Public Storage: Catching The Bottom In REIT Preferreds With A 7% Yield

Public Storage stands as the REIT sector benchmark, boasting strong financials and investment-grade credit ratings. PSA’s preferred stocks yield nearly 7%, trade below par, and reflect interest rate risk—not credit risk—amid Fed rate hikes. With net debt/EBITDA at 2.9x and an asset coverage ratio above 1,080%, PSA’s balance sheet remains robust. Preferred stocks currently offer better value than PSA’s OTC bonds, appealing to conservative investors seeking REIT exposure. In today’s article, we will discuss a REIT benchmark: Public Storage ( PSA ). This company is one of the safest in the sector—I would even say it ranks first.