Public Storage (PSA) Research | Aerarium Research

Forward Estimates

EPS Estimates

Current Qtr

$2.52

$2.50$2.57

vs $2.58-2.1%

3 analysts

Next Qtr

$2.32

$2.13$2.51

vs $2.62-11.3%

2 analysts

Current Yr

$9.69

$9.40$9.96

vs $10.23-5.4%

3 analysts

Next Yr

$10.16

$9.21$10.58

vs $9.69+4.9%

4 analysts

Revenue Estimates

Current Qtr

$1.23B

$1.21B$1.24B

vs $1.20B+2.2%

6 analysts

Next Qtr

$1.28B

$1.24B$1.42B

vs $1.22B+4.7%

6 analysts

Current Yr

$4.99B

$4.82B$5.27B

vs $4.82B+3.4%

8 analysts

Next Yr

$5.29B

$5.01B$5.80B

vs $4.99B+6.0%

8 analysts

SEC filings →

View all 10-K, 10-Q, and 8-K filings for PSA on EDGAR.

PSA filing events and research context
Filed	Item	Context
Apr 27, 2026	mda_quarterly	Net income allocable to common shareholders for the first quarter of 2026 rose to $476.8 million, driven by a $110.4 million foreign currency gain on Euro-denominated notes and a $20.6 million increase in self-storage net operating income. Core FFO per share increased 2.4% to $4.22. Same store revenues remained flat as a 0.4% increase in average occupancy was offset by a 0.3% decline in realized annual rent per occupied square foot. Management anticipates 2026 same store revenues will be modestly below 2025 levels, citing macroeconomic uncertainty and potential trade policy shifts. Growth is centered on the pending all-stock merger with National Storage Affiliates Trust (NSA), expected to close in the third quarter of 2026, which will add over 1,000 properties and 69 million rentable square feet. Additionally, PSA maintains a development pipeline with $415.7 million in remaining estimated costs. Ancillary operations showed strength, with tenant reinsurance premiums increasing 11.3% to $66.5 million. The company is executing a corporate transformation, including relocating its principal executive office to Texas. Total debt is $10.1 billion at a 3.3% weighted average rate, with $650 million in unsecured notes maturing in November 2026.
Feb 12, 2026	business	Public Storage operates as a real estate investment trust (REIT) primarily focused on the acquisition, development, and management of self-storage facilities. The company’s business model relies on high occupancy and rental rate growth, which are increasingly sensitive to macroeconomic conditions, including inflation, interest rate volatility, and shifts in consumer demand. A significant portion of new customer acquisition is driven by digital marketing, particularly through Google search, making the company vulnerable to rising search costs and increased competition from both traditional operators and emerging valet-style storage services. Growth is pursued through both internal development and the acquisition of existing facilities or operating companies. These strategies carry inherent risks, including integration failures, unforeseen property liabilities, and regulatory hurdles. The company also maintains exposure to European markets through its investment in Shurgard, which introduces currency, regulatory, and geopolitical risks. Operational risks are extensive, ranging from natural disasters and environmental contamination to cybersecurity threats and labor unionization efforts. As a REIT, the company must adhere to strict tax compliance requirements; failure to maintain this status would result in significant corporate tax liabilities. Furthermore, the company faces ongoing regulatory pressure regarding pricing methodologies, tenant protection laws, and property tax assessments, particularly in California.
Feb 12, 2026	mda	Public Storage (PSA) faces a challenging operating environment characterized by softening demand, which has pressured occupancy and necessitated lower move-in rental rates. In 2025, Same Store Facilities revenue remained flat as a 0.5% increase in realized annual rent per occupied square foot was offset by a 0.4% decline in average occupancy. While existing long-term tenants provided stability, the company expects 2026 revenues to be modestly lower than 2025 levels due to ongoing macroeconomic and political uncertainty. Growth is primarily driven by the acquisition and development of new facilities. Since 2023, the company has acquired 273 facilities for $3.9 billion and maintains a robust development pipeline, with $415.6 million in remaining costs for projects expected to complete over the next 18 to 24 months. Operational efficiency remains a priority, evidenced by a 5.0% reduction in on-site payroll through dynamic staffing and a large-scale solar installation program designed to lower utility costs. Financially, the company maintains a strong balance sheet with an "A" credit rating and $1.5 billion in available revolving credit. While 2025 net income declined due to significant foreign currency exchange losses on Euro-denominated notes, the company continues to generate substantial retained operating cash flow to fund dividends and capital requirements.

