Public Storage (PSA) - NYSE
  • Mon, Jun. 27, 3:20 PM
    • There's plenty of green in the REIT space today, with the IYR off just 0.25% (vs. the S&P 500's 2% decline). Helping is the continuing plunge in interest rates, with the 10-year yield at 1.46% within seven basis points of an all-time low.
    • Among the gainers are Realty Income (O +1.7%), National Retail Properties (NNN +1%), Senior Housing (SNH +2.2%), Omega Healthcare (OHI +0.9%), AvalonBay (AVB +1.1%), Kimco (KIM +1.3%), Tanger Factory (SKT +1.9%), and Public Storage (PSA +3.8%).
    • Lodging REITs, however, are dependent on a steady stream of overseas tourist money, and the dollar's continued surge vs. everything not named the yen promises to crimp foreign visits. Ashford (AHT -6.6%), Sunstone (SHO -4.8%), LaSalle (LHO -4.1%), Pebblebrook (PEB -4.2%), Chesapeake (CHSP -3.3%), Host (HT -6.7%), DiamondRock (DRH -4.8%), Apple  (APLE -2.9%), FelCor (FCH -5.4%).
    | Mon, Jun. 27, 3:20 PM | 2 Comments
  • Wed, May 18, 2:42 PM
    | Wed, May 18, 2:42 PM | 91 Comments
  • Mon, Jan. 4, 9:59 AM
    • Public Storage (PSA -1.3%) gained about 30% last year, with all of that run coming since late June.
    • Goldman heads to the sidelines, downgrading to Hold from Buy with price target cut to $241 from $244 (current price $244.54).
    | Mon, Jan. 4, 9:59 AM
  • Dec. 11, 2015, 3:45 PM
    • A plunge in the major averages and Treasury yields often sends money into equity REITs, and that's the case on just a limited basis today.
    • The IYR is lower by 0.8% vs. the S&P 500's 2% decline.
    • Retail REITs like Realty Income (O -0.7%) and National Retail Properties (NNN -0.6%) aren't in the green, but are outperforming the averages.
    • Pushing into positive territory: Ventas (VTR +1%), Welltower (HCN +0.4%), HCP (HCP +0.7%), Public Storgage (PSA +0.1%), Extra Space Storage (EXR +0.1%), Hospitality Properties (HPT +0.6%), Education Realty Trust (EDR +1.1%)
    • ETFs: IYR, VNQ, DRN, URE, RQI, SCHH, ICF, SRS, RWR, RNP, JRS, KBWY, RFI, NRO, DRV, RIT, REK, RIF, FRI, FTY, PSR, DRA, FREL, WREI, IARAX, LRET, XLRE
    | Dec. 11, 2015, 3:45 PM | 10 Comments
  • Nov. 6, 2015, 10:14 AM
    | Nov. 6, 2015, 10:14 AM | 142 Comments
  • Oct. 29, 2015, 2:55 PM
    • Q3 FFO per share of $2.27 gained 9.1% Y/Y. Core FFO per share of $2.33 gained 10.4%. Dividend is $1.70.
    • Same-store (1,990 facilities) revenues of $511.8M up 6.7% Y/Y. Cost of operations of $132.1M up 8.4%. Gross margin of 74.2% up 160 basis points.
    • Same-store occupancy of 95.3% up 60 basis points. Realized annual rental income per available square foot ((REVPAF)) of $15.43 up 6.7%.
    • PSA lower by 1.5% on the session after about a 25% gain YTD.
    • Previously: Public Storage beats by $0.01, beats on revenue (Oct. 28)
    | Oct. 29, 2015, 2:55 PM
  • Sep. 17, 2015, 2:31 PM
    | Sep. 17, 2015, 2:31 PM | 50 Comments
  • Sep. 1, 2015, 2:54 PM
    • The financial sector is leading the market lower today, but these sessions often see money flow into REITs. There's no green to be found, but mortgage REITs like Annaly Capital (NLY -0.3%), American Capital Agency (AGNC -0.2%), Anworth Mortgage (ANH -0.2%), Chimera (CIM -0.1%), CYS Investments (CYS -0.1%), Invesco (IVR -0.3%), and Dynex (DX -0.7%) are outperforming by a wide margin.
