Public Storage (PSA)

Public Storage's stock (PSA) has experienced fluctuations in the past six months. The stock has declined by 7.59% over the last six months and 5.42% year-to-date as of July 15, 2025. In Q4 2024, Public Storage reported core FFO of $4.21 per diluted share, slightly missing estimates, with revenues for Same Store Facilities decreasing by 0.6%. In Q1 2025, Public Storage reported mixed results, achieving a robust return on equity of 33% and a gross profit margin of 73%. In Q4 2024, Public Storage acquired 17 self-storage facilities for $221.2 million, and subsequent to December 31, 2024, the company acquired or was under contract to acquire nine self-storage facilities for $140.7 million. Public Storage completed development and expansion projects adding 1.5 million net rentable square feet in 2024. The company submitted a non-binding offer to acquire Abacus Storage King, with an update provided on July 13, 2025. Public Storage priced a public offering of senior notes on June 26, 2025, and declared its second-quarter 2025 dividends on May 7, 2025. Analysts have noted a weak demand environment and declining move-in rates.

Public Storage experiences minor seasonal fluctuations in demand, with higher demand and rental rates in the summer months. This seasonality is partly due to increased moving activity during the summer. Demand can also be influenced by macroeconomic conditions, population shifts, and the supply of new facilities. While the sector is recession-resilient, Public Storage has not yet seen signs of a full market recovery and does not anticipate a seasonal peak in business for the current year (2025).

Public Storage (PSA) is an American international self-storage company and REIT headquartered in Glendale, California. It is the largest brand of self-storage services in the United States, acquiring, developing, owning, and operating self-storage facilities for lease on a month-to-month basis. Public Storage operates within the Real Estate sector, specifically the REIT - Industrial industry group. As a REIT, it distributes at least 90% of its taxable income to shareholders as dividends. Its services include self-storage units of various sizes, moving and packing supplies, tenant reinsurance/insurance solutions, third-party property management, and equity interests in entities like Shurgard Europe.

As of December 31, 2024, Public Storage owns and operates 3,380 self-storage facilities across 40 states in the United States, encompassing approximately 245 million net rentable square feet. The company also has an international presence through its equity interest in Shurgard Europe, which operates independently and has 193 locations. Public Storage's self-storage locations tend to be concentrated in dense clusters within major cities, particularly near freeways and intersections. The company also has business operations in various states including Texas, Florida, Illinois, Georgia, Maryland, Colorado, Arizona, Indiana, Nevada, Kansas, Ohio, Minnesota, and North Carolina.

Public Storage maintains a strong brand reputation as one of the most recognized names in the self-storage industry. The company's Q4 2024 earnings report mentioned an estimated $0.23 per share impact on core FFO in 2025 due to pricing restrictions associated with the Los Angeles wildfires. Analysts have noted a weak demand environment and declining move-in rates, which could signal underlying demand issues and potentially impact the company's ability to attract new customers.

Public Storage has a diverse ownership structure, primarily held by institutional shareholders, followed by retail investors and company insiders. Institutional shareholders own 78.37% of Public Storage, with major holders including Vanguard Group Inc. and BlackRock, Inc. Public Storage insiders own 8.93% of the company, with B. Wayne Hughes Jr. being the largest individual shareholder. Retail investors own 12.70% of Public Storage.