Key Takeaways PSA benefits from a recession-resistant self-storage model and a leading brand across major U.S. metros.PSA acquired 260 facilities since early 2023 for $3.76B, adding 19M rentable sq ft and lifting NOI in Q3 2025.PSA's strong balance sheet, low leverage and A/A2 ratings support expansion and technology investments.Public Storage (PSA) is one of the most recognized names in the self-storage industry, with high brand value and presence across key metropolitan markets of the United States. The n ...

（原标题：?2026年REITs与房地产服务股票相对价值"分层" Federal(FRT.US)依托资本循环获小摩青 睐） 智通财经APP获悉，华尔街金融巨头摩根大通周四在该机构对2026年REITs(不动产投资信托基金)与房 地产服务类型公司的投资前景展望中对于九个热门投资标的进行评级重大调整，其中对于七个投资标的 为下调评级，对另外两个则为上调评级。 来自摩根大通的资深分析师安东尼·保隆(Anthony Paolone)在研究报告中写道："下调数量较多，主要反 映出随着美国经济实现软着陆概率越来越大以及美联储降息周期有望延续，我们覆盖范围内的评级分布 更趋分层，尤其是由于这些评级是相对彼此而言。" 在摩根大通2026年展望报告中，摩根认为REITs(不动产投资信托基金)与房地产服务行业整体进入增速 偏温和、同店增长有限的环境，后续个股表现更可能由估值相对性与资产负债表弹性驱动，而不是 靠"全行业基本面普涨"。因此他们把更多REITs与房地产服务投资标的从"增持/中性"下调，原因多为相 对机会减少(增长更慢、估值已反映几乎所有利好、或近期经历强劲涨幅后比较基数更难实现增长)，并 强调降级数量多也反映其覆盖范 ...

在摩根大通2026年展望报告中，摩根认为REITs(不动产投资信托基金)与房地产服务行业整体进入增速 偏温和、同店增长有限的环境，后续个股表现更可能由估值相对性与资产负债表弹性驱动，而不是 靠"全行业基本面普涨"。因此他们把更多REITs与房地产服务投资标的从"增持/中性"下调，原因多为相 对机会减少(增长更慢、估值已反映几乎所有利好、或近期经历强劲涨幅后比较基数更难实现增长)，并 强调降级数量多也反映其覆盖范围内评级分布更"分层"，且评级是相对的。 华尔街金融巨头摩根大通周四在该机构对2026年REITs(不动产投资信托基金)与房地产服务类型公司的 投资前景展望中对于九个热门投资标的进行评级重大调整，其中对于七个投资标的为下调评级，对另外 两个则为上调评级。 来自摩根大通的资深分析师安东尼.保隆(Anthony Paolone)在研究报告中写道："下调数量较多，主要反 映出随着美国经济实现软着陆概率越来越大以及美联储降息周期有望延续，我们覆盖范围内的评级分布 更趋分层，尤其是由于这些评级是相对彼此而言。" 因此，小摩这一轮最新的针对REITs/房地产服务类股票的集中评级更改，本质上是一次"相对评级+相对 风 ...

对于Public Storage(PSA.US)评级从"增持"下调至"中性"，主要因为该机构对于PSA核心增长率的预期改 善"很可能会被拉得时间线很长，并非一条直线"。 智通财经APP获悉，华尔街金融巨头摩根大通周四在该机构对2026年REITs(不动产投资信托基金)与房 地产服务类型公司的投资前景展望中对于九个热门投资标的进行评级重大调整，其中对于七个投资标的 为下调评级，对另外两个则为上调评级。 来自摩根大通的资深分析师安东尼·保隆(Anthony Paolone)在研究报告中写道："下调数量较多，主要反 映出随着美国经济实现软着陆概率越来越大以及美联储降息周期有望延续，我们覆盖范围内的评级分布 更趋分层，尤其是由于这些评级是相对彼此而言。" 在摩根大通2026年展望报告中，摩根认为REITs(不动产投资信托基金)与房地产服务行业整体进入增速 偏温和、同店增长有限的环境，后续个股表现更可能由估值相对性与资产负债表弹性驱动，而不是 靠"全行业基本面普涨"。因此他们把更多REITs与房地产服务投资标的从"增持/中性"下调，原因多为相 对机会减少(增长更慢、估值已反映几乎所有利好、或近期经历强劲涨幅后比较基数更 ...

