Financial Performance
5Y price score: 2
The price score is a basic measure of the stock's performance against the S&P 500 Index over a five-year period.
A score of 100 indicates that the stock did as well as the S&P 500 Index.
A score below 100 means the stock underperformed the index, while a score above 100 means it outperformed the S&P 500.
10Y return: 89.2%
US$ Per
Share
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256.5
52-week range
335.5
Your model inputs
Your fair value & Margin of safety
To calculate fair value based on cost of capital and terminal growth assumptions above, please select free cash flow forecast.
Forecast:
Valuation
Free Cash Flow Yield
5.6 %
Dividend Yield TTM
3.7 %
Market cap $
$ 60,170
Price / Earnings TTM
30.8
Price / Book TTM
6.2
PEG TTM
0.7
Earnings growth and return
LTM
5YR
10YR
Total return (price & dividends)
15.5 %
22.6 %
89.2 %
Free cash flow per share growth
14.4 %
53.6 %
96.5 %
Earnings per share growth
44.9 %
43.2 %
48.4 %
Founded: 1,972
Employees: 5,900
Business Summary:
Latest Earnings Call Takeaways
2026 Q2 (Jul 30, 2026)
1) Strategic Initiatives and Leadership
- Public Storage is entering a new phase termed PS4.0, focusing on enhanced capabilities for stronger per-share performance.
- The recent acquisition of NSA marks a significant milestone, integrating 1,100 stores and 575,000 units into Public Storage's systems.
- The acquisition of Public Storage Canada is viewed as a strategic move into an underpenetrated market, with strong demographics and growth potential.
- The PSNext operating platform is improving customer experience and operational efficiencies, with a focus on technology and AI to enhance service delivery.
- The "Own It" culture is being cultivated within the organization, emphasizing accountability and urgency in execution.
2) Financial and Segment Results
- Core FFO for Q2 2026 was $4.17 per share, down year-over-year, attributed to higher financing costs and G&A.
- Same store revenue and NOI growth were -0.6% and -2.2%, respectively, but both exceeded internal expectations.
- Average move-in rents increased by 1.6%, marking the first positive growth since 2021, with occupancy at 92.5%, up 0.2% YoY.
- Non-same store NOI grew by 22%, with ancillary growth at 15%, contributing positively to overall results.
- Guidance for 2026 has been raised, with revenue and NOI growth now forecast at -0.2% and -1.1%, respectively.
3) Challenges and Headwinds
- The company faces challenges from increased financing costs and G&A, impacting core FFO.
- The expiration of pricing restrictions in LA County is expected to initially create a headwind of -50 basis points for same store revenue growth.
- Sunbelt markets continue to lag in recovery, with some areas still experiencing negative revenue growth due to new supply absorption challenges.
4) Operational and Product Plans
- The integration of NSA is progressing well, with early execution showing strong operational performance and customer engagement.
- The PSNext platform is enhancing customer interactions, with nearly 90% of customers engaging digitally.
- The company is actively pursuing acquisitions, with over $450 million in transactions year-to-date, focusing on recently developed assets with potential for higher stabilized yields.
- The development pipeline has expanded to $692 million across 47 projects, targeting stabilized yields of 8%.
5) Guidance and Outlook
- The company anticipates a positive trajectory in same-store revenue growth in the second half of 2026, with expectations of exiting Q4 with positive growth.
- The integration of NSA and the acquisition of Public Storage Canada are expected to enhance long-term growth prospects, with confidence in the operating platform's ability to drive value creation.
- Further details on specific financial goals and metrics for the NSA integration were not fully disclosed, leaving some uncertainty for investors.
Bottom line: Public Storage is strategically positioning itself for future growth through key acquisitions and operational enhancements, despite facing short-term challenges. The focus on integrating new assets and improving customer experience is expected to drive stronger financial performance in the coming years, making it a compelling opportunity for shareholders.
Annual Reports, Presentations And IR Contacts
Go to the websitePublic Storage — Financial Overview, Stock Price, Market Cap
Public Storage is a company. Founded in 1972. As of August 26, 2026, the company's market capitalization is $60170210920 with a current stock price of $322.67.