Investors with an interest in REIT and Equity Trust - Other stocks have likely encountered both Ryman Hospitality Properties (RHP - Free Report) and Public Storage (PSA - Free Report) . But which of these two stocks presents investors with the better value opportunity right now? Let's take a closer look.
There are plenty of strategies for discovering value stocks, but we have found that pairing a strong Zacks Rank with an impressive grade in the Value category of our Style Scores system produces the best returns. The Zacks Rank favors stocks with strong earnings estimate revision trends, and our Style Scores highlight companies with specific traits.
Ryman Hospitality Properties has a Zacks Rank of #2 (Buy), while Public Storage has a Zacks Rank of #3 (Hold) right now. This means that RHP's earnings estimate revision activity has been more impressive, so investors should feel comfortable with its improving analyst outlook. But this is just one factor that value investors are interested in.
Value investors are also interested in a number of tried-and-true valuation metrics that help show when a company is undervalued at its current share price levels.
Our Value category highlights undervalued companies by looking at a variety of key metrics, including the popular P/E ratio, as well as the P/S ratio, earnings yield, cash flow per share, and a variety of other fundamentals that have been used by value investors for years.
RHP currently has a forward P/E ratio of 14.26, while PSA has a forward P/E of 18.60. We also note that RHP has a PEG ratio of 2.32. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. PSA currently has a PEG ratio of 4.24.
Another notable valuation metric for RHP is its P/B ratio of 10.55. Investors use the P/B ratio to look at a stock's market value versus its book value, which is defined as total assets minus total liabilities. By comparison, PSA has a P/B of 11.13.
Based on these metrics and many more, RHP holds a Value grade of B, while PSA has a Value grade of D.
RHP stands above PSA thanks to its solid earnings outlook, and based on these valuation figures, we also feel that RHP is the superior value option right now.
The upcoming report from Public Storage (PSA - Free Report) is expected to reveal quarterly earnings of $4.25 per share, indicating a decline of 0.7% compared to the year-ago period. Analysts forecast revenues of $1.21 billion, representing an increase of 1% year over year.
The current level reflects a downward revision of 0.7% in the consensus EPS estimate for the quarter over the past 30 days. This demonstrates how the analysts covering the stock have collectively reappraised their initial projections over this period.
Prior to a company's earnings release, it is of utmost importance to factor in any revisions made to the earnings projections. These revisions serve as a critical gauge for predicting potential investor behaviors with respect to the stock. Empirical studies consistently reveal a strong link between trends in earnings estimate revisions and the short-term price performance of a stock.
While investors usually depend on consensus earnings and revenue estimates to assess the business performance for the quarter, delving into analysts' forecasts for certain key metrics often provides a more comprehensive understanding.
In light of this perspective, let's dive into the average estimates of certain Public Storage metrics that are commonly tracked and forecasted by Wall Street analysts.
Based on the collective assessment of analysts, 'Revenues- Self-storage facilities' should arrive at $1.14 billion. The estimate indicates a change of +1.8% from the prior-year quarter.
Analysts expect 'Revenues- Ancillary operations' to come in at $90.75 million. The estimate indicates a year-over-year change of +10.1%.
The average prediction of analysts places 'Square foot occupancy' at 92.4%. Compared to the present estimate, the company reported 92.2% in the same quarter last year.
According to the collective judgment of analysts, 'Depreciation and amortization' should come in at $293.81 million.
View all Key Company Metrics for Public Storage here>>>
Shares of Public Storage have experienced a change of -1.8% in the past month compared to the +0.6% move of the Zacks S&P 500 composite. With a Zacks Rank #3 (Hold), PSA is expected to mirror the overall market performance in the near future. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .
Key Takeaways Public Storage is expected to post higher Q2 revenues but lower core FFO per share year over year.PSA completed the National Storage Affiliates acquisition, adding 1,000 properties and 550,000 units.PSA expects the deal to lift FFO per share through annual synergies over the next three to four years. Public Storage (PSA - Free Report) is slated to release second-quarter 2026 results on July 29, after market close. The quarterly results are expected to reflect an increase in revenues but a dip in core funds from operations (FFO) per share.
In the last reported quarter, this self-storage real estate investment trust (REIT) reported a core FFO per share of $4.22, surpassing the Zacks Consensus Estimate of $4.13. Results were backed by stable same-store occupancy, providing a steady operating base as lease-up assets added incremental growth.
Over the last four quarters, Public Storage outpaced the Zacks Consensus Estimate on all occasions, the average surprise being 1.55%. The graph below depicts the surprise history of the company:
On July 22, 2026, Public Storage announced completion of the acquisition of National Storage Affiliates Trust, adding more than 1,000 properties and 550,000 storage units. NSA shareholders received 0.14 Public Storage shares for each NSA share.
Public Storage expects the deal to boost FFO per share within the first year and eventually add about $0.35-$0.50 per share through $110-$130 million in annual synergies over three to four years. A separate joint venture will hold 313 former NSA properties, with Public Storage retaining a minority stake and managing the portfolio.
Let's dive deep to get an understanding of the factors that may impact Public Storage’s second-quarter 2026 results.
Factors at Play and Projections for PSA’s Q2 ResultsPublic Storage’s Q2 2026 results are likely to benefit from its strong brand, scale and PS Next operating platform, which supports digital customer engagement, pricing and cost efficiency. Stable occupancy, lower churn and improving move-in rent trends should have provided some support, while non-same-store properties, acquisitions, development projects and ancillary income are likely to have remained important growth drivers.
The Zacks Consensus Estimate for second-quarter revenues from self-storage facilities is pegged at $1.14 billion. This suggests an increase from the $1.12 billion witnessed in the year-ago period. The consensus mark for quarterly revenues from ancillary operations stands at $90.8 million, up from the $82.4 million registered in the comparable period last year.
The Zacks Consensus Estimate for quarterly revenues is pegged at $1.21 billion. This indicates a 1% year-over-year increase.
However, same-store revenue growth may have softened as weaker rental trends from late 2025 flowed through year-over-year comparisons. Sun Belt supply pressure, the Los Angeles rent restrictions and the shift of certain property-tax benefits into the first quarter could also weigh on results.
PSA’s activities during the quarter under review were not adequate to gain analysts’ confidence. The Zacks Consensus Estimate for the second-quarter core FFO per share has remained unchanged at $4.25 over the past two months. It indicates a marginal decrease year over year.
Here Is What Our Quantitative Model Predicts for PSA:Our proven model does not conclusively predict a surprise in terms of FFO per share for Public Storage this season. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an FFO beat, which is not the case here.
Public Storage currently carries a Zacks Rank of 3 and has an Earnings ESP of -0.28%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Stocks That Warrant a LookHere are two stocks from the broader REIT sector — Digital Realty Trust (DLR - Free Report) and Cousins Properties (CUZ - Free Report) — you may want to consider, as our model shows that these have the right combination of elements to report an FFO beat this quarter.
Digital Realty is slated to report quarterly numbers on July 23. DLR has an Earnings ESP of +2.30% and a Zacks Rank of 3 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Cousins is slated to report quarterly numbers on July 30. CUZ has an Earnings ESP of +0.45% and a Zacks Rank of 3 at present.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.
FRISCO, Texas--(BUSINESS WIRE)--Public Storage (NYSE: PSA, the “Company”), the leading owner and operator of self-storage facilities, today announced that it has completed the acquisition of National Storage Affiliates Trust (“NSA”). The transaction enhances Public Storage's leadership as a premier global self-storage platform, with over 4,500 properties spanning 327 million rentable square feet across the United States, a significant and long-standing presence in Europe with Shurgard, and an a.
On July 16, 2026, Public Storage (PSA) shares rose 3.1% to a current price of $324.50. The stock is currently trading within a 52-week range of $256.54 to $331.
On July 15, 2026, we present a DCF analysis for Public Storage (PSA), a company currently trading at $318.93. The stock has shown a year-to-date increase of 25.
FRISCO, Texas--(BUSINESS WIRE)--Public Storage (NYSE: PSA) announced today that National Storage Affiliates Trust (“NSA”) common shareholders voted to approve Public Storage’s proposed acquisition of NSA at a special meeting of NSA’s shareholders held earlier on July 14, 2026. The final voting results will be reported as part of a Form 8-K to be filed by NSA with the U.S. Securities and Exchange Commission.
Having previously secured approval for the transaction from holders of a majority of the NSA operating partnership units (excluding those NSA operating partnership units held, directly or indirectly, by NSA or any of its subsidiaries), the parties have now obtained the required approvals from NSA equity holders that are conditions to the completion of the transaction.
Public Storage expects the transaction to close on July 22, 2026, subject to the satisfaction of customary closing conditions.
Goldman Sachs & Co. LLC, Wells Fargo, and Eastdil Secured are serving as financial advisors, Wachtell, Lipton, Rosen & Katz is serving as legal advisor, DLA Piper is serving as real estate financing counsel, and Kekst CNC is serving as strategic communications advisor to Public Storage.
Morgan Stanley & Co. LLC is acting as exclusive financial advisor, Clifford Chance US LLP is serving as legal advisor, and Joele Frank, Wilkinson Brimmer Katcher is serving as strategic communications advisor to NSA.
About Public Storage
Public Storage, a member of the S&P 500, is a REIT that primarily acquires, develops, owns, and operates self-storage facilities. At March 31, 2026, the Company: (i) owned and/or operated 3,546 self-storage facilities located in 40 states with approximately 259 million net rentable square feet in the United States and (ii) owned a 35% common equity interest in Shurgard Self Storage Limited (Euronext Brussels: SHUR), which owned 333 self-storage facilities located in seven Western European countries with approximately 19 million net rentable square feet operated under the Shurgard® brand. Public Storage is headquartered in Frisco, Texas.
This communication contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and in Section 21E of the Securities Exchange Act of 1934, as amended, which are based on current expectations, estimates and projections about the industry and markets in which National Storage Affiliates Trust (“NSA”) and Public Storage operate, as well as beliefs and assumptions of NSA and Public Storage. Words such as “anticipate,” “become,” “believe,” “could,” “estimate,” “expect,” “forecast,” “intend,” “may,” “outlook,” “plan,” “potential,” “possible,” “predict,” “project,” “target,” “seek,” “shall,” “should,” “will,” or “would,” including variations of such words and similar expressions, are intended to identify forward-looking statements. All statements that address operating performance, events or developments that NSA or Public Storage expects or anticipates will occur in the future are forward-looking statements, including statements relating to any possible transaction between NSA and Public Storage, rent and occupancy growth, acquisition and development activity, acquisition and disposition activity, general conditions in the geographic areas where NSA and Public Storage operate, NSA’s and Public Storage’s respective debt, capital structure and financial position and NSA’s and Public Storage’s respective ability to form new ventures. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other factors that are difficult to predict and may cause the actual results to differ materially from future results expressed or implied by such forward-looking statements.
