Public Storage (PSA)

Over the past six months (January to June 2025), Public Storage's stock has experienced mixed performance. As of December 2, 2024, the stock had risen 26.8% over the preceding six months, but more recently, the shares declined 3.2% over the three months leading up to March 24, 2025, and were down 4.06% over the 30 days ending June 27, 2025. The stock reached a 52-week low of $256.60 on April 9, 2025. Key events impacting the stock include Q4 2024 earnings, where Public Storage reported core Funds From Operations (FFO) per share of $4.21, slightly missing analyst estimates, attributed to lower same-store revenues due to declining occupancy, though partially offset by an increase in realized annual rent per occupied square foot, and an estimated $0.23 per share impact on core FFO from the Los Angeles wildfires. In Q1 2025, the company posted $4.12 EPS, surpassing estimates, with a slight year-over-year revenue increase, but concerns were raised regarding declining move-in rates. In Q4 2024, Public Storage acquired 17 self-storage facilities for $221.2 million and continued its strategic expansion, with 26 self-storage facilities in development and expansion as of December 31, 2024. In late June 2025, Public Storage announced a public offering of senior notes and declared its second-quarter 2025 dividends on May 7, 2025. Softer industry-wide demand, high interest expenses, and increased competition from a development boom in self-storage units have been noted as ongoing concerns.

Public Storage experiences minor seasonal fluctuations in the demand for self-storage space. The company's revenue management strategies involve adjusting rental rates based on demand, seasonality, and local market conditions to optimize revenue. However, recent reports indicate concerns among analysts regarding a lack of anticipated seasonal demand rebound, and the company does not expect a seasonal peak in business for the current year (2025).

Public Storage is a real estate investment trust (REIT) specializing in self-storage facilities. It operates as the largest owner and operator of self-storage facilities globally, providing flexible, secure, and technologically advanced storage solutions. Its core business involves leasing self-storage spaces, with offerings including small, medium, large, and vehicle units, as well as climate-controlled options. Beyond storage rentals, the company also generates revenue through a merchandise business, third-party property management services, and an insurance business. The company operates within the Real Estate sector, specifically categorized under the Industrial Real Estate Investment Trusts (REITs) industry.

Public Storage has an extensive geographic footprint, with thousands of locations nationwide across the United States, encompassing over 3,000 self-storage facilities in 40 states. The company also holds a significant international presence through a 35% equity interest in Shurgard Self Storage Limited, which operates in seven Western European countries. In April 2025, Public Storage, in conjunction with Ki Corporation, announced a non-binding offer to acquire Abacus Storage King, a major self-storage owner in Australia and New Zealand.

Public Storage maintains a strong brand reputation and market leadership within the self-storage industry. It is recognized as a well-established name with a vast network of facilities and a significant presence in major metropolitan markets. The company is also committed to sustainability, implementing initiatives such as LED lighting, efficient HVAC systems, and solar power generation in its facilities. While the company has faced operational challenges like declining move-in rates and broader economic uncertainties, no specific events severely impacting its overall brand reputation have been widely reported in the past year.

Public Storage's ownership is primarily institutional, with 78.35% held by institutional shareholders, 8.93% by insiders, and 12.71% by retail investors. Major institutional owners include Vanguard Group Inc., Blackrock Inc., State Street Corp, Cohen & Steers Inc., Price T Rowe Associates Inc, Fmr LLC, Geode Capital Management LLC, and Jpmorgan Chase Co. The largest individual shareholders (insiders) are B. Wayne Hughes Jr., owning 3.78% of the company, and Tamara Hughes Gustavson, with 3.51%.