olivLaw · US equity research
Public Storage PSA-PR
Real Estate Investment Trusts · SIC 6798 · Vertical: Real Estate Investment Trusts (SIC 6798)
Public Storage (PSA) is the largest owner of self-storage facilities in the United States, with 3,171 facilities at December 31, 2025. For the quarter ended September 30, 2026, the company reported Core FFO of $4.34 per share and raised 2026 guidance to $16.90-$17.10 per share. The NSA and PS Canada acquisitions, completed in summer and early autumn 2026, substantially expanded the portfolio.
At the close of 03 Nov 2026, Public Storage (PSA-PR) stock was 13.98 USD (−0.14% on the day), with market capitalisation 2.6 bn USD, P/E 1.4 on diluted EPS of 9.83 USD over the last 12 months, dividend yield 85.84%, beta 0.22, 52-week range 13.81–16.68 USD. Latest reported quarter (Q3 2026): revenue of 1.4 bn USD (+11.6% YoY), net income of 366.9 m USD (−28.2% YoY), diluted EPS 1.69 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 47.0
- neutral
- Bollinger (20, 2)
- 13.81 – 14.07
- in the upper half of the band · %B 0.64 · band width 1.9%
- SMA 50 / 200
- 14.23 / 15.34
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.08 / -0.11
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −0.3% | −2.0% | +1.7 pp | — |
| 3 months | −9.3% | −2.2% | −7.1 pp | — |
| 6 months | −11.5% | +4.3% | −15.7 pp | — |
| Year to date | −12.4% | +10.6% | −23.0 pp | — |
| 1 year | −15.8% | +10.5% | −26.3 pp | +3.3% |
| 3 years | −18.5% | +73.7% | −92.1 pp | +16.8% |
| 5 years | unavailable | +61.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.2 bn | 1.2 bn | 1.2 bn | 1.2 bn | 1.2 bn | 1.2 bn | 1.2 bn | 1.4 bn |
| Operating income | — | 464.0 m | 500.0 m | 491.5 m | — | 474.3 m | 466.7 m | 317.0 m |
| Depreciation & amortisation | 280.9 m | 282.7 m | 283.2 m | 290.4 m | 295.5 m | 290.7 m | 287.8 m | 412.6 m |
| Interest expense | 72.1 m | 72.0 m | 71.6 m | 79.7 m | 81.2 m | 80.0 m | 84.8 m | 102.5 m |
| Pre-tax income | 617.0 m | 412.2 m | 364.7 m | 517.6 m | 495.3 m | 530.9 m | 505.7 m | 363.3 m |
| Income tax | -1.4 m | 1.4 m | 3.2 m | 2.8 m | -14.7 m | 1.6 m | 2.7 m | -15.0 m |
| Net income | 614.6 m | 407.8 m | 358.4 m | 511.1 m | 507.1 m | 526.3 m | 500.0 m | 366.9 m |
| Diluted EPS | 3.49 ≈ | 2.04 | 1.76 | 2.62 | 2.88 ≈ | 2.71 | 2.55 | 1.69 |
| Operating cash flow | 768.6 m | 705.1 m | 872.7 m ≈ | 875.1 m ≈ | 733.6 m | 694.8 m | 868.4 m ≈ | 708.9 m ≈ |
| Share repurchases | 0 | — | — | 0 ≈ | 0 | — | — | — |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 25 percentile of its own 20-quarter history (min 0.7, median 1.6, max 2.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2.8 bn | 2.9 bn | 2.9 bn | 3.4 bn | 4.2 bn | 4.5 bn | 4.7 bn | 4.8 bn |
| Revenue YoY | +3.4% | +3.5% | +2.1% | +17.2% | +22.4% | +8.0% | +3.9% | +2.7% |
| Net income | 1.7 bn | 1.5 bn | 1.4 bn | 2.0 bn | 4.3 bn | 2.1 bn | 2.1 bn | 1.8 bn |
| Net income YoY | +18.6% | −11.1% | −10.7% | +43.9% | +122.7% | −50.6% | −3.6% | −13.9% |
