Analyst Consensus ?
ConsensusHold34 ratings
Bullish1132.3%
Neutral2161.8%
Bearish25.9%
1 unmapped firm rating excluded from the percentages.
Public Storage · PSA · FY2025 Q1 · Calendar Q2 2025
Public Storage Maintains Guidance Despite Los Angeles Headwind
The supplied analysis supports a cautiously constructive operating picture for Public Storage: improving move-in volumes and occupancy, digital and AI-enabled efficiency efforts, and acquisition and development pipelines offset—but do not eliminate—Los Angeles regulatory and broader housing-market risks.
Reported Before market openNYSEReal Estate
$54.05B market cap
80quality score
Earnings scorecard
Reported versus consensus
Reported EPS
—
Consensus $4.07
EPS surprise
—
Reported versus consensus
Reported revenue
—
Consensus $1.18B
Revenue surprise
—
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
+2.5%
Event window
SPY move
+0.0%
Same window
Abnormal move
+2.5%
Stock minus SPY
Volume
1.1×
Versus trailing sessions
Subsequent drift
+1.9%
Up to 20 sessions
PSASPY benchmark
Ask FN2 about PSA FY2025 Q1
Transcript, numbers and history already loaded
What drove PSA's +2.5% move after FY2025 Q1 earnings?What changed in PSA's guidance and outlook in FY2025 Q1?Give me the bull and bear case for PSA after FY2025 Q1 earnings.
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Transcript intelligence
What changed
Relative to the prior-quarter analysis, the current analysis describes modestly accelerating revenue and occupancy gains, a proposed Abacus Storage King acquisition that broadens international exposure, and continued digital and AI operating progress. Management maintained guidance while retaining the Los Angeles rent-restriction headwind.
Guidance delta
Management maintained 2025 guidance despite an approximately 100-basis-point same-store revenue headwind from Los Angeles fire-related rent restrictions.
Key takeaways
- Management said Q1 performance met expectations, with move-in volumes up about 2% and same-store occupancy improving.
- Management highlighted digital and AI-enabled operating improvements, including 85% of customer interactions being digital and AI-driven staffing reducing labor hours by about 12%.
- The company described a $184 million acquisition pipeline and a $650 million development pipeline over two years, alongside international expansion priorities.
Management priorities
- Complete the Abacus Storage King acquisition and pursue additional international targets.
- Execute the $650 million development pipeline with a focus on high-return sites.
- Expand digital self-service and AI-enabled staffing while maintaining expense discipline.
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Analyst 52W Price Targets
$289.86Previous close
$228Low
$320.86Average
$378High
Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Oct 12, 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 |
|---|---|---|---|---|
| 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 |
| RBC Capital | Sector Perform | Sector Perform | Maintain | Jul 31, 2026 |
| UBS | Neutral | Neutral | Maintain | Jul 10, 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 previous close $289.86. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Evercore ISI | Analyst unavailable | $308 | $296.26 | +6.3% | Sep 21, 2026 |
| Barclays | Analyst unavailable | $351 | $294.6 | +21.1% | Sep 10, 2026 |
| Scotiabank | Analyst unavailable | $343 | $300.96 | +18.3% | Sep 2, 2026 |
| Mizuho Securities | Analyst unavailable | $319 | $302.86 | +10.1% | Sep 2, 2026 |
| Wells Fargo | Analyst unavailable | $311 | $306.99 | +7.3% | Sep 1, 2026 |
| Barclays | Analyst unavailable | $350 | $323.1 | +20.7% | Aug 19, 2026 |
| Scotiabank | Analyst unavailable | $346 | $327.18 | +19.4% | Aug 18, 2026 |
| RBC Capital | Brad Heffern | $318 | $322.02 | +9.7% | Jul 31, 2026 |
| UBS | Analyst unavailable | $326 | $319.35 | +12.5% | Jul 10, 2026 |