Important factors, risks and uncertainties that could cause actual results to differ materially from such plans, estimates or expectations include but are not limited to: (i) the parties’ ability to complete the proposed transaction on the proposed terms or on the anticipated timeline, or at all, including risks and uncertainties related to the parties’ ability to satisfy the conditions to consummating the proposed transaction; (ii) the inability to realize the anticipated benefits of the proposed transaction, including as a result of delay in completing the proposed transaction; (iii) the risk that NSA’s business will not be integrated successfully with Public Storage’s or that such integration may be more difficult, time-consuming or costly than expected; (iv) significant transaction costs and/or unknown or inestimable liabilities; (v) potential litigation relating to the proposed transaction that could be instituted against NSA or its trustees, managers or officers, including resulting expense or delay and the effects of any outcomes related thereto; (vi) the risk that disruptions from the proposed transaction, including diverting the attention of NSA and Public Storage management from ongoing business operations, will harm NSA’s and Public Storage’s businesses during the pendency of the proposed transaction or otherwise; (vii) certain restrictions during the pendency of the business combination that may impact NSA’s and Public Storage’s ability to pursue certain business opportunities or strategic transactions; (viii) the possibility that the business combination may be more expensive to complete than anticipated, including as a result of unexpected factors or events; (ix) the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement, including in circumstances requiring NSA to pay a termination fee; (x) the effect of the announcement of the proposed transaction on the ability of NSA and Public Storage to operate their respective businesses and retain and hire key personnel, and to maintain favorable business relationships; (xi) risks related to the market value of Public Storage common stock to be issued in the proposed transaction; (xii) other risks related to the completion of the proposed transaction and actions related thereto; (xiii) potential business uncertainty, including changes to existing business relationships, during the pendency of the business combination or otherwise that could affect NSA’s or Public Storage’s financial performance; (xiv) legislative, regulatory and economic developments; (xv) unpredictability and severity of local, regional, national and international economic, political and catastrophic climates, conditions and events, including but not limited to acts of terrorism, outbreaks of war or hostilities or pandemics, as well as management’s response to any of the aforementioned factors; (xvi) changes in global financial markets, interest rates and foreign currency exchange rates; (xvii) increased or unanticipated competition affecting NSA’s or Public Storage’s properties; (xviii) risks associated with acquisitions, dispositions and development of properties, including increased development costs due to additional regulatory requirements related to climate change; (xix) maintenance of Real Estate Investment Trust status, tax structuring and changes in income tax laws and rates; (xx) risks related to NSA’s and Public Storage’s investments in ventures, including NSA’s and Public Storage’s respective abilities to establish new ventures; (xxi) environmental uncertainties, including risks of natural disasters; (xxii) those risks and uncertainties set forth in NSA’s and Public Storage’s Annual Reports on Form 10-K for the year ended December 31, 2025 under the headings “Forward-Looking Statements” and “Cautionary Statement Regarding Forward-Looking Statements,” respectively, and “Risk Factors,” as such risk factors may be amended, supplemented or superseded from time to time by other reports filed by NSA or Public Storage, as the case may be, with the Securities and Exchange Commission (the “SEC”) from time to time, which are available via the SEC’s website at www.sec.gov; and (xxiii) those risks that are described in the Registration Statement and Proxy Statement/Prospectus that were filed with the SEC in connection with the proposed transaction and available from the sources indicated below. There can be no assurance that the proposed transaction will be completed, or if it is completed, that it will close within the anticipated time period. These factors should not be construed as exhaustive and should be read in conjunction with the other forward-looking statements. Forward-looking statements relate only to events as of the date on which the statements are made. Neither NSA nor Public Storage undertakes any obligation to publicly update or review any forward-looking statement except as required by law, whether as a result of new information, future developments or otherwise. If one or more of these or other risks or uncertainties materialize, or if NSA’s and Public Storage’s underlying assumptions prove to be incorrect, NSA’s, Public Storage’s and the combined company’s actual results may vary materially from what NSA or Public Storage may have expressed or implied by these forward-looking statements. NSA and Public Storage caution not to place undue reliance on any of NSA’s or Public Storage’s forward-looking statements. Furthermore, new risks and uncertainties arise from time to time, and it is impossible for us to predict those events or how they may affect NSA or Public Storage.
FRISCO, Texas--(BUSINESS WIRE)--Public Storage (NYSE:PSA, the “Company”) announced today that the Company's subsidiary, Public Storage Operating Company (“PSOC”), has priced a public offering of $900 million aggregate principal amount of fixed-rate senior notes (the “Notes”). The Notes will be guaranteed by the Company. The Notes will be issued in two tranches with a weighted average effective interest rate of 4.855%, inclusive of the impact of the interest rate swaps noted below. The first tra.
FRISCO, Texas--(BUSINESS WIRE)--Public Storage (NYSE:PSA) announced today it intends to release its second quarter 2026 earnings results after the market close on Wednesday, July 29, 2026. A conference call is scheduled for Thursday, July 30, 2026, at 11:00 a.m. (CT) to discuss these results. Live conference call Domestic dial-in number: (877) 407-9039 International dial-in number: (201) 689-8470 Webcast: Event Calendar Conference call replay Domestic dial-in number: (844) 512-2921 Intern.
Public Storage demonstrates sector-leading scale, strong margins, and a fortress A-rated balance sheet in the self-storage REIT space. Recent results show stabilizing fundamentals: improved occupancy, lower churn, and better-than-expected move-in rents, supporting same-store NOI amidst normalization. The pending National Storage Affiliates acquisition is set to deepen Sunbelt exposure, deliver $120M in cost synergies, and drive 2–3% FFO/share accretion by year 3.
FRISCO, Texas--(BUSINESS WIRE)--Public Storage (NYSE:PSA) announced today the release of its 2026 Sustainability Report. The report highlights the Company's continued dedication to sustainability, and details how its engaged and talented team, innovative and efficient operations, and disciplined financial strategy support long-term resilience, growth, and value creation. Our continuous focus on advancing sustainability initiatives goes hand-in-hand with enhancing the next era of leadership and.
Key Takeaways PSA expanded its unsecured revolving credit facility to $3B, maturing in June 2030.PSA added a $500M delayed draw term loan and launched a $1B commercial paper program.PSA gains liquidity, lower borrowing costs and flexibility to support future growth initiatives. Public Storage Inc. (PSA - Free Report) has strengthened its financial flexibility through a series of financing initiatives. The company has increased its unsecured revolving credit facility to $3 billion, replacing the current $1.5 billion arrangement, which was scheduled to mature on June 1, 2027. The new revolver allows borrowings in U.S. dollars and certain foreign currencies, maturing on June 25, 2030, with an extension option through June 25, 2031.
The credit facility also includes an option to increase the total commitments by an additional $2 billion, subject to obtaining lender commitments. The arrangement lowers the current interest by 15 basis points, bearing at SOFR plus 0.650% based on the company’s current credit ratings.
PSA also closed a delayed draw term loan facility amounting to $500 million and established an unsecured commercial paper program for $1 billion. The term loan facility carries a caveat to be drawn in up to four advances through Dec. 22, 2026, maturing on June 25, 2031, bearing interest at SOFR plus 0.700% based on the company’s current credit ratings. The commercial paper notes issued under the commercial paper program are fully and unconditionally guaranteed by PSA.
The spread applicable to both the revolver and term loan facility is subject to change based on Public Storage’s credit ratings.
Final Take on Public StorageThese financing arrangements highlight lender confidence in Public Storage’s financial strength and operating platform. The expanded credit facility, new term loan and commercial paper program provide the company with greater financial flexibility to support future growth initiatives.
With enhanced liquidity and lower borrowing costs, Public Storage is well-positioned to pursue value-accretive investment opportunities, strengthen its balance sheet and continue delivering long-term value to shareholders.
Over the past three months, shares of this Zacks Rank #3 (Hold) company have gained 20.6% compared with the industry’s growth of 12.4%.
Image Source: Zacks Investment Research
Stocks to ConsiderSome better-ranked stocks from the broader REIT sector are Lamar Advertising (LAMR - Free Report) and Cousins Properties (CUZ - Free Report) , each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for LAMR’s 2026 FFO per share has been revised upward 2.2% to $8.81 over the past two months.
The consensus estimate for CUZ’s 2026 FFO per share has been raised by a cent over the past week to $2.94.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.
FRISCO, Texas--(BUSINESS WIRE)--Public Storage (NYSE:PSA) (“Public Storage” or the “Company”) announced today that it has closed a new $3.0 billion unsecured revolving credit facility (the “Revolver”), plus a $500 million delayed draw term loan facility (the “Term Loan”), and established a $1.0 billion unsecured commercial paper program (the “Commercial Paper Program”). The Revolver replaces in its entirety the Company’s $1.5 billion revolving credit facility that was scheduled to mature June 12, 2027.
“The successful closing of our new credit facilities and the establishment of our Commercial Paper Program further strengthens Public Storage’s fortress balance sheet, enhances our liquidity, lowers our effective cost of capital, and expands our financial flexibility,” said Joe Fisher, President and Chief Financial Officer of Public Storage. “These actions are fully aligned with our PS4.0 strategy and reinforce the capability of our value creation engine — giving us efficient, scalable access to capital to fund accretive acquisitions, development and redevelopment, lending, and other high-return opportunities, while continuing to support the long-term per share growth of the business. We appreciate the continued confidence and support of our banking partners.”
The Revolver has total commitments of $3.0 billion available for borrowings in US dollars and certain foreign currencies and matures on June 25, 2030, with extension options available through June 25, 2031. The Term Loan is available to be drawn in up to four advances on or prior to December 22, 2026 and matures on June 25, 2031. The credit facility documentation also includes an accordion feature that permits Public Storage to increase total commitments under the Revolver or incur additional term loans by up to $2 billion, subject to obtaining additional lender commitments. Borrowings under the Revolver bear interest at SOFR plus 0.650% based on the Company’s current credit ratings, a reduction of 15 basis points as compared to the prior facility. Once drawn, the Term Loan will bear interest at SOFR plus 0.700% based on the Company’s current credit ratings. The spread applicable to both the Revolver and the Term Loan may increase or decrease in the future based on any change to Public Storage’s credit ratings.
Commercial paper notes issued under the Commercial Paper Program will rank pari passu with all of Public Storage’s other senior unsecured debt and will be fully and unconditionally guaranteed by Public Storage.
Wells Fargo Bank, National Association is serving as Agent for the Credit Facility. Wells Fargo Securities, LLC, BofA Securities, Inc., and JPMorgan Chase Bank, N.A. acted as joint bookrunners.
Commercial paper notes to be offered under the commercial paper program have not been and will not be registered under the Securities Act of 1933, as amended, or state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. The information contained in this news release shall not constitute an offer to sell or the solicitation of an offer to buy the notes under the commercial paper program, nor shall there be any sale of the notes in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Public Storage
Public Storage, a member of the S&P 500, is a REIT that primarily acquires, develops, owns, and operates self-storage facilities. At March 31, 2026, we: (i) owned and/or operated 3,546 self-storage facilities located in 40 states with approximately 259 million net rentable square feet in the United States and (ii) owned a 35% common equity interest in Shurgard Self Storage Limited (Euronext Brussels: SHUR), which owned 333 self-storage facilities located in seven Western European countries with approximately 19 million net rentable square feet operated under the Shurgard® brand. Our headquarters are located in Frisco, Texas.
, /PRNewswire/ -- Former Attorney General of Louisiana Charles C. Foti, Jr., Esq. and the law firm of Kahn Swick & Foti, LLC ("KSF") are investigating the proposed sale of National Storage Affiliates Trust (NYSE: NSA) to Public Storage (NYSE: PSA). Under the terms of the proposed transaction, shareholders of National will receive 0.14 of a share of Public Storage common stock or partnership units for each share or unit of National that they own. KSF is seeking to determine whether this consideration and the process that led to it are adequate, or whether the consideration undervalues the Company.
If you believe that this transaction undervalues the Company and/or if you would like to discuss your legal rights regarding the proposed sale, you may, without obligation or cost to you, e-mail or call KSF Managing Partner Lewis S. Kahn ([email protected]) toll free at any time at 855-768-1857, or visit https://www.ksfcounsel.com/cases/nyse-nsa/ to learn more.
To learn more about KSF, whose partners include the Former Louisiana Attorney General, visit www.ksfcounsel.com.
