PSA Stock Recent News

Public Storage a leading storage-space REIT is rated Buy today, agreeing with consensus from Wall Street, analysts and the quant system. Positives are +4% dividend yield, $3/share quarterly payout, growth in rental income as well as positive FFO/AFFO growth trends as a REIT. Some headwinds include overvaluation on price-to-book value, and projected decline in revenue as demand for storage declines tepidly.

Public Storage is a top income stock with a 4.5% yield, higher than the Vanguard Real Estate ETF. The company has a well-managed portfolio of self-storage assets and a strong balance sheet. Despite headwinds in the self-storage industry, Public Storage is seeing positive occupancy trends and expects strong future performance.

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.

Public Storage's stock price has been mostly driven by interest rates in recent years. The underlying business of Public Storage has shown consistent growth in free cash flow and dividends since 2016. Public Storage is producing strong earnings and favorable guidance, and shares are set to rally once interest rates reverse course.

We're focusing on buying fixed rate preferred securities in anticipation of lower interest rates. Public Storage's Q3 results include just a few days of consolidation of Simply Self Storage and positive delta on interest income. The Series H preferred shares of Public Storage are trading at a discount and offer a reliable preferred dividend yield.

Public Storage (NYSE:PSA ) Q3 2023 Earnings Conference Call October 31, 2023 12:00 PM ET Company Participants Ryan Burke - Vice President, Investor Relations Joe Russell - President and Chief Executive Officer Tom Boyle - Senior Vice President, Chief Financial Officer, and Chief Investment Officer Conference Call Participants Michael Goldsmith - UBS Steve Sakwa - Evercore ISI Spenser Allaway - Green Street Advisors Juan Sanabria - BMO Capital Markets Jeff Spector - Bank of America Todd Thomas - KeyBanc Capital Markets Smedes Rose - Citi Eric Luebchow - Wells Fargo Keegan Carl - Wolfe Research Ron Kamdem - Morgan Stanley Caitlin Burrows - Goldman Sachs Ki Bin Kim - Truist Securities Mike Mueller - JPMorgan Operator Greetings and welcome to the Public Storage Third Quarter 2023 Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded.

Public Storage's (PSA) Q3 results reflect an improvement in the realized annual rent per available square foot. The company has also raised its outlook for 2023.

The headline numbers for Public Storage (PSA) give insight into how the company performed in the quarter ended September 2023, but it may be worthwhile to compare some of its key metrics to Wall Street estimates and the year-ago actuals.

Public Storage (PSA) came out with quarterly funds from operations (FFO) of $4.33 per share, beating the Zacks Consensus Estimate of $4.21 per share. This compares to FFO of $4.13 per share a year ago.

I own a portfolio of ~25 REITs. I buy so many REITs because I value diversification. But if I could only buy 3 of them, it would be these REITs.