Company Overview - Public Storage (PSA) is a real-estate investment trust (REIT) focused on self-storage facilities, offering month-to-month leases for personal and business use, along with ancillary services [1] - The company is headquartered in Glendale, California, and operates thousands of storage locations across the United States, with a market capitalization of approximately $47.9 billion [1][2] Market Position - Public Storage is classified as a "large-cap" stock, exceeding the $10 billion valuation threshold, and is recognized as a leading self-storage operator due to its extensive network [2] Stock Performance - The stock has decreased by 20.9% from its 52-week high of $345.10 reached in December 2024, and is down 5.2% over the past three months, underperforming the S&P 500 Index, which rose by 6.5% during the same period [3] - Over the past 52 weeks, PSA has slumped 20.6% and is down 8.8% year-to-date, lagging behind the S&P 500's returns of 12.9% and 16.1% respectively [4] - The stock has been trading below the 200-day moving average for most of the past year, with a brief period above it in October [4] Industry Challenges - The decline in Public Storage's stock in 2025 is attributed to soft industry demand, decreasing move-in rental rates, and rising operating costs [5] - The self-storage sector is facing challenges due to ongoing economic uncertainties and a subdued housing market, which significantly impacts storage demand [5] Recent Financial Performance - In Q3 2025, the company's core funds from operations (Core FFO) per share were reported at $4.31, reflecting a 2.6% increase from the same quarter last year [6] - However, the same-store performance showed weakness, with square foot occupancy dropping by approximately 0.5% to 92.2%, and same-store revenue remaining flat year-over-year at $948.9 million [6] - Concerns over same-store performance led to a 3% drop in stock price on October 29, followed by an additional 2.9% decline the next day [6]

Core Insights - Self-storage is identified as a low-risk, resilient investment sector, largely unaffected by interest rates, job growth, or income growth, according to Heitman's research [2] - Over the past 15 years, self-storage has outperformed other real estate sectors in net operating income, driven by factors such as lack of home space, moving, death, downsizing, and remodeling [3] - The correlation of self-storage REITs with traditional stock and bond portfolios is close to zero, indicating a low-risk profile for investors [4] Investment Drivers - The demand for self-storage is primarily driven by life events, including the aging U.S. population, growing millennial families, and downsizing baby boomers [5] - Despite a year-to-date decline of up to 16% in self-storage REIT stocks due to slower home sales and softer revenue growth, the sector is viewed as having favorable entry points for investment [4][5]

Core Viewpoint - Public Storage (PSA) has experienced significant underperformance compared to the broader market and its sector peers, despite reporting better-than-expected financial results for Q3 2023 [2][4]. Company Overview - Public Storage is a REIT based in Glendale, California, focused on acquiring, developing, owning, and operating self-storage facilities. The company has a market cap of $47.6 billion and operates 3,399 facilities across 40 states, totaling approximately 247 million net rentable square feet in the U.S. [1]. Stock Performance - Over the past year, PSA shares have declined by 20.4%, while the S&P 500 Index has increased by nearly 12.3%. Year-to-date in 2025, PSA stock is down 11.1%, contrasting with a 12.9% rise in the S&P 500 [2]. - PSA's performance is also lagging behind the Real Estate Select Sector SPDR Fund (XLRE), which has seen a decline of about 7% over the past year [3]. Financial Results - For Q3 2023, PSA reported a Funds From Operations (FFO) of $4.31 per share, exceeding Wall Street's expectation of $4.24. The company's revenue reached $1.22 billion, surpassing the forecast of $1.21 billion. PSA anticipates full-year FFO in the range of $16.70 to $17 per share [4]. Analyst Expectations - Analysts project PSA's FFO per share to grow by 1.2% to $16.87 for the current fiscal year ending in December. The company's FFO surprise history shows mixed results, beating estimates in three of the last four quarters [5]. - Among 21 analysts covering PSA, the consensus rating is a "Moderate Buy," with 13 "Strong Buy" ratings and eight "Holds" [5]. Price Targets - UBS analyst Michael Goldsmith maintained a "Neutral" rating on PSA, lowering the price target to $293, indicating a potential upside of 10.1%. The mean price target is $324.68, suggesting a 22% premium to current levels, while the highest price target of $350 indicates a potential upside of 31.5% [6].

Group 1 - Public Storage (PSA) is one of the largest Real Estate Investment Trusts (REITs) globally, managing over 3,400 properties with more than 250 million square feet of leasable space [1] - The company has established a strong reputation in the market, indicating its reliability and stability in the REIT sector [1] - Denislav Iliev, an experienced day trader with over 15 years in the field, leads a team of 40 analysts focused on identifying mispriced investments in fixed-income and closed-end funds [1] Group 2 - The investing group Trade With Beta, led by Denislav Iliev, offers features such as frequent picks for mispriced preferred stocks and baby bonds, weekly reviews of over 1,200 equities, IPO previews, and hedging strategies [1] - The service includes an actively managed portfolio and a chat room for discussions among sophisticated traders and investors [1]

Summary of Key Points Core Viewpoint - The preferred stock of Public Storage has experienced a 4% correction from its peak at the end of September, which aligns with the trend observed in most preferred stocks [1]. Group 1: Stock Performance - Public Storage's preferred stock, PSA.PR.F, has seen a 4% decline from its peak [1]. Group 2: Market Context - The correction in Public Storage's preferred stock is consistent with the overall performance of the preferred stock market [1].

Group 1 - Public Storage (PSA) is a leading US-based REIT specializing in the development and operation of self-storage facilities, with significant brand recognition in the industry [1] - The business model of Public Storage is generally viewed positively, indicating a strong market position and potential for growth [1] Group 2 - The Investment Doctor emphasizes a diversified portfolio that includes both dividend and growth stocks, focusing on high-quality small-cap investment opportunities in Europe [1] - The investment group European Small Cap Ideas provides exclusive research on appealing European investment opportunities, highlighting the importance of capital gains and dividend income for continuous cash flow [1]