8 High Growth Real Estate Stocks That Are Profitable in 2024

4. Public Storage (NYSE:PSA)

5-Year Net Income Growth: 4.10%

5-Year Revenue Growth: 10.21%

TTM Net Income: $1.88 Billion

Number of Hedge Fund Holders: 30

Public Storage (NYSE:PSA) is a leading owner, operator, and developer of self-storage facilities. The company opened its first self-storage facility in 1972 and has grown over the years to become the largest owner and operator of self-storage facilities globally. It has numerous locations across Europe and the US and serves as one of the biggest landlords globally with over 170 million net rentable square feet of real estate.

Public Storage (NYSE:PSA) has maintained a leadership position in the self-storage market for nearly half a century. With half of the U.S. population residing within a Public Storage trade area, the firm has an unmatched owned scale. As compared to the self-storage REIT peer average, PSA has demonstrated consistently optimized occupancy and rent leadership.

For the second quarter, the firm recorded net income allocable to common shareholders of $468.4 million. FFO was $4.30 per diluted common share relative to $4.29 for the same period in 2023, slightly up 0.2% year-over-year. The firm also acquired two self-storage facilities with 0.1 million net rentable square feet other than opening two newly developed facilities and completing various expansion projects which added 0.4 million net rentable square feet together.

Since the beginning of 2019, the firm’s portfolio size has expanded by 35% through $11 billion of investment and an addition of 56 million square feet. Public Storage (NYSE:PSA) is an iconic brand that has delivered industry-leading revenue, NOI performance, and cash flow generation. With high-growth lease-up properties now making 22% of the total portfolio and growing, the future growth potential is vast.