Morningstar Rating

Stock Research and Analysis

by Todd Lukasik, CFA

Bulls Say

Smaller industry players are finding it difficult to finance projects today, which should limit the risk of overbuilding.
Public Storage's investment in Shurgard Europe should improve its results over time as the environment in Europe improves.
Public Storage should do well in an inflationary environment. Short-term leases should be able to reset at higher rates while perpetual preferred equity doesn't need to be refinanced at potentially higher rates. Read more 

Bears Say

Public Storage is just 5% of its industry, subjecting it to the competitive pressures of the other 95% and low bargaining power over tenants.
Self-storage is generally less attractive than other property types, owing to short-term leases, little product differentiation, and cheap building and maintenance costs, which lead to limited barriers to building competing supply and the potential for more cyclicality in results.
Recently, acquisition prices have exceeded the cost of new development, which may spur new development and lead to incremental supply coming online. Read more 


Public Storage's historical record of value creation has been outstanding, reflecting exemplary stewardship. Since 1987, we estimate Public Storage investors have enjoyed an average annual total return exceeding 12%, more than 400 basis points greater   Read more 


Recently, Public Storage had ownership interests in more than 2,000 storage facilities in the United States and more than 200 storage facilities in Europe (mainly through   Read more 

A Deep Discount on This Narrow-Moat Metals Stock 
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