flow provides dependable support for earnings, capital investment, and shareholder distributions. The close relationship between free cash flow and net income also indicates that reported profitability is being converted into cash, strengthening financial resilience.
Negative Factors
Negative same-store performance
Same-store revenue and NOI remain negative, showing that recovery in the established portfolio is incomplete. Because this portfolio represents the core operating base, continued weakness could restrain organic earnings growth even as acquisitions, ancillary revenue, and non-same-store assets contribute.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
Robust operating and free cash flow provides dependable support for earnings, capital investment, and shareholder distributions. The close relationship between free cash flow and net income also indicates that reported profitability is being converted into cash, strengthening financial resilience.
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
$55.06B
Dividend Yield3.99%
Average Volume (3M)739.70K
Price to Earnings (P/E)28.6
Beta (1Y)0.47
Revenue Growth2.97%
EPS Growth14.30%
CountryUS
Employees5,770
SectorReal Estate
Sector Strength53
IndustryREIT - Industrial
Share Statistics
EPS (TTM)10.51
Shares Outstanding186,852,300
10 Day Avg. Volume739,026
30 Day Avg. Volume739,700
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$336.75Price Target Upside6.11% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering15
EPS Forecast (FY)10.03
Revenue Forecast (FY)$5.15B
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 generates the vast majority of its revenue from renting self-storage units to customers. Its core revenue stream is monthly rental income from storage spaces of varying sizes, where customers typically pay recurring rent under short...
Public Storage Earnings Call Summary
Earnings Call Date:Jul 29, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 02, 2026
Earnings Call Sentiment Positive
The call presented multiple material positives: successful closing and rapid integration of the large NSA portfolio, strategic acquisition of Public Storage Canada with financing benefits, improved operating indicators (positive move-in rents and slight occupancy gain), raised guidance and strengthened capital markets activity and balance sheet. Lowlights include continuing negative same-store revenue and NOI, quarterly core FFO declines driven by financing and G&A, expense pressures, lingering Sunbelt market softness, LA rent-restriction impacts (partially mitigated), and some near-term dilution from lease-up acquisitions. Overall, the company emphasized improving momentum, multiple growth engines and a multi-year value creation plan, while acknowledging near-term headwinds and the need for execution.Positive Updates
NSA Transaction Closed and Rapid Integration
Closed NSA acquisition (≈1.1k stores, ≈575k units) and transitioned portfolio onto Public Storage systems overnight; welcomed ~1.3k new teammates, completed >1.5k reservations, switched ~265k autopay accounts, began rent collection and rebranding immediately — strong early execution enabling PSNext value creation.
Negative Updates
Same-Store Revenue and NOI Still Negative
Same-store revenue declined -0.6% and same-store NOI declined -2.2% in 2Q (though both were ahead of internal expectations), indicating core portfolio recovery remains incomplete and uneven across markets.
Read all updates
Q2-2026 Updates
Positive
Negative
NSA Transaction Closed and Rapid Integration
Closed NSA acquisition (≈1.1k stores, ≈575k units) and transitioned portfolio onto Public Storage systems overnight; welcomed ~1.3k new teammates, completed >1.5k reservations, switched ~265k autopay accounts, began rent collection and rebranding immediately — strong early execution enabling PSNext value creation.
Read all positive updates
Company Guidance
Management raised 2026 guidance across key metrics: same‑store revenue growth is now guided to a midpoint of -0.2% and NOI growth to -1.1% (improvements of 90 bps and 110 bps, respectively), and full‑year core FFO is increased to $16.75–$17.05 (midpoint $16.90, +$0.22 or +1.4% versus prior). The update assumes positive low‑single‑digit new move‑in rates (prior: down mid‑single digits) and a +30 bps year‑over‑year occupancy outlook (prior: flat); LA County’s expired pricing restrictions are now modeled as a -50 bps same‑store revenue headwind (30 bps better than prior). Management also cites a roughly +$0.02/share 2026 financing benefit from the NSA/Canada transactions, continued contributions from non‑same‑store NOI (+22% YTD) and ancillary revenue (+15%), healthy liquidity (~$3.8B) and strong balance‑sheet metrics (net debt/EBITDA 2.9x; net debt+preferred/EBITDA 4.2x).Public Storage Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
67
Positive
Cash Flow
86
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 4.89B | 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 | 3.38B | 3.25B | 3.51B | 3.34B | 5.41B | 2.78B |
| Net Income | 2.04B | 1.78B | 2.07B | 2.15B | 4.35B | 1.95B |
Balance Sheet | ||||||
| Total Assets | 20.12B | 20.21B | 19.75B | 19.81B | 17.55B | 17.38B |
| Cash, Cash Equivalents and Short-Term Investments | 259.94M | 318.10M | 447.42M | 370.00M | 775.25M | 734.60M |
| Total Debt | 10.18B | 10.25B | 9.35B | 9.10B | 6.87B | 7.48B |
| Total Liabilities | 10.83B | 10.87B | 9.94B | 9.70B | 7.39B | 7.96B |
| Stockholders Equity | 9.19B | 9.25B | 9.71B | 10.01B | 10.07B | 9.34B |
Cash Flow | ||||||
| Free Cash Flow | 3.19B | 2.90B | 2.71B | 2.79B | 2.66B | 2.27B |
| Operating Cash Flow | 3.17B | 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 | -2.46B | -1.63B | -2.08B | -112.93M | -4.19B | 3.50B |
Public Storage Technical Analysis
Neutral
317.37
Price Trends
313.04
Negative
309.43
Negative
292.92
Positive
Market Momentum
-5.88
Positive
44.94
Neutral
37.53
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PSA, the sentiment is Neutral. The current price of 317.37 is above the 20-day moving average (MA) of 303.77, above the 50-day MA of 313.04, and above the 200-day MA of 292.92, indicating a neutral trend. The MACD of -5.88 indicates Positive momentum. The RSI at 44.94 is Neutral, neither overbought nor oversold. The STOCH value of 37.53 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for PSA.
