Public Storage (PSA)
NYSEReal EstateReit - IndustrialSnapshot 2026-09-04
$302.01-1.22%
Close 2026-09-04 · 1-day change
NYSEReal EstateReit - IndustrialSnapshot 2026-09-04
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 is holding in the top half of its industry — the reason to own it looks intact.
One-year growth currently built into the price, compared with our model's estimate.
| Measure | Marker shape | Value |
|---|---|---|
| Growth built into the price | circle | 19.5% |
| Our one-year growth estimate | diamond | 10.5% |
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 same direction.
Price observations: 365 days
Usually moved in the opposite direction.
Price observations: 365 days
Most sensitive to the broad stock market and real (inflation-adjusted) rates.
Based on historical daily prices through 2026-09-04.
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 8.9 percentage points more one-year growth.
The one-year revenue growth assumption on Valuation.
Model as of 2026-09-04 · Compared with 15 industry peers · Company calendar date is not available
PSA — credit agreement
Dated 2026-09-01
Other Events. On September 1, 2026, the Company completed the previously announced acquisition of all of the outstanding membership interests of PS Canada from Grant Gustavson, Greer Gustavson and 4G Thoroughbreds, LLC, a Delaware limited liability company (collectively, the “Sellers”), pursuant to that certain Transaction Agreement, dated as of June 22, 2026 (the “Transaction Agreement”), by and among Public Storage OP, L.P. (“PSA OP”), a Delaware limited partnership and the operating partne…
Why it matters: This acquisition is a key part of Public Storage's growth strategy. It is expected to boost earnings and cash flow per share.
Supportive ifNational Storage Affiliates Trust will close its acquisition in Q3 2026. This deal will increase FFO per share.
Worry ifThe acquisition fails to close or is delayed beyond Q3 2026.
Why it matters: Achieving synergies will increase profits. It will also support the reasons for the acquisition.
Supportive ifPublic Storage expects to achieve $110 to $130 million in synergies in three to four years.
Worry ifPublic Storage does not reach expected benefits in the planned time.
Why it matters: A rebound in revenue growth can signal a sector recovery. This could benefit Public Storage.
Watch forRevenue growth in the real estate sector rises back toward previous highs.
Also watch forRevenue growth in the real estate sector continues to decline or stagnate.
Why it matters: Raising the outlook shows stronger growth. This can attract more investors.
Supportive ifManagement raises the 2025 outlook during the next earnings call.
Worry ifManagement maintains or lowers the 2025 outlook during the earnings call.
Deepest peak-to-trough drop in the last year.
| Measure | Value | Meaning |
|---|---|---|
| Typical day | ±$82 on $10,000 · ±0.8% | 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 | $1,620 loss on $10,000 · 16.2% | 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: Successful completion of these projects will enhance revenue and market presence. It shows commitment to growth.
Supportive ifPublic Storage is adding 3.5 million net rentable square feet. The cost is about $618.4 million.
Worry ifDevelopment projects may have big delays or costs that go over the budget.
Why it matters: If this $1.2 billion deal closes, Public Storage will enter Canada. This shows growth and market diversity.
Supportive ifThe acquisition of PS Canada closes as planned in Q3 2026.
Worry ifThe acquisition does not close as expected or is delayed beyond Q3 2026.
Why it matters: Updates on synergies can signal growth potential. This impacts future earnings and strategy.
Supportive ifManagement says they are saving money from recent deals.
Worry ifManagement says the expected savings from deals are not happening.
Why it matters: Hitting or beating the Core FFO guidance shows strong operations and financial health. This affects investor trust.
Supportive ifCore FFO per share reported at or above the high end of $17.05.
Worry ifCore FFO per share falls below the low end of $16.75.
Why it matters: Reaffirming guidance shows trust in operations. It means earnings expectations are steady.
Supportive ifPublic Storage reaffirms Core FFO per share guidance for 2026 in the range of $16.35 to $17.00.
Worry ifThe company revises down its Core FFO per share guidance below $16.35.
Why it matters: The PS4.0 plan aims to enhance earnings and growth. Progress here signals effective management execution.
Supportive ifManagement talks about key milestones in the PS4.0 plan during earnings calls.
Worry ifManagement mentions delays or problems in the PS4.0 plan.
Why it matters: Litigation can change costs and operations. Bad outcomes may lower earnings.
Worry ifCourt ruling favors Public Storage, leading to reduced legal costs.
Less concerning ifCourt rules against Public Storage. This raises legal costs and causes operational issues.
Why it matters: If revenue growth picks up, it can help Public Storage do better.
Supportive ifSector revenue growth shows a year-over-year increase above 5%.
Worry ifSector revenue growth is still going down or staying the same compared to last year.
Why it matters: Closing this deal will help Public Storage grow in Canada.
Supportive ifThe deal for PS Canada is done for $1.2 billion as planned.
Worry ifThe acquisition does not close by the end of Q3 2026.
Why it matters: Achieving these synergies will confirm the merger's value and enhance earnings per share.
Supportive ifManagement says the NSA merger will bring $110 million to $130 million in savings.
Worry ifSynergies fall short of the $110 million target within the first year post-merger.
Why it matters: Growth in revenue would show a recovery after recent drops.
Supportive ifSame Store revenue growth for Q3 turns positive, exceeding 0% year over year.
Worry ifSame Store revenue growth remains negative for Q3, worse than -0.7%.
Why it matters: Stable occupancy rates mean there is strong demand. This shows good operations in self-storage.
Supportive ifAverage occupancy rates stay above 92% for two months in a row.
Worry ifAverage occupancy rates fall below 91.5% for two months in a row.