Public Storage (PSA) is a real-estate investment trust (REIT) that specializes in the acquisition, development, ownership, and operation of self-storage facilities. It leases storage units on a month-to-month basis for both personal and business use, and also provides ancillary services such as merchandise sales, tenant reinsurance, and third-party storage management. Headquartered in Glendale, California, Public Storage operates thousands of storage locations across the United States. Its market cap is around $47.9 billion.
Companies valued at $10 billion or more are generally considered “large-cap” stocks, and Public Storage fits this criterion perfectly, exceeding the mark. Public Storage distinguishes itself with its expansive network and its strategic position as a leading self-storage operator.
The self-storage operator has dipped 20.9% from its 52-week high of $345.10 reached in December 2024. PSA is down 5.2% over the past three months, underperforming the broader S&P 500 Index’s ($SPX) 6.5% rise during the same period.
Longer term, the stock has slumped 20.6% over the past 52 weeks and 8.8% on a YTD basis, lagging behind SPX’s 12.9% return over the past year and 16.1% gains this year.
PSA has been mostly trading below the 200-day moving average over the past year, except for a period in October, when the stock traded above. The stock has been trading consistently well below the 50-day and 200-day moving averages since the end of October.
Public Storage stock has been declining in 2025 primarily due to soft industry demand, falling move-in rental rates, and increased operating costs. The self-storage sector has faced challenges from persistent economic uncertainties and a muted housing market, which is a key driver for storage demand.
In the most recent quarter (Q3 2025) reported on Oct. 29, the company’s core funds from operations (Core FFO) per share came in at $4.31, up 2.6% from the same quarter last year. However, its same-store business was weaker. Square foot occupancy dropped by about 0.5% to 92.2% and same-store revenue remained flat year-over-year at $948.9 million. Investors’ concerns rose over the same-store performance, causing the stock to plunge 3% on Oct. 29 and another 2.9% on the following day.
In comparison, rival Extra Space Storage Inc. (EXR) has declined 21.9% over the past year and 11.4% YTD, underperforming PSA.
PSA has a consensus rating of “Moderate Buy” from the 21 analysts in coverage, and the mean price target of $322.42 suggests an upside potential of 18%.
