Self-storage REIT Public Storage has been a cash cow for investors, with shares up 17% annually over the past 20 years—more than doubling the S&P 500 average.
If that's not enough, Public Storage shares are up over 2,000% (!) over the past two decades, making it one of the best-performing REITs over that period. (Naturally.) Even with 2016's market tailspin, the REIT’s shares are doing better than most, dropping just 6% since January, the Wall Street Journal reports.
Rising rents and occupancy rates, along with limited construction, are boosting returns, and bode well for the REIT’s Q4 results, set to be released today. Like other REITs, Public Storage will be sensitive to Fed rate hikes, but those may not come about if long-term bond yields keep falling. [WSJ]
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