    • Equity REITs are doing better than the XLF and S&P 500, but still sharply lower: Realty Income (O -1.5%), Omega Healthcare (OHI -2.2%), HCP (HCP -1.2%), Gramercy Property (GPT -1.9%), Equity Residential (EQR -2.4%), Kimco (KIM -2.1%), Simon Property (SPG -2.2%), Public Storage (PSA -1.1%), Hospitality Properties (HPT -2.1%), Stag Industrial (STAG -1.2%)
    • ETFs: IYR, VNQ, MORL, REM, MORT, DRN, URE, RQI, SCHH, ICF, SRS, RWR, RNP, JRS, KBWY, RFI, NRO, DRV, RIT, REK, RIF, FRI, FTY, PSR, DRA, FREL, WREI, LMBS, IARAX
    | Sep. 1, 2015, 2:54 PM | 33 Comments
  • Aug. 21, 2015, 3:30 PM
    • These income favorites often catch a wave of buying when the major averages sell off and yields fall, but the panicky action today is taking down nearly all equities.
    • The iShares DJ U.S. Real Estate ETF (IYR -1.7%) and the iShares FTSE NAREIT Mortgage REIT ETF (REM -1.6%), however, are outperforming the S&P 500's 2.7% decline.
    • Previously: Just a modest rally for Treasurys as stocks crumble (Aug. 21)
    • Leading the mREITs lower is Javelin Mortgage (JMI -5.9%), with SA contributor ColoradoWealthManagementFund noting the company has stopped buying back stock despite its wide discount to book value. The sector as a whole looks like it will continue to have to deal with widening spreads and rising prepayments, and still have a looming rate hike cycle on the horizon.
    • Armour Residential (ARR -2%), CYS Investments (CYS -1.8%), Annaly (NLY -1.2%), American Capital Agency (AGNC -1.8%), Arlington Asset (AI -2.4%), Orchid Island (ORC -2.5%), Dynex (DX -2%), Capstead Mortgage (CMO -1.3%).
    • Equity REITs: Realty Income (O -0.7%), Vereit (VER -2.3%), Health Care REIT (HCN -1%), HCP (HCP -1.1%), Gramercy Property (GPT -3.1%), Equity Residential (EQY -1.6%), Simon Property (SPG -0.5%), Kimco (KIM -2.1%), Hospitality Properties (HPT -2.8%), Stag Industrial (STAG -1.4%), American Campus (ACC -1.1%), Public Storage (PSA -1%).
    | Aug. 21, 2015, 3:30 PM | 38 Comments
  • Aug. 20, 2015, 1:41 PM
    • Searching for green as the averages get routed, one finds a few pockets of only modest strength in some of the beaten-down REIT names as the 10-year Treasury yield slips to 2.08% and rate hike expectations move from September to December, or even 2016.
    • Sticking with a September rate hike is the team at Citigroup, which continues to believe only a "bunker buster" will prevent the Fed from hiking next month. The group notes an overlooked line in yesterday's FOMC minutes in which the committee talked about managing the risks resulting from prolonged low rates. It's a "smoking gun," says Citi, meaning a rate hike is coming sooner rather than later.
    • Annaly Capital (NLY +0.2%), American Capital Agency (AGNC +0.6%), Realty Income (O +0.8%), Omega Healthcare (OHI +0.9%), Public Storage (PSA -0.1%).
    | Aug. 20, 2015, 1:41 PM | 37 Comments
  • Jul. 7, 2015, 11:46 AM
    • It's not just Greece, where that country's government officials arrived in Brussels today with no new proposal to save its EMU membership (one is now promised for tomorrow), but China's stock market bubble is in the midst of a spectacular collapse. This even as Beijing's efforts to prop up share prices make the Federal Reserve look like the Ayn Rand Institute.
    • The 10-year U.S. Treasury yield is lower by nine basis points to 2.20%, the U.K. 10-year yield is down 16 bps to 1.86%, and the German 10-year yield is down 12 bps to 0.65%. Copper is leading across the board declines in commodity prices.
    • European stocks closed down another 2.1%, and the S&P 500 is down 1%. The Utilities SPDR (NYSEARCA:XLU), however, is up 1.6%, and the iShares Real Estate ETF (NYSEARCA:IYR) is up 0.7%. A mortgage REIT ETF (NYSEARCA:REM) is up 0.7%.