Kahn Swick & Foti, LLC
1100 Poydras St., Suite 960
New Orleans, LA 70163
Strategic acquisition of 3rd largest self-storage platform in Canada expected to create long-term internal and external growth opportunities
Transaction valued at $1.2 billion and primarily funded with Public Storage Operating Partnership Units (“OPUs”)
Acquisition to provide attractive going-in NOI yield in the high-5’s, significant operational upside on 83% occupied portfolio, and double-digit IRR potential
FRISCO, Texas--(BUSINESS WIRE)--Public Storage (NYSE: PSA) (“Public Storage” or the “Company”), the largest owner of self-storage facilities, today announced that its operating partnership, Public Storage OP, L.P. (“Public Storage OP”), and Public Storage Operating Company (“PSOC”) have entered into an agreement to acquire Public Storage Canada (“PS Canada”) in a transaction valued at approximately $1.2 billion USD ($1.67 billion CAD). The PS Canada platform was built by industry visionary and Public Storage founder Wayne Hughes and has been independently owned and operated by the Hughes family under the Public Storage® brand for decades. The acquisition is expected to expand Public Storage’s platform in major Canadian markets with long-term growth driven by high household incomes, strong relative population growth, and low supply per capita compared to the U.S.
Under the terms of the transaction, PSOC will pay consideration worth approximately $1.2 billion at closing, consisting of approximately $889 million of Public Storage OP units (2.76 million OPUs, valuing each such unit at $321.98 per unit) and approximately $310 million in cash, subject to customary purchase price adjustments. The transaction will also include an opportunity for the sellers to receive earn-out consideration of up to $288 million in Public Storage OP units priced at $375 per unit, contingent on the achievement of certain NOI performance targets. All values are represented in USD. The transaction was entered into with Tamara Hughes Gustavson and family pursuant to the Company’s existing Right-of-First-Offer (“ROFO”) and Right-of-First-Refusal (“ROFR”), providing attractive pricing due to off-market purchase.
Strategic Rationale
Public Storage believes the acquisition offers compelling strategic benefits, including:
gaining exposure to a growing Canadian self-storage industry with low supply ratios; revenue and operational upside through the PS Next™ operating platform; a platform opportunity in major Canadian markets, including expanded acquisition, new development, expansion, and lending opportunities; an existing Public Storage®-branded portfolio that reduces upfront capital expenditures and minimizes customer disruption; and allows for low-cost CAD-denominated borrowing to fund recently announced external growth. Portfolio Highlights
The portfolio consists of 68 properties totaling 5.3M square feet. PS Canada had Q1 2026 same-store occupancy of 83.1% with same store rents of $23.24 (USD) per occupied square foot. The portfolio is located in the key Canadian markets of Toronto, Vancouver, Montreal, Calgary, and Ottawa. These markets benefit from low supply per capita (well below the U.S. average) and the portfolio features robust 3-mile trade area populations and household incomes.
Financial Highlights
Public Storage expects the acquisition to provide:
an attractive going-in NOI yield in the high-5’s; high-single-digit compounding NOI growth near-term as synergies and operational upside are realized, driven by implementation of the PS NextTM operating platform with key areas of focus on customer experience, rental revenue, operating expense efficiencies, and tenant reinsurance; accretive to long-term portfolio IRR, NOI growth, and FFO per share growth given attractive basis and cash flow upside; and leverage-neutral OP unit funding that retains balance sheet strength for future opportunities. The transaction is expected to close in the second half of 2026, subject to the satisfaction of customary closing conditions.
Tom Boyle, CEO, said, “The acquisition of PS Canada represents a strategic opportunity to expand the Public Storage platform into major Canadian markets with attractive long-term fundamentals. This portfolio includes high-quality real estate in key markets, carries the Public Storage brand, and offers meaningful upside through our PS Next™ operating platform. Together with our previously announced National Storage Affiliates Trust transaction, this acquisition demonstrates the momentum of our value creation engine and the opportunity to deploy capital into highly strategic external growth opportunities. We are grateful to Tamara Hughes Gustavson and family for the opportunity to acquire this exceptional portfolio, which was thoughtfully built and operated for many decades. We are humbled by their continued confidence in the Company through a meaningful further investment as part of this transaction.”
Advisors
Scotiabank is serving as the financial advisor to Public Storage. Wachtell, Lipton, Rosen & Katz and Torys LLP are serving as legal advisors, and Kekst CNC is serving as strategic communications advisor to Public Storage. Eastdil Secured is serving as financial advisor, and Allen Matkins Leck Gamble Mallory & Natsis LLP and Osler, Hoskin & Harcourt LLP are serving as legal advisors to the sellers.
About Public Storage
Public Storage, a member of the S&P 500, is a REIT that primarily acquires, develops, owns, and operates self-storage facilities. At March 31, 2026, the Company: (i) owned and/or operated 3,546 self-storage facilities located in 40 states with approximately 259 million net rentable square feet in the United States and (ii) owned a 35% common equity interest in Shurgard Self Storage Limited (Euronext Brussels: SHUR), which owned 333 self-storage facilities located in seven Western European countries with approximately 19 million net rentable square feet operated under the Shurgard® brand. Public Storage is headquartered in Frisco, Texas.
Forward-Looking Statements
This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements in this communication, other than statements of historical fact, are forward-looking statements, which may be identified by the use of the words “outlook,” “guidance,” “expects,” “believes,” “anticipates,” “should,” “estimates,” and similar expressions. These forward-looking statements involve known and unknown risks and uncertainties, which may cause actual events to be materially different from those expressed or implied in the forward-looking statements. Factors and risks that may impact future results and performance include, but are not limited to, risks relating to the Transaction, including the ability to realize the anticipated benefits of the Transaction and the parties’ ability to satisfy the closing conditions to consummating the Transaction, including required regulatory approvals, and complete the Transaction on the proposed terms or on the anticipated timeline, if at all. Additional factors that could affect future results of the Company can be found in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission (the “SEC”) on February 12, 2026, in the Company’s Quarterly Report on Form 10-Q for the period ended March 31, 2026, filed with the SEC on April 27, 2026, and in the Company’s other filings with the SEC. Public Storage does not undertake any obligation to publicly update or review any forward-looking statement except as required by law, whether as a result of new information, future developments or otherwise.
Key Takeaways Public Storage plans a $1.2B acquisition of Public Storage Canada, entering major Canadian markets.The 68-property portfolio has 5.3M square feet and first-quarter 2026 occupancy of 83.1%.PSA expects a high-5% NOI yield and potential double-digit internal rates of return over time. Public Storage (PSA - Free Report) is taking a major step beyond its core U.S. footprint with a planned $1.2 billion acquisition of Public Storage Canada. The deal gives PSA an immediate presence in several major Canadian markets, including Toronto, Vancouver, Montreal, Calgary and Ottawa, instead of building that network one property at a time.
The move is expected to benefit Public Storage by adding a well-known self-storage brand in markets with strong population growth, high household incomes and relatively lower storage supply than the United States. The portfolio includes 68 properties and 5.3 million net rentable square feet, with first-quarter 2026 occupancy of 83.1%, leaving room for better pricing and operations over time.
Public Storage expects the acquisition to deliver a going-in NOI yield in the high-5% range and potential double-digit internal rates of return over the long run. The company also plans to use its PS Next operating platform to improve revenue management, control costs, enhance customer experience and grow tenant reinsurance income.
The consideration will comprise $889 million in Public Storage OP units and $310 million in cash, subject to adjustments. Sellers may also receive up to $288 million in additional OP units if certain NOI performance targets are met.
The Canada deal comes as Public Storage is already pursuing another large transaction. Its pending acquisition of National Storage Affiliates Trust is valued at about $10.5 billion. Together, these moves show a clear focus on scale and market reach. In first-quarter 2026, PSA reported core FFO of $4.22 per share, up 2.4% from a year earlier.
For investors, the key point is that Public Storage is not just buying assets; it is buying future growth channels. Canada gives PSA a solid platform in attractive urban markets, while the use of operating partnership units helps preserve balance sheet flexibility. However, the deal still needs to close, and execution will matter, but it adds another reason to watch Public Storage as a large, disciplined player in self-storage.
Over the past three months, shares of this Zacks Rank #3 (Hold) company have rallied 19.5%, outperforming the industry's growth of 10.2%.
Image Source: Zacks Investment Research
Stocks to ConsiderSome better-ranked stocks from the broader REIT sector are Equinix, Inc. (EQIX - Free Report) and Prologis, Inc. (PLD - Free Report) , each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for Equinix’s 2026 FFO per share is pinned at $42.93. This indicates projected year-over-year growth of 12%.
The Zacks Consensus Estimate for Prologis’ 2026 FFO per share is pegged at $6.18. This calls for year-over-year growth of 6.37%.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.
Investors interested in stocks from the REIT and Equity Trust - Other sector have probably already heard of American Tower (AMT - Free Report) and Public Storage (PSA - Free Report) . But which of these two companies is the best option for those looking for undervalued stocks? Let's take a closer look.
There are plenty of strategies for discovering value stocks, but we have found that pairing a strong Zacks Rank with an impressive grade in the Value category of our Style Scores system produces the best returns. The proven Zacks Rank emphasizes companies with positive estimate revision trends, and our Style Scores highlight stocks with specific traits.
American Tower and Public Storage are sporting Zacks Ranks of #2 (Buy) and #3 (Hold), respectively, right now. The Zacks Rank favors stocks that have recently seen positive revisions to their earnings estimates, so investors should rest assured that AMT has an improving earnings outlook. But this is just one factor that value investors are interested in.
Value investors also try to analyze a wide range of traditional figures and metrics to help determine whether a company is undervalued at its current share price levels.
The Style Score Value grade factors in a variety of key fundamental metrics, including the popular P/E ratio, P/S ratio, earnings yield, cash flow per share, and a number of other key stats that are commonly used by value investors.
AMT currently has a forward P/E ratio of 17.10, while PSA has a forward P/E of 19.23. We also note that AMT has a PEG ratio of 0.76. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. PSA currently has a PEG ratio of 4.43.
Another notable valuation metric for AMT is its P/B ratio of 8.59. The P/B ratio pits a stock's market value against its book value, which is defined as total assets minus total liabilities. For comparison, PSA has a P/B of 11.51.
Based on these metrics and many more, AMT holds a Value grade of B, while PSA has a Value grade of D.
AMT stands above PSA thanks to its solid earnings outlook, and based on these valuation figures, we also feel that AMT is the superior value option right now.
Public Storage (PSA - Free Report) reported $1.22 billion in revenue for the quarter ended March 2026, representing a year-over-year increase of 2.9%. EPS of $4.22 for the same period compares to $2.04 a year ago.
The reported revenue represents a surprise of +0.97% over the Zacks Consensus Estimate of $1.21 billion. With the consensus EPS estimate being $4.13, the EPS surprise was +2.16%.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how Public Storage performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Square foot occupancy: 91.3% compared to the 92% average estimate based on two analysts.Revenues- Self-storage facilities: $1.13 billion versus the three-analyst average estimate of $1.12 billion. The reported number represents a year-over-year change of +2.3%.Revenues- Ancillary operations: $89.62 million versus the two-analyst average estimate of $85.7 million. The reported number represents a year-over-year change of +11.8%.Net Earnings Per Share (Diluted): $2.71 versus the three-analyst average estimate of $2.42.View all Key Company Metrics for Public Storage here>>>
Shares of Public Storage have returned +15.9% over the past month versus the Zacks S&P 500 composite's +9.3% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
Public Storage is rated Hold, reflecting balanced risk-reward as macro headwinds and Iran-driven risks weigh on near-term valuation. PSA maintains strong financials and is acquiring National Storage in a $10.5B all-stock deal to drive long-term synergies. Guidance anticipates flat to slightly negative Core FFO and NOI in 2026, with higher interest expenses and ongoing macroeconomic pressures impacting near-term results.
