This is a company I’ve kept eyeballing from time to time, since they’re the largest in their industry. However, because I don’t use self-storage, I’m not familiar enough with their business model to justify investing in them yet.
PSA is categorized as a REIT. Are they really? Do they lease out facilities to franchisees like many others, or do they run their facilities directly? Also, since they’re a REIT, should we put less importance on their 25.5 (26 forward) P/E ratio? The numbers show that they’re pretty profitable, but I’ve also noticed they’ve taken on a massive amount of recent debt. Why and how so?
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