Valued at $50.7 billion by market cap, Glendale, California-based Public Storage (PSA) focuses on acquiring, developing, owning, and operating self-storage facilities. PSA operates as the largest self-storage provider in the world, with operations spanning 38 U.S. states and several European nations.
The REIT giant is set to release its first-quarter results after the markets close on Wednesday, Apr. 30. Ahead of the event, analysts expect PSA to report core funds from operations of $4.07 per share, up nearly 1% from $4.03 per share reported in the year-ago quarter. While the company has surpassed Street’s FFO estimates once over the past four quarters, it has missed the projections on three other occasions.
For fiscal 2025, PSA is expected to deliver core FFO of $16.78 per share, marginally up from $16.67 per share reported in fiscal 2024. Meanwhile, in fiscal 2026, its core FFO is projected to grow 4.8% year-over-year to $17.59 per share.
PSA stock has gained 10.2% over the past 52 weeks, marginally lagging behind the Real Estate Select Sector SPDR Fund’s (XLRE) 10.5% returns during the same time frame. Meanwhile, PSA has notably outperformed the S&P 500 Index’s ($SPX) 4.4% uptick over the past year.
Public Storage’s stock prices gained 1.7% in the trading session after the release of its mixed Q4 results on Feb. 24. The company’s comparable revenues for facilities took a hit due to a decline in occupancy, which was mostly offset by higher rent realization per occupied square footage. Its overall topline for the quarter increased 1.5% year-over-year to $1.2 billion, matching the Street’s expectations. Meanwhile, its core FFO inched by a marginal 24 bps compared to the year-ago quarter to $4.21 per share and missed analysts’ projections by 47 bps. Following the initial uptick, PSA stock dropped 1.4% in the following trading session.
The consensus view on PSA stock is moderately bullish, with a “Moderate Buy” rating overall. Of the 20 analysts covering the stock, 12 recommend “Strong Buy” and eight advise a “Hold” rating. Its mean price target of $328.39 suggests a 13.6% upside potential from current price levels.
