The Company is a fully integrated, self-administered and self-managed REIT that acquires, develops, owns and operates self-storage facilities.
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PSA has been a good performer over the years, but I see hard times ahead. When people are having trouble keeping their houses, they're not going to stay current on the storage units where they keep their extra "stuff."
In my city, legal ads announcing public auctions of the contents of storage units that are in arrears are now commonly found intermingled with the foreclosure and tax-sale notices that fill several pages each day in the local newspapers.
That bodes ill for a company with a large stake in that market. Their commercial and container segments also stand to suffer from the U.S. consumers new-found frugality.
As income falls, dividends fall, and since people buy REIT's for dividends, the price will go down with the dividends.