Analyst Consensus ?
ConsensusHold34 ratings
Bullish1132.3%
Neutral2161.8%
Bearish25.9%
1 unmapped firm rating excluded from the percentages.
Public Storage · PSA · FY2024 Q4 · Calendar Q1 2025
Public Storage sees stabilization, while Los Angeles rent caps weigh
The supplied analysis supports a cautiously constructive thesis: demand stabilization, efficiency initiatives, and planned acquisitions may support the business, but rent restrictions, competitive pricing, and macro softness remain meaningful offsets.
Reported After market closeNYSEReal Estate
$57.90B market cap
80quality score
Earnings scorecard
Reported versus consensus
Reported EPS
—
Consensus $4.23
EPS surprise
—
Reported versus consensus
Reported revenue
—
Consensus $1.18B
Revenue surprise
—
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
+1.7%
Event window
SPY move
-0.5%
Same window
Abnormal move
+2.2%
Stock minus SPY
Volume
2.3×
Versus trailing sessions
Subsequent drift
-6.3%
Up to 20 sessions
PSASPY benchmark
Ask FN2 about PSA FY2024 Q4
Transcript, numbers and history already loaded
What drove PSA's +1.7% move after FY2024 Q4 earnings?What changed in PSA's guidance and outlook in FY2024 Q4?Give me the bull and bear case for PSA after FY2024 Q4 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Management described sequential same-store improvement and emphasized a larger acquisition and development opportunity, alongside digital, AI, and solar efficiency efforts. The main offset is a Los Angeles rent restriction that the analysis says reduces same-store revenue by about 100 basis points.
Guidance delta
Maintained; the supplied analysis says FY2024 FFO guidance was reaffirmed.
Key takeaways
- Same-store revenue growth improved sequentially for the first time in more than two years.
- Management highlighted digital tools, solar, and the Property of Tomorrow program as efficiency drivers.
- Acquisitions and a $740 million development pipeline support growth, but Los Angeles restrictions temper the outlook.
Management priorities
- Execute the $740 million development pipeline and increase acquisition volume.
- Expand Property of Tomorrow, solar, and digital and AI tools.
- Maintain leverage within the 4–5× target range while funding growth.
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Miss
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Analyst 52W Price Targets
$309.89Current
$228Low
$319.71Average
$378High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 24, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| RBC Capital | Sector Perform | Sector Perform | Maintain | Oct 20, 2026 |
| UBS | Neutral | Neutral | Maintain | Oct 16, 2026 |
| Truist Securities | Buy | Buy | Maintain | Oct 2, 2026 |
| JP Morgan | Neutral | Neutral | Maintain | Sep 21, 2026 |
| Evercore ISI Group | In Line | In Line | Maintain | Sep 21, 2026 |
| Barclays | Equal Weight | Equal Weight | Maintain | Sep 10, 2026 |
| Scotiabank | Sector Outperform | Sector Outperform | Maintain | Sep 2, 2026 |
| Mizuho | Neutral | Neutral | Maintain | Sep 2, 2026 |
| Citigroup | Buy | Buy | Maintain | Jun 16, 2026 |
| Wells Fargo | Equal Weight | Overweight | Downgrade | Feb 5, 2026 |
| Wolfe Research | Peer Perform | Outperform | Downgrade | Jan 26, 2026 |
| Argus Research | Hold | Hold | Maintain | Aug 14, 2025 |
| BMO Capital | Market Perform | Outperform | Downgrade | Jun 20, 2025 |
| B of A Securities | Buy | Buy | Maintain | May 13, 2025 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Oct 2, 2024 |
| Jefferies | Buy | Buy | Maintain | Sep 18, 2024 |
| Raymond James | Strong Buy | Market Perform | Upgrade | Mar 28, 2024 |
| Goldman Sachs | Buy | Buy | Maintain | Jan 11, 2024 |
| Stifel | Buy | Buy | Maintain | Sep 13, 2023 |
| Berenberg | Hold | Hold | Maintain | Oct 7, 2021 |
| SunTrust Robinson Humphrey | Hold | Hold | Maintain | May 11, 2020 |
