Public Storage is the largest owner of self-storage facilities in the US, with more than 3,500 self-storage facilities in 40 states and approximately 258 million square feet of rentable space. Through equity interests, it also has exposure to the European self-storage market through Shurgard Self Storage. The company also has a merchandise business, a third-party property management business, and an insurance business that offers products to cover losses for the goods in self-storage facilities.
Extra Space Storage, Inc.
PROLOGIS, INC.
Digital Realty Trust, Inc.
SBA Communications Corp
CubeSmart
National Storage Affiliates Trust
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The chart shows the growth of an initial investment of $10,000 in Public Storage, comparing it to the performance of the S&P 500 index.
All prices have been adjusted for splits and dividends.
Public Storage (PSA) has returned 8.20% so far this year and -0.98% over the past 12 months. Looking at the last ten years, PSA has achieved an annualized return of 0.18%, underperforming the Benchmark (SPY), which averaged 12.23% per year.
The table below presents the monthly returns of Public Storage (PSA) with color gradation from worst to best to easily spot seasonal factors.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 6.60% | 10.99% | -11.29% | 3.70% | ||||||||
| 2025 | -0.17% | 2.20% | -1.58% | -0.36% | 3.06% | -3.98% | -6.92% | 6.48% | -1.25% | -3.61% | -0.53% | -4.95% |
| 2024 | -7.14% | 0.45% | 2.81% | -12.01% | 6.84% | 4.89% | 3.92% | 15.23% | 6.21% | -10.41% | 5.43% | -13.68% |
| 2023 | 8.28% | -1.32% | 2.10% | -3.93% | -3.55% | 2.96% | -3.16% | -2.17% | -5.20% | -9.83% | 7.35% | 18.02% |
| 2022 | -3.94% | -1.28% | 9.17% | -5.05% | -11.51% | -5.55% | 4.50% | 2.01% | -10.88% | 4.69% | -4.19% | -6.62% |
| 2021 | -1.17% | 2.10% | 4.56% | 13.24% | 0.35% | 6.12% | 3.97% | 3.04% | -8.23% | 11.46% | -1.59% | 13.61% |
| 2020 | 4.65% | -6.84% | -5.58% | -3.54% | 12.44% | -5.12% | 4.28% | 6.82% | 5.22% | 2.86% | -2.97% | 2.69% |
| 2019 | 5.78% | -0.49% | 3.19% | 1.76% | 7.66% | 1.42% | 9.09% | -7.14% | -8.28% | -5.85% | 1.22% | |
| 2018 | -6.80% | -0.85% | 3.17% | 0.36% | 4.95% | 7.03% | -3.98% | 0.74% | -5.30% | 1.61% | 3.61% | -5.08% |
| 2017 | -4.30% | 5.76% | -4.00% | -4.39% | 2.39% | -3.10% | -2.08% | -0.37% | 3.97% | -3.40% | 2.43% | -2.32% |
| 2016 | -11.18% | 3.45% | 1.01% | -6.87% | -6.21% | -0.49% | -3.99% | -1.86% | 7.37% |
The charts below present risk-adjusted performance metrics for Public Storage (PSA) and compare them to a Benchmark (SPY). These indicators evaluate an investment's returns against its associated risks.
The Sharpe ratio helps investors understand how much return they're getting for the level of risk taken. A higher Sharpe ratio indicates better risk-adjusted performance, meaning more reward for each unit of risk.
These values reflect how efficiently the investment has delivered returns relative to its volatility over different time periods. All figures are annualized and based on daily total returns.
The chart below shows the rolling Sharpe ratio of PSA compared to the benchmark. This view highlights how the investment's risk-adjusted performance has changed over time.
The current Public Storage volatility is 1.60%, representing the standart deviation of percentage change in the investments's value, either up or down over the past month. The chart below shows the rolling one-month volatility.
The Drawdowns chart displays portfolio losses from any high point along the way. It shows the maximum percentage drop from a peak to a trough over a specified period, indicating the risk of significant losses.
Although chart shows positive values, it represents the percentage drop from the peak, so a value of 10% means the portfolio has dropped 10% from its highest point.
The income statement provides a summary of a company's revenues, expenses, and profits over a specific period. It shows how much money the company earned (revenues) and how much it spent (expenses), leading to the net income or profit. This statement is crucial for understanding a company's financial performance and profitability.