| Diluted EPS | 8.54 | 7.29 | 6.29 | 9.87 | 23.50 | 11.06 | 10.64 | 9.01 |
| Diluted EPS YoY | +26.9% | −14.6% | −13.7% | +56.9% | +138.1% | −52.9% | −3.8% | −15.3% |
| net % | 62.0% | 53.3% | 46.6% | 57.2% | 104.0% | 47.6% | 44.1% | 37.0% |
| Free cash flow | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 318.1 m USD
- Financial debt
- 10.3 bn USD
- Net debt
- 9.9 bn USD
- Equity
- 9.3 bn USD
- Total assets
- 20.2 bn USD
- Debt / equity
- 1.10x
- Current ratio
- unavailable
- ROE
- 18.6%
- ROA
- 8.9%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 2.9 bn | 3.4 bn | 4.2 bn | 4.5 bn | 4.7 bn | 4.8 bn | SEC (XBRL)· 12 Feb 2026verified |
| Depreciation & amortisation | 553.3 m | 713.4 m | 888.1 m | 970.1 m | 1.1 bn | 1.2 bn | SEC (XBRL)· 12 Feb 2026verified |
| Interest expense | 56.3 m | 90.8 m | 136.3 m | 201.1 m | 287.4 m | 304.5 m | SEC (XBRL)· 12 Feb 2026verified |
| Pre-tax income | — | 2.0 bn | 4.4 bn | 2.2 bn | 2.1 bn | 1.8 bn | SEC (XBRL)· 12 Feb 2026verified |
| Income tax | — | 12.4 m | 14.3 m | 10.8 m | 4.7 m | -7.2 m | SEC (XBRL)· 12 Feb 2026verified |
| Net income | 1.4 bn | 2.0 bn | 4.3 bn | 2.1 bn | 2.1 bn | 1.8 bn | SEC (XBRL)· 12 Feb 2026verified |
| Diluted EPS | 6.29 | 9.87 | 23.50 | 11.06 | 10.64 | 9.01 | SEC (XBRL)· 12 Feb 2026verified |
| Weighted average diluted shares | 174.6 m | 175.6 m | 176.3 m | 176.1 m | 176.0 m | 175.9 m | SEC (XBRL)· 12 Feb 2026verified |
| Dividend per share | 8.00 | 8.00 | 21.15 | 12.00 | 12.00 | 12.00 | SEC (XBRL)· 12 Feb 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 257.6 m | 734.6 m | 775.3 m | 370.0 m | 447.4 m | 318.1 m | SEC (XBRL)· 12 Feb 2026verified |
| Goodwill | 165.8 m | 165.8 m | 165.8 m | 165.8 m | 165.8 m | 165.8 m | SEC (XBRL)· 12 Feb 2026verified |
| Intangibles (excl. goodwill) | 20.0 m | 118.2 m | 47.9 m | 202.6 m | 97.5 m | 66.9 m | SEC (XBRL)· 12 Feb 2026verified |
| Total assets | 11.8 bn | 17.4 bn | 17.6 bn | 19.8 bn | 19.8 bn | 20.2 bn | SEC (XBRL)· 12 Feb 2026verified |
| Long-term debt | 2.5 bn | 7.5 bn | 6.9 bn | 9.1 bn | 9.4 bn | 10.3 bn | SEC (XBRL)· 12 Feb 2026verified |
| Total liabilities | 3.2 bn | 8.0 bn | 7.4 bn | 9.7 bn | 9.9 bn | 10.9 bn | SEC (XBRL)· 12 Feb 2026verified |
| Equity | 8.6 bn | 9.4 bn | 10.2 bn | 10.1 bn | 9.8 bn | 9.3 bn | SEC (XBRL)· 12 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 2.0 bn | 2.5 bn | 3.1 bn | 3.2 bn | 3.1 bn | 3.2 bn | SEC (XBRL)· 12 Feb 2026verified |
| Investing cash flow | -1.1 bn | -5.6 bn | 1.1 bn | -3.5 bn | -1.0 bn | -1.7 bn | SEC (XBRL)· 12 Feb 2026verified |
| Financing cash flow | -1.1 bn | 3.5 bn | -4.2 bn | -112.9 m | -2.1 bn | -1.6 bn | SEC (XBRL)· 12 Feb 2026verified |
| Share repurchases | — | — | 0 | 0 | 200.0 m | 0 | SEC (XBRL)· 12 Feb 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Market and valuation
9 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 84 / 100
A scoring methodology on indicators and valuation, not investment advice.
