Public Storage
- Open
- 303.51
- Day high
- 304.19
- Day low
- 301.87
- Prev close
- 301.33
- Volume
- 25K
- Mkt cap
- $53.0B
- P/E (TTM)
- 28.7
- EPS (TTM)
- $10.51
- P/B
- 5.8
- P/S
- 10.8
- Yield
- 3.97%
- Per share
- $12.00
- ▼Insiders net selling -$772K over the last 3 months (0 open-market buys, 2 sales)
- 🏛Institutions accumulating (13F)
Public Storage (PSA) is a Real Estate company listed on NYSE. The stock is up 3% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 2 sales (SEC Form 4). Drillr has 1 published research article covering PSA.
Public Storage (PSA) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 8 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
PSA earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 30, 2026 | $2.53 | $2.55 | +0.8% | $1.2B | -0.1% |
| Apr 28, 2026 | $2.42 | $2.72 | +12.4% | $1.2B | +0.2% |
| Feb 12, 2026 | $4.21 | $4.26 | +1.2% | $1.2B | +0.1% |
| Oct 29, 2025 | $4.24 | $4.31 | +1.7% | $1.2B | +1.0% |
| Jul 30, 2025 | $4.23 | $4.28 | +1.2% | $1.2B | -1.5% |
| Apr 30, 2025 | $4.06 | $4.12 | +1.5% | $1.2B | +0.6% |
| Oct 30, 2024 | $4.25 | $4.20 | -1.2% | $1.2B | +0.5% |
| Apr 30, 2024 | $4.07 | $4.03 | -1.0% | $1.2B | +0.9% |
| Feb 20, 2024 | $4.15 | $4.20 | +1.2% | $1.2B | -2.2% |
| Aug 2, 2023 | $2.91 | $3.00 | +3.1% | $1.1B | -0.3% |
| May 3, 2023 | $4.05 | $4.08 | +0.6% | $1.1B | -0.2% |
| Feb 21, 2023 | $3.99 | $4.16 | +4.3% | $1.1B | +0.7% |
PSA insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 14, 2026 | Vitan Nathaniel A.officer: Chief Legal Officer | Sell | 1,414 | $327.53 |
| Jul 30, 2026 | HAVNER RONALD L JRdirector | Option | 103,275 | $219.07 |
| Jul 30, 2026 | Johnson Nataliaofficer: CD&TO | Option | 10,327 | $225.38 |
| Jul 30, 2026 | HAVNER RONALD L JRdirector | Option | 34,600 | — |
| Jul 30, 2026 | Johnson Nataliaofficer: CD&TO | Option | 3,284 | — |
| Jul 2, 2026 | HAVNER RONALD L JRdirector | Grant | 95 | — |
| Jul 2, 2026 | WILLIAMS PAUL Sdirector | Grant | 46 | $318.31 |
| Jul 2, 2026 | HAVNER RONALD L JRdirector | Grant | 4 | $318.31 |
| Jul 2, 2026 | SPOGLI RONALD Pdirector | Grant | 6 | $318.31 |
| Jul 2, 2026 | SPOGLI RONALD Pdirector | Grant | 145 | — |
| Jul 2, 2026 | Mitra Shankhdirector | Grant | 305 | $318.31 |
| Jul 2, 2026 | PETHERBRIDGE LUKE Jdirector | Grant | 126 | — |
| Jun 16, 2026 | Vitan Nathaniel A.officer: Chief Legal Officer | Sell | 950 | $324.81 |
| May 8, 2026 | Owen Rebecca Ldirector | Grant | 3,232 | $308.98 |
| May 8, 2026 | HAWTHORNE MARIA Rdirector | Grant | 3,232 | $308.98 |
Source: PSA SEC Form 4 filings, latest Aug 14, 2026. For informational purposes only — not investment advice.
See the full PSA insider & 13F page →Public Storage company profile
Overview
Public Storage (NYSE:PSA) is the largest self-storage real estate investment trust (REIT) in the United States, founded in 1972 and publicly traded since 1980. The company has grown from a small California-based operation to become a dominant force in the self-storage industry, operating over 2,500 facilities across 38 states with approximately 171 million net rentable square feet. As a member of the S&P 500 and FT Global 500, Public Storage has established itself as the industry leader through decades of strategic acquisitions, development, and operational excellence. The company is headquartered in Glendale, California, and has expanded its reach internationally through strategic investments in European and potentially Australian markets.
Business
Public Storage operates in the self-storage industry, which provides temporary storage solutions for individuals and businesses who need extra space for their belongings. Self-storage facilities consist of individual storage units of various sizes that customers rent on a month-to-month basis to store household items, business inventory, seasonal goods, or possessions during life transitions like moving, downsizing, or renovating. The company's core business revolves around three main segments: 1. Domestic Self-Storage Operations (approximately 85-90% of revenue): Public Storage owns and operates over 2,500 self-storage facilities across 38 U.S. states, totaling approximately 171 million net rentable square feet. These facilities offer storage units ranging from small lockers to large warehouse-style spaces, typically rented on month-to-month leases. The company serves both individual consumers (about 85% of customers) and commercial clients (about 15% of customers). 2. European Operations through Shurgard (approximately 5-8% of revenue): Public Storage holds a 35% equity interest in Shurgard Self Storage SA, which operates 239 self-storage facilities across seven Western European countries with approximately 13 million net rentable square feet. This provides exposure to international markets and diversification beyond the U.S. market. 3. Commercial Real Estate through PS Business Parks (approximately 5-7% of revenue): The company maintains a 42% equity interest in PS Business Parks, Inc., which owns and operates approximately 28 million rentable square feet of commercial office and industrial space, providing additional diversification within the real estate sector. The self-storage industry serves customers during major life events such as moving, divorce, death in the family, downsizing, home renovations, or when people simply need more space. Business customers use storage for inventory overflow, document storage, or as cost-effective alternatives to expensive warehouse space.
