Public Storage, a member of the S&P 500, is a REIT that primarily acquires, develops, owns, and operates self-storage facilities. At December 31, 2025, we: (i) owned and/or operated 3,533 self-storage facilities located in 40 states with approximately 258 million net rentable square feet in the United States and (ii) owned a 35% common equity interest in Shurgard Self Storage …
Full PSA analysis →
Competitive advantage assessment
Key strengths
Strong NOI MarginsNOI margins are strong (score 0.91), demonstrating rent pricing power.
Public Storage ranks #4 of 18
scored companies in REIT - Industrial by moat score — the top 22%.
The widest moat in the group is Terreno Realty Corporation (TRNO)
at 81/100.
Moat scores for companies ranked near PSA in REIT - Industrial
For a REIT, pricing power is the ability to raise rents at renewal and still keep the space occupied.
AFFO Strength
Score 85
· 18% of the moat score
AFFO — adjusted funds from operations — is the cash a REIT can actually distribute after the recurring capital spending buildings need in order to stay leasable.
Balance Sheet & Cost of Capital
Score 70
· 20% of the moat score
Real estate is bought with borrowed money, so a REIT's cost of capital is its competitive advantage.
Capital Recycling & Growth
Score 53
· 16% of the moat score
REITs grow by issuing shares and debt to buy more property, which creates value only when the yield on the asset exceeds the cost of the capital raised.
Operational Efficiency
Score 89
· 14% of the moat score
Running property — leasing, maintenance, taxes, management — is the part of the business a REIT genuinely controls.
Portfolio Quality & Diversification
Score 59
· 12% of the moat score
Portfolio quality is really a question about what happens when a tenant fails.
Public Storage (PSA) scores 72 out of 100 on the StatsAlpha Moat Map, which rates its competitive advantage as moderate. It ranks #4 of 18 scored companies in REIT - Industrial, the top 22%. The score is a weighted composite of 6 competitive defenses, each measured against industry peers of 23 companies in REIT - Industrial. Its strongest defense is Operational Efficiency (89/100) and its weakest is Capital Recycling & Growth (53/100).
How does Public Storage compare with other REIT - Industrial companies?
Public Storage ranks #4 of 18 scored companies in REIT - Industrial by moat score. The widest moat in REIT - Industrial is Terreno Realty Corporation (TRNO) at 81/100. The companies ranked closest are First Industrial Realty Trust, (FR) at 76 just above it and EastGroup Properties, Inc. (EGP) at 69 just below it.
How is the moat score calculated?
Each company is scored with an industry-specific template — REIT Specialized in this case, chosen because the defenses that matter to a bank are not the ones that matter to a software company. Every defense combines several financial signals, and each signal is measured as a percentile against a peer group of 23 companies in REIT - Industrial. The defenses are then weighted to produce the overall score out of 100.
Why is Public Storage scored with the REIT Specialized template?
A REIT is a portfolio of buildings financed with debt and required to distribute most of its taxable income. Reported earnings are dominated by depreciation on assets that often appreciate, so net income says very little; the real question is how much cash the properties distribute, and how securely. The REIT template scores what determines that: rent pricing, distributable cash, cost of capital, and the discipline behind growth.
Which competitive defenses are measured for Public Storage?
The REIT Specialized template measures 6 defenses, and PSA scores: Rent Pricing Power (81), AFFO Strength (85), Balance Sheet & Cost of Capital (70), Capital Recycling & Growth (53), Operational Efficiency (89), Portfolio Quality & Diversification (59). Each is scored independently as a percentile against peers, so a company can be strong on one and weak on another — the overall score reflects how those defenses are weighted for this industry.
We value your privacy
We use cookies to enhance your browsing experience, analyze site traffic, and personalize content. By clicking 'Accept All', you consent to our use of cookies.
Read our cookie policy
Cookie Preferences
Manage your cookie preferences. Essential cookies are always enabled.