Subtext

Public Storage PSA

SectorReal Estate
Transcripts70
Date range2007-11-09 – 2025-05-01
Calls charted70

Sentiment timeline

Net Loughran-McDonald sentiment per call (×1000), earliest → latest.

-21-11+0+11+212007 Q32010 Q12012 Q22014 Q32016 Q42019 Q12021 Q22023 Q32007 Q3 · Overall: +1.02007 Q4 · Overall: +0.62008 Q1 · Overall: -2.82008 Q2 · Overall: -1.12008 Q3 · Overall: -3.62008 Q4 · Overall: -8.82009 Q1 · Overall: -2.12009 Q2 · Overall: -6.32009 Q4 · Overall: -2.32010 Q1 · Overall: -1.02010 Q2 · Overall: -3.22010 Q3 · Overall: +2.12010 Q4 · Overall: +0.92011 Q1 · Overall: -2.12011 Q2 · Overall: -4.52011 Q3 · Overall: +1.52011 Q4 · Overall: -0.22012 Q1 · Overall: -0.82012 Q2 · Overall: -0.72012 Q3 · Overall: +1.82012 Q4 · Overall: -5.72013 Q1 · Overall: -1.12013 Q2 · Overall: +0.82013 Q3 · Overall: -3.72013 Q4 · Overall: +0.72014 Q1 · Overall: +1.42014 Q2 · Overall: +3.12014 Q3 · Overall: +0.42014 Q4 · Overall: +7.32015 Q1 · Overall: +0.52015 Q2 · Overall: -3.42015 Q3 · Overall: -0.42015 Q4 · Overall: +3.82016 Q1 · Overall: -1.52016 Q2 · Overall: -1.62016 Q3 · Overall: -1.92016 Q4 · Overall: -1.62017 Q1 · Overall: -9.22017 Q2 · Overall: -5.32017 Q3 · Overall: -3.32017 Q4 · Overall: +3.62018 Q1 · Overall: +8.52018 Q2 · Overall: +4.02018 Q3 · Overall: +8.22018 Q4 · Overall: +9.62019 Q1 · Overall: +8.22019 Q2 · Overall: +7.12019 Q3 · Overall: +4.22019 Q4 · Overall: +10.62020 Q1 · Overall: -1.82020 Q2 · Overall: +0.32020 Q3 · Overall: +8.32020 Q4 · Overall: +12.02021 Q1 · Overall: +14.02021 Q2 · Overall: +15.22021 Q3 · Overall: +18.42021 Q4 · Overall: +10.52022 Q1 · Overall: +9.82022 Q2 · Overall: +9.52022 Q3 · Overall: +9.42022 Q4 · Overall: +5.62023 Q1 · Overall: +16.02023 Q2 · Overall: +9.52023 Q3 · Overall: +9.02023 Q4 · Overall: +6.42024 Q1 · Overall: +0.22024 Q2 · Overall: +9.72024 Q3 · Overall: +17.72024 Q4 · Overall: +12.52025 Q1 · Overall: +9.3
Overall

CEO vs CFO

Average sentiment of each executive's remarks per call. Divergence is a signal.

-31-16+0+16+312007 Q32010 Q12012 Q22014 Q32016 Q42019 Q12021 Q22023 Q32007 Q3 · CEO: +9.72007 Q4 · CEO: -22.62008 Q1 · CEO: -9.62008 Q2 · CEO: +0.02008 Q3 · CEO: +6.82008 Q4 · CEO: -4.82009 Q1 · CEO: +8.82009 Q2 · CEO: -2.72009 Q4 · CEO: +6.02010 Q1 · CEO: +7.62010 Q2 · CEO: +1.42010 Q3 · CEO: +8.92010 Q4 · CEO: +6.82011 Q1 · CEO: +2.22011 Q2 · CEO: +2.22011 Q3 · CEO: +8.72011 Q4 · CEO: +8.92012 Q1 · CEO: +4.12012 Q2 · CEO: +5.82012 Q3 · CEO: +10.32012 Q4 · CEO: -2.82013 Q1 · CEO: +0.02013 Q2 · CEO: +7.12013 Q3 · CEO: +2.52013 Q4 · CEO: +13.22014 Q1 · CEO: +10.32014 Q2 · CEO: +13.22014 Q3 · CEO: +7.22014 Q4 · CEO: +17.42015 Q1 · CEO: +6.92015 Q2 · CEO: -0.72015 Q3 · CEO: +3.12015 Q4 · CEO: +10.02016 Q1 · CEO: +4.52016 Q2 · CEO: +3.02016 Q3 · CEO: +7.52016 Q4 · CEO: +3.22017 Q1 · CEO: -5.52017 Q2 · CEO: -0.62017 Q3 · CEO: -1.02017 Q4 · CEO: +6.52018 Q1 · CEO: +15.12018 Q2 · CEO: +7.92018 Q3 · CEO: +11.92021 Q3 · CEO: +27.12007 Q3 · CFO: +1.42008 Q3 · CFO: -4.72008 Q4 · CFO: -7.02009 Q1 · CFO: -6.82009 Q2 · CFO: +0.02009 Q4 · CFO: -8.12010 Q1 · CFO: -4.02010 Q2 · CFO: +4.52010 Q3 · CFO: +0.72010 Q4 · CFO: +2.42011 Q1 · CFO: +0.02011 Q2 · CFO: +3.02011 Q3 · CFO: +4.52011 Q4 · CFO: -1.32012 Q1 · CFO: +4.22012 Q2 · CFO: +1.52012 Q3 · CFO: +7.82012 Q4 · CFO: +1.82013 Q1 · CFO: +2.22013 Q2 · CFO: +9.92013 Q3 · CFO: -5.02013 Q4 · CFO: +3.12014 Q1 · CFO: -5.92014 Q2 · CFO: -2.32014 Q3 · CFO: +0.82014 Q4 · CFO: +0.62015 Q1 · CFO: +2.22015 Q2 · CFO: -7.42015 Q3 · CFO: +5.82015 Q4 · CFO: +7.32016 Q1 · CFO: +3.02016 Q2 · CFO: -2.82016 Q3 · CFO: -4.02016 Q4 · CFO: -4.42017 Q1 · CFO: -5.12017 Q2 · CFO: -7.82017 Q3 · CFO: -1.02017 Q4 · CFO: +5.12018 Q1 · CFO: +13.02018 Q2 · CFO: +4.82018 Q3 · CFO: +9.42021 Q3 · CFO: +15.9
CEOCFO

