Public Storage

PSA

Market cap $48.2B

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Public Storage PFD SHS F 5.15% preferred stock offers a 5.9% yield after a recent correction, supported by a strong REIT business model and balance sheet. PSA.PR.F trades at a 12% discount to par, providing potential for capital appreciation if called, with the preferred dividend considered very safe. Public Storage benefits from resilient cash flows, industry tailwinds, and sector-leading credit ratings, ensuring preferred dividend stability.

Public Storage offers strong risk/reward through its preferred shares, supported by robust cash flows and exceptional dividend coverage. PSA's Series G preferred shares yield 5.85% and trade below par, offering both income and potential capital gains as rates decline. Preferred dividends require only about 6% of PSA's core FFO, and the balance sheet provides ample equity cushion for preferred holders.

Public Storage ( PSA ) Q3 2025 Earnings Call October 30, 2025 12:00 PM EDT Company Participants Ryan Burke - Vice President of Investor Relations Joseph Russell - CEO, President & Trustee H. Boyle - Senior VP, Chief Investment Officer & CFO Conference Call Participants Eric Wolfe - Citigroup Inc., Research Division Michael Griffin - Evercore ISI Institutional Equities, Research Division Samir Khanal - BofA Securities, Research Division Caitlin Burrows - Goldman Sachs Group, Inc., Research Division Ronald Kamdem - Morgan Stanley, Research Division Eric Luebchow - Wells Fargo Securities, LLC, Research Division Spenser Allaway Todd Thomas - KeyBanc Capital Markets Inc., Research Division Juan Sanabria - BMO Capital Markets Equity Research Michael Goldsmith - UBS Investment Bank, Research Division Michael Mueller - JPMorgan Chase & Co, Research Division Brendan Lynch - Barclays Bank PLC, Research Division Presentation Operator Greetings, and welcome to Public Storage Third Quarter 2025 Earnings Conference Call.

PSA posts higher Q3 FFO and revenues, fueled by rent gains and acquisitions, and lifts its 2025 outlook on stabilizing operations.

The headline numbers for Public Storage (PSA) give insight into how the company performed in the quarter ended September 2025, 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 $4.31 per share, beating the Zacks Consensus Estimate of $4.24 per share. This compares to FFO of $4.2 per share a year ago.

GLENDALE, Calif.--(BUSINESS WIRE)--Public Storage (NYSE:PSA) announced today operating results for the three and nine months ended September 30, 2025. “Public Storage's third quarter results reflect differentiated strategies that continue to drive our performance,” said Joe Russell, President and Chief Executive Officer. “As industry fundamentals stabilize, new competitive supply declines, and acquisition market activity increases, we are well-positioned to continue advancing our compounding re.

Public Storage's Q3 growth is expected to stem from technology-driven efficiencies and economies of scale, boosting revenues and FFO.