Public Storage: The Multiple Has Expanded Too Much, Taking 25% Profits Home

AJ_Watt My previous and also the first piece on Public Storage (NYSE:PSA) was issued back in March 2024, when I assigned a clear buy rating to address given the combination of historically depressed multiple and robust fundamentals. At that time, the FWD P/FO stood at 1 6x, which was below sector average and 2.5% below PSA's 3-year average. At the same time, PSA's capital structure remained in a great shape with an upper investment grade credit rating, which is not that common in the REIT space. While I rec ...