    • Realty Income (O +0.6%), Omega Healthcare (OHI +1.3%), HCP (HCP +1.7%), Equity Residential (EQR +1.4%), Simon Property (SPG +1.2%), Kimco (KIM +1.3%), Public Storage (PSA +1.5%), Boston Properties (BXP +1.6%), Strategic Hotels (BEE +1.2%), First Industrial Realty (FR +1.1%).
    • ETFs: IYR, VNQ, DRN, URE, RQI, SCHH, ICF, SRS, RWR, RNP, JRS, KBWY, RFI, NRO, DRV, RIT, REK, RIF, FRI, FTY, PSR, DRA, FREL, WREI, IARAX
    • ETFs: XLU, UTG, IDU, VPU, GUT, BUI, FUTY, RYU, UPW, FXU, PUI, SDP, PSCU, FUGAX
    | Jul. 7, 2015, 11:46 AM | 16 Comments
  • Jun. 22, 2015, 3:31 PM
    • The major averages are having a solid day, with nearly all S&P sectors lit up green, but the REITs - eyeing a ten basis point pop higher in the 10-year Treasury yield - are lower across the board. Boosting rates is good news on Greek debt negotiations and a 4% rally in European stocks.
    • The IYR is down 0.6%, bringing its  loss YTD to 3%, about 600 basis points worse than the S&P 500.
    • National Retail Properties (NNN -1.5%), Omega Healthcare (OHI -1.2%), Healthcare Trust of America (HTA -1.6%), Gramercy Property Trust (GPT -1.9%), W.P. Carey (WPC -1.4%), Simon Property (SPG -1%), Retail Properties of America (RPAI -1%), Public Storage (PSA -1%), Equity Commonwealth (EQC -1.6%), Strategic Hotels (BEE -1.4%), STAG Industrial (STAG -1.4%), Education Realty Trust (EDR -1.5%).
    • ETFs: IYR, VNQ, DRN, URE, RQI, SCHH, ICF, SRS, RWR, RNP, JRS, KBWY, RFI, NRO, DRV, RIT, REK, RIF, FRI, FTY, PSR, DRA, FREL, WREI, IARAX
    | Jun. 22, 2015, 3:31 PM | 16 Comments
  • Jun. 3, 2015, 10:25 AM
    • There's a bit of a selling panic going on in fixed income, with the 10-year Treasury yield up another nine basis points on this session to 2.35%, and now up 25 bps this week. The carnage across the pond is worse.
    • The IYR is lower by 0.9%.
    • Individual equity REITs: Realty Income (O -1.2%), Ventas (VTR -2.5%), Omega Healthcare (OHI -0.9%), HCP (HCP -1.5%), Equity Residential (EQR -2.1%), AvalonBay (AVB -1.8%), Simon Property (SPG -1.3%), General Growth (GGP -1.5%), Kimco (KIM -1.2%),  Public Storage (PSA -1%), Boston Properties (BXP -1.1%), Hospitality Properties (HPT -1.2%), Liberty Property (LPT -1%), Campus Crest (CCG -2.2%).
    • Mortgage REITs: Annaly (NLY -1.2%), American Capital Agency (AGNC -0.9%), Invesco (IVR -1.1%), Hatteras (HTS -1%), Ellington Residential (EARN -1%).
    • ETFs: IYR, VNQ, MORL, REM, MORT, DRN, URE, RQI, SCHH, ICF, SRS, RWR, RNP, JRS, KBWY, RFI, NRO, DRV, RIT, REK, RIF, FRI, FTY, PSR, DRA, FREL, WREI, LMBS, IARAX
    | Jun. 3, 2015, 10:25 AM | 74 Comments
  • Mar. 18, 2015, 3:28 PM
    • The Fed earlier cuts its forecasts for GDP growth, inflation, and the pace of rate hikes. Alongside, it also lowered NAIRU - the level at which unemployment threatens accelerating inflation.
    • The 10-year Treasury yield is lower by 13 basis points to 1.92% following the news, sending the board averages to near-1.5% gains, but the strongest names are the equity REITs.