Key Takeaways Public Storage Q1 2026 core FFO of $4.22/share and revenues of $1.22B both topped estimates.PSA's non-same-store pool grew revenues 24.8% and NOI 27.5%; $70M incremental NOI expected beyond 2026.PSA targets an all-stock National Storage Affiliates deal expected to close in Q3 2026. Public Storage (PSA - Free Report) reported first-quarter 2026 core funds from operations (FFO) per share of $4.22, topping the Zacks Consensus Estimate of $4.13 by 2.2%. Core FFO per share increased 2.4% year over year.
Quarterly revenues came in at $1.22 billion, above the Zacks Consensus Estimate of $1.21 billion by 1% and up 2.9% from the year-ago quarter.
Weighted average same-store occupancy of 91.5% provided a steady operating base as lease-up assets added incremental growth.
Public Storage’s Same-Store Trends StabilizeSame-store revenues were essentially flat at $1.0 billion versus a year ago, reflecting modest pricing pressure offset by steadier move-in trends. Realized annual rental income per occupied square foot edged down 0.3% to $22.00, while the realized annual rental income per available square foot rose 0.1% to $20.12. Average same-store occupancy improved 0.4 percentage points to 91.5%, supporting cash-flow stability against a shifting demand backdrop.
Same-store net operating income increased 0.4% to $739.4 million. The same-store net operating income margin expanded 0.4 percentage points to 77.1%, aided by lower direct operating costs.
PSA's Lease-Up Pool Adds MomentumBeyond the same-store base, Public Storage continues to benefit from properties in various stages of acquisition, development and expansion. The company ended the quarter with 421 primarily non-same-store facilities totaling 37.7 million rentable square feet, representing about 16.4% of U.S. consolidated net rentable square feet.
This non-same-store pool generated $127.3 million of revenues, up 24.8% year over year, while NOI climbed 27.5% to $83.0 million. Management also quantified future upside, pointing to $70.0 million of incremental non-same-store NOI expected at stabilization beyond 2026.
Public Storage's Investment Activity Stays ActivePublic Storage completed targeted portfolio actions during the quarter while maintaining a sizable development pipeline. The company acquired three self-storage facilities (0.2 million net rentable square feet) for $20.8 million and completed three development and expansion projects that added 0.3 million net rentable square feet at a cost of $45.4 million.
At quarter end, it had 40 development and expansion projects in the pipeline expected to deliver 3.5 million net rentable square feet at an aggregate estimated cost of $618.4 million. The remaining $415.7 million of spend is expected to be incurred primarily over the next 18 to 24 months.
PSA's Ancillary Income & Other Quarterly TidbitsAncillary operations remained a meaningful contributor to top-line growth. Ancillary revenues increased to $89.6 million from $80.2 million in the year-ago quarter, led by tenant reinsurance premiums of $66.5 million and higher third-party property management revenues of $16.9 million. Ancillary net operating income rose to $55.4 million from $49.5 million.
General and administrative expenses jumped to $30.4 million from $25.2 million, while interest expense climbed to $80.0 million from $72.0 million. Real estate acquisition and development expense declined to $2.4 million from $7.4 million, partially offsetting the year-over-year increase across other cost categories.
Public Storage's Balance Sheet Remains ConservativePublic Storage exited the quarter with a strong liquidity position of $1.9 billion. The weighted average interest rate on total debt was approximately 3.3%, with a weighted average maturity of about 6.4 years, reflecting a well-structured debt ladder. Total indebtedness as of March 31, 2026 was $10.1 billion.
Leverage remained modest for the sector, with debt to EBITDA at 2.9X, and net debt and preferred equity to EBITDA at 4.1X. Subsequent to quarter end, Public Storage completed a $500 million senior notes offering at a fixed rate of 5% due Dec. 15, 2035, extending its maturity profile. PSA used a portion of the proceeds to repay the $325 million balance on its line of credit.
PSA Reaffirms 2026 Core FFO Outlook as NSA Deal NearsFor full-year 2026, PSA reiterated its core FFO per share guidance range of $16.35-$17.00. The Zacks Consensus Estimate is currently pegged at $16.95, which is toward the high end of the company’s guided range.
The company reiterated its full-year assumptions, including 2.2% decline-to-flat same-store revenue growth, a 1.5%-2.8% same-store expense increase and a fall of 3.9% to 0.5% in same-store NOI, reflecting a cautious view on the stabilized base. At the same time, management expects growth contributions from non-same-store assets, projecting $335 million to $355 million of non-same-store NOI and $222 million to $228 million of ancillary NOI.
Strategically, PSA is pursuing an all-stock acquisition of National Storage Affiliates Trust valued at an enterprise value of about $10.5 billion. The company expects the merger to add 35 to 50 cents to core FFO per share at stabilization and anticipates closing in the third quarter of 2026. The company also entered a strategic data science partnership with Welltower to advance the application of AI in capital allocation, while leadership changes took effect April 1, 2026, with Tom Boyle appointed CEO and Shank Mitra named chairman.
PSA’s Zacks RankPublic Storage currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Upcoming Earnings ReleasesWe now look forward to the earnings releases of other REITs — Extra Space Storage Inc. (EXR - Free Report) and Regency Centers Corporation (REG - Free Report) — which are slated to report on April 28 and 29, respectively.
The Zacks Consensus Estimate for Extra Space Storage’s first-quarter 2026 FFO per share stands at $2.01, indicating a marginal increase year over year. EXR currently has a Zacks Rank #3.
The Zacks Consensus Estimate for Regency Centers’ first-quarter 2025 FFO per share stands at $1.21, implying a 5.2% jump year over year. EXR currently has a Zacks Rank #3.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO) — a widely used metric to gauge the performance of REITs.
Public Storage (PSA) Q1 2026 Earnings Call Highlights: Strategic Growth and Operational Efficiency Drive Positive Results Public Storage (PSA) reports a 2.4% increase in Core FFO per share and significant liquidity, despite challenges in certain markets. Summary
Core FFO: $4.22 per share, up 2.4% year over year.Same-Store NOI Growth: Positive 0.4%.Same-Store Revenue Growth: Flat.Moving Rents: -2.4%, better than expected.Occupancy: Positive year over year by 0.4%.Expense Growth: -1.1% for the quarter.Non-Same-Store NOI Growth: 27%.Ancillary Growth: 12%.Acquisitions: $186 million year-to-date.Development Pipeline: $618 million with stabilized yields targeting 8%.Outstanding Lending Business: $143 million at a rate of approximately 7.9%.Available Liquidity: $1.3 billion at quarter end.Debt-to-EBITDA: 2.9 times.Debt plus Preferred Equity to EBITDA: 4.2 times.
Release Date: April 28, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points Public Storage PSA has launched the PS 4.0 era, aligning the organization towards a new strategic vision with a focus on customer experience and operational efficiency.The acquisition of National Storage Affiliates (NSA) is a significant milestone, expected to enhance PSA's platform, scale, and value creation opportunities.PSA's operating platform, PS Next, is improving customer interactions and operational efficiency, contributing to better-than-expected first-quarter results.The company reported a 2.4% year-over-year increase in Core FFO per share, driven by better-than-expected same-store NOI and growth from non-same-store portfolios.PSA maintains a strong balance sheet with low debt levels and significant liquidity, positioning it well for future growth and investment opportunities. Negative Points The operating environment remains uneven, with lower customer move-in activity and modest demand impacting overall performance.Certain Sunbelt markets are experiencing pressure from new supply, affecting revenue growth in those regions.Los Angeles continues to be impacted by a state of emergency, which is expected to negatively affect same-store performance throughout the year.Year-over-year revenue growth is anticipated to soften midyear due to pressures from previous quarters.The lending platform experienced a slow start to the year, with demand for lending being lighter than expected. Q & A Highlights Q: Joe, in your prepared remarks, you talked a little bit about a material reduction in churn during the quarter. Can you talk more about that specifically? Was it just in March or throughout the quarter? What do you think is driving that, and what is the impact on the financials?
A: Hi, Michael. Good afternoon. We saw a material reduction in churn and move-outs during the quarter. This is driven by strong existing customer dynamics, good pay rates, minimal delinquency, and a focus on customer experience as part of PS 4.0. Economically, retaining existing customers is more profitable, and it helps with pricing on new rentals.
Q: Can you talk about what you've seen through April, and how are the latest operating metrics?
A: We saw similar trends in April as in the first quarter, with lower move-out volume, lower move-in volume, and occupancy slightly better. Move-in rates were flat to slightly positive. Busy season is just starting, and we have a busy month ahead in May, June, and July.
Q: How should we think about the cadence of revenue growth in the next few quarters?
A: I'd bifurcate that into leading and lagging indicators. Leading indicators started off well, but year-over-year revenue, a lagging indicator, will soften midyear due to pressures from the third and fourth quarters of last year. We expect year-over-year revenue to come down slightly in the second and third quarters.
Q: How should we think about your investment activity this year, excluding NSA?
A: We're seeing similar trends as last year, with a broadening seller set and stable interest rates. We've acquired or are under contract for around $200 million in acquisitions, mostly off-market. Our team is built for small one-off transactions, and we expect more activity as the year progresses.
Q: Can you discuss the integration of NSA and any expected revenue or expense synergies?
A: We've been encouraged by the collaboration between NSA and Public Storage teams. NSA is running their business well, and we plan to integrate their assets onto the PS Next platform in the third quarter. We expect $110 million to $130 million in synergies over time, with accretion expected to be breakeven in 2026 and $0.35 to $0.50 per share earnings by 2028-2029.
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].
Some of the cheapest REITs are in sectors hit by temporary oversupply. Storage and life science stand out as especially discounted today. Patient investors may find rare long-term upside in the selloff.
FRISCO, Texas--(BUSINESS WIRE)--Public Storage (NYSE:PSA) announced today that on May 6, 2026, our Board of Trustees declared a regular quarterly common dividend of $3.00 per common share. The Board also declared dividends with respect to our various series of preferred shares. All the dividends are payable on June 30, 2026, to shareholders of record as of June 15, 2026.
About Public Storage
Public Storage, a member of the S&P 500, is a REIT that primarily acquires, develops, owns, and operates self-storage facilities. At March 31, 2026, we: (i) owned and/or operated 3,546 self-storage facilities located in 40 states with approximately 259 million net rentable square feet in the United States and (ii) owned a 35% common equity interest in Shurgard Self Storage Limited (Euronext Brussels: SHUR), which owned 333 self-storage facilities located in seven Western European countries with approximately 19 million net rentable square feet operated under the Shurgard® brand. Our headquarters are located in Frisco, Texas.
On May 15, 2026, Public Storage PSA shares fell 3.5% to $292.74, marking a decline in price over various time frames including a 5.9% drop over the last week and a 2.4% decline over the past month. The stock's performance ranged from a 52-week high of $313.51 to a low of $256.54.
GF Value™ verdict: Current price of $292.74 is 4.6% below GF Value™ of $306.79.GF Score™ of 90/100 indicates a strong overall performance.Notable signal: No insider transactions in the last 3 months suggest a neutral sentiment among insiders. Is PSA Overvalued or Undervalued? Currently, Public Storage's shares are trading at $292.74, which is approximately 4.6% below the GF Value™ estimate of $306.79. This positioning indicates that the stock is undervalued, providing a potential opportunity for investors. The margin of safety is favorable, suggesting that there is room for the stock to appreciate closer to its intrinsic value. The GF Valuation label indicates that PSA is fairly valued, which aligns with the current market conditions.
GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates. While the stock appears undervalued, it is essential to consider market conditions and company performance to fully understand the implications of this valuation.
How Does PSA's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 30.2x 28.9x Forward P/E 28.8x N/A Public Storage's current P/E ratio of 30.2x is above its 5-year median of 28.9x, indicating that the stock is trading at a higher valuation compared to its historical performance. This analysis suggests that the P/E multiples align with the GF Value™ assessment, highlighting a potential overvaluation relative to historical standards.
