PSA
Real EstatePublic Storage
Price Chart
Market Data
Financials
XBRL · SEC EDGAR2008–2025(18yr)| Metric | FY 2008 | FY 2009 | FY 2010 | FY 2011 | FY 2012 | FY 2013 | FY 2014 | FY 2015 | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025Latest | YoY |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.7B | $1.6B | $1.6B | $1.8B | $1.8B | $2.0B | $2.2B | $2.4B | $2.6B | $2.7B | $2.8B | $2.8B | $2.9B | $3.4B | $4.2B | $4.5B | $4.7B | $4.8B | +2.7% |
| Net Income | $935.2M | $834.6M | $672.0M | $823.8M | $939.3M | $1.1B | $1.1B | $1.3B | $1.5B | $1.4B | $1.7B | $1.5B | $1.4B | $2.0B | $4.3B | $2.1B | $2.1B | $1.8B | -13.9% |
| FFO | $1.3B | $1.2B | $1.0B | $1.2B | $1.3B | $1.4B | $1.6B | $1.7B | $1.9B | $1.9B | $2.2B | $2.0B | $1.9B | $2.7B | $5.2B | $3.1B | $3.2B | $2.9B | -8.3% |
| FFO Margin | 78.2% | 72.2% | 62.3% | 67.5% | 71.0% | 72.7% | 72.0% | 72.9% | 73.7% | 71.1% | 79.7% | 71.4% | 65.5% | 78.1% | 125.2% | 69.0% | 68.2% | 60.9% | -7.3pp |
| Operating Income | — | — | $692.6M | $762.8M | $872.0M | $962.5M | $1.1B | $1.2B | $1.4B | $1.4B | — | — | — | — | — | — | — | — | — |
| Operating Margin | — | — | 42.1% | 43.5% | 47.7% | 48.6% | 48.7% | 51.7% | 53.7% | 53.3% | — | — | — | — | — | — | — | — | — |
| Net Margin | 54.3% | 51.3% | 40.8% | 47.0% | 51.4% | 53.1% | 52.1% | 55.1% | 56.8% | 54.0% | 62.1% | 53.4% | 46.6% | 57.2% | 104.0% | 47.6% | 44.1% | 37.0% | -7.1pp |
| EPS (Diluted) | $-0.04 | $-0.05 | $2.35 | $3.29 | $3.90 | $4.89 | $5.25 | $6.07 | $6.81 | $6.73 | $8.54 | $7.29 | $6.29 | $9.87 | $23.50 | $11.06 | $10.64 | $9.01 | -15.3% |
1. THE BIG PICTURE
Public Storage is pivoting from a period of easy, pandemic-era gains to a "stabilization" phase where its massive scale must offset a stagnant core. While its "ubiquitous orange" brand provides a moat against a fragmented field of local players, Public Storage is currently forced to rely on expensive new acquisitions and developments to mask a contraction in its established, "same-store" properties.
2. WHERE THE RISKS HIT HARDEST
Public Storage’s primary strength—its scale and brand—is being tested by a highly fragmented market where 78% of square footage is owned by local operators (10-K Item 1). This fragmentation is a vulnerability because an influx of capital into the industry is driving up new supply, which intensifies competition and forces Public Storage to increase advertising costs to maintain occupancy (10-K Item 1A).
Furthermore, the technological efficiency gains from the "centralized information network" are being countered by persistent operating cost inflation. Management expects same-store expenses to rise by as much as 2.8% in 2026, driven by property tax reassessments and labor shortages (8-K). Because Public Storage self-insures a portion of its risks, a single major natural disaster could exceed its coverage limits and immediately erode the cash flow per square foot advantage it claims over smaller peers (10-K Item 1A).
3. WHAT THE NUMBERS SAY TOGETHER
The financial data reveals a bifurcated business. In the fourth quarter of 2025, the core "Same Store" portfolio saw net operating income decline by 1.5%, while the "Non-Same Store" segment—composed of recently acquired or developed properties—saw income jump 20.0% (8-K). This confirms that Public Storage is currently "buying" its growth to offset a cooling organic market.
