Public Storage Nareit Management Meeting Takeaways

Goldman Sachs maintains a Buy rating on Public Storage (PSA) following a management meeting that highlighted improving operating metrics and a positive regulatory shift in Los Angeles.

Key Takeaways

• 1.The operating environment is slowly improving, evidenced by lower churn (16.4% in 2QTD) and better move-out rates compared to previous periods.
• 2.Management provided a positive update for the Los Angeles market, noting that the lifting of the state of emergency allows for rent increases starting July 1st.
• 3.Public Storage remains active in the acquisition market with $500 million under contract or closed YTD, including a focus on potential international platform expansions.

Table of Contents

• Key management meeting highlights
• Price Target
• Downside risks
• Disclosure Appendix
• GS Factor Profile
• M&A Rank
• Quantum
• Disclosures