What Does PSA's GF Score™ Tell Us? Metric Rating GF Score™ 90/100 Financial Strength 5/10 Profitability 9/10 Growth 8/10 Valuation 9/10 Momentum 7/10 The GF Score™ of 90/100 indicates a strong overall performance for Public Storage, with particularly high ratings in Profitability (9/10) and Valuation (9/10). However, Financial Strength received a lower score of 5/10, suggesting that while the company demonstrates solid profitability and valuation metrics, there may be areas in its financial structure that require attention. The Growth and Momentum scores further highlight the stability of the company, but the weaker Financial Strength rating could pose risks in volatile market conditions.
What Are Insiders Doing with PSA Stock? In the last three months, there have been no insider transactions reported for Public Storage. This lack of activity may indicate that insiders are not currently optimistic about the stock's short-term movements or that they are maintaining their positions amid market fluctuations. Investors may interpret this neutrality as a sign that insiders are not signaling any significant changes in outlook for the company.
What This Means for Investors Based on the current GF Value™ assessment, Public Storage appears to be undervalued at a price of $292.74 compared to the intrinsic value of $306.79. However, it is essential to consider the elevated P/E ratio and the mixed signals from the GF Score™ when evaluating the investment potential.
For the complete analysis, visit the Public Storage PSA stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.
Frequently Asked Questions What is PSA's GF Score™?
PSA has a GF Score™ of 90/100, indicating a strong overall performance that suggests potential for higher long-term returns based on historical data.
Is PSA overvalued or undervalued?
PSA is currently undervalued, with a GF Value™ of $306.79 compared to its trading price of $292.74, indicating a potential opportunity for investors.
What is PSA's P/E ratio?
PSA's P/E ratio is 30.2x, which is above its 5-year median of 28.9x, suggesting that the stock is trading at a higher valuation than its historical averages.
This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].
Public Storage 5.60% Series H preferred currently offers a higher yield than JPMorgan 6.00% Series EE preferred, despite superior credit quality. Historical pricing shows PSA.PR.H typically trades at a lower yield than JPM.PR.C, with current mispricing presenting a mean reversion pair trade opportunity. PSA.PR.H tends to underperform during selling pressure but rebounds more strongly than JPM.PR.C once pressure subsides, supporting the long PSA.PR.H/short JPM.PR.C thesis.
A $50,000 annual income is close to what many U.S. workers earn, making it a common target for people pursuing financial independence. In this scenario, however, only half of that income is expected to come from traditional dividend stocks, while the other half relies on real estate investments. That allocation materially changes both the amount of capital required and the way the income stream is likely to perform over the next two decades.
Real estate can provide higher yields and inflation-sensitive cash flow, but it also introduces sector-specific risks such as property downturns, interest-rate pressure, and tenant instability. Broad dividend stocks, meanwhile, tend to offer lower initial yields but stronger long-term dividend growth and wider diversification. Combining the two creates a portfolio designed to balance current income with future income expansion, rather than maximizing either one alone.
The Half-From-REITs Math REITs are required to distribute 90%+ of taxable income, which is why their yields run well above the broad market. Using the pre-set assumptions for this scenario, the math is straightforward:
REIT half at 5.5% blended yield: $25,000 / 0.055 = $454,545 Non-REIT dividend half at 3.8% yield: $25,000 / 0.038 = $657,895 Total capital required: roughly $1.11 million That base case sits between the all-conservative and all-aggressive scenarios most calculators show. Sliding the yield assumption changes the picture quickly.
Three Yield Tiers, Three Different Lives Conservative (3% to 4%): $50,000 / 0.035 = about $1,428,571. This is the broad dividend growth tier. Schwab U.S. Dividend Equity ETF (NYSEARCA:SCHD) anchors it with a 0.06% expense ratio and holdings like Merck, Chevron, and Coca-Cola. You need the most capital here, but the income stream is built to grow with the underlying businesses.
Moderate (5% to 7%): $50,000 / 0.055 = $909,091 if you use this yield across the whole portfolio. The blue-chip equity REITs live here. Realty Income (NYSE:O | O Price Prediction) trades near $62 with a 5.2% yield and just declared its 114th consecutive quarterly increase. Simon Property Group yields 4.3% and just raised its dividend 7.1% to $2.25 per quarter. Public Storage yields 4.1% and is digesting a $10.5 billion acquisition of National Storage Affiliates.
Aggressive (8% to 14%): $50,000 / 0.10 = $500,000. This is mortgage REIT territory. AGNC Investment (NASDAQ:AGNC) yields 13.7%. Annaly Capital Management yields 12.9%. The capital requirement collapses. The risk does not.
What the High Yield Actually Costs AGNC Investment Corp. saw its tangible book value decline 5.6% in Q1 2026 to $8.38 per share, while its monthly dividend has remained unchanged at $0.12 since January 2020. Annaly Capital Management reduced its dividend sharply in 2022, cutting the quarterly payout from $0.88 to $0.22 before later stabilizing around $0.70. By comparison, Realty Income reported Q1 2026 AFFO per share growth of 6.6% year over year to $1.13 and raised full-year guidance to a range of $4.41 to $4.44.
A 3.5% yield growing at 7% annually can roughly double its income stream within a decade. A 13% yield that remains flat while the underlying share price trends lower may provide strong current income, but it can gradually erode the capital base supporting future distributions. For an investor targeting $25,000 in annual REIT income, that distinction can determine whether the portfolio functions as a durable income-producing asset or slowly consumes its own principal.
Taxes Make or Break the Plan REIT distributions are generally taxed as ordinary income rather than qualified dividends. However, the Section 199A Qualified Business Income deduction currently allows investors to deduct 20% of eligible REIT dividends, a provision extended through 2026 under the OBBBA legislation. For someone in the 22% federal tax bracket, that lowers the effective federal tax rate on REIT dividends to roughly 17.6%, bringing it close to the rate applied to qualified dividends. Holding REITs inside a tax-advantaged account such as an IRA or Roth IRA can significantly improve after-tax income. On a REIT allocation worth roughly $454,545, the tax difference alone may amount to several thousand dollars annually.
Three Things to Do This Week Target your actual spending. If your actual annual outflow is $38,000, you may need closer to $691,000 at a 5.5% blended yield, not $1.11 million. Run the 10-year total return comparison. Realty Income returned 72% over the past decade on price alone; SCHD returned 237%; AGNC returned 87% while paying a high yield the whole way. The income story and the wealth story are different. Diversify the REIT half across subsectors. Net lease, self-storage, retail, residential, and healthcare each respond differently to rates and the consumer cycle. With the 10-year Treasury at 4.59%, concentration risk in any single REIT category is meaningfully higher than it was two years ago.
No Reduction Observed in Combined Primary Endpoint of Stage III/IV Cancers in Aggregate; However, Decreases Observed Beyond the Prevalent Screening Round
Annual Galleri® Blood Test Reduced Stage IV Diagnoses of 12 Prespecified Cancers by 22% and 26% in the Second and Third Screening Rounds, Respectively
Galleri Increased Cancer Detection Rate by Four-Fold When Added to Standard of Care Screening and Reduced Cancer Diagnosis Through Emergency Presentation by 25%
Annual Testing With Galleri Increased Stage I-II Cancer Diagnoses by 16% When Added to Standard of Care
GRAIL to Host Analyst Call From 2026 ASCO Annual Meeting
, /PRNewswire/ -- GRAIL, Inc. (Nasdaq: GRAL), a healthcare company whose mission is to detect cancer early when it can be cured, today announced detailed clinical utility, performance and safety results from its landmark NHS-Galleri trial in an oral presentation at the 2026 American Society of Clinical Oncology (ASCO) Annual Meeting1.
The NHS-Galleri trial is the first and only randomized, controlled trial of a multi-cancer early detection (MCED) test and evaluated annual screening with the Galleri ® test in England's National Health Service (NHS) over three years in 142,250 demographically representative participants aged 50 to 77 at enrollment. GRAIL collaborated with NHS England on the objectives of this study, based on NHS priorities to reduce Stage III and IV cancers.
"The goal of multi-cancer early detection is to find more cancers earlier, when they are more treatable and potentially curable, so that patients have the chance of living longer and more productive lives," said Josh Ofman, MD, MSHS, President and CEO-Elect at GRAIL. "The NHS-Galleri trial provides a wealth of data that support the use of the Galleri test to reduce the burden of metastatic Stage IV cancer and increase the number of cancers found earlier through screening at population scale. Importantly, Galleri found more Stage I and II cancers than all cancers found through NHS' existing single cancer screenings combined. By the third round of screening in this trial, Stage IV cancer diagnoses fell by more than a quarter, when treatment with curative intent may be possible."
Finding Cancers Earlier
The NHS-Galleri trial evaluated a combined primary endpoint of Stage III and IV diagnoses in a pre-specified group of 12 deadly cancers2 when the Galleri test was added to standard of care screening in England (breast, bowel, cervical and high risk lung cancers) versus standard of care screening alone; however, there was no statistically significant difference within a 1-year follow up window after the last appointment. Follow-up will continue, with further results published as available.
Sir Harpal Kumar, Chief Scientific Officer and President, Global Clinical and Medical Affairs at GRAIL, explained the reasons behind the Stage III and IV result: "We saw a substantial decrease in Stage IV cancers, but this was outweighed by an overall increase in the number of Stage III cancers, particularly in the prevalent screening round. We believe the Stage III increase was driven in part by a number of Stage IV cancers being shifted to earlier stages, including at Stage III, and the fact that many more cancers overall were found earlier through screening in the intervention arm, while the equivalent cancers may not yet have been diagnosed in the control arm. We would expect to see more of these as yet undiagnosed late stage cancers being found in the control arm with longer follow up. In addition, the trial has revealed just how much undiagnosed and uninvestigated Stage III cancer is already prevalent in the population before any screening commences. Finding these cancers earlier means we can start treating those patients with the urgency needed and, in many cases, with the opportunity of curative intent."
One of the aims of screening is to reduce the incidence of metastatic late stage cancer. In the Galleri arm, Stage IV cancer diagnoses decreased with each year of sequential screening, with a 9% reduction in the first ("prevalent") screening round, a 22% reduction in the second round, and a 26% reduction in the third round in the pre-specified group of 12 cancers. The prevalent round detects undiagnosed cancers already present in the population at the time of initial screening, while subsequent "incident" rounds detect cancers that develop or progress between screening rounds and become detectable. Thus, the incident rounds most closely approximate the likely steady-state impact of an annual screening program. Overall, in this pre-specified secondary endpoint, a 14% reduction in Stage IV cancers was observed. These results were nominally statistically significant. Similar reductions of 20% or more were observed in the second and third screening rounds for all stageable cancers.
"As a lung cancer doctor, I see the clinical importance of diagnosing cancer at an earlier stage, when treatment is more likely to be curative," said Professor Charles Swanton, thoracic medical oncologist at University College London Hospital, and one of the NHS-Galleri trial's chief investigators. "The NHS-Galleri trial tested whether adding the Galleri blood test to NHS screening could reduce the combined number of cancers diagnosed at Stage III or IV over three years. The primary endpoint was not met. However, a pre-specified secondary endpoint did show a greater than 20% reduction in Stage IV cancers, with the effect strengthening by the third year of screening. The Stage IV reduction is clinically meaningful because for many cancers there is a real gulf in outlook between a Stage IV diagnosis and one caught earlier. The hope is that for more patients the conversation can be about treating cancer with curative intent rather than managing it palliatively."