Revenue model
Public Storage generates revenue primarily through monthly rental income from storage unit leases, operating on a relatively simple but highly profitable business model. Customers typically pay month-to-month rent for storage units, with rates varying by unit size, location, and local market conditions. The company also generates ancillary revenue from tenant insurance, moving supplies, truck rentals, and late fees. The company's revenue streams include: 1. Base rental income: Monthly rent payments from approximately 1.7 million customers across their storage facilities, with average rental rates varying significantly by market and unit size. 2. Ancillary services: Tenant insurance (offered to protect stored belongings), moving supplies sales, truck rental partnerships, and administrative fees contribute additional revenue per customer. 3. Investment income: Dividends and appreciation from equity stakes in Shurgard (European operations) and PS Business Parks (commercial real estate). The business model benefits from several favorable characteristics: customers typically exhibit low price sensitivity once established (moving belongings is inconvenient), occupancy rates remain relatively stable (averaging 92-95%), and operating leverage is high since most costs are fixed. The company can increase revenue through both occupancy improvements and rate increases to existing customers. Factors that increase margins include: rising demand during economic uncertainty (people downsize homes), limited new supply construction (zoning restrictions), successful digital transformation reducing labor costs, and the ability to implement regular rent increases to existing customers. Factors that decrease margins include: new supply delivery in key markets, economic downturns reducing customer ability to pay, increased property taxes and insurance costs, and competitive pricing pressure from new market entrants or existing operators.
Competitive moat
Public Storage possesses a strong economic moat built on several sustainable competitive advantages. The company's primary moat stems from its massive scale and prime real estate locations, which are increasingly difficult to replicate due to zoning restrictions and urban density. The company's competitive advantages include: 1. Location advantages: Public Storage owns premium locations in high-density urban and suburban markets where zoning laws increasingly restrict new self-storage development. These irreplaceable locations provide pricing power and customer convenience. 2. Scale economies: As the largest operator with over 2,500 facilities, Public Storage achieves significant cost advantages in marketing, technology development, purchasing, and operational efficiency. The company's size enables substantial investment in digital platforms and automation that smaller competitors cannot match. 3. Brand recognition and digital dominance: The Public Storage brand is synonymous with self-storage in many markets, and the company's digital transformation (85% of customer interactions are now digital) creates switching costs and operational efficiencies. 4. Customer switching costs: Once customers store belongings, they face significant inconvenience and cost to move to competitors, creating natural customer retention even during rent increases. However, the moat faces some challenges. The industry has relatively low barriers to entry in markets where land is available, and new supply can pressure pricing. Additionally, the business is somewhat commoditized - storage units are largely interchangeable products. Regional operators can compete effectively in specific markets, and economic downturns can reduce demand while customers become more price-sensitive. The company's moat is strong but not impregnable, requiring continuous investment in technology, customer service, and strategic acquisitions to maintain competitive positioning.
Risks & safety
Public Storage demonstrates a solid margin of safety with strong financial fundamentals, though some metrics warrant attention given current market conditions. • Debt and solvency: Net debt-to-EBITDA ratio of approximately 3.9x is manageable for a REIT, with total debt-to-equity of 0.96x. The company maintains investment-grade credit ratings and has access to multiple capital sources including unsecured debt, preferred equity, and an ATM program. • Cash position: Current ratio of 0.55x indicates tight short-term liquidity, though this is typical for REITs that optimize cash deployment. Strong operating cash flow of $705 million quarterly and free cash flow of $647 million provide adequate coverage. • Valuation metrics: Trading at P/E ratio of 32x and EV/EBITDA of 20x suggests premium valuation. Price-to-book ratio of 5.5x is elevated for a real estate company, indicating market expectations for continued growth. • Operational resilience: High occupancy rates (92-95%), strong operating margins (65%+), and diversified geographic exposure provide operational stability. The business model generates predictable cash flows with limited capital intensity. • Other considerations: REIT structure requires 90% of taxable income distribution as dividends, limiting retained earnings for growth. Exposure to interest rate sensitivity through refinancing needs and cap rate expansion risks in real estate valuations.
Recent development
Over the past few years, Public Storage has undergone significant strategic transformation focused on digital innovation and operational efficiency. The company completed its $600+ million "Property of Tomorrow" program, modernizing facilities with enhanced technology, security systems, and customer amenities. Digital transformation has been a key priority, with 85% of customer interactions now conducted digitally through their platform and mobile app, which has over 2 million users. The company has aggressively pursued sustainability initiatives, implementing solar power generation across nearly 900 properties and achieving a 30% reduction in utility usage through LED lighting conversions. These operational improvements have enabled a nearly 30% reduction in on-property labor hours while maintaining service quality. The dynamic staffing model and digital platform adoption have created significant cost savings and operational leverage. Growth strategy has focused on both organic development and strategic acquisitions. The company maintained a robust development pipeline of approximately $650-740 million, targeting yields of 8%+ on new construction. Acquisition activity increased substantially, with $184 million in acquisitions and properties under contract in Q1 2025 compared to just $35 million the previous year. The company is also exploring international expansion, including a potential acquisition of Abacus Storage King in Australia and New Zealand. Capital allocation has become more sophisticated, with management increasing retained cash flow from $400 million to $600 million annually to fund growth initiatives. The company has implemented share repurchase programs, acquired the Simply Self Storage portfolio for $2.2 billion, and expanded their third-party management business to generate additional fee income without capital investment.
PSA company profile · for informational purposes only — not investment advice.
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