12 Best Warehouse and Self-Storage Stocks to Buy Now

8. Public Storage (NYSE:PSA)

Number of Hedge Fund Holders: 28

Public Storage (NYSE:PSA) is a real estate investment trust (REIT) that is focused on acquiring, developing, owning, and operating self-storage facilities. The company has more than 3,300 storage facilities in the US. PSA offers self-storage facilities, business storage, vehicle and RV storage, boat storage, and climate-controlled storage services.

The company is focused on growth initiatives. In the third quarter of 2024, Public Storage (NYSE:PSA) acquired 3 self-storage facilities with 200,000 net rentable square feet for $24.3 million. Additionally, the company opened a newly developed facility and successfully completed a number of expansion projects, which together added 500,000 net rentable square feet at a cost of $142.6 million. By the end of the third quarter of 2024, Public Storage (NYSE:PSA) had various facilities under development and in expansion, which together are expected to add 4 million net rentable square feet at a cost of $712.4 million.

Another key area of focus for the company is utilities. Public Storage (NYSE:PSA) has reduced its utilities usage by 30% by switching to LED lighting across its portfolio and installing solar power systems at more than 800 properties. The company has increased its solar energy goal to 1,300 properties by the end of 2025.