Within the overall trend of Stage IV reduction, in an exploratory analysis, meaningful reductions in Stage IV diagnoses were observed in cancer types where 5-year survival is substantially higher when diagnosed at Stage III versus IV. For example, Stage IV diagnoses were reduced by 57.1% in esophageal cancer and 34.4% in colorectal cancer in the incident rounds. The five-year survival rates in England are significantly higher in Stage III than Stage IV for each of these cancers: 24.7% vs 6.2% for esophageal cancer, 64.2% vs 11.0% for colorectal cancer.
"For most cancer patients, there is a real difference between being diagnosed and being treated with a possibility of a cure versus being diagnosed at Stage IV and only being offered treatment that could manage symptoms and side effects or potentially prolong life for months or a few years. This is why it is critical to detect cancer at earlier stages, especially before distant metastases. Patients live longer when they are diagnosed before their cancer spreads to other parts of the body," said Sally Werner, RN, BSN, MSHA, Chief Executive Officer at Cancer Support Community, a global nonprofit advocacy organization. "The Galleri study results show promise and bring hope to people concerned about cancer that it might be detected earlier, improving patient outcomes and allowing more patients treatment options that offer potential cures. The fact that this screening is available with a simple blood test that could be done at any healthcare visit could make this a game changer in increased screening and earlier diagnosis, which could reduce a large portion of the persistent cancer disparities we see."
Relative Incidence Rate of Combined Stage III/IV Cancers Decreased After the First Round of Screening in the Pre-Specified Group of 12 Cancers; Relative Incidence Rate of Stage IV Cancers Decreased Each Screening Round.
Stage III/IV Cancers Diagnosed
Stage IV Cancers Diagnosed
Incidence Rate Ratio
Intervention vs Control
(% Difference)
Incidence Rate Ratio
Intervention vs Control
(% Difference)
After 3 Screening Rounds
1.03 (0.92, 1.14)
p=0.6324
⬆3%
0.86 (0.744, 0.998)
⬇14%
First Screening Round (Prevalent)
1.19 (0.98, 1.43)
⬆19%
0.91 (0.71, 1.18)
⬇9%
Second Screening Round (Incident)
0.95 (0.77, 1.17)
⬇5%
0.78 (0.57, 1.06)
⬇22%
Third Screening Round (Incident)
0.88 (0.73, 1.07)
⬇12%
0.74 (0.57, 0.95)
⬇26%
Along with the decrease in Stage IV cancer incidence, Stage I and II cancers diagnosed increased by 16% for the 12 prespecified cancer types after three rounds of screening, including large increases in many types typically diagnosed late, such as ovarian, esophageal, pancreatic and liver cancers.
Nigel, 70, from the North East of England, took part in the NHS-Galleri trial and was diagnosed with Stage I head and neck cancer after receiving a cancer signal detected Galleri test result. "The fact that the cancer was Stage I meant it had likely been caught much earlier than would have otherwise been the case," Nigel said. "The surgery was less invasive, so that aided my recovery. And the horror stories I was presented with about the number of days in hospital and having to learn to drink and eat again - luckily none of that happened in my case."
Finding More Cancers With Robust Performance and Favorable Safety
The addition of the Galleri test to standard-of-care cancer screenings led to a four-fold increase in screen-detected cancers and a 21% decrease in the number of clinically detected cancers after symptomatic presentation. Further, the addition of MCED screening was associated with cancers diagnosed after emergency presentation decreasing by 25%.
Eric Sue, M.D., a primary care physician of internal medicine at the Sue Medical Group in Los Angeles, noted: "There is a distinct difference between the objectives of a therapeutic drug trial and those of a cancer screening trial, where the totality of the data must be carefully considered. In the NHS-Galleri trial, the observed greater than 20% reduction in stage IV cancer diagnoses and the four-fold increase in cancer detection compared with standard screening alone are both highly compelling findings. Shifting cancers away from metastatic presentation toward earlier-stage detection—while identifying substantially more cancers overall—creates more opportunities to intervene when curative treatment may still be possible and, most importantly, where the opportunity to reduce cancer mortality may be greatest."
The Galleri test's performance – positive predictive value (PPV), specificity and Cancer Signal of Origin (CSO) accuracy – was consistent with the range previously reported from GRAIL's North American studies. Over three screening rounds, 1,801 participants (0.91%) had a positive MCED test result and 937 were diagnosed with cancer, for a cancer detection rate of 0.48%. PPV was 52.0% overall and 58.0% in the first screening round. Specificity was 99.55%, resulting in a low false positive rate of 0.45%. CSO accuracy was 92.5%. Episode sensitivity – the ability to detect cancers that were diagnosed within 12 months after each Galleri screening blood draw - was 54.7% for the 12 prespecified cancer types and 30.7% across all cancer types.
"Our current recommended screening tests only find around 14% of newly diagnosed cancers each year in the US and around 6% in England. In finding four times as many cancers compared to the standard screening programs combined, we are identifying many more asymptomatic patients with undiagnosed disease months or even years earlier than currently possible," said Kumar. "Galleri represents a potential transformational shift in cancer detection, moving us to a more comprehensive proactive approach. As treatment options continue to advance, screening frameworks must evolve in parallel. Multi-cancer early detection provides an opportunity to reshape screening around an evolving goal: detecting more cancers when there is an opportunity for cure."
There were no serious related adverse events reported in the trial, reaffirming the safety profile of the test.
The results of the NHS-Galleri trial will be submitted for publication in a peer-reviewed medical journal.
"We are deeply grateful to the more than 142,000 participants who took part in this study, as well as to the NHS, The Cancer Prevention Trials Unit at Queen Mary University of London, Cancer Alliances, investigators, and clinical teams whose dedication made this landmark trial possible," said Professor Richard Neal, Professor of Primary Care at University of Exeter, General Practitioner, St. Leonard's Practice, and one of the NHS-Galleri trial's chief investigators.
GRAIL to Host Analyst Call From 2026 ASCO Annual Meeting
GRAIL will host an analyst call to discuss clinical study results presented at ASCO tomorrow, Sunday, May 31, 2026, beginning at 4 p.m. PT/6 p.m. CT.
A link to the live webcast and recorded replay will be available at the investor relations section of GRAIL's website at investors.grail.com. Please register for the live event at https://grail-asco-2026-analyst-call.open-exchange.net/.
About the NHS-Galleri Trial (NCT05611632; ISRCTN91431511)
The NHS-Galleri trial is the first and only prospective, randomized, controlled trial to assess the clinical utility and performance of a multi-cancer early detection test for population screening when added to standard care. The trial recruited more than 140,000 asymptomatic participants, aged 50 to 77, and was conducted in partnership with the NHS in England. Participants provided three blood samples over two years, about 12 months apart. The primary objective of the NHS-Galleri trial was to show a reduction in late-stage (III-IV) cancers in people who received the Galleri test compared with those who did not. This was measured in three clinically important groups of cancers, focusing first in a pre-specified group of 12 cancer types that together represent approximately two-thirds of cancer deaths in England and the United States. Secondary objectives include reduction in stage IV cancer; performance of the Galleri test, including positive predictive value and false positive rate; increase in overall cancer detection rate; safety; and healthcare resource utilization.
About GRAIL
GRAIL is a healthcare company whose mission is to detect cancer early, when it can be cured. GRAIL is focused on alleviating the global burden of cancer by using the power of next-generation sequencing, population-scale clinical studies, and state-of-the-art machine learning, software, and automation to detect and identify multiple deadly cancer types in earlier stages. GRAIL's targeted methylation-based platform can support the continuum of care for screening and precision oncology, including multi-cancer early detection in symptomatic patients, risk stratification, minimal residual disease detection, biomarker subtyping, treatment and recurrence monitoring. GRAIL is headquartered in Menlo Park, Calif. with locations in Washington, D.C., North Carolina, and London.
For more information, visit grail.com.
About Galleri®
The Galleri® multi-cancer early detection (MCED) test screens for more than 50 cancer types, including many deadly cancers that currently lack screening options, such as pancreatic, ovarian and liver/bile duct cancers3. The Galleri test is the only MCED test clinically proven through a randomized controlled trial to increase earlier cancer detection (Stage I-III) and reduce Stage IV diagnoses - enabling more patients to have curative treatment4. When added to standard-of-care screening, the Galleri test reduced Stage IV diagnosis by more than 20% after the first year of screening across all stageable cancers4,*. The Galleri test increased cancer detection by screening four times versus standard of care screening alone4. The Galleri test has the lowest false positive rate among MCED tests** and the ability to predict the Cancer Signal of Origin with greater than 90% accuracy, helping guide efficient diagnostic evaluation5,*. The Galleri test is backed by a robust clinical evidence program, with more than 380,000 participants across multiple studies, including the NHS-Galleri trial, the first and only randomized controlled trial for an MCED test. The Galleri test has delivered consistent performance across these studies. The Galleri test requires a prescription from a licensed healthcare provider and should be used in addition to recommended cancer screenings such as mammography, colonoscopy, prostate-specific antigen (PSA) test, or cervical cancer screening. The Galleri test is recommended for adults with an elevated risk for cancer, such as those aged 50 or older.
For more information, visit galleri.com.
**A statistically significant reduction was not observed in combined stage III–IV diagnoses across three screening rounds for the 12 deadly cancers.
**Test performance metrics do not represent results of a head-to-head comparative study. Separate studies have different designs, objectives, and participant populations, which limits the ability to draw conclusions about comparative performance.
Important Galleri Safety Information
The Galleri test is recommended for use in adults with an elevated risk for cancer, such as those age 50 or older. The test does not detect all cancers and should be used in addition to routine cancer screening tests recommended by a healthcare provider. The Galleri test is intended to detect cancer signals and predict where in the body the cancer signal is located. Use of the test is not recommended in individuals who are pregnant, 21 years old or younger, or undergoing active cancer treatment.
Results should be interpreted by a healthcare provider in the context of medical history, clinical signs, and symptoms. A test result of No Cancer Signal Detected does not rule out cancer. A test result of Cancer Signal Detected requires confirmatory diagnostic evaluation by medically established procedures (e.g., imaging) to confirm cancer.
If cancer is not confirmed with further testing, it could mean that cancer is not present or testing was insufficient to detect cancer, including due to the cancer being located in a different part of the body. False positive (a cancer signal detected when cancer is not present) and false negative (a cancer signal not detected when cancer is present) test results do occur. Rx only.
Laboratory/Test Information
The GRAIL clinical laboratory is certified under the Clinical Laboratory Improvement Amendments of 1988 (CLIA) and accredited by the College of American Pathologists. The Galleri test was developed — and its performance characteristics were determined — by GRAIL. The Galleri test has not been cleared or approved by the Food and Drug Administration. The GRAIL clinical laboratory is regulated under CLIA to perform high-complexity testing. The Galleri test is intended for clinical purposes.
GRAIL Forward Looking Statements
This press release contains forward-looking statements. In some cases, you can identify these statements by forward-looking words such as "aim," "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "plan," "potential," "predict," "should," "would," or "will," the negative of these terms, and other comparable terminology. These forward-looking statements, which are subject to risks, uncertainties, and assumptions about us, may include statements related to the potential benefits, uses and impacts of the Galleri test, plans for future follow up of the trial and expectations of future data or results we may see from such follow up, extrapolation of trends in the results, comparability of the results to a real world setting, including the similarity of the incidence rounds to steady state screening, the potential survival benefits of Galleri screening, benefits of population screening with Galleri, the applicability of the NHS-Galleri results to the commercial or FDA versions of the Galleri test, and plans to submit the results for publication, among others.
These statements are only predictions based on our current expectations and projections about future events and trends. There are important factors that could cause our actual results, level of activity, performance, or achievements to differ materially and adversely from those expressed or implied by the forward-looking statements, including those factors and numerous associated risks discussed under the section entitled "Risk Factors" in our Annual Report on Form 10-K for the period ended December 31, 2025. Moreover, we operate in a dynamic and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results, level of activity, performance, or achievements to differ materially and adversely from those contained in any forward-looking statements we may make.
