With a market cap of $51.9 billion, Public Storage (PSA) is the largest self-storage REIT in the U.S., operating over 3,300 facilities across 40 states and holding a stake in European operator Shurgard. Founded in 1972 and based in California, it earns revenue primarily from self-storage unit rentals, insurance products, and sales of packing/moving supplies. 

Public Storage shares have underperformed the broader market over the past 52 weeks. PSA has risen 4.5% over this time frame, while the broader S&P 500 Index ($SPX) has rallied 10.1%. In 2025, shares of PSA are down 1.2%, compared to $SPX’s marginal drop.

Focusing more closely, the self-storage facility REIT has also trailed the Real Estate Select Sector SPDR Fund’s (XLRE) 6.5% return over the past 52 weeks and a marginal fall on a YTD basis.

On Apr. 30, PSA shares climbed 2.5% after reporting its fiscal 2025 first quarter earnings. While revenue increased by 2.2% year-over-year to $1.18 billion, net income declined to $358.2 million ($2.04 per diluted share) from $459.2 million ($2.60 per share) in the same period last year. This decrease was primarily due to a $106.2 million foreign currency exchange loss associated with Euro-denominated notes payable. Core FFO rose by 2.2% to $4.12 per share, surpassing analyst expectations. Operationally, Public Storage expanded its portfolio by acquiring nine self-storage facilities and opening three newly developed facilities, collectively adding 0.7 million net rentable square feet. 

For the current fiscal year, ending in December, PSA is expected to report an FFO of $16.80 per share, reflecting a marginal year-over-year surge. The company’s earnings surprise history is mixed. It beat the consensus estimates in two of the last four quarters while missing on two other occasions. 

Among the 19 analysts covering the stock, the consensus rating is a “Moderate Buy.” That’s based on 13 “Strong Buy” ratings, six “Holds.”

This configuration is slightly more bullish than two months ago, with 10 “Strong Buy” ratings on the stock.

On May 16, Barclays plc (BCS) lowered its price target on Public Storage to $351 from $354 but maintained an “Overweight” rating. The firm favors the self-storage sector over other REIT subsectors due to improving operating metrics, historical resilience during economic downturns, and consistent cash flow.

The mean price target of $333.76 represents a premium of 12.8% to PSA’s current price levels. The Street-high price target of $380 implies a potential upside of 29.5%.