PSA - Public Storage: Great Entry Point For Long-Term Investors

2024-03-26 05:28:32 ET

Summary

• Public Storage is a unique self-storage REIT that offers attractive dividends and has historically outperformed the broader REIT market.
• Despite underperforming in the past year, there is an opportunity to invest in the Company due to its scale, solid growth prospects, and fortress balance sheet.
• Its size and operational excellence allow for better value creation, and the focus on acquisitions and record development volume contributes to its growth prospects.
• In this article, I elaborate in more detail why, in my opinion, this is a great moment to go long PSA and why both PSA- and industry-level dynamics bode well for solid returns going forward.

Public Storage ( PSA ) is one of only five publicly traded U.S. self-storage REITs offering rather unique packages for long-term investors, who also prefer having exposure to relatively attractive and growing dividends.

Self-storage as an asset class has historically outperformed the broader REIT market by a considerable margin, where the relevant REIT players have been able to capitalize on the largely non-institutionalized market (i.e., small concentration of assets in the hands of institutional investors)....

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