Forward-looking statements relate to the future and, accordingly, are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict and many of which are outside of our control. Although we believe the expectations and projections expressed or implied by the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance, or achievements. Our actual results, financial condition and success in our business strategies and operations may differ materially from those indicated in the forward-looking statements. Except to the extent required by law, we undertake no obligation to update any of these forward-looking statements after the date of this press release to conform our prior statements to actual results or revised expectations or to reflect new information or the occurrence of unanticipated events.
1 Swanton C. NHS-Galleri: Primary Results From a Randomised Controlled Trial to Assess the Clinical Utility of a Multi-Cancer Early Detection (MCED) Test in Population Screening [presentation]. American Society of Clinical Oncology (ASCO) Annual Meeting; 2026 May 29-June 2.
2 The 12 cancer types include anus, bladder, colorectal, esophagus, head and neck, liver/bile duct, lung, lymphoma, myeloma/plasma cell neoplasm, ovary, pancreas, stomach.
3 Klein EA, Richards D, Cohn A, et al. Clinical validation of a targeted methylation-based multi-cancer early detection test using an independent validation set. Ann Oncol. 2021 Sep;32(9):1167-77. doi: 10.1016/j.annonc.2021.05.806
4 Swanton C. NHS-Galleri: Primary Results From a Randomised Controlled Trial to Assess the Clinical Utility of a Multi-Cancer Early Detection (MCED) Test in Population Screening [presentation]. American Society of Clinical Oncology (ASCO) Annual Meeting; 2026 May 29-June 2.
5 GRAIL, Inc. False positive rate. [Data on file: GR-2025-0256]
View original content to download multimedia:https://www.prnewswire.com/news-releases/grail-reports-full-results-from-nhs-galleri-trial-demonstrating-substantial-reduction-in-stage-iv-cancer-diagnoses-at-2026-asco-annual-meeting-302786216.html
The Galleri Multi-Cancer Early Detection (MCED) Test Increased Cancer Detection 6.5 Fold When Added to Recommended Screenings for Breast, Colorectal, Cervical and Lung Cancer
71% of the New Cancers Detected by the Galleri Test Were in Stages I-III
, /PRNewswire/ -- GRAIL, Inc. (Nasdaq: GRAL), a healthcare company whose mission is to detect cancer early when it can be cured, today announced that positive performance and safety results from the analysis of the full 35,878 cohort of its registrational PATHFINDER 2 study are being presented during an oral session at the 2026 American Society of Clinical Oncology (ASCO) Annual Meeting[1].
The PATHFINDER 2 study evaluated the safety and performance of the Galleri® multi-cancer early detection (MCED) test when used alongside standard-of-care cancer screenings in the U.S. and Canada. The prospective PATHFINDER 2 study is the largest interventional study of an MCED in North America to date and includes 35,878 participants in a broad, intended-use population of adults aged 50 and older with no clinical suspicion of cancer.
"Cancer outcomes depend not only on better treatments, but on finding cancer before it advances and spreads. Earlier detection can open the door to more treatment options at any stage and increase the chance for cure," said Josh Ofman, MD, MSHS, President and CEO-Elect at GRAIL. "These PATHFINDER 2 results add to the growing body of clinical evidence in a large, representative intended-use population showing that the Galleri test can meaningfully increase cancer detection beyond recommended screening with strong performance and a highly favorable safety profile. Along with the NHS-Galleri trial results, these findings reinforce the clinical benefit of Galleri and its potential to transform early cancer detection at population scale."
Galleri Increases the Number of Cancers Detected and Can Detect Them Early
While effective screening improves early cancer detection, in the U.S., only 14% of all cancers are detected by guideline-recommended screening tests[2]. In PATHFINDER 2, 60% of diagnosed cancers were screen-detected (264/440). Adding Galleri to recommended screenings for breast, cervical, colorectal, and lung cancers (USPSTF A and B recommendations) led to a 6.5 fold increase in the number of cancers found by screening. Galleri detected nearly three times as many cancers when added to standard-of-care screening for breast, cervical, colorectal, lung, and prostate cancers (USPSTF A, B, and C recommendations).
More than half (53.0%) of the new cancers detected by Galleri were stage I or II, and 71.3% of these have no USPSTF A and B recommended screening. More than two-thirds (70.9%) of the new cancers detected by Galleri were detected at stages I-III, when treatment with curative intent is more often possible.
"PATHFINDER 2 provides important additional data on the performance and safety of MCED testing," said Karthik Giridhar, M.D., assistant professor of oncology at Mayo Clinic and a principal investigator on the PATHFINDER 2 study. "MCED tests are not a replacement for existing screening, but they have the potential to complement current approaches by helping detect cancer signals across multiple cancer types, including some for which routine screening is not currently available."
Robust Performance Metrics Consistent with Previous Studies
The Galleri test detected a cancer signal in 287 participants, and of those, cancer was diagnosed in 173 participants. The likelihood of receiving a cancer diagnosis following a positive test result (positive predictive value or PPV) was 60.3%, consistent with previously reported initial results of PATHFINDER 2 and higher than the first PATHFINDER study.
Since PATHFINDER 2 is a prospective clinical trial where the cancer status of participants is unknown at the outset, episode sensitivity – the ability to detect cancer that could be confirmed within 12 months after the blood draw – is evaluated in the study. Galleri demonstrated strong performance, with 69.8% episode sensitivity for the 12 cancers responsible for two-thirds of cancer deaths in the U.S. For all cancers, episode sensitivity was 39.3%.
Specificity was 99.6%, translating to a false positive rate of less than 0.4%.
"The up to 6.5 fold improvement in screen-detected cancers with Galleri in PATHFINDER 2 study, coupled with the greater than 20% reduction in Stage 4 cancers observed in the NHS-Galleri trial, is really exciting data that help support Galleri's performance in a diverse and representative population," said Nima Nabavizadeh, MD, Associate Professor of Radiation Medicine at Oregon Health & Science University. "As an oncologist, I have seen too many patients diagnosed only after their cancer has spread, when treatment decisions become more difficult. By helping find more cancers earlier, when more treatment options may be available, there is great potential for multi-cancer early detection to transform cancer screening."
Galleri Pinpoints Cancer Signal Origin Allowing Efficient Diagnostic Workups
A key benefit of the Galleri test is its ability to predict where in the body the cancer signal is coming from. The PATHFINDER 2 study demonstrated that the test correctly identified the Cancer Signal Origin (CSO) 91.3% of the time, leading to efficient diagnostic workups. Diagnostic resolution took a median of 48 days, and only 0.6% of all safety-analyzable participants had an invasive procedure (213/35,335) following a positive MCED test result. A total of 90.5% of invasive procedures were nonsurgical.
Screening with the Galleri test had a favorable safety profile, with a low false-positive rate and a low rate of invasive procedures. There were five study-related adverse events reported during diagnostic evaluation, only in those with cancer diagnosis. Anxiety temporarily increased for participants with a positive MCED test and subsequent cancer diagnosis, and returned to baseline by 12 months, as has been observed for other screening tests. One serious adverse event related to the diagnostic work-up was identified after the data lock. Follow-up is ongoing; this and any other findings after data lock will be reported in full in the next interim analysis.
About PATHFINDER 2 (NCT05155605)
PATHFINDER 2 is a prospective, multi-center, interventional study evaluating the safety and performance of Galleri in approximately 35,000 individuals aged 50 years and older who are eligible for guideline-recommended cancer screening in the United States. The primary objectives of the study are 1) to evaluate the safety and performance of the Galleri MCED test based on the number and type of diagnostic evaluations performed in participants who receive a cancer signal detected test result, and 2) to evaluate the performance of the Galleri MCED test across various measures, including PPV, negative predictive value (NPV), episode sensitivity, specificity, and CSO prediction accuracy. Participants who receive a cancer signal detected result undergo additional diagnostic testing based on the predicted CSO to determine if a cancer is present. Secondary objectives include utilization of guideline-recommended cancer screening procedures after use of the MCED test, and participant reported outcomes over several time points, including an assessment of participants' anxiety and satisfaction with the MCED test.
About GRAIL
GRAIL is a healthcare company whose mission is to detect cancer early, when it can be cured. GRAIL is focused on alleviating the global burden of cancer by using the power of next-generation sequencing, population-scale clinical studies, and state-of-the-art machine learning, software, and automation to detect and identify multiple deadly cancer types in earlier stages. GRAIL's targeted methylation-based platform can support the continuum of care for screening and precision oncology, including multi-cancer early detection in symptomatic patients, risk stratification, minimal residual disease detection, biomarker subtyping, treatment and recurrence monitoring. GRAIL is headquartered in Menlo Park, Calif. with locations in Washington, D.C., North Carolina, and the United Kingdom.
For more information, visit grail.com.
About Galleri®
The Galleri® multi-cancer early detection (MCED) test screens for more than 50 cancer types, including many deadly cancers that currently lack screening options, such as pancreatic, ovarian and liver/bile duct cancers[3]. The Galleri test is the only MCED test clinically proven through a randomized controlled trial to increase earlier cancer detection (Stage I-III) and reduce Stage IV diagnoses - enabling more patients to have curative treatment[4]. When added to standard-of-care screening, the Galleri test reduced Stage IV diagnosis by more than 20% after the first year of screening across all stageable cancers4,*. The Galleri test increased cancer detection by screening four times versus standard of care screening alone4. The Galleri test has the lowest false positive rate among MCED tests** and the ability to predict the Cancer Signal of Origin with greater than 90% accuracy, helping guide efficient diagnostic evaluation1,4,[5]. The Galleri test is backed by a robust evidence program, with more than 380,000 participants across multiple studies, including the NHS-Galleri trial, the first and only randomized controlled trial for an MCED test. The Galleri test has delivered consistent performance across these studies. The Galleri test requires a prescription from a licensed healthcare provider and should be used in addition to recommended cancer screenings such as mammography, colonoscopy, prostate-specific antigen (PSA) test, or cervical cancer screening. The Galleri test is recommended for adults with an elevated risk for cancer, such as those aged 50 or older.
For more information, visit galleri.com.
*A statistically significant reduction was not observed in combined stage III–IV diagnoses across three screening rounds for the 12 deadly cancers.
**Test performance metrics do not represent results of a head-to-head comparative study. Separate studies have different designs, objectives, and participant populations, which limits the ability to draw conclusions about comparative performance.
Important Galleri Safety Information
The Galleri test is recommended for use in adults with an elevated risk for cancer, such as those age 50 or older. The test does not detect all cancers and should be used in addition to routine cancer screening tests recommended by a healthcare provider. The Galleri test is intended to detect cancer signals and predict where in the body the cancer signal is located. Use of the test is not recommended in individuals who are pregnant, 21 years old or younger, or undergoing active cancer treatment. Results should be interpreted by a healthcare provider in the context of medical history, clinical signs, and symptoms. A test result of No Cancer Signal Detected does not rule out cancer. A test result of Cancer Signal Detected requires confirmatory diagnostic evaluation by medically established procedures (e.g., imaging) to confirm cancer. If cancer is not confirmed with further testing, it could mean that cancer is not present or testing was insufficient to detect cancer, including due to the cancer being located in a different part of the body. False positive (a cancer signal detected when cancer is not present) and false negative (a cancer signal not detected when cancer is present) test results do occur. Rx only.
Laboratory/Test Information
The GRAIL clinical laboratory is certified under the Clinical Laboratory Improvement Amendments of 1988 (CLIA) and accredited by the College of American Pathologists. The Galleri test was developed — and its performance characteristics were determined — by GRAIL. The Galleri test has not been cleared or approved by the Food and Drug Administration. The GRAIL clinical laboratory is regulated under CLIA to perform high-complexity testing. The Galleri test is intended for clinical purposes.