score >= 65 · margin_of_safety >= 0.15 · agreement in ['high', 'medium']
Closing price
03 Nov 2026Source: olivLaw, closing series
Market cap: 2.6 bn USD
Key indicators
Coverage and freshness
Score by group
- Returns76
- Growth49
- Valuation100
- Quality84
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 79.94 – 217.46 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- Net asset value (NAV)unavailable · input data missing
- Dividend discount (DDM)157.69 – 212.07 (Mid 180.88)
- Peers: P/B79.94 – 217.46 (Mid 144.42)32 companies used · median multiple 1.9x · quartiles 1.0x – 2.8xAKR, ALX, BRX, CHCT, COLD, DLR, DOC, EPR, ESS, EXR, FPI, FRT, GNL, HST, IRT, JBGS, KIM, LXP, NHI, O, PLD, PSA, RLJ, SELF, SITC, SLG, STAG, UDR, VICI, VMRK, VTR, WELL
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Attractive profile · Score 84/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROE · Quality | 16.0% | 84 (vs peers) | 10% |
| EBITDA margin · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 4.9% | 49 (on a fixed band) | 14% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| P/B · Valuation | 0.2x | 100 (vs peers) | 31% |
| P/E (TTM) · Valuation | 1.4x | 100 (vs peers) | 14% |
| Dividend yield · Returns | 85.8% | 97 (vs peers) | 24% |
| Payout ratio (EPS) · Returns | 122.0% | 0 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/2 factors with a value
- Growth49/100 · 1/1 factors with a value
- Quality· partial84/100 · 1/2 factors with a value
- Returns76/100 · 2/2 factors with a value
- Valuation100/100 · 2/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Public Storage (PSA-PR). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 4.8 bn USD in 2025; YoY growth 2.7%; net margin 37.8%; ROE 16.0%.
The estimated value range is 118.82–214.76 USD per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 162.65 USD, the price of 13.98 USD leaves a potential of 1,063.5% (value / price − 1) and a margin of safety of 91.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 84/100, methodological classification: attractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance, quality. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROE: 16.0%
- P/B: 0.2x
- P/E (TTM): 1.4x
- Dividend yield: 85.8%
- The price is below the estimated value range
What contradicts it
- Payout ratio (EPS): 122.0%
Not assessed (insufficient data or a ratio without meaning): EBITDA margin, Net debt / EBITDA, Interest coverage.
Versus the vertical median
Real Estate Investment Trusts (SIC 6798) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| WELLWelltower Inc. | 176.9 bn | 103.2 | 4.0% | 12.7% | +35.6% | +16% / +171% |
| PLDPrologis, Inc. | 120.3 bn | 32.5 | 7.1% | 42.5% | +7.2% | +0% / +12% |
| EQIXEquinix Inc | 100.4 bn | 60.9 | 11.5% | 16.4% | +5.4% | +35% / +24% |
| AMTAmerican Tower Corporation | 86.9 bn | 26.3 | 90.6% | 30.7% | +5.1% | +3% / −10% |
| DLRDigital Realty Trust, Inc. | 63.3 bn | 47.1 | 6.2% | 21.7% | +10.0% | +13% / +30% |
| PSAPublic Storage | 62.3 bn | 33.9 | 16.0% | 37.8% | +2.7% | +21% / +29% |
| ORealty Income Corporation | 54.7 bn | 39.6 | 3.6% | 22.9% | +9.1% | −0% / +7% |
| VTRVentas, Inc. | 46.0 bn | 163.7 | 1.9% | 4.0% | +18.5% | +8% / +90% |
| CCICrown Castle Inc. | 36.8 bn | 44.0 | — | 20.7% | −4.4% | −5% / −26% |
| IRMIron Mountain Inc | 34.7 bn | 82.6 | — | 5.7% | +12.2% | +35% / +82% |
| EXRExtra Space Storage Inc. | 32.6 bn | 31.8 | 7.9% | 29.9% | +3.7% | +17% / +20% |
| VICIVICI Properties Inc. | 26.9 bn | 11.2 | 8.3% | 56.5% | +4.1% | −15% / −18% |
| VMRKVivmark Residential | 23.3 bn | 27.2 | 8.1% | — | +4.8% | +0% / +9% |
| SBACSba Communications Corporation | 19.6 bn | 19.9 | — | 34.5% | +5.1% | −5% / −25% |
| HSTHost Hotels & Resorts, Inc. | 17.7 bn | 17.2 | 15.8% | 16.5% | +7.6% | +46% / +48% |
| ESSEssex Property Trust, Inc. | 17.0 bn | 40.7 | 8.0% | 22.7% | +6.4% | +0% / +24% |
| KIMKimco Realty Corporation | 16.8 bn | 27.6 | 5.8% | 27.8% | +5.1% | +21% / +29% |
| DOCHealthpeak Properties, Inc. | 13.5 bn | 36.0 | 4.9% | 12.3% | +4.5% | +7% / +13% |
| UDRUDR, Inc. | 11.4 bn | 16.9 | 21.8% | 40.8% | +2.4% | −1% / +8% |
| FRTFederal Realty Investment Trust | 9.6 bn | 19.4 | 15.6% | 38.6% | +6.4% | +13% / +17% |
