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%.
On the date of publication, Subhasree Kar did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
More news from Barchart