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Public Storage's (PSA) Q3 results are likely to reflect gains from high brand value and the company's solid presence in key cities, though a likely rise in vacating volumes remains a concern.
Public Storage is a high-quality self-storage REIT with a strong balance sheet and impressive NOI growth. It benefits from an economy of scale and carries inherent advantages in its ability to source properties and find lease-up opportunities. PSA offers an attractive 4.4% dividend yield and is trading at a solid value, making it a good option for investors seeking yield and growth potential.
Strategic acquisitions, high brand value and a strong balance sheet are likely to support Public Storage (PSA). However, a rise in move-out rates and elevated interest rates remain headwinds.
Redefining the self-storage landscape and leveraging its brand for exponential growth, Public Storage (PSA) completes the $2.2 billion Simply Self Storage acquisition.
There are 100s of REITs out there. Being selective is very important. I present one REIT to sell and another one to buy in the same sector.
While the self-storage business is highly fragmented and Public Storage ( PSA , Financial) only needing around 10% of the market to be the leader, the long-term prospects remain very good. Self-storage is a highly fragmented industry with the five largest players owning 19% of U.S. inventory, with the remaining 81% being owned by a large selection of regional operators and solopreneurs.
The demand drivers for self-storage are hard to predict. Yet developers have extrapolated pandemic related demand growth to eternity. I think the sector is dangerously oversupplied and both rental rates and occupancy will drop sharply.
Public Storage is a leader in the self-storage business. It also recently acquired a competitor for $2.2B. The preferred shares seem pretty safe as the dividend and asset coverage ratios are very strong. Income-oriented investors might also want to give the Public Storage debt a closer look.
Public Storage's (PSA) Q2 results reflect an improvement in the realized annual rent per available square foot. The company has also revised its outlook for 2023.