#5 - Public Storage (NYSE:PSA)
Document storage may not be a high-margin business, but storage of our physical stuff certainly is. That’s a compelling reason to own another boring stock, Public Storage (NYSE: PSA). The company does business as a real estate investment trust (REIT).
When you consider investing in a REIT, it’s important to understand what they invest in. In the case of public storage, they are focused on acquiring, developing, owning, and operating self-storage facilities in the U.S. and Europe. It is the fourth-largest REIT by market capitalization.
It could be logical to believe that this segment of the economy would slow down with a weak housing market. But that doesn’t appear to be the case. In fact, in its most recent conference call, Public Storage reported that move-in volumes were up almost 12%. And the company announced that volumes were up double-digits in the year's second half.
About Public Storage
Public Storage, a member of the S&P 500 and FT Global 500, is a REIT that primarily acquires, develops, owns, and operates self-storage facilities. At December 31, 2023, we had: (i) interests in 3,044 self-storage facilities located in 40 states with approximately 218 million net rentable square feet in the United States and (ii) a 35% common equity interest in Shurgard Self Storage Limited (Euronext Brussels: SHUR), which owned 275 self-storage facilities located in seven Western European nations with approximately 15 million net rentable square feet operated under the Shurgard brand.
Read More - Current Price
- $337.58
- Consensus Rating
- Moderate Buy
- Ratings Breakdown
- 8 Buy Ratings, 6 Hold Ratings, 1 Sell Ratings.
- Consensus Price Target
- $339.64 (0.6% Upside)