    • IYR +2.3%
    • National Retail Properties (NNN +3%), Spirit Realty (SRC +3.1%), Senior Housing Properties (SNH +2.1%), Healthcare Trust of America (HTA +2.9%), Equity Commonwealth (EQC +2.7%), Gramercy Property (GPT +3.2%), Post Properties (PPS +3.9%), Aimco (AIV +2.6%), Kimco (KIM +2.8%), DDR Corp (DDR +2.4%), Public Storage (PSA +2%), Government Properties (GOV +1.9%), First Potomac Realty (FPO +3%), Digital Realty Trust (DLR +1.5%), Sunstone Hotel (SHO +2%), Liberty Property (LPT +2.4%), American Campus (ACC +2.5%)
    • Previously: Day's biggest news: Fed sharply cuts "normal" unemployment rate (March 18)
    • Previously: FOMC drops "patient," but sends dovish signal (March 18)
    • ETFs: IYR, VNQ, DRN, URE, SRS, ICF, SCHH, RWR, KBWY, DRV, REK, FRI, FTY, PSR, WREI, FREL
    | Mar. 18, 2015, 3:28 PM
  • Mar. 16, 2015, 9:56 AM
    • The 10-year Treasury yield is lower by five basis points to 2.07% in early action as crude oil takes out new multi-year lows, industrial production falls for the third straight month, and capacity utilization declines to its lowest level in a year.
    • Outperforming the averages is the iShares U.S. Real Estate ETF (IYR +1.2%).
    • Among some individual players: Kimco (KIM +1.6%), Federal Realty (FRT +1.5%), Realty Income (O +1.3%), Omega Healthcare (OHI +1.3%), HCP (HCP +1.4%), Equity Residential (EQR +1.6%), General Growth Properties (GGP +1.4%), Public Storage (PSA +1%), Boston Properties (BXP +1.5%), Hospitality Properties (HPT +1.2%), Liberty Property Trust (LPT +0.8%), American Campus Communities (ACC +1.2%).
    • ETFs: IYR, VNQ, DRN, URE, SRS, ICF, SCHH, RWR, KBWY, DRV, REK, FRI, FTY, PSR, WREI, FREL
    | Mar. 16, 2015, 9:56 AM | 11 Comments
  • Mar. 6, 2015, 10:31 AM
    • Equity REITs are facing some competition as the 10-year Treasury yield has popped all the way to 2.24% (up 11 bps on the session) following the strong jobs report which saw 295K jobs added in February and the unemployment rate dropping to 5.5%.
    • Checking short-term interest rate futures, they're falling (meaning higher rates), but still not pricing in a rate hike until late summer.
    • The iShares U.S. Real Estate ETF (IYR -2.3%).
    • Realty Income (O -3.7%), National Retail Properties (NNN -3.9%), Agree Realty (ADC -3.1%), Omega Heathcare (OHI -4.5%), Health Care REIT (HCN -3.5%), Ventas(VTR -3.7%), HCP (HCP -3.6%), Medical Properties (MPW -4%), Healthcare Trust (HTA -4%), AvalonBay (AVB -2.7%), Essex Property (ESS -2.3%), Simon Property (SPG -2.3%), General Growth (GGP -2.2%), Kimco (KIM -2.9%), Inland Real Estate (IRC -2.9%), DDR (DDR -2.7%), Federal Realty Investment (FRT -2.6%), Public Storage (PSA -2%), Sovran Self Storage (SSS -2.7%), Boston Properties (BXP -2.8%), First Potomac (FPO -3.2%), Digital Realty Trust (DLR -1.9%), Hospitality Properties (HT -2.1%), Ashford (AHT -2.7%), STAG Industrial (STAG -3%), American Campus (ACC -2.9%).
    • ETFs: IYR, VNQ, DRN, URE, SRS, ICF, SCHH, RWR, KBWY, DRV, REK, FRI, FTY, PSR, WREI, FREL
    • Previously: Dollar and Treasury yields spike after strong jobs print (March 6)
    | Mar. 6, 2015, 10:31 AM | 63 Comments
Company Description
Public Storage, provides storage units for personal, business and vehicles need. It operates through the following business activities: Domestic Self-Storage, European Self-Storage, and Commercial. The Domestic Self-Storage activities acquires, develops, owns, and operates self-storage... More
Sector: Financial
Industry: REIT - Diversified
Country: United States