Public Storage Dossier
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SectorReal Estate IndustrySpecialized REITs Beta (adjusted)0.97 Intrinsic Value $274.76median of 1 methodbased on filings through 30 Jun 2026 Market Price $284.00Price as of 1 Oct 2026 Near fair valueIntrinsic value is 3% below the market price −50% · IV below pricenear fair value ±15%IV above price · +50% Data confidence Sign in to view data confidence Market Cap $53.1B Enterprise Value $63B Shares Outstanding 176.4M diluted Next Earnings Date28 Oct 2026 Last ex-dividend15 Sep 2026 All prices and values are periodic snapshots, not live quotes. Source dates are shown for reference. ThesisStreet consensus, scenarios, merits, risks, and invalidation triggers Thesis Summary Public Storage entered the second half of 2026 with improving occupancy, raised Core FFO guidance, the completed NSA acquisition, and a pending Canadian expansion that could strengthen long-term growth. The counterweight is that Q2 same-store revenue and NOI were still declining, while NSA integration and realization of $110-$130 million of synergies remain unproven. The recommendation is based on operating momentum and execution balance rather than a valuation anchor. This section is the 12-month view: analyst targets and the probability-weighted scenarios built from them. The intrinsic value at the top of this page answers a different question: what the business is worth today. Street view · analyst 12-month targets Low · most bearish analyst$285.00 Mean target$337.06 High · most bullish analyst$374.00 Street targets sit above today's price; our intrinsic value sits below it. Different horizons, different questions. Our research · scenarios, merits, risks, and invalidation triggersResearch as of 2 Sep 2026 Scenarios · 12-month scenario targets Bear CaseDownside scenario $285.0026% Core FFO falls below the guidance floor, same-store revenue remains negative beyond Q4 2026, or NSA integration underdelivers against the $110 million lower synergy bound. A delayed or underperforming Canadian expansion would add further execution pressure. Base CaseCentral scenario $337.0655% Matches the consensus meanCore FFO finishes within the company's $16.75-$17.05 guidance range, same-store trends improve gradually, and NSA remains accretive while synergies build over several years. Bull CaseUpside scenario $374.0019% Same-store revenue turns positive in Q4 2026, NSA integration reaches the upper end of the announced synergy range, and the Canadian acquisition closes and delivers the anticipated high-single-digit near-term NOI growth. These outcomes would demonstrate that PS Next can translate scale into renewed per-share growth. Scenarios are anchored to street consensus at the research date, with our probabilities and rationale. Key Investment Merits
Key Investment Risks
All scenarios are estimates and subject to change. Past performance is not indicative of future results. Quality Pillars MembersThis section is available to registered members. Create a free account or sign in to unlock the full breakdown. Explore this dossierValuationIntrinsic value, the six-method breakdown, peer medians, and your assumptions sandbox.Financial SnapshotRevenue, profitability, returns, balance sheet, dividends, and the filing-level detail.Qualitative AnalysisBusiness overview, strategic initiatives, and mergers, acquisitions & partnerships.Outlook & Key DatesForward estimates, reporting calendar, and the monitoring framework. |