Public Storage (PSA)

In July 2025, Public Storage reported its second-quarter results, with core Funds From Operations (FFO) per share surpassing analysts' estimates, driven by top-line growth. In September 2025, a subsidiary priced a public offering of senior notes due 2034, intended to manage debt and support investments. The company declared a regular quarterly common dividend in August 2025. An offer to acquire Abacus Storage King was withdrawn in August 2025. Public Storage is slated to release its third-quarter 2025 earnings results on October 29, 2025. Analyst ratings and price targets have seen adjustments, with Wells Fargo raising its price target in October 2025. Recent share price returns have been described as muted, but long-term investors have seen sustained growth potential.

The self-storage business is characterized by seasonality, with demand increasing during the spring and summer months and slowing during the winter months. Demand has been normalizing in the post-COVID era, and an increase in new supply has created a more competitive environment. Management anticipates an improvement in market conditions for self-storage in 2025 and 2026, with a projected decrease in new supply out to 2028.

Public Storage (PSA) is a real estate investment trust (REIT) specializing in self-storage and operates as the largest brand in the United States. Its core business involves owning, operating, and developing self-storage facilities, offering storage spaces for lease on a month-to-month basis. Beyond leasing units, its services include tenant insurance, third-party property management, and the sale of merchandise. The company was founded in 1972 and is headquartered in Glendale, California.

Public Storage has interests in over 3,300 self-storage facilities across 40 states in the United States, encompassing approximately 245 million net rentable square feet of space. The company also has a significant international presence through its interest in Shurgard Self Storage Limited, which operates 321 self-storage facilities across seven Western European nations.

Public Storage maintains a strong brand reputation, reinforced by its established name, vast portfolio, and robust operating platform. The company's commitment to sustainability and innovation also contributes to its positive image. No specific events negatively impacting its brand reputation in the past year (October 2024 - October 2025) were identified in the provided information.

Public Storage's ownership is primarily institutional, with approximately 78.79% to 80.28% of the stock held by institutional shareholders. Major institutional owners include Vanguard Group Inc., BlackRock, Inc., and State Street Corp. Insiders own approximately 8.93% to 10.18% of the company, while retail investors hold around 10.79% to 40.31%. B. Wayne Hughes Jr. and Tamara Hughes Gustavson are significant individual shareholders.