Public Storage (PSA)
NYSEReal EstateReit - IndustrialSnapshot 2026-11-04
$342.76+2.81%
Close 2026-11-04 · 1-day change
NYSEReal EstateReit - IndustrialSnapshot 2026-11-04
QuarterlyIQ Insights · PSA
What must go right, what could break, what the price assumes, and what evidence comes next.
The current health of the standing investment case.
Recent financial performance dropped from the top half to the bottom half of its industry over the past month — the reason to own it has weakened.
One-year growth currently built into the price, compared with our model's estimate.
| Measure | Marker shape | Value |
|---|---|---|
| Growth built into the price | circle | 25.9% |
| Our one-year growth estimate | diamond | 11.5% |
For each item: what to watch, what would become a concern, and what would make it less concerning.
A reporting-risk estimate, not a forecast of the stock-price response.
Historical relationships that met the evidence threshold. They do not prove cause or forecast a move.
Usually moved in the opposite direction.
Price observations: 365 days
Usually moved in the opposite direction.
Price observations: 365 days
Most sensitive to the US dollar and real (inflation-adjusted) rates.
Based on historical daily prices through 2026-11-04.
Past price behavior in dollars on a $10,000 position. This does not measure permanent business risk.
How much price usually moves either way.
A larger daily loss that occurred about once in every 20 trading days.
Use the underlying financial and sector pages to investigate the cause.
Not investment advice. Scores describe historical and current data; they are not forecasts of future returns. Consult a licensed advisor before making investment decisions.
Growth built into the price is above our model estimate.
The price assumes 14.4 percentage points more one-year growth.
The one-year revenue growth assumption on Valuation.
Model as of 2026-11-04 · Compared with 10 industry peers · Company calendar date is not available
PSA — debt issuance
Dated 2026-10-30
Entry Into a Material Definitive Agreement On October 29, 2026, Public Storage (the “Company”) and Public Storage Operating Company, a subsidiary of the Company (“PSOC”), entered into an underwriting agreement (the “Underwriting Agreement”) with BofA Securities, Inc., BNP Paribas Securities Corp. and Morgan Stanley & Co. LLC, as representatives of the several underwriters named therein (the “Underwriters”), for the sale of $500 million aggregate principal amount of senior notes due 2036 (the…
Why it matters: The company raised its full-year range after strong results through September. Results near the top would confirm that progress continues.
Supportive ifFull-year 2026 Core FFO per share is at least $16.90, the low end of the raised $16.90 to $17.10 range.
Worry ifFull-year 2026 Core FFO per share falls below $16.90, the low end of the raised range.
Why it matters: The reported ratio rose from 2.9x in Q2 to 3.4x in Q3. A further rise would add to the balance-sheet risk from rapid growth.
Worry ifA future company update reports net debt to EBITDA above 3.4x.
Less concerning ifA future company update reports net debt to EBITDA at or below 3.4x.
Why it matters: New and acquired stores made up a larger share of the portfolio by Q3. Continued growth would show these stores are adding income.
Supportive ifNon-same-store NOI grows year over year in the next reported quarter after Q3's 91.8% increase.
Worry ifNon-same-store NOI is flat or down year over year in the next reported quarter.
Why it matters: Same-store NOI turned positive in Q3 after a 2.2% drop in Q2. Another gain would support the improving trend.
Supportive ifA later quarterly release reports same-store NOI growth above 0% year over year.
Worry ifA later quarterly release reports same-store NOI down year over year, after Q3's 0.5% gain.
We watch for confirming and disproving signals on each item. Resolutions are found automatically where possible and checked by hand for unclear cases. Last 90 days shown.
Deepest peak-to-trough drop in the last year.
| Measure | Value | Meaning |
|---|---|---|
| Typical day | ±$95 on $10,000 · ±0.9% | How much price usually moves either way. |
| Bad day | $215 loss on $10,000 · 2.1% | A larger daily loss that occurred about once in every 20 trading days. |
| Largest peak-to-trough drop in the past year | $1,477 loss on $10,000 · 14.8% | Deepest peak-to-trough drop in the last year. |
Past year. 1.00 means similar movement; 1.20 means about 20% more.
Past year. 1.00 means similar movement to the sector. This is secondary context.
Latest 30 trading days, shown as an annual percentage.
Latest 252 trading days, shown as an annual percentage.
20-trading-day average in US dollars.
Trading days used by the source risk snapshot.
Past results, not a forecast. Not investment advice.
Why it matters: Public Storage plans to bring NSA costs and service in line with its own platform. Meeting this goal would support the merger case.
Supportive ifCompany reports $110 million or more in yearly run-rate savings within three to four years of the July 2026 close.
Worry ifCompany reports less than $110 million in yearly run-rate savings, or says the goal has slipped beyond four years.