Public Storage Common Stock (PUP)
Summary
Public Storage: Catching The Bottom In REIT Preferreds With A 7% Yield
Public Storage (PSA) stands as the REIT sector benchmark, boasting strong financials and investment-grade credit ratings. PSA's preferred stocks yield nearly 7%, trade below par, and reflect interest rate risk—not credit risk—amid Fed rate hikes. With net debt/EBITDA at 2.9x and an asset coverage ratio above 1080%, PSA's balance sheet remains robust.
Public Storage: Buy The Pullback For A Reliable Yield And Improving Growth
Public Storage offers downside protection with a 4.05% yield, trading at a forward P/FFO of 17.5 and below its historical average. PSA's operational momentum is improving, with rising move-in rents, declining churn, and an inflection in same-store revenue growth guidance. Recent acquisitions provide significant lease-up and margin expansion opportunities, supporting multi-year synergy potential.
Why Is Public Storage (PSA) Down 2% Since Last Earnings Report?
Public Storage (PSA) reported earnings 30 days ago. What's next for the stock?
Public Storage Common Stock (PUP) FAQ
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Public Storage Common Stock Profile
| Industrial REITs Industry | Real Estate Sector | H. Thomas Boyle CEO | XFRA Exchange | 74460D109 CUSIP |
| US Country | 5,770 Employees | 15 Sep 2026 Last Dividend | 14 Aug 2023 Last Split | 18 Nov 1980 IPO Date |
Overview
Public Storage stands as a leading entity in the self-storage sector, marking its presence both in the United States and internationally. As a significant player in the real estate investment trust (REIT) market, Public Storage has cemented its position by being a part of prestigious indexes such as the S&P 500 and FT Global 500. The company's strategic focus on acquiring, developing, owning, and operating self-storage facilities has resulted in a vast network. By the end of December 31, 2023, Public Storage's extensive portfolio included interests in 3,044 self-storage facilities across 40 states in the United States, encompassing approximately 218 million net rentable square feet. Additionally, its international presence is bolstered through a 35% common equity interest in Shurgard Self Storage Limited, a notable player in the European market. Shurgard operates 275 self-storage facilities across seven Western European countries, with around 15 million net rentable square feet under its brand. Public Storage's headquarters, strategically located in Glendale, California, serves as the central hub for its expansive operations.
Products and Services
- Self-storage Facilities in the United States
Public Storage owns and operates a vast array of self-storage facilities across 40 states in the United States, with a collective reach of approximately 218 million net rentable square feet. This extensive network ensures a wide range of storage solutions for personal, business, and vehicle needs, catering to a diverse customer base seeking secure and accessible storage options.
- Equity Interest in Shurgard Self Storage Limited
Through its 35% common equity interest in Shurgard Self Storage Limited, Public Storage extends its footprint into the European self-storage market. Shurgard, listed on Euronext Brussels (SHUR), owns and operates 275 self-storage facilities across seven Western European nations. This strategic investment allows Public Storage to offer approximately 15 million net rentable square feet of storage space in Europe, operated under the reputed Shurgard brand, thus providing a seamless storage experience for customers in both the US and European markets.
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