This cooling is reflected in Public Storage’s TTMTTMTrailing Twelve Months — the most recent full year of financial data, updated on a rolling basis each quarter revenue growth of 2.7%, which ranks last among its peer group and sits well below faster-growing REITs like Iron Mountain (+12.2%) or Digital Realty (+10.0%) (XBRL). While Public Storage achieved its first occupancy increase in four years (+0.5%) in late 2025, the 2026 guidance for same-store revenue growth—ranging from (2.2)% to 0%—suggests this is a mean-reversion rather than a structural return to high growth (8-K). Sentiment remains cautious, with short interest sitting at 3.7% of the float (Yahoo Finance).
4. IS IT WORTH IT AT THIS PRICE?
At 19.0x P/FFO, Public Storage trades in line with its peer group median of 20.3x (Yahoo Finance). This valuation implies the market expects 4.5% long-term growth (CAPM analysis). However, there is a disconnect between this expectation and management’s own outlook; Public Storage is guiding for a contraction in same-store net operating income of up to 3.9% in 2026 (8-K).
For the current price to be justified, Public Storage’s "Non-Same Store" acquisitions must continue to perform at double-digit growth rates to cancel out the weakness in the core portfolio. If overall growth were to slow to a GDP-pace of 2.5%, the justified multiple would fall to 13.7x P/FFO, representing significant downside (CAPM analysis). Investors are currently paying a fair-value price for a company that must execute perfectly on its acquisition strategy to meet the market's growth assumptions.
5. WHAT WOULD CHANGE THIS VIEW?
- Constructive if same-store occupancy continues to climb for consecutive quarters, proving that the 0.5% increase in late 2025 was the start of a trend rather than a one-off (8-K).
- Cautious if 2026 same-store expenses exceed the 2.8% upper guidance limit, signaling that property tax and labor inflation are more systemic than management has projected.
- Cautious if the "PS4.0" leadership transition leads to a significant departure from the current strategy of using bridge lending and third-party management to augment rental income (8-K).
6. BOTTOM LINE
Structural Advantage: Public Storage maintains a massive cost and marketing lead through its "ubiquitous orange" brand and a centralized data platform that optimizes pricing across the largest storage footprint in the U.S.
Bottom Line: Public Storage is a defensive giant currently priced for a growth recovery that its own 2026 guidance suggests has not yet arrived.
1. Top 5 Material Risks
- Natural Disasters and Disruptions: Events such as earthquakes, fires, hurricanes, and floods can damage facilities or make them temporarily unavailable. Losses may exceed insurance coverage, and because Public Storage self-insures a portion of its risks, losses below certain levels are not covered.
- Operating Cost Inflation: Public Storage faces potential increases in property taxes, repair and maintenance costs, payroll, and utility expenses due to inflation, labor shortages, and energy price increases. Property tax expenses are particularly sensitive to changes in valuation approaches by government agencies.
- Acquisition and Integration Risks: Public Storage faces significant competition for acquisitions from private equity funds and other operators. Unexpected issues in acquired properties—such as deferred maintenance, environmental matters, or increased property taxes following reassessment—can jeopardize anticipated earnings.
- Development Program Challenges: Developing new facilities involves risks of cost increases, delays, and failure to meet underwriting estimates. Newly developed space is generally not pre-leased, and rent-up can be delayed by competition or reduced demand.
- Competitive Market Dynamics: Significant competition from other operators and storage alternatives impacts the ability to attract customers. An influx of capital into the industry may drive more supply, intensifying competition and affecting occupancy levels and rental rates.
2. Company-Specific Risks
- Cannibalization from New Facilities: Public Storage’s strategy of developing new facilities and managing third-party properties can negatively impact the revenues of its own nearby legacy facilities due to aggressive pricing during the fill-up period.
- European Exposure via Shurgard: The investment in Shurgard exposes Public Storage to currency fluctuations, European labor union collective bargaining, and potential impediments to capital repatriation.
- Google Search Dependence: More than half of new storage customers in 2025 were sourced through Google search campaigns. Google’s tools, which allow smaller operators to bid for search terms, may increase customer acquisition costs or reduce the number of new customers Public Storage can procure.
- Holding Company Structure: Public Storage is a holding company with no direct operations. It relies entirely on distributions from PSA OP and PSOC to pay obligations and dividends; shareholder claims are structurally subordinated to the liabilities of these subsidiaries.
