Self-storage REITs just produced the sector news of the year: Public Storage’s $10.5 billion acquisition of National Storage Affiliates, announced as new supply hit an 11-year low and occupancy gaps closed. The category is consolidating at the bottom of its cycle, which is historically when the strong get stronger. Rankings below, live data included.
| # | REIT | Grade | Yield | Market Cap | Occupancy | Credit |
|---|---|---|---|---|---|---|
| 1 | Public Storage (PSA) | A 85 | 3.74% | $56.3B | — | A |
| 2 | Extra Space Storage (EXR) | B 78 | 4.50% | $30.4B | 93.0% | BBB+ |
| 3 | CubeSmart (CUBE) | B 73 | 5.25% | $9.1B | — | — |
| 4 | National Storage Affiliates (NSA) | C 66 | 5.09% | $3.5B | 84.5% | — |
Grades follow the published REIT Rankings methodology. Yields and market caps update automatically with market data.
How to Read This Ranking
Public Storage is the quality anchor: A-rated credit, 77% NOI margins, sector-leading rents, and now the consolidator premium. Extra Space is the platform: the largest portfolio, best occupancy (93%), and the fastest same-store recovery, at the richest multiple. CubeSmart is the value option with coastal-barrier markets and a discount price. NSA is graded on frozen standalone fundamentals while its acquisition pends.