What smart money is saying about Public Storage
3 funds in our archive have pitched Public Storage — most recently Baron Real Estate Income Fund in June 2026.
Public 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.
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Also mentioned · 4
These funds discuss Public Storage — as a competitor, benchmark or comparable — without disclosing a position in it.
- June 2026
“Market Overview After a challenging first quarter that saw the S&P 500 Index decline 4.3%, markets rebounded sharply in the second quarter. The S&P 500 climbed 15.2%, driven by a surge in information technology (IT) stocks, particularly semiconductor stocks, which soared 44.0%. The ClearBridge Dividend Strategy rose nicely but lagged the exuberant gains of S&P 500 mainly due to our lower technology exposure. While no one likes to trail in sharp market rallies, diversified dividend growth portfolios tend to lag in these narrow, momentum driven markets. Our research shows, however, that these periods tend to be followed by periods of broader market participation in which diversified dividend-growth portfolios shine. Semiconductor memory stocks were the standout performers. Shares of Micron, the largest producer of storage chips, skyrocketed 240%, adding over $900 billion of market cap — more than the entire market capitalization of Exxon Mobil, Johnson & Johnson or JPMorgan Chase. Our underweight to Micron and a select group of other non-dividend- paying data center plays, like Advanced Micro Devices, Intel and SanDisk, were the largest drivers of our relative underperformance. We previously owned Intel but sold it in 2024 when the company eliminated its dividend. While the market’s leading contributors were concentrated in IT, our top contributors were diffuse. Shares of CVS Health rose as earnings recovered significantly in its health insurance segment. Public Storage shares ascended as rental trends bottomed and the company announced a compelling acquisition of National Storage.”
Public Storage - June 2026
“Some U.S. REIT boards and management teams seem to agree — benefiting from relatively low-cost equity capital and elevated domestic valuations — are beginning to leverage this currency advantage to pursue international real estate acquisitions. The acquisition of Public Storage Canada by affiliated U.S. REIT Public Storage, and the approach by U.S. REIT Prologis to acquire UK-listed SEGRO, are early indicators of a trend that Fund Management expects could continue.”
Public Storage - MentionedYackman AM AMG Yacktman FundMarch 2026
“Public Storage® announced the acquisition of the number five competitor, National Storage Affiliates, both self-storage real estate investment trusts (REITs).”
Public Storage - March 2026
“Public Storage announced the acquisition of National Storage in an all-stock transaction. We trimmed the position on the strength of its 36% stock price appreciation.”
Public Storage
Fund coverage · 3 theses
- Baron Real Estate Income FundJune 2026
Public Storage is seen as an attractive self-storage business with inflation protection, low capital intensity, and improving growth prospects.
Read the full thesis - Baron Real Estate Income FundMarch 2026
Public Storage is a best-in-class self-storage REIT poised for a growth inflection with scale advantages, strategic initiatives, and an attractive discounted valuation.
Read the full thesis - TCW Global Real Estate FundJune 2025
Public Storage is the largest global self-storage provider capitalizing on digital and automation advancements to gain a competitive edge over smaller operators, presenting a compelling roll-up opportunity.
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