WallStSmart
PSA

Public Storage

NYSE: PSA · REAL ESTATE · REIT - INDUSTRIAL

$294.09
-1.03% today

Updated 2026-04-29

Market cap
$54.12B
P/E ratio
34.25
P/S ratio
11.20x
EPS (TTM)
$9.00
Dividend yield
3.86%
52W range
$254 – $314
Volume
1.2M
OverviewPrice TargetsFinancialsValuationInsidersEarnings

Public Storage (PSA) Financial Forecast & Price Target 2030

Research-backed projections from analyst consensus, management guidance, and sector analysis.

Price target summary

Current
$294.09
Consensus
$309.85
+5.36%
2030 Target
$504.63
+71.59%
DCF
$313.33
+6.22% MoS
14 analysts:
2 Buy10 Hold0 Sell

Management guidance

CEO Tom Boyle is executing an aggressive growth strategy with the $10.5 billion acquisition of National Storage Affiliates (NSA) expected to close in Q3 2026, expanding PSA's portfolio by approximately 30%. While specific revenue targets through 2030 were not explicitly stated in available guidance, the NSA acquisition alone will add meaningful revenue starting in late 2026, with the combined entity positioned for significant scale and operational leverage.

Sources: Management guidance, analyst consensus, sector analysishigh confidence

Revenue & price projection

Actual revenue Projected revenue Base case Bull to bear range
Bull case (2030)
$841.05
$7.4B Rev × 20x P/S
Base case (2030)
$504.63
$7.4B Rev × 12x P/S
Bear case (2030)
$336.42
$7.4B Rev × 8x P/S

Financial forecast — research-backed

Metric2023202420252026 (E)2027 (E)2028 (E)2029 (E)2030 (E)
Revenue$4.5B$4.7B$4.8B$5.2B$6.5B$6.8B$7.1B$7.4B
Revenue growth—3.9%2.7%7.2%24.5%6.2%3.9%3.8%
EPS$11.06$9.93$10.22$10.23$11.85$12.50$13.10$13.75
P/S ratio———12.0x12.0x12.0x12.0x12.0x
Implied price———$364.46$448.56$476.60$476.60$504.63

Catalysts & risks

Growth catalysts
+ National Storage Affiliates acquisition closing (Q3 2026) adding ~30% portfolio expansion and ~$700M+ incremental revenue run-rate
+ Technology partnership with Welltower for AI/data science applications to optimize pricing and operations
+ Headquarters relocation from California to Texas reducing tax and regulatory burden
+ Market stabilization in self-storage sector as supply growth moderates and demand inflects positive in 2026-2027
+ Fixed-rate debt issuance ($500M at 5.0%) providing financial flexibility and reduced refinancing risk
Key risks
- Self-storage sector oversupply and potential rent control legislation impacting pricing power
- Elevated interest rates increasing cap rates and debt servicing costs despite fixed-rate issuance
- Integration execution risk on NSA acquisition ($10.5B deal is material relative to $49.2B market cap)
- Same-store revenue and NOI projected to decline in 2026 per company guidance before stabilization
- Cooling housing market and potential macroeconomic slowdown reducing customer demand and pricing

Methodology

Public Storage's forward estimates are derived from AI-powered research synthesis combining analyst consensus from 14 Wall Street analysts, management guidance from the latest earnings call, and sector growth forecasts from industry research. Revenue and EPS projections use analyst consensus where available and conservative extrapolation with growth deceleration for outer years. Price targets are calculated using a tiered Price-to-Sales (P/S) methodology, where the P/S multiple is determined by the projected revenue growth rate.

WallStSmart proprietary research model · Not financial advice · Past performance is not indicative of future results · Last researched: April 7, 2026.