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What Makes Public Storage (PSA) an Attractive Investment?

Baron Funds, an investment management company, released its “Baron Real Estate Fund” third quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund declined 4.86% (Institutional Shares) compared to a 4.99% decline for its primary benchmark, the MSCI USA IMI Extended Real Estate Index. At the same time, the fund outperformed the MSCI US REIT Index, which fell 10.28% in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2022.

Baron Funds highlighted stocks like Public Storage (NYSE:PSA) in the Q3 2022 investor letter. Headquartered in Glendale, California, Public Storage (NYSE:PSA) is a REIT that operates self-storage facilities. On November 18, 2022, Public Storage (NYSE:PSA) stock closed at $293.51 per share. One-month return of Public Storage (NYSE:PSA) was -1.74% and its shares lost 10.84% of their value over the last 52 weeks. Public Storage (NYSE:PSA) has a market capitalization of $51.694 billion.

Baron Funds made the following comment about Public Storage (NYSE:PSA) in its Q3 2022 investor letter:

Public Storage (NYSE:PSA) is the world’s largest owner, operator, and developer of self-storage facilities. Public Storage has achieved the #1 market position in 14 of its top 15 markets and is widely recognized as the leading self-storage company with the premier brand. It is currently valued at a 5.6% capitalization rate or a 25% discount to its estimated net asset value.”

doors, secure, storage, unit,
doors, secure, storage, unit,

sunlover/Shutterstock.com

Public Storage (NYSE:PSA) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 34 hedge fund portfolios held Public Storage (NYSE:PSA) at the end of the third quarter which was 33 in the previous quarter.

We discussed Public Storage (NYSE:PSA) in another article and shared LRT Capital Management's views on the company. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.

 

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Disclosure: None. This article is originally published at Insider Monkey.