Raymond James analyst RJ Milligan has reinstated coverage of Public Storage (NYSE: PSA), downgrading the stock from Strong Buy to Market Perform. The rating adjustment signals a revised expectation for the self-storage real estate investment trust's performance relative to the broader market.

The downgrade from Strong Buy to Market Perform indicates that the firm sees the stock's risk-reward profile as more balanced following its previous bullish stance. Public Storage operates as a self-administered and self-managed real estate investment trust, primarily acquiring, developing, and operating self-storage facilities.

Analyst Rating History

The following table details the recent rating change for Public Storage:

Raymond James provides equity research and investment banking services, with its analyst ratings serving as a key reference for investors assessing stock potential. The Market Perform rating typically suggests that the security is expected to perform in line with the average return of the analyst's coverage universe over the next 12 to 18 months.

National Storage Affiliates Trust (NSA) common shareholders voted to approve Public Storage’s proposed acquisition of NSA at a special meeting held on July 14, 2026. Public Storage expects the transaction to close on July 22, 2026, subject to the satisfaction of customary closing conditions. The final voting results will be reported in a Form 8-K to be filed by NSA with the U.S. Securities and Exchange Commission.

The acquisition previously secured approval from holders of a majority of the NSA operating partnership units, excluding those held by NSA or its subsidiaries. With the latest shareholder approval, the parties have satisfied the required equity holder conditions to complete the transaction. Public Storage is a REIT that primarily acquires, develops, owns, and operates self-storage facilities. As of March 31, 2026, the company 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.

Transaction Advisors

Public Storage Advisors:

• Financial Advisors: Goldman Sachs & Co. LLC, Wells Fargo, and Eastdil Secured
• Legal Advisor: Wachtell, Lipton, Rosen & Katz
• Real Estate Financing Counsel: DLA Piper
• Strategic Communications Advisor: Kekst CNC

NSA Advisors:

• Exclusive Financial Advisor: Morgan Stanley & Co. LLC
• Legal Advisor: Clifford Chance US LLP
• Strategic Communications Advisor: Joele Frank, Wilkinson Brimmer Katcher