| BRXBrixmor Property Group Inc. | 9.0 bn | 21.4 | 14.2% | 30.0% | +6.7% | +13% / +37% |
| STAGSTAG Industrial, Inc. | 7.2 bn | 26.8 | 7.6% | 29.9% | +10.1% | −5% / +4% |
| EPREpr Properties | 4.6 bn | 16.4 | 12.7% | 38.8% | +2.9% | +14% / +33% |
| COLDAmericold Realty Trust, Inc. | 4.2 bn | — | -16.5% | -17.4% | −2.4% | +34% / −48% |
| LXPLxp Industrial Trust | 3.6 bn | 31.1 | 5.9% | 34.3% | −2.3% | +29% / +56% |
1- and 3-year price returns: for PSA-PR from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 8.58 Total return 19% · Per year 19% | 15.16 Total return 85% · Per year 85% | 22.84 Total return 155% · Per year 155% |
| 3 years | 8.39 Total return 131% · Per year 32% | 16.68 Total return 260% · Per year 53% | 27.57 Total return 401% · Per year 71% |
| 5 years | 8.20 Total return 240% · Per year 28% | 18.34 Total return 452% · Per year 41% | 33.28 Total return 698% · Per year 51% |
- Exit P/E± 4.17
- Net margin± 2.92
- Annual revenue growth± 2.39
- Annual dilution± 0.25
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Public Storage (PSA) is the largest owner of self-storage facilities in the United States, with 3,171 facilities at December 31, 2025 1. For the quarter ended September 30, 2026, the company reported Core FFO of $4.34 per share and raised 2026 guidance to $16.90-$17.10 per share 3. The NSA and PS Canada acquisitions, completed in summer and early autumn 2026, substantially expanded the portfolio 23.
SWOT
Strengths
- Operating scale and a recognised brand give the company cost and customer acquisition advantages, and its technology platform supports online rentals and operating efficiency 1.
- The company holds a leading industry position with a large portfolio and a third-party management model that earns fee income without large capital allocation 1.
Weaknesses
- Per-share results fell in 2025 due to foreign currency losses and higher interest costs, and net income in the third quarter of 2026 declined from the prior year 13.
- Operating costs at Same Store facilities have risen, particularly property taxes, which could limit margins 1.
- Exposure to European markets through Shurgard brings currency and regulatory risk, and liquidity of the stake is constrained by the shareholder structure 1.
Opportunities
- Integrating the NSA and PS Canada portfolios into the PS Next platform could create operating synergies and revenue growth over the medium term 3.
- The fragmented industry leaves room for acquisitions of well-located facilities, and development can earn higher yields than acquisitions when conditions are favourable 1.
- Expanding third-party management and bridge lending could add income and strengthen relationships with independent owners 1.
Threats
- Rising competition from new facilities and outside capital could pressure rates and occupancy 1.
- High interest rates could raise financing costs and reduce the attractiveness of acquisitions, while economic strain could weaken tenant demand 1.
- Local rules on property taxes and minimum wages, along with natural disaster risk, could affect costs and operational continuity 1.
Risks
- Natural disasters and operational disruptionmedium
Earthquakes, fires, floods and other events can damage facilities or make them temporarily unavailable, and losses may exceed insurance limits 1.
- Rising operating costs and property taxeshigh
Property taxes, maintenance, payroll and insurance premiums can rise, and reassessment of property values could lead to substantial increases 1.
- Acquisition and integration riskhigh
Integrating NSA and PS Canada could run into difficulties, and undetected liabilities or loss of key personnel could reduce expected benefits 12.
- Exposure to Europe through Shurgardmedium
Currency, tax and regulatory risks in Europe and limits on repatriating capital could affect the value of the stake and dividends received 1.
- High interest rates and refinancingmedium
New or refinanced debt could cost substantially more than current facilities, which could weigh on growth 1.
Investment thesis
What would need to be true (bull case)
- If the demand recovery seen in the third quarter continues, occupancy and rates could keep improving, and the raised guidance could become a base for stronger results 3.
