Today’s stock is soaring as the self-storage trend picks up steam…
Regular readers know we like businesses that take part in big, secular trends. These days, Americans have too much stuff and nowhere to put it.
This has been especially true during the pandemic… And it has pushed occupancy rates and rents for storage companies to record highs. Today’s company provides the extra space people need…
Public Storage (PSA) is the world’s largest owner, operator, and developer of self-storage facilities. It has more than 2,700 facilities across the U.S. And it serves more than 1 million customers.
With people turning spare rooms into home offices and landlords hiking prices, folks are even more motivated to find space for their extra stuff… helping Public Storage thrive. The company’s same-store revenues jumped to $2.8 billion in 2021, up nearly 11% year over year.
PSA shares are in an uptrend – up roughly 160% from their pandemic lows, including dividends. And they recently hit a fresh all-time high. As folks continue to store their extra stuff, that trend should continue…
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Source: Daily Wealth’s Market Notes