Zacks Investment Research·Jun 26, 2026
Public Storage Boosts Liquidity With New Credit and Loan FacilitiesPSA expands flexibility with a $3B revolver, a $500M term loan and a $1B commercial paper program, lowering borrowing costs.
Public Storage(PSA)Earnings, Financials & Key Ratios
PSA•NYSE•REIT / Real Estate
$323.04
35.9× P/E·Price updated Jul 2, 2026
AboutPublic Storage, a member of the S&P 500 and FT Global 500, is a REIT that primarily acquires, develops, owns and operates self-storage facilities. At September 30, 2020, we had: (i) interests in 2,504 self-storage facilities located in 38 states with approximately 171 million net rentable square feet in the United States, (ii) an approximate 35% common equity interest in Shurgard Self Storage SA (Euronext Brussels:SHUR) which owned 239 self-storage facilities located in seven Western European nations with approximately 13 million net rentable square feet operated under the Shurgard brand and (iii) an approximate 42% common equity interest in PS Business Parks, Inc. (NYSE:PSB) which owned and operated approximately 28 million rentable square feet of commercial space at September 30, 2020. Our headquarters are located in Glendale, California.Show more
- Revenue$4.82B+2.7%
- FFO$2.94B-8.3%
- FFO/Share16.69-8.2%
- FFO Payout78.45%+9.1%
- FFO per Share16.69-8.2%
- NOI Margin24.96%-65.9%
- FFO Margin60.86%-10.7%
- ROE18.63%-10.4%
- ROA8.93%-14.7%
PSA Price & Volume
Public Storage (PSA) stock price & volume — 10-year historical chart
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Operational Normalization Challenges Sustained Revenue Growth Trajectory
Investment Thesis • Updated 2026Q1
VerdictNeutral
Growth:Mixed
Profitability:Strong
Financial:Fortress
Cash Flow:Stable
Primary Risk:Regulatory and pricing pressure
Key Thesis Takeaways
- Public Storage maintains a fortress balance sheet with a debt-to-equity ratio consistently between 0.90 and 1.10, providing stability despite a cooling self-storage demand environment.
- While the company exhibits robust profitability with a 72.1% NOI margin as of 2026Q1, investors should monitor the persistent gap between FFO and AFFO, which reflects significant recurring capital expenditure requirements.
- Future performance will likely hinge on the firm's ability to navigate decelerating revenue growth, which slowed to 2.9% in 2026Q1, while managing the complexities of its preferred equity-heavy capital structure.
Verdict Logic
while the company maintains a stable dividend yield of 4.0%, the high P/E of 36.00 and decelerating revenue growth of 2.9% suggest limited near-term upside potential.
PSA Growth Metrics
Public Storage (PSA) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years7.31%
5 Years10.6%
3 Years4.88%
TTM2.9%
Profit CAGR
10 Years3.13%
5 Years5.62%
3 Years-25.69%
TTM-3.45%
EPS CAGR
10 Years4.03%
5 Years7.45%
3 Years-27.35%
TTM-3.74%
Return on Capital
10 Years12.87%
5 Years12.15%
3 Years11.97%
Last Year11.63%
PSA Recent Earnings
Public Storage (PSA) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 9/12 qtrs (75%)●Beat Revenue 7/12 qtrs (58%)
Q2 2026Latest
Apr 27, 2026Metric
Actual
Est
EPS
$2.72+12.4%
$2.42
Rev
$1.2B+0.2%
$1.2B
Q1 2026
Feb 12, 2026Metric
Actual
Est
EPS
$2.60+4.4%
$2.49
Rev
$1.2B+0.2%
$1.2B
Q4 2025
Oct 29, 2025Metric
Actual
Est
EPS
$4.31+1.7%
$4.24
Rev
$1.2B+1.0%
$1.2B
Q3 2025
Jul 30, 2025Metric
Actual
Est
EPS
$4.28+1.2%
$4.23
Rev
$1.2B-1.5%
$1.2B
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | Apr 27, 2026 | $2.72vs $2.42+12.4% | $1.2Bvs $1.2B+0.2% |
| Q1 2026 | Feb 12, 2026 | $2.60vs $2.49+4.4% | $1.2Bvs $1.2B+0.2% |
| Q4 2025 | Oct 29, 2025 | $4.31vs $4.24+1.7% | $1.2Bvs $1.2B+1.0% |
| Q3 2025 | Jul 30, 2025 | $4.28vs $4.23+1.2% | $1.2Bvs $1.2B-1.5% |
Based on last 12 quarters of dataView full earnings history →
Latest PSA News
Recent stock market news and headlines for Public Storage (PSA)
Business Wire·Jun 25, 2026
Public Storage Announces Upsized $3.0 Billion Revolving Credit Facility, New $500 Million Term Loan, and Establishes $1.0 Billion Commercial Paper ProgramFRISCO, Texas--(BUSINESS WIRE)--Public Storage (NYSE:PSA) (“Public Storage” or the “Company”) announced today that it has closed a new $3.0 billion unsecured revolving credit facility (the “Revolver”), plus a $500 million delayed draw term loan facility (the “Term Loan”), and established a $1.0 billion unsecured commercial paper program (the “Commercial Paper Program”). The Revolver replaces in its entirety the Company's $1.5 billion revolving credit facility that was scheduled to mature June 1.
