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Public Storage PSA

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Economic Moat




Public Storage Experiences a Slowdown in the Self-Storage Market Due to the Coronavirus Crisis

Yousuf Hafuda Equity Analyst

Analyst Note

| Yousuf Hafuda |

Public Storage reported disappointing second-quarter results that demonstrate the self-storage market is vulnerable amid the coronavirus crisis. During the quarter, core funds from operations were $2.46 per share, a nearly 7% decrease as compared with $2.64 during the second quarter of 2019. Meanwhile, same-store net operating income likewise decreased by 7%, with revenue decreasing by 3% while costs increased by 6.7%. Self-storage is typically considered among the defensive real estate subsectors, but we’ve found that the idiosyncratic nature of this current downturn has challenged that perception somewhat. Despite the disappointing results, we are maintaining our $177 fair value estimate for no-moat-rated Public Storage.

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Company Profile

Business Description

Public Storage owns and operates approximately 2,300 self-storage facilities in 38 states, with over 150 million net rentable square feet of storage space. Through equity interests, it also has exposure to the European self-storage market through Shurgard Europe and to an additional 29 million net rentable square feet of commercial space in the United States through PS Business Parks.

701 Western Avenue
Glendale, CA, 91201-2349
T +1 818 244-8080
Sector Real Estate
Industry REIT - Industrial
Most Recent Earnings Jun 30, 2020
Fiscal Year End Dec 31, 2020
Stock Type Hard Assets
Employees 5,900