Public Storage Risk Analysis
Public Storage disclosed 7 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 |
|---|---|---|---|---|---|---|---|
69 Neutral | $55.06B | 28.62 | 22.12% | 3.99% | 2.97% | 14.30% | |
69 Neutral | $30.10B | 30.69 | 7.14% | 4.66% | 4.16% | -1.68% | |
67 Neutral | $1.91B | 63.87 | 2.45% | 4.89% | 21.10% | ― | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
64 Neutral | $8.98B | 27.53 | 12.45% | 5.28% | 3.86% | -10.98% |
* Real Estate Sector Average
PSA
Public Storage
300.76
28.25
10.37%
CUBE
Cubesmart
40.19
1.61
4.17%
EXR
Extra Space Storage
139.03
2.78
2.04%
SMA
SmartStop Self Storage REIT, Inc.
32.68
-3.74
-10.26%
Public Storage Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Public Storage Prices C$400 Million Senior Notes Offering
Positive
Sep 16, 2026
On September 16, 2026, PS Canada Finance ULC, a subsidiary of Public Storage, completed a C$400 million offering of 4.540% senior notes due 2033, guaranteed by Public Storage and Public Storage Operating Company. The notes carry semi-annual intere...
Business Operations and Strategy
Public Storage Shares Updated Investor Presentation and Strategy
Positive
Sep 14, 2026
On September 14, 2026, Public Storage disclosed that it had posted a new investor presentation on its website’s Investor Relations section, prepared for use at an upcoming investor conference. The move underlines the company’s ongoing ...
Business Operations and StrategyPrivate Placements and Financing
Public Storage Issues C$400 Million Senior Notes
Positive
Sep 10, 2026
On September 9, 2026, Public Storage and its subsidiaries PSOC and PS Canada entered an underwriting agreement with Scotia Capital Inc. and TD Securities Inc. to sell C$400 million of senior notes due 2033, issued by PS Canada and guaranteed by Pu...
Business Operations and StrategyM&A TransactionsPrivate Placements and Financing
Public Storage Completes Acquisition of Canadian Portfolio
Positive
Sep 1, 2026
Public Storage has completed its acquisition of Public Storage Canada, finalizing the deal on September 1, 2026, after first agreeing terms in June. The $1.2 billion transaction gives the U.S.-based REIT direct ownership of 68 self-storage propert...
Executive/Board Changes
Public Storage Appoints New Chief Legal Officer
Neutral
Aug 10, 2026
On August 4, 2026, Public Storage announced the appointment of S. Wade Sheek as Chief Legal Officer and Corporate Secretary, effective August 17, 2026. Sheek, formerly Senior Vice President, Chief Legal Officer and Secretary at Herc Holdings Inc.,...
Business Operations and StrategyM&A TransactionsPrivate Placements and Financing
Public Storage completes transformative National Storage Affiliates acquisition
Positive
Jul 22, 2026
On July 22, 2026, Public Storage completed its acquisition of National Storage Affiliates Trust, further cementing its status as a leading global self‑storage operator. The merger added more than 1,000 properties and over 550,000 units, lift...
Business Operations and StrategyM&A TransactionsPrivate Placements and Financing
Public Storage completes $900 million notes offering
Positive
Jul 20, 2026
On July 20, 2026, Public Storage Operating Company, a subsidiary of Public Storage, completed a $900 million debt offering consisting of $400 million 4.700% senior notes due 2032 and $500 million 5.150% senior notes due 2036, both guaranteed by th...
Business Operations and StrategyExecutive/Board Changes
Public Storage COO Resigns Amid Strategic Growth Initiatives
Neutral
Jul 7, 2026
On July 2, 2026, Public Storage announced that Chief Operating Officer Chris Sambar resigned, effective at the end of July, to join T-Mobile as Chief Enterprise Officer, with the company noting the departure was not due to any disagreement over it...
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...
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.