Zacks Investment Research·Jun 23, 2026
Can Public Storage's $1.2B Canada Acquisition Drive Long-Term Growth?Public Storage's $1.2B Canada deal adds 68 properties in major markets, with occupancy upside and PS Next efficiencies supporting long-term growth.
Business Wire·Jun 22, 2026
Public Storage to Acquire Public Storage Canada in Strategic Entry into Major Canadian MarketsFRISCO, Texas--(BUSINESS WIRE)--Public Storage (NYSE: PSA) (“Public Storage” or the “Company”), the largest owner of self-storage facilities, today announced that its operating partnership, Public Storage OP, L.P. (“Public Storage OP”), and Public Storage Operating Company (“PSOC”) have entered into an agreement to acquire Public Storage Canada (“PS Canada”) in a transaction valued at approximately $1.2 billion USD ($1.67 billion CAD). The PS Canada platform was built by industry visionary and.
Peers Comparison
Key metrics vs top competitors for Public Storage (PSA)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $323.04 | $56.71B | 35.85 | 2.74% | 36.99% | 18.63% | 4.05% | |
| $147.29 | $31.12B | 32.09 | 1.19% | 27.82% | 6.54% | — | |
| $40.13 | $9.15B | 27.49 | 5.33% | 28.93% | 11.7% | — | |
| $45.21 | $3.49B | 64.59 | -2.26% | 11.92% | 5.74% | — | |
| $223.00 | $72.44B | 15.77 | 6.72% | 70.4% | 97.99% | — | |
| $136.80 | $127.54B | 38.64 | 7.18% | 41.54% | 6.46% | — |
Compare PSA vs Peers
Public Storage (PSA) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
PSA SEC Filings & Documents
Public Storage (PSA) SEC filings — annual & quarterly reports (10-K, 10-Q)
8-K Announcements
6Material company update
Apr 27, 2026·SEC
Material company update
Apr 6, 2026·SEC
Material company update
Apr 2, 2026·SEC
10-K Annual Reports
210-Q Quarterly Reports
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PSA Frequently Asked Questions
Public Storage (PSA) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
What is Public Storage's revenue?
Public Storage (PSA) reported $4.86B in revenue for fiscal year 2025. This represents a 1333% increase from $339.0M in 1996.
How fast is Public Storage growing?
Public Storage (PSA) grew revenue by 2.7% over the past year. Growth has been modest.
Is PSA profitable?
Yes, Public Storage (PSA) is profitable, generating $1.90B in net income for fiscal year 2025 (37.0% net margin).
Dividend & Returns
Does PSA pay dividends?
Yes, Public Storage (PSA) pays a dividend with a yield of 4.05%. This makes it attractive for income-focused investors.
What is PSA's return on equity?
Public Storage (PSA) has a return on equity (ROE) of 18.6%. This is reasonable for most industries.
Industry Metrics
What is Public Storage's FFO?
Public Storage (PSA) generated Funds From Operations (FFO) of $3.06B in the trailing twelve months. FFO is the primary profitability metric for REITs.
Is PSA a good dividend stock?
Public Storage (PSA) offers a 4.05% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.