| CFRA | Sell | Hold | Downgrade | Feb 28, 2020 |
| Bank of America | Neutral | Buy | Downgrade | Nov 19, 2019 |
| Stifel Nicolaus | Buy | Buy | Maintain | Oct 30, 2019 |
| Baird | Neutral | Underperform | Upgrade | Aug 21, 2019 |
| Keybanc | Underweight | Upgrade | Jun 11, 2019 | |
| Argus | Buy | Buy | Maintain | May 5, 2018 |
| FBR Capital | Perform | Market Perform | Maintain | Jun 23, 2016 |
| BB&T Capital | Underweight | Underweight | Maintain | Nov 10, 2015 |
| Cantor Fitzgerald | Hold | Buy | Downgrade | Jun 19, 2015 |
| Macquarie | Neutral | Neutral | Maintain | Sep 10, 2013 |
| Imperial Capital | In Line | In Line | Maintain | Feb 25, 2013 |
| Deutsche Bank | Hold | Hold | Maintain | Jan 9, 2013 |
| ISI Group | Hold | Hold | Maintain | Aug 3, 2012 |
| Credit Suisse | Outperform | Neutral | Upgrade | Mar 15, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $309.89. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| UBS | Analyst unavailable | $294 | $295.33 | -5.1% | Oct 16, 2026 |
| Evercore ISI | Analyst unavailable | $308 | $296.26 | -0.6% | Sep 21, 2026 |
| Barclays | Analyst unavailable | $351 | $294.6 | +13.3% | Sep 10, 2026 |
| Scotiabank | Analyst unavailable | $343 | $300.96 | +10.7% | Sep 2, 2026 |
| Mizuho Securities | Analyst unavailable | $319 | $302.86 | +2.9% | Sep 2, 2026 |
| Wells Fargo | Analyst unavailable | $311 | $306.99 | +0.4% | Sep 1, 2026 |
| Barclays | Analyst unavailable | $350 | $323.1 | +12.9% | Aug 19, 2026 |
| Scotiabank | Analyst unavailable | $346 | $327.18 | +11.7% | Aug 18, 2026 |
| RBC Capital | Brad Heffern | $318 | $322.02 | +2.6% | Jul 31, 2026 |
| UBS | Analyst unavailable | $326 | $319.35 | +5.2% | Jul 10, 2026 |
| Scotiabank | Analyst unavailable | $345 | $323.47 | +11.3% | Jul 8, 2026 |
| Evercore ISI | Analyst unavailable | $316 | $323.02 | +2.0% | Jul 6, 2026 |
| Truist Financial | Michael Lewis | $338 | $320.22 | +9.1% | Jun 23, 2026 |
| Mizuho Securities | Analyst unavailable | $316 | $304.47 | +2.0% | May 27, 2026 |
| UBS | Michael Goldsmith | $314 | $295.28 | +1.3% | May 18, 2026 |
| Barclays | Brendan Lynch | $349 | $308.98 | +12.6% | May 7, 2026 |
| Evercore ISI | Analyst unavailable | $306 | $300.42 | -1.3% | May 4, 2026 |
| Goldman Sachs | Analyst unavailable | $341 | $294.09 | +10.0% | Apr 29, 2026 |
| RBC Capital | Brad Heffern | $305 | $297.14 | -1.6% | Apr 29, 2026 |
| Barclays | Analyst unavailable | $352 | $309.22 | +13.6% | Apr 20, 2026 |
| William Blair | Analyst unavailable | $305 | $288.33 | -1.6% | Mar 16, 2026 |
| Goldman Sachs | Caitlin Burrows | $330 | $305 | +6.5% | Feb 20, 2026 |
| Evercore ISI | Analyst unavailable | $302 | $300.35 | -2.5% | Feb 17, 2026 |
| Wells Fargo | Eric Luebchow | $295 | $288.5 | -4.8% | Feb 5, 2026 |
| Deutsche Bank | Analyst unavailable | $285 | $293.89 | -8.0% | Jan 20, 2026 |
| Truist Financial | Analyst unavailable | $317 | $293.89 | +2.3% | Jan 20, 2026 |
| Barclays | Analyst unavailable | $331 | $276.33 | +6.8% | Jan 13, 2026 |
| UBS | Analyst unavailable | $276 | $265.68 | -10.9% | Jan 8, 2026 |
| Mizuho Securities | Ravi Vaidya | $285 | $276.63 | -8.0% | Dec 5, 2025 |
| Morgan Stanley | Analyst unavailable | $290 | $276.63 | -6.4% | Dec 5, 2025 |
| Evercore ISI | Analyst unavailable | $309 | $272.98 | -0.3% | Dec 1, 2025 |
| Truist Financial | Analyst unavailable | $315 | $274.38 | +1.6% | Nov 25, 2025 |
| Evercore ISI | Analyst unavailable | $315 | $275.38 | +1.6% | Nov 3, 2025 |
| Wells Fargo | Analyst unavailable | $330 | $302.24 | +6.5% | Oct 27, 2025 |
| Deutsche Bank | Analyst unavailable | $325 | $294.42 | +4.9% | Oct 13, 2025 |
| Evercore ISI | Analyst unavailable | $317 | $293.96 | +2.3% | Oct 3, 2025 |
| Evercore ISI | Analyst unavailable | $312 | $292.32 | +0.7% | Sep 15, 2025 |
| Barclays | Brendan Lynch | $354 | $308.21 | +14.2% | Mar 12, 2025 |