| Scotiabank | Analyst unavailable | $345 | $323.47 | +19.0% | Jul 8, 2026 |
| Evercore ISI | Analyst unavailable | $316 | $323.02 | +9.0% | Jul 6, 2026 |
| Truist Financial | Michael Lewis | $338 | $320.22 | +16.6% | Jun 23, 2026 |
| Mizuho Securities | Analyst unavailable | $316 | $304.47 | +9.0% | May 27, 2026 |
| UBS | Michael Goldsmith | $314 | $295.28 | +8.3% | May 18, 2026 |
| Barclays | Brendan Lynch | $349 | $308.98 | +20.4% | May 7, 2026 |
| Evercore ISI | Analyst unavailable | $306 | $300.42 | +5.6% | May 4, 2026 |
| Goldman Sachs | Analyst unavailable | $341 | $294.09 | +17.6% | Apr 29, 2026 |
| RBC Capital | Brad Heffern | $305 | $297.14 | +5.2% | Apr 29, 2026 |
| Barclays | Analyst unavailable | $352 | $309.22 | +21.4% | Apr 20, 2026 |
| William Blair | Analyst unavailable | $305 | $288.33 | +5.2% | Mar 16, 2026 |
| Goldman Sachs | Caitlin Burrows | $330 | $305 | +13.8% | Feb 20, 2026 |
| Evercore ISI | Analyst unavailable | $302 | $300.35 | +4.2% | Feb 17, 2026 |
| Wells Fargo | Eric Luebchow | $295 | $288.5 | +1.8% | Feb 5, 2026 |
| Deutsche Bank | Analyst unavailable | $285 | $293.89 | -1.7% | Jan 20, 2026 |
| Truist Financial | Analyst unavailable | $317 | $293.89 | +9.4% | Jan 20, 2026 |
| Barclays | Analyst unavailable | $331 | $276.33 | +14.2% | Jan 13, 2026 |
| UBS | Analyst unavailable | $276 | $265.68 | -4.8% | Jan 8, 2026 |
| Mizuho Securities | Ravi Vaidya | $285 | $276.63 | -1.7% | Dec 5, 2025 |
| Morgan Stanley | Analyst unavailable | $290 | $276.63 | +0.0% | Dec 5, 2025 |
| Evercore ISI | Analyst unavailable | $309 | $272.98 | +6.6% | Dec 1, 2025 |
| Truist Financial | Analyst unavailable | $315 | $274.38 | +8.7% | Nov 25, 2025 |
| Evercore ISI | Analyst unavailable | $315 | $275.38 | +8.7% | Nov 3, 2025 |
| Wells Fargo | Analyst unavailable | $330 | $302.24 | +13.8% | Oct 27, 2025 |
| Deutsche Bank | Analyst unavailable | $325 | $294.42 | +12.1% | Oct 13, 2025 |
| Evercore ISI | Analyst unavailable | $317 | $293.96 | +9.4% | Oct 3, 2025 |
| Evercore ISI | Analyst unavailable | $312 | $292.32 | +7.6% | Sep 15, 2025 |
| Barclays | Brendan Lynch | $354 | $308.21 | +22.1% | Mar 12, 2025 |
| Scotiabank | Analyst unavailable | $333 | $311.3 | +14.9% | Mar 5, 2025 |
| Deutsche Bank | Omotayo Okusanya | $299 | $288.99 | +3.2% | Jan 10, 2025 |
| BMO Capital | John Kim | $370 | $334.22 | +27.6% | Dec 4, 2024 |
| Goldman Sachs | Caitlin Burrows | $377 | $360.72 | +30.1% | Sep 18, 2024 |
| Wolfe Research | Eric Wolfe | $378 | $341.72 | +30.4% | Aug 29, 2024 |
| Evercore ISI | Steve Sakwa | $334 | $342.59 | +15.2% | Aug 28, 2024 |
| Scotiabank | Nicholas Yulico | $339 | $329.29 | +17.0% | Aug 22, 2024 |
| Bank of America Securities | Jeffrey Spector | $318 | $311.9 | +9.7% | Aug 5, 2024 |
| Truist Financial | Ki Bin Kim | $306 | $295.92 | +5.6% | Aug 1, 2024 |
| Scotiabank | Nicholas Yulico | $314 | $301.65 | +8.3% | Jul 19, 2024 |
| Barclays | Brendan Lynch | $327 | $288.67 | +12.8% | May 20, 2024 |
| Scotiabank | Nicholas Yulico | $289 | $288.1 | -0.3% | May 16, 2024 |
| Wells Fargo | Eric Luebchow | $310 | $280.64 | +6.9% | Apr 5, 2024 |
| Raymond James | Jonathan Hughes | $330 | $288.1 | +13.8% | Mar 28, 2024 |
| BMO Capital | John Kim | $330 | $277.31 | +13.8% | Mar 19, 2024 |
| Berenberg Bank | Keegan Carl | $357 | $329.03 | +23.2% | Nov 3, 2021 |
| Goldman Sachs | Caitlin Burrows | $335 | $309.55 | +15.6% | Aug 12, 2021 |
| Wells Fargo | Todd Stender | $228 | $281.09 | -21.3% | 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
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2025-04-16T00:02:45.914612+00:00
- Polygon adjusted daily market bars · 2026-10-12T06:30:43.558556+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-12T06:30:43.555726+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 2026-10-12. For educational purposes only; not investment advice.