Public Storage.

Public Storage.

PSA

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Market Cap$53.31B
Close$

Compare to Similar Companies

P/E RatioDividendsReturn on EquityPrice-to-SalesDebt-to-Equity
Public Storage.Public Storage.283.95%21%11.21.1

Earnings Call Q1 2026

April 28, 2026 - AI Summary

Q1 performance: ahead of expectations but “no guidance change” due to busy season - Core FFO: $4.22/share, +2.4% YoY (+$0.10). - Same-store revenue/NOI: flat revenue (+0.4%) and positive NOI (+0.4%). - Move-ins: still negative but better than expected at -2.4% vs guidance assuming down mid-single digits. - Occupancy: +0.4% YoY, better than guidance (guidance assumed ~flat). - Expenses: -1.1% YoY in the quarter (notable property tax appeal wins ~ $3M, expected earlier in Q2).
The “good surprise” metric: churn/move-out improvements and why it matters - Material reduction in churn / move-outs vs last year, driven by: - Healthier existing-customer behavior (lower delinquency, good ability to pay ECRIs). - PS 4.0 “customer obsession” efforts improving service/product and supporting longer length of stay. - Affordability / pricing elasticity still healthy (no major shift in elasticity observed). - Impacts investors care about: fewer vacancies improve pricing power on new rentals and support occupancy/NOI stability; also indicates demand isn’t collapsing even in a mixed environment. - Through April: similar direction—lower move-out YoY, move-in rates flat to slightly positive, occupancy flat to slightly better.
Outlook & cadence: revenue growth headwinds later, expenses constrained, geography matters - Guidance not raised: company explicitly said they’re still early and will focus on how they finish the year (busy season ahead). - Revenue growth expectation: YoY revenue will soften midyear because it’s a lagging indicator; guided expectation remains that revenue growth worsens in 2Q/3Q vs Q1. - Geography risk/opportunity: - Sunbelt: new supply still weighs in some markets, but supply tapering is a key support. - Coastal/Midwest: stronger performance in many markets. - Los Angeles: still a negative drag due to state of emergency through May, and management assumed ~ -80 bps on full-year same-store performance tied to LA restrictions (with LA expected to be a tailwind after restrictions ease).

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$319.55

Target Price by Analysts

5.8% upsidePublic Storage. Target Price DetailsTarget Price
$359.56

Current Fair Value

19.1% upside

Undervalued by 19.1% based on the discounted cash flow analysis.

Share Statistics

Market cap$53.31 Billion
Enterprise Value$62.88 Billion
Dividend Yield$12.00 (3.95%)
Earnings per Share$9.04
Beta0.98
Outstanding Shares175,519,000

Return

Return on Equity20.69%ROE
Return on Assets9.62%
Return on Invested Capital10.29%

Valuation & Multiples

P/E Ratio28.01P/E Ratio
PEG96.41PEG
Price to Sales11.18Price to Sales
Price to Book Ratio5.7Price to Book Ratio
Enterprise Value to Revenue12.94
Enterprise Value to EBIT31.58
Enterprise Value to Net Income32
Total Debt to Enterprise0.15
Debt to Equity1.05Debt to Equity

Revenue Sources

No data

Insider Trades

Last Earnings Call

Report Date
May 5, 2026
EPS Estimate
$2.42
Average shareholder expectation
Revenue Estimate
$1.22 B
Average shareholder expectation

Next Earnings Call

Expected Date
July 29, 2026
EPS Estimate
$2.52
Average shareholder expectation
Revenue Estimate
$1.23 B
Average shareholder expectation

Institutional Put/Call Ratio

Market sentiment based on institutional option activity.

Put/Call Ratio1.4620▼ 52.04%
Total Calls274,900▲ 17.98%
Total Puts401,914▼ 12.99%

Institutional Ownership

Holdings and activity of institutional investors.

Ownership %82.25%▲ 1.00%
Total Invested$39.00B▲ 5.43%
Investors Holding1,107▼ 22.00%

ESG Score

No data

About Public Storage

5,400 employees
CEO: Joseph Russell

Relevant Senate Committees

Joint Committee on Taxation

This committee provides crucial analysis and revenue estimates for all tax legislation. Its influence on corporate tax structures and the overall tax burden is paramount for a REIT like Public Storage, given its unique tax pass-through structure.

Finance

As a REIT, Public Storage's valuation and attractiveness to investors are fundamentally tied to tax policy. This committee's control over taxation, corporate tax rates, and specific REIT tax rules directly impacts Public Storage's financial structure and investor returns.

Banking, Housing, and Urban Affairs

This committee directly regulates the financial system, including HUD and the SEC, and has significant influence over real estate markets. As a REIT, Public Storage is highly sensitive to housing policies, financial regulations, and capital market conditions, making this committee's oversight directly impactful.