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Liabilities And Equity (USD) | 20.21B | 19.75B | 19.81B | 17.55B | 17.38B | 11.82B | 11.37B | 10.93B | 10.73B | 10.13B | 9.78B | 9.82B | 9.88B | 8.79B | 8.93B |
| Temporary Equity (USD) | - | - | - | - | 68.25M | - | - | - | - | - | - | - | - | - | 12.36M |
| Equity Attributable To Parent (USD) | 9.25B | 9.71B | 10.01B | 10.07B | 9.34B | 8.56B | 9.06B | 9.12B | 8.94B | 9.41B | 9.17B | 9.48B | 8.79B | 8.09B | 8.29B |
| Equity Attributable To Noncontrolling Interest (USD) | 93.71M | 101.05M | 93.77M | 93.40M | 20.11M | 18.03M | 16.76M | 25.25M | 24.36M | 29.74M | 27.00M | 26.38M | 27.13M | 29.11M | 22.72M |
| Equity (USD) | 9.34B | 9.81B | 10.11B | 10.17B | 9.36B | 8.58B | 9.08B | 9.14B | 8.96B | 9.44B | 9.20B | 9.51B | 8.82B | 8.12B | 8.31B |
| Redeemable Noncontrolling Interest, Other (USD) | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 12.36M |
| Redeemable Noncontrolling Interest (USD) | - | - | - | - | 68.25M | - | - | - | - | - | - | - | - | - | 12.36M |
| Long-term Debt (USD) | 10.25B | 9.35B | 9.10B | 6.87B | 7.48B | 2.54B | 1.90B | 1.41B | 1.43B | 390.75M | - | - | - | - | - |
| Noncurrent Liabilities (USD) | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Current Liabilities (USD) | 10.87B | 9.94B | 9.70B | 7.39B | 7.96B | 3.24B | 2.29B | 1.78B | 1.77B | 688.68M | 580.59M | 311.51M | 1.06B | 670.54M | 609.28M |
| Liabilities (USD) | 10.87B | 9.94B | 9.70B | 7.39B | 7.96B | 3.24B | 2.29B | 1.78B | 1.77B | 688.68M | 580.59M | 311.51M | 1.06B | 670.54M | 609.28M |
| Noncurrent Assets (USD) | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Current Assets (USD) | 20.21B | 19.75B | 19.81B | 17.55B | 17.38B | 11.82B | 11.37B | 10.93B | 10.73B | 10.13B | 9.78B | 9.82B | 9.88B | 8.79B | 8.93B |
| Assets (USD) | 20.21B | 19.75B | 19.81B | 17.55B | 17.38B | 11.82B | 11.37B | 10.93B | 10.73B | 10.13B | 9.78B | 9.82B | 9.88B | 8.79B | 8.93B |
Major M&A activity includes Public Storage's $10.5B acquisition of National Storage Affiliates, Mastercard's $1.8B purchase of stablecoin startup BVNK, and IBM's $11B acquisition of Confluent. Meanwhile, several companies filed for bankruptcy including Domino's franchisee, The Lycra Company, Baker & Taylor, and others, while some companies like GSI Technology and Perma-Pipe concluded strategic reviews without pursuing deals.
Public Storage announced an acquisition of National Storage Affiliates for $10.5 billion, with NSA shareholders receiving 0.14 shares of PSA per share owned, representing a 35% premium. The deal creates a $57 billion combined entity that will benefit from brand consolidation, cost efficiencies, and operational synergies in the self-storage market.
Public Storage (PSA) announced an agreement to acquire National Storage Affiliates (NSA) in an all-stock transaction valued at approximately $10.5 billion. NSA shareholders will receive 0.14 PSA shares per share at an implied price of $41.68. The deal is expected to close in Q3 2026 and is structured with PSA acquiring 488 properties outright while 313 properties go into a new joint venture. PSA expects $110-130 million in run-rate synergies within 3-4 years and projects the deal to be accretive to FFO per share in Year 1.
CubeSmart, the third-largest self-storage REIT, has underperformed the S&P 500 and its larger peers over the past decade due to industry oversupply and lack of differentiated growth strategy. The self-storage market is showing early signs of recovery with improving move-in rates and customer growth. The analyst is monitoring whether positive momentum continues and whether CubeSmart can leverage joint ventures to accelerate growth and compete with larger rivals.
With 59% of S&P 500 companies reported, Q4 2025 shows 13% EPS growth and 8.8% revenue growth. Big Tech's massive capex spending on AI infrastructure ($185B for Alphabet, $200B for Amazon) has sparked concerns about free cash flow sustainability and SaaS disruption from AI agents. This week's earnings focus shifts to semiconductor and software companies to assess whether AI spending benefits the broader ecosystem or threatens traditional business models.
This article discusses three real estate investment trusts (REITs) - Prologis, NNN REIT, and Public Storage - that offer different investment opportunities. Prologis focuses on logistics and data centers, NNN REIT on consumer-facing properties, and Public Storage on self-storage facilities.
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