Glendale, California-based Public Storage (PSA) is a REIT that primarily acquires, develops, owns, and operates self-storage facilities. Valued at $47.6 billion by market cap, the company owned and/or operated 3,399 self-storage facilities located in 40 states with approximately 247 million net rentable square feet in the U.S.
Shares of this self-storage giant have underperformed the broader market over the past year. PSA has declined 20.4% over this time frame, while the broader S&P 500 Index ($SPX) has rallied nearly 12.3%. In 2025, PSA stock is down 11.1%, compared to the SPX’s 12.9% rise on a YTD basis.
Narrowing the focus, PSA’s underperformance is also apparent compared to the Real Estate Select Sector SPDR Fund (XLRE). The exchange-traded fund has declined about 7% over the past year. Moreover, the ETF’s marginal dip on a YTD basis outshines the stock’s low double-digit losses over the same time frame.
On Oct. 29, PSA shares closed down by 3% after reporting its Q3 results. Its FFO of $4.31 per share surpassed Wall Street expectations of $4.24 per share. The company’s revenue was $1.22 billion, exceeding Wall Street's $1.21 billion forecast. PSA expects full-year FFO in the range of $16.70 to $17 per share.
For the current fiscal year, ending in December, analysts expect PSA’s FFO per share to grow 1.2% to $16.87 on a diluted basis. The company’s FFO surprise history is mixed. It beat the consensus estimate in three of the last four quarters while missing the forecast on another occasion.
Among the 21 analysts covering PSA stock, the consensus is a “Moderate Buy.” That’s based on 13 “Strong Buy” ratings, and eight “Holds.”
This configuration is less bullish than a month ago, with 14 analysts suggesting a “Strong Buy.”
On Nov. 18, UBS analyst Michael Goldsmith kept a “Neutral” rating on PSA and lowered the price target to $293, implying a potential upside of 10.1% from current levels.
The mean price target of $324.68 represents a 22% premium to PSA’s current price levels. The Street-high price target of $350 suggests a notable upside potential of 31.5%.
On the date of publication, Neha Panjwani did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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