Public Storage: Maintaining HOLD as consumers cut nonessential spending

Public Storage, based in California, is a REIT that operates self-storage facilities. As of the end of 2022, the company had 2,869 self-storage facilities in the U.S. with 20.4 million rentable square feet. Public Storage also has a 35% equity stake in Shurgard Europe, with 253 facilities and 15 million square feet of rentable space in Western Europe. The European storage market has underperformed the U.S. market. The company sold its 41% interest in PS Business Parks, a public REIT that invests in office and industrial real estate, in July 2022. PSA currently has self-storage properties in 40 states, with 41% of these properties in California, Texas, and Florida. Stabilized properties account for approximately 75% of the company's portfolio, and acquisitions for 15%. Development and redevelopment properties make up the remainder. The shares are a component of the S&P 500.