- Integration of NSA and PS Canada could generate synergies and reinforce the company's position as industry leader if execution follows plan 3.
- A robust financial structure, with financing already secured for the large acquisitions, could give flexibility for further growth opportunities 3.
What would break the thesis
- If demand stays weak or competition intensifies, rates and occupancy could come under pressure and per-share results could fall again 1.
- If integration of the large acquisitions runs into difficulty, the expected synergies could be delayed or reduced and costs could exceed expectations 2.
- If interest rates stay high, financing costs and the appeal of acquisitions could remain unfavourable for growth 1.
What to watch
- Realisation of NSA synergies and integration progress2027
- Evolution of Same Store occupancy and ratesQ1 2027
- Updated 2026 Core FFO per share guidanceQ4 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Segments
Self-storage operations
This segment generates most of net income and covers owned, developed and expanded facilities. In fiscal 2025 Same Store revenues were roughly unchanged while Same Store cost of operations rose 1.8% 1. Combined NOI of acquired and newly developed facilities grew 25.6% in 2025 1.
Shurgard stake
The 35% interest in Shurgard exposes the company to currency, tax and regulatory risks specific to European markets 1.
Market context
The US self-storage industry is highly fragmented. Public Storage estimates it owns about 9% of US self-storage square footage, while the four largest owners together own about 22% and regional and local operators hold the rest 1. Demand was soft in 2025, leading to lower move-in rents and lower average occupancy, but in the third quarter of 2026 Same Store average occupancy reached 92.2% 13.
Trends into 2026 point to a gradual recovery: Same Store revenue rose 0.5% in the third quarter versus the prior year, and management reported lower churn and better move-in rates 3. If this trend holds it could support revenue growth, though results depend on macroeconomic conditions and the cost of capital 2.
Trends
- Consolidation through large acquisitionsmixed
The NSA acquisition, closed on July 22, 2026 in an all-stock transaction, and the PS Canada acquisition, closed on September 1, 2026, substantially widen the asset base, with management estimating run-rate synergies of $110-130 million within three to four years 3. Integration of these portfolios is a potential benefit but carries execution risk.
- Recovery in demand and occupancytailwind
In the third quarter of 2026 management reported lower churn, higher occupancy and strong move-in rates, which drove Same Store revenue growth and a raised guidance 3. If the trend continues it could support performance into 2027.
- Elevated interest ratesheadwind
The company warns that interest rates remain high compared with recent years, raising the cost of new debt and equity and possibly affecting acquisition and development decisions as well as tenant finances 1.
- Rising operating costs and property taxesheadwind
Same Store cost of operations grew in 2025, mainly due to property taxes, and 2026 expense guidance was raised, which could pressure margins if the trend continues 13.
Competitive position
The market is dominated by regional and local operators, and competition comes from nearby facilities that use internet advertising, signage and banners and offer similar services 1. The company argues that its scale, brand and technology platform give it an advantage in attracting and retaining customers and a higher cash flow per square foot than smaller operators 1.
Competitive pressure could intensify if more outside capital flows into the industry and new development adds supply, and lower logistics costs could bring valet-style storage alternatives that reduce demand for traditional self-storage 1. New facilities priced aggressively to fill up could also weigh on rates at nearby stabilized facilities 1.
- Regional and local self-storage operators
Most operators are regional or local and together hold the majority of US self-storage square footage 1.
- The four largest US self-storage owners
Together they own about 22% of US self-storage square footage, according to the company's estimate 1.
- National Storage Affiliates Trust
Acquired by the company in July 2026, removing it as an independent rival and adding its portfolio to the PS Next platform 3.
- Shurgard Self Storage
The company holds a 35% stake in Shurgard, which is listed on Euronext Brussels rather than a US exchange 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Self-Storage Could Be Entering a New Growth Cycle — Baron Capital Re-Initiated Public Storage (PSA)Yahoo Finance — News · 22 Sept 2026 · EN
- Public Storage Stock: Is PSA Underperforming the Real Estate Sector?Yahoo Finance — News · 08 Sept 2026 · EN
- Public Storage Readies Inaugural Canadian Dollar Bond SaleBloomberg Markets · 03 Sept 2026 · EN
- Do Wall Street Analysts Like Public Storage Stock?Yahoo Finance — News · 25 Aug 2026 · EN
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Public Storage · 12 Feb 2026
- [2] Form 10-Q, quarter ended 2026-09-30 · SEC / Public Storage · 26 Oct 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Public Storage · 26 Oct 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.