Filed

Item

Context

Apr 27, 2026

mda_quarterly

Net income allocable to common shareholders for the first quarter of 2026 rose to $476.8 million, driven by a $110.4 million foreign currency gain on Euro-denominated notes and a $20.6 million increase in self-storage net operating income. Core FFO per share increased 2.4% to $4.22. Same store revenues remained flat as a 0.4% increase in average occupancy was offset by a 0.3% decline in realized annual rent per occupied square foot. Management anticipates 2026 same store revenues will be modestly below 2025 levels, citing macroeconomic uncertainty and potential trade policy shifts. Growth is centered on the pending all-stock merger with National Storage Affiliates Trust (NSA), expected to close in the third quarter of 2026, which will add over 1,000 properties and 69 million rentable square feet. Additionally, PSA maintains a development pipeline with $415.7 million in remaining estimated costs. Ancillary operations showed strength, with tenant reinsurance premiums increasing 11.3% to $66.5 million. The company is executing a corporate transformation, including relocating its principal executive office to Texas. Total debt is $10.1 billion at a 3.3% weighted average rate, with $650 million in unsecured notes maturing in November 2026.

Feb 12, 2026

business

Public Storage operates as a real estate investment trust (REIT) primarily focused on the acquisition, development, and management of self-storage facilities. The company’s business model relies on high occupancy and rental rate growth, which are increasingly sensitive to macroeconomic conditions, including inflation, interest rate volatility, and shifts in consumer demand. A significant portion of new customer acquisition is driven by digital marketing, particularly through Google search, making the company vulnerable to rising search costs and increased competition from both traditional operators and emerging valet-style storage services. Growth is pursued through both internal development and the acquisition of existing facilities or operating companies. These strategies carry inherent risks, including integration failures, unforeseen property liabilities, and regulatory hurdles. The company also maintains exposure to European markets through its investment in Shurgard, which introduces currency, regulatory, and geopolitical risks. Operational risks are extensive, ranging from natural disasters and environmental contamination to cybersecurity threats and labor unionization efforts. As a REIT, the company must adhere to strict tax compliance requirements; failure to maintain this status would result in significant corporate tax liabilities. Furthermore, the company faces ongoing regulatory pressure regarding pricing methodologies, tenant protection laws, and property tax assessments, particularly in California.

Feb 12, 2026

mda

Public Storage (PSA) faces a challenging operating environment characterized by softening demand, which has pressured occupancy and necessitated lower move-in rental rates. In 2025, Same Store Facilities revenue remained flat as a 0.5% increase in realized annual rent per occupied square foot was offset by a 0.4% decline in average occupancy. While existing long-term tenants provided stability, the company expects 2026 revenues to be modestly lower than 2025 levels due to ongoing macroeconomic and political uncertainty. Growth is primarily driven by the acquisition and development of new facilities. Since 2023, the company has acquired 273 facilities for $3.9 billion and maintains a robust development pipeline, with $415.6 million in remaining costs for projects expected to complete over the next 18 to 24 months. Operational efficiency remains a priority, evidenced by a 5.0% reduction in on-site payroll through dynamic staffing and a large-scale solar installation program designed to lower utility costs. Financially, the company maintains a strong balance sheet with an "A" credit rating and $1.5 billion in available revolving credit. While 2025 net income declined due to significant foreign currency exchange losses on Euro-denominated notes, the company continues to generate substantial retained operating cash flow to fund dividends and capital requirements.

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PSA filing events and research context

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