| Scotiabank | Analyst unavailable | $333 | $311.3 | +7.5% | Mar 5, 2025 |
| Deutsche Bank | Omotayo Okusanya | $299 | $288.99 | -3.5% | Jan 10, 2025 |
| BMO Capital | John Kim | $370 | $334.22 | +19.4% | Dec 4, 2024 |
| Goldman Sachs | Caitlin Burrows | $377 | $360.72 | +21.7% | Sep 18, 2024 |
| Wolfe Research | Eric Wolfe | $378 | $341.72 | +22.0% | Aug 29, 2024 |
| Evercore ISI | Steve Sakwa | $334 | $342.59 | +7.8% | Aug 28, 2024 |
| Scotiabank | Nicholas Yulico | $339 | $329.29 | +9.4% | Aug 22, 2024 |
| Bank of America Securities | Jeffrey Spector | $318 | $311.9 | +2.6% | Aug 5, 2024 |
| Truist Financial | Ki Bin Kim | $306 | $295.92 | -1.3% | Aug 1, 2024 |
| Scotiabank | Nicholas Yulico | $314 | $301.65 | +1.3% | Jul 19, 2024 |
| Barclays | Brendan Lynch | $327 | $288.67 | +5.5% | May 20, 2024 |
| Scotiabank | Nicholas Yulico | $289 | $288.1 | -6.7% | May 16, 2024 |
| Wells Fargo | Eric Luebchow | $310 | $280.64 | +0.0% | Apr 5, 2024 |
| Raymond James | Jonathan Hughes | $330 | $288.1 | +6.5% | Mar 28, 2024 |
| BMO Capital | John Kim | $330 | $277.31 | +6.5% | Mar 19, 2024 |
| Berenberg Bank | Keegan Carl | $357 | $329.03 | +15.2% | Nov 3, 2021 |
| Goldman Sachs | Caitlin Burrows | $335 | $309.55 | +8.1% | Aug 12, 2021 |
| Wells Fargo | Todd Stender | $228 | $281.09 | -26.4% | Jun 2, 2021 |
Track every rating change on PSA the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationPublic Storage (PSA), an esteemed Real Estate Investment Trust (REIT) and a constituent of both the S&P 500 and FT Global 500 indices, concentrates its operations on the acquisition, development, ownership, and management of self-storage properties. By September 30, 2020, the company's substantial holdings included 2,504 self-storage facilities located across 38 U.S. states, collectively providing around 171 million net rentable square feet. Additionally, Public Storage held an approximate 35% common equity interest in Shurgard Self Storage SA (Euronext Brussels:SHUR), an entity that owned and operated 239 self-storage sites under the Shurgard brand in seven Western European countries, encompassing approximately 13 million net rentable square feet. Concurrently, it maintained an approximate 42% common equity interest in PS Business Parks, Inc. (NYSE:PSB), which, as of the same reporting date, managed roughly 28 million rentable square feet of commercial properties. The company's main office is situated in Glendale, California.
Historical context
All PSA earningsReal Estate peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| RITM-PD Rithm Capital Corp. | FY2026 Q3 · Calendar Q4 2026 | +10.2% | — | Rithm highlights servicing, inflows and technology-led efficiency |
| CBRE CBRE Group, Inc. | FY2026 Q3 · Calendar Q4 2026 | +4.6% | -2.5% | CBRE: Infrastructure Growth Offsets Capital-Markets Headwinds |
Latest beats and misses
Who reports nextBeat on EPS
- FCNCAFY2026 Q3 · October 23, 2026+19.9% EPS+8.2% move
- FCNCNFY2026 Q3 · October 23, 2026+19.9% EPS+0.2% move
- FCNCOFY2026 Q3 · October 23, 2026+19.9% EPS+1.0% move
- FCNCPFY2026 Q3 · October 23, 2026+19.9% EPS+1.0% move
- RDYFY2027 Q2 · October 23, 2026+24.0% EPS-0.2% move
- SLBFY2026 Q3 · October 23, 2026+3.7% EPS+7.1% move
Missed on EPS
- INFYFY2027 Q2 · October 23, 2026-4.8% EPS-6.6% move
- BBDFY2026 Q3 · October 22, 2026-7.7% EPS+3.0% move
- SNAFY2026 Q3 · October 22, 2026-5.9% EPS-3.4% move
- SPOTFY2026 Q3 · October 22, 2026-11.6% EPS+11.1% move
- VRSNFY2026 Q3 · October 22, 2026-2.0% EPS-0.9% move
- HBANMFY2026 Q3 · October 22, 2026-5.3% EPS+0.5% move
Get the PSA recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2025-02-10T00:02:09.030919+00:00
- Polygon adjusted daily market bars · 2026-10-24T16:10:43.827768+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-24T16:10:43.824879+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-24. For educational purposes only; not investment advice.