GRAIL Forward Looking Statements
This press release contains forward-looking statements. In some cases, you can identify these statements by forward-looking words such as "aim," "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "plan," "potential," "predict," "should," "would," or "will," the negative of these terms, and other comparable terminology. These forward-looking statements, which are subject to risks, uncertainties, and assumptions about us, may include statements related to the potential benefits, uses and impacts of the Galleri test, extrapolation of trends in the results, comparability of the results to a real world setting, benefits of population screening with Galleri, the applicability of the PATHFINDER 2 results to the commercial or FDA versions of the Galleri test, and plans to submit the results for publication, among others.
These statements are only predictions based on our current expectations and projections about future events and trends. There are important factors that could cause our actual results, level of activity, performance, or achievements to differ materially and adversely from those expressed or implied by the forward-looking statements, including those factors and numerous associated risks discussed under the section entitled "Risk Factors" in our Annual Report on Form 10-K for the period ended December 31, 2025. Moreover, we operate in a dynamic and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results, level of activity, performance, or achievements to differ materially and adversely from those contained in any forward-looking statements we may make.
Forward-looking statements relate to the future and, accordingly, are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict and many of which are outside of our control. Although we believe the expectations and projections expressed or implied by the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance, or achievements. Our actual results, financial condition and success in our business strategies and operations may differ materially from those indicated in the forward-looking statements. Except to the extent required by law, we undertake no obligation to update any of these forward-looking statements after the date of this press release to conform our prior statements to actual results or revised expectations or to reflect new information or the occurrence of unanticipated events.
[1] Giridhar K, et al. Safety and Performance Results From PATHFINDER 2 (PF2), a Registrational Study of a Multi-Cancer Early Detection (MCED) Test in an Intended-Use Population [presentation]. American Society of Clinical Oncology (ASCO) Annual Meeting; 2026 May 29-June 2
[2] NORC at the University of Chicago. Percent of cancers detected by screening in the U.S. https://cancerdetection.norc.org/ (2022).
[3] Klein EA, Richards D, Cohn A, et al. Clinical validation of a targeted methylation-based multi-cancer early detection test using an independent validation set. Ann Oncol. 2021 Sep;32(9):1167-77. doi: 10.1016/j.annonc.2021.05.806
[4] Swanton C. NHS-Galleri: Primary Results From a Randomised Controlled Trial to Assess the Clinical Utility of a Multi-Cancer Early Detection (MCED) Test in Population Screening [presentation]. American Society of Clinical Oncology (ASCO) Annual Meeting; 2026 May 29-June 2.
[5] GRAIL, Inc. False positive rate. [Data on file: GR-2025-0256]
View original content to download multimedia:https://www.prnewswire.com/news-releases/grail-presents-pathfinder-2-results-of-more-than-35-000-participants-showing-the-galleri-test-substantially-increased-cancer-detection-with-robust-performance-and-favorable-safety-at-2026-asco-annual-meeting-302786352.html
Pacer Industrial Real Estate ETF (NYSEARCA:INDS) pays quarterly distributions from rent flowing through warehouse, logistics, and self-storage REITs. For income investors, the question is whether those distributions are durable now that the 10-year Treasury sits at 4.55% and same-store growth in self-storage has turned negative. The short answer: the income engine inside INDS is mostly healthy, but the two flavors of REIT inside it are heading in different directions.
How INDS Produces Its Yield INDS holds equity in industrial and self-storage REITs and passes through their dividends after fees. It tracks an index built around companies whose primary business is owning logistics warehouses, distribution centers, and storage facilities. The sustainability of the ETF’s payout is essentially the weighted-average sustainability of its top holdings.
Prologis: The Anchor Holding Is Solid Prologis (NYSE:PLD | PLD Price Prediction) is the largest industrial REIT on the planet at roughly $133 billion in market cap and consistently INDS’s top weight. Q1 2026 Core FFO came in at $1.50 per share against a $1.07 quarterly dividend, a payout ratio of 71%. That leaves nearly 30 cents of every FFO dollar to reinvest or absorb a downturn.
Coverage is reinforced by an improving balance sheet, with debt-to-adjusted EBITDA down to 4.8x from 5.3x, and operational momentum: cash same-store NOI grew 9% year over year and management raised 2026 Core FFO guidance to $6.07 to $6.23. The dividend was just bumped from $1.01 to $1.07, extending a 27-year unbroken payment record. For the chunk of INDS that is Prologis, the income is safe and still growing.
Public Storage and Extra Space: Where the Cracks Are Public Storage (NYSE:PSA) and peer Extra Space Storage (NYSE:EXR) sit in the self-storage bucket inside INDS. PSA has held its dividend flat at $3.00 per quarter since Q1 2023, which on Core FFO guidance of $16.35 to $17.00 per share is well covered. But trend lines have softened, with Public Storage guiding 2026 same-store NOI growth to negative 3.9% to negative 0.5%.
Interest expense climbed to $80 million from $72 million, and $1.15 billion of debt matures in 2026 into a rate environment near the 12-month high. The storage dividend is not in danger today, but the next raise is unlikely soon, and any further deterioration in pricing power would consume the cushion fast. The pending $10.5 billion NSA acquisition could add $0.35 to $0.50 per share at stabilization, but that is a 2027 story.
Interest Rates Are the Swing Factor The 10-year Treasury at 4.55% sits in the 97th percentile of its 12-month range. That matters for INDS in two ways: it raises refinancing costs for every REIT in the portfolio, and it sets a higher bar for the ETF’s yield versus a risk-free coupon. Industrial REITs like Prologis are absorbing that pressure with rent growth. Storage names are stuck with flat pricing power, which is why their distributions have flatlined.
Total Return Reality Check INDS trades around $39, up roughly 11% over one year and 8% year to date. Over five years, the price is essentially flat at 3%, meaning total return has been almost entirely the distribution.
The Verdict INDS’s distribution is safe at current levels. The industrial sleeve, led by Prologis, is generating record leasing and rising FFO that comfortably covers payouts. The self-storage sleeve is stagnant but still covered. Expect a flat-to-modestly-growing distribution, not a rapidly compounding one, and accept that price appreciation will hinge on whether long rates ease. For a buy-and-hold income allocation to physical real estate tied to commerce and consumer storage, INDS delivers what it advertises.
Key Takeaways PSA is up 19.9% YTD, beating industry growth of 10.5% despite interest-rate pressure.PSA occupancy improved as move-outs fell; move-in rents stayed negative but better than expected.PSA's National Storage Affiliates deal would add 1,000 assets and targets $110M-$130M synergies. Public Storage (PSA - Free Report) has delivered a strong run so far this year, with the stock up 19.9% year to date, outperforming the industry’s growth of 10.5%. The gain stands out in the REIT space, where investors have been selective because of interest-rate pressure and uneven property-level trends. The move suggests that the market is looking past some near-term softness and giving PSA credit for better operating execution, a strong balance sheet and long-term growth opportunities.
The company is a major player in the self-storage industry, with a large national footprint and a well-known brand. Self-storage demand is tied to life events such as moving, downsizing, family changes and business needs.
The sector has faced pressure from slower move-in activity and new supply in some markets, but Public Storage’s scale, technology investments and capital access give it tools that smaller operators may not have.
Image Source: Zacks Investment Research
Factors Behind PSA Stock Price Rise: Will This Trend Continue?One reason investors have supported PSA is its steady first-quarter performance. Core FFO rose 2.4% year over year to $4.22 per share, while same-store NOI increased 0.4%. That was not rapid growth, but it was encouraging in an uneven market. Move-in rents were still negative, yet better than expected, and occupancy improved as move-outs declined.
Customer retention is another key part of the story. Management highlighted a meaningful drop in move-outs during the quarter, which helped occupancy improve from a year earlier. In self-storage, keeping existing customers can be very valuable because it reduces the need to fill vacant units with discounted pricing or heavier promotions. PSA also noted that delinquency and payment patterns remained healthy, showing that current customers are still in decent shape.
The company’s PS Next operating platform is also playing a role. Public Storage is using data, digital tools and better pricing systems to improve customer conversion, manage inventory and control costs. This helped expenses decline in the first quarter, with lower payroll, repairs, utilities and marketing costs. If PSA can keep using technology to support margins, it could protect earnings, even if revenue growth remains modest.
Investors are also focused on the planned National Storage Affiliates acquisition. The deal is expected to expand PSA’s scale and add more than 1,000 assets through full ownership and joint ventures. Management expects $110 million to $130 million in synergies over time and anticipates the deal to be breakeven to 2026 earnings while adding 35 to 50 cents per share at stabilization. This gives the market a clear growth story beyond the current operating cycle.
Still, the rally may not move in a straight line. Sun Belt markets remain pressured by new supply, and management kept 2026 guidance unchanged despite the better start. Same-store revenue growth is still expected to be weak, and the busy leasing season will be important.
View on PSA StockPublic Storage has several things working in its favor, including scale, strong liquidity, improving retention and the NSA growth opportunity. However, after a 19.9% YTD rally, the stock already reflects a fair amount of optimism. A neutral stance looks appropriate until investors see more evidence that revenue growth is improving and acquisition benefits are coming through as planned.
Currently, PSA carries a Zacks Rank #3 (Hold).
Stocks to ConsiderSome better-ranked stocks from the broader REIT sector are Stag Industrial (STAG - Free Report) and Lamar Advertising (LAMR - Free Report) , each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for Stag Industrial’s 2026 FFO per share calls for 3.1% growth year over year.
The consensus mark for Lamar Advertising’s 2026 FFO per share has been revised 2.2% upward to $8.81 over the past two months.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.
Zacks' 7 Best Strong Buy Stocks (New Research Report) Valued at $99, click below to receive our just-released report predicting the 7 stocks that will soar highest in the coming month.
NEW YORK CITY & NEW ORLEANS--(BUSINESS WIRE)--Former Attorney General of Louisiana Charles C. Foti, Jr., Esq. and the law firm of Kahn Swick & Foti, LLC (“KSF”) are investigating the proposed sale of National Storage Affiliates Trust (NYSE: NSA) to Public Storage (NYSE: PSA). Under the terms of the proposed transaction, shareholders of National will receive 0.14 of a share of Public Storage common stock or partnership units for each share or unit of National that they own. KSF is seeking to determine whether this consideration and the process that led to it are adequate, or whether the consideration undervalues the Company.
If you believe that this transaction undervalues the Company and/or if you would like to discuss your legal rights regarding the proposed sale, you may, without obligation or cost to you, e-mail or call KSF Managing Partner Lewis S. Kahn ([email protected]) toll free at any time at 855-768-1857, or visit https://www.ksfcounsel.com/cases/nyse-nsa/ to learn more.
To learn more about KSF, whose partners include the Former Louisiana Attorney General, visit www.ksfcounsel.com.
Former Attorney General of Louisiana Charles C. Foti, Jr., Esq. and the law firm of Kahn Swick & Foti, LLC (“KSF”) are investigating the proposed sale of National Storage Affiliates Trust (NYSE: NSA) to Public Storage (NYSE: PSA). Under the terms of the proposed transaction, shareholders of National will receive 0.14 of a share of Public Storage common stock or partnership units for each share or unit of National that they own. KSF is seeking to determine whether this consideration and the process that led to it are adequate, or whether the consideration undervalues the Company.
If you believe that this transaction undervalues the Company and/or if you would like to discuss your legal rights regarding the proposed sale, you may, without obligation or cost to you, e-mail or call KSF Managing Partner Lewis S. Kahn ([email protected]) toll free at any time at 855-768-1857, or visit https://www.ksfcounsel.com/cases/nyse-nsa/ to learn more.
To learn more about KSF, whose partners include the Former Louisiana Attorney General, visit www.ksfcounsel.com.
