Glendale, California-based Public Storage (PSA) is a REIT that primarily acquires, develops, owns, and operates self-storage facilities. Valued at $51.5 billion by market cap, the company owned and/or operated 3,399 self-storage facilities located in 40 states with approximately 247 million net rentable square feet in the U.S.
Shares of this self-storage giant have underperformed the broader market over the past year. PSA has declined 11.9% over this time frame, while the broader S&P 500 Index ($SPX) has rallied nearly 16.1%. In 2025, PSA stock is down 1.9%, compared to the SPX’s 10% rise on a YTD basis.
Narrowing the focus, PSA’s underperformance is also apparent compared to the Real Estate Select Sector SPDR Fund (XLRE). The exchange-traded fund has declined slightly over the past year. Moreover, the ETF’s 4.1% gains on a YTD basis outshine the stock’s dip over the same time frame.
On Jul. 30, PSA reported its Q2 results, and its shares closed down more than 5% in the following trading session. Its core FFO of $4.28 per share surpassed Wall Street expectations of $4.23 per share. The company’s revenue was $1.20 billion, topping Wall Street forecasts of $1.19 billion. PSA expects full-year FFO in the range of $16.45 to $17 per share.
For the current fiscal year, ending in December, analysts expect PSA’s FFO per share to grow marginally to $16.81 on a diluted basis. The company’s FFO surprise history is mixed. It beat the consensus estimate in two of the last four quarters while missing the forecast on two other occasions.
Among the 22 analysts covering PSA stock, the consensus is a “Moderate Buy.” That’s based on 13 “Strong Buy” ratings, and nine “Holds.”
This configuration is more bullish than two months ago, with 12 analysts suggesting a “Strong Buy.”
On Aug. 21, Smedes Rose from Citigroup Inc. (C) maintained a “Buy” rating on PSA with a price target of $325, implying a potential upside of 10.7% from current levels.
The mean price target of $326.47 represents an 11.2% premium to PSA’s current price levels. The Street-high price target of $378 suggests an ambitious upside potential of 28.7%.
On the date of publication, Neha Panjwani 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.