3. Regulatory/Legal Risks
- REIT Status: Failure to qualify as a Real Estate Investment Trust (REIT) would subject Public Storage to U.S. federal corporate income tax, significantly reducing cash available for distributions.
- California Property Tax: Proposition 13 limits assessed value increases to 2% per year. Future legislative actions or ballot initiatives that reduce this benefit could substantially increase property tax expenses.
- Rent Control and Operational Restrictions: Local and state governments have previously imposed rent increase limits and restrictions on evicting delinquent tenants, particularly in response to crises like wildfires or the COVID-19 pandemic.
- Insurance Licensing: Public Storage holds limited lines self-service storage insurance agent licenses. Regulatory authorities have broad discretion to revoke these licenses, which could reduce net income from the tenant reinsurance business.
4. Financial Impact Map
Natural Disasters → Operating Expenses / Net Income → Losses may exceed insurance coverage and self-insured retention levels. Operating Cost Inflation → Property Tax Expense / Operating Expenses → Increases in assessed values or changes in tax laws directly impact operating margins. Competitive Market Dynamics → Rental Revenue / Advertising Costs → Increased competition impacts occupancy levels, rental rates, and marketing spend. Interest Rate Levels → Interest Expense / Preferred Share Dividends → Elevated rates increase debt service costs and the cost of capital for new acquisitions. REIT Disqualification → U.S. Federal Corporate Income Tax → Failure to qualify as a REIT would trigger corporate income tax, reducing cash available for shareholder distributions.
Recent Filings
| Form | Filed | Period |
|---|---|---|
| 8-K | Feb 2026 | — |
| 10-K | Feb 2026 | Dec 2025 |
| 10-Q | Oct 2025 | Sep 2025 |
| 14A | Mar 2025 | — |
AI-extracted key facts from press releases and SEC filings. Significance 1–10.
Public Storage prices $500M senior notes due 2035 at 5.000% interest
- ▸Priced $500M aggregate principal amount of senior notes due 2035
- ▸Notes bear 5.000% annual interest rate
- ▸Issued at 99.182% of par value
- ▸Proceeds to repay revolving credit facility and fund general corporate purposes
- ▸Offering expected to close April 6, 2026
Public Storage Price Target Raised to $321 at Scotiabank Following $10.5B NSA Acquisition
- ▸Scotiabank raised PSA price target to $321 from $319, reiterated Outperform rating
- ▸Truist Securities maintained Buy rating and $317 price target
- ▸Mizuho reiterated Neutral rating and $285 price target
- ▸Acquisition of National Storage Affiliates valued at $10.5 billion in all-stock deal
- ▸Company operated 3,533 self-storage facilities across 40 states as of year-end 2025
Public Storage to acquire National Storage Affiliates in $10.5B all-stock transaction
- ▸Acquisition valued at $10.5B including debt
- ▸NSA shareholders receive 0.14 PSA shares per share held
- ▸Adds 1,000+ properties and 69M rentable square feet
- ▸Expected $110M–$130M in annual synergies
- ▸Accretive to core FFO per share in first year
Public Storage to acquire National Storage Affiliates in $10.5B all-stock transaction
- ▸Acquisition valued at $10.5B in all-stock deal
- ▸NSA shareholders receive 0.14 PSA shares per share, implying $41.68 price
- ▸Combined entity to have $57B pro forma equity market capitalization
- ▸Transaction expected to be accretive to FFO per share in year one
- ▸Deal expected to close in Q3 2026
Public Storage to acquire National Storage Affiliates in $10.5 billion all-stock transaction
- ▸Public Storage to acquire National Storage Affiliates for $10.5 billion
- ▸Transaction structured as an all-stock deal
- ▸Acquisition targets smaller self-storage facilities operator
- ▸Consolidates market share in the self-storage sector
Public Storage to acquire National Storage Affiliates in $10.5 billion all-stock deal
- ▸Public Storage to acquire National Storage Affiliates for $10.5 billion in all-stock transaction
- ▸NSA shareholders to receive 0.14 PSA shares per share, valued at $41.68 per share
- ▸Combined entity to oversee 327 million square feet across 4,600 U.S. locations
- ▸Joint venture formed for 313 properties valued at approximately $3.3 billion
- ▸Transaction expected to close in Q3 pending regulatory and shareholder approval