Boring businesses sometimes make great investments. I believe Public Storage (PSA) is a case in point. This REIT owns and operates approximately 2,500 self-storage facilities through the United States. IT also owns minority but significant stakes in other two REITS but these investments are not central to my thesis.
Track records are important, especially for long term investors. PSA has a fantastic record of increasing operating cash flow, which for the past 3 years have remained above $2Bln.
Several factors make this REIT an unusually low risk investment. In particular