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Public Storage (PSA) is likely to ride the growth curve backed by its solid presence in major metropolitan markets, strategic acquisitions and development, and a solid balance sheet position.
Some REITs are losing their appeal due to slower growth and questionable fundamentals. Public Storage is the leader in the self-storage sector and offers a conservative investment with a strong operational history. Despite a growth slowdown, Public Storage stock remains undervalued and has a potential upside of over 15% annually. I view the company as a "BUY" with an upside.
Public Storage's (PSA) Q1 results reflect an improvement in the realized annual rent per occupied square foot, partly offset by a decline in occupancy.
The headline numbers for Public Storage (PSA) give insight into how the company performed in the quarter ended March 2024, but it may be worthwhile to compare some of its key metrics to Wall Street estimates and the year-ago actuals.
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Public Storage's (PSA) Q1 results are likely to reflect gains from high brand value and solid presence in key cities, though a softening in demand and high interest expenses remain concerns.
Evaluate the expected performance of Public Storage (PSA) for the quarter ended March 2024, looking beyond the conventional Wall Street top-and-bottom-line estimates and examining some of its key metrics for better insight.
4Q'23 move-in rates for new renters dropped to $13.73 from $16.71 in 4Q'22 per square foot. There is over-capacity in the self-storage industry. Interest rates may continue much higher for longer, which will negatively impact PSA.
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Public Storage (PSA) is poised to gain from high brand value, strategic acquisitions and a robust presence in key cities. However, weaker demand, a development boom and high interest rates are concerns.