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Public Storage PSA

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Stock XNYS Rating as of
$260.15 +0.70 (0.27%)
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Company Report

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Public Storage Earnings: Muted Self-Storage Demand Weighs on Rent Growth; 2024 Guidance Maintained

Suryansh Sharma

No-moat-rated Public Storage reported first-quarter results that were largely in line with our expectations as muted demand for self-storage units weighed on rental rates in many markets. The firm reported core funds from operations of $4.03 per share, 1.2% lower than the $4.08 per share FFO during the first quarter of 2023. The company maintained its 2024 full-year core FFO guidance of $16.60-$17.20 per share, representing flattish growth at the midpoint when compared with the full-year 2023 core FFO of $16.89. We have been predicting the slowdown in self-storage demand for many quarters. On a somewhat encouraging note, the current demand slowdown is relatively mild, and management commentary points to a slow recovery in the coming months. We are maintaining our $310 per share fair value estimate for Public Storage after incorporating the first-quarter results.

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Price vs Fair Value

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PSA is trading at a 16% discount.
Price
$260.15
Fair Value
$795.00
Uncertainty
Medium
1-Star Price
$247.70
5-Star Price
$322.00
Economic Moat
Nsbd
Capital Allocation
Msplvybcj

Bulls Say, Bears Say

Bulls

Public Storage’s commanding lead in supply-restricted West Coast markets leads to consistent revenue growth.

Bears

Supply has increased over the past few years, which could significantly affect management’s ability to pass along price increases.

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News

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Trading Information

Previous Close Price
$259.45
Day Range
$256.31–266.78
52-Week Range
$233.18–312.25
Bid/Ask
$251.15 / $275.56
Market Cap
$45.71 Bil
Volume/Avg
1.2 Mil / 726,792

Key Statistics

Price/Earnings (Normalized)
21.95
Price/Sales
10.01
Dividend Yield (Trailing)
4.61%
Dividend Yield (Forward)
4.61%
Total Yield
4.61%

Company Profile

Public Storage is the largest owner of self-storage facilities in the US with more than 3,000 self-storage facilities in 40 states and approximately 218 million square feet of rentable space. Through equity interests, it also has exposure to the European self-storage market through Shurgard Self Storage. The company also has a merchandise business, a third-party property management business, and an insurance business that offers products to cover losses for the goods in self-storage facilities.
Sector
Real Estate
Industry
REIT - Industrial
Stock Style Box
Mid Core
Total Number of Employees
6,200
Website
https://www.publicstorage.com

Competitors

Valuation

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Metric
PSA
PLD
EXR
Price/Earnings (Normalized)
 21.9537.9826.13
Price/Book Value
 8.171.782.05
Price/Sales
 10.0111.829.15
Price/Cash Flow
 14.2418.1216.73
Price/Earnings
PSA
PLD
EXR

Financial Strength

Metric
PSA
PLD
EXR
Quick Ratio
 0.540.180.77
Current Ratio
 0.540.320.85
Interest Coverage
 10.036.322.80
Quick Ratio
PSA
PLD
EXR

Profitability

Metric
PSA
PLD
EXR
Return on Assets (Normalized)
 11.70%3.93%5.13%
Return on Equity (Normalized)
 38.84%6.71%12.17%
Return on Invested Capital (Normalized)
 12.98%4.89%7.27%
Return on Assets
PSA
PLD
EXR
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