Valued at a market cap of $53 billion, Public Storage (PSA) is a real estate investment trust (REIT) based in Glendale, California. It primarily acquires, develops, owns, and operates self-storage facilities.
This self-storage REIT has trailed behind the broader market over the past 52 weeks. Shares of PSA have gained 1.6% over this time frame, while the broader S&P 500 Index ($SPX) has soared 11.9%. However, on a YTD basis, the stock is up 16.4%, notably outpacing SPX’s slight drop.
Narrowing the focus, PSA has also underperformed the State Street Real Estate Select Sector SPDR ETF (XLRE), which gained 4.1% over the past 52 weeks. Nonetheless, it has outperformed XLRE’s 8.9% YTD rise.
On Feb. 12, PSA posted better-than-expected Q4 earnings results, prompting its shares to surge 2.7% in the following trading session. Improved performance from existing customers, along with solid execution in driving new move-ins, led to quarter-end occupancy that was 0.5% higher year over year, marking the first occupancy increase in more than four years and signaling improving fundamentals heading into 2026. The company’s same-store revenue declined marginally year-over-year to $936.2 million, while its core FFO grew 1.2% from the year-ago quarter to $4.26, topping consensus expectations of $4.21.
For fiscal 2026, ending in December, analysts expect PSA’s FFO per share to decline marginally year over year to $16.96. The company’s FFO surprise history is promising. It exceeded the consensus estimates in each of the last four quarters.
Among the 21 analysts covering the stock, the consensus rating is a "Moderate Buy,” which is based on seven “Strong Buy,” and 14 “Hold” ratings.
The configuration is less bullish than a month ago, with 11 analysts suggesting a “Strong Buy” rating.
On Feb. 17, Evercore Inc. (EVR) maintained an "In Line" rating on PSA but lowered its price target to $302, indicating a marginal potential upside from the current levels.
The mean price target of $304.35 suggests a 1.6% potential upside from the current levels, while its Street-high price target of $331 suggests a 10.5% potential upside from the current levels.