Prepared remarks vs Q&A

Scripted tone vs unscripted answers. The gap is information.

-37-18+0+18+372007 Q32010 Q12012 Q22014 Q32016 Q42019 Q12021 Q22023 Q32007 Q3 · Prepared remarks: +5.42007 Q4 · Prepared remarks: +9.92008 Q1 · Prepared remarks: +5.02008 Q2 · Prepared remarks: -1.92008 Q3 · Prepared remarks: -0.82008 Q4 · Prepared remarks: -11.42009 Q1 · Prepared remarks: -2.52009 Q2 · Prepared remarks: -4.72009 Q4 · Prepared remarks: -13.32010 Q1 · Prepared remarks: -4.42010 Q2 · Prepared remarks: -2.12010 Q3 · Prepared remarks: +0.02010 Q4 · Prepared remarks: +0.02011 Q1 · Prepared remarks: +4.82011 Q2 · Prepared remarks: +3.72011 Q3 · Prepared remarks: +5.12011 Q4 · Prepared remarks: +9.82012 Q1 · Prepared remarks: +7.42012 Q2 · Prepared remarks: +2.02012 Q3 · Prepared remarks: -4.22012 Q4 · Prepared remarks: -4.32013 Q1 · Prepared remarks: -9.12013 Q2 · Prepared remarks: -4.42013 Q3 · Prepared remarks: +4.92013 Q4 · Prepared remarks: +4.82014 Q1 · Prepared remarks: +8.02014 Q2 · Prepared remarks: +0.02014 Q3 · Prepared remarks: +8.52014 Q4 · Prepared remarks: +0.02015 Q1 · Prepared remarks: +0.02015 Q2 · Prepared remarks: -4.52015 Q3 · Prepared remarks: +8.02015 Q4 · Prepared remarks: +4.82016 Q1 · Prepared remarks: -4.72016 Q2 · Prepared remarks: -4.62016 Q3 · Prepared remarks: +0.02016 Q4 · Prepared remarks: -4.72017 Q1 · Prepared remarks: -4.72017 Q2 · Prepared remarks: +0.02017 Q3 · Prepared remarks: -13.82017 Q4 · Prepared remarks: +9.32018 Q1 · Prepared remarks: +13.52018 Q2 · Prepared remarks: -6.22018 Q3 · Prepared remarks: +9.32018 Q4 · Prepared remarks: +0.02019 Q1 · Prepared remarks: +4.72019 Q2 · Prepared remarks: -8.32019 Q3 · Prepared remarks: -3.92019 Q4 · Prepared remarks: -9.82020 Q1 · Prepared remarks: -8.92020 Q2 · Prepared remarks: -9.32020 Q3 · Prepared remarks: -9.82020 Q4 · Prepared remarks: +21.12021 Q1 · Prepared remarks: +21.22021 Q2 · Prepared remarks: +24.22021 Q3 · Prepared remarks: +22.32021 Q4 · Prepared remarks: +21.12022 Q1 · Prepared remarks: +19.42022 Q2 · Prepared remarks: +22.12022 Q3 · Prepared remarks: +17.32022 Q4 · Prepared remarks: +18.52023 Q1 · Prepared remarks: +22.42023 Q2 · Prepared remarks: +26.32023 Q3 · Prepared remarks: +19.02023 Q4 · Prepared remarks: +23.32024 Q1 · Prepared remarks: +3.32024 Q2 · Prepared remarks: +17.52024 Q3 · Prepared remarks: +31.82024 Q4 · Prepared remarks: +23.42025 Q1 · Prepared remarks: +31.42007 Q3 · Q&A responses: +2.82007 Q4 · Q&A responses: +1.02008 Q1 · Q&A responses: +1.22008 Q2 · Q&A responses: +0.92008 Q3 · Q&A responses: +0.32008 Q4 · Q&A responses: -3.82009 Q1 · Q&A responses: +4.92009 Q2 · Q&A responses: -2.02009 Q4 · Q&A responses: +3.72010 Q1 · Q&A responses: +6.12010 Q2 · Q&A responses: +1.82010 Q3 · Q&A responses: +7.52010 Q4 · Q&A responses: +5.02011 Q1 · Q&A responses: +0.62011 Q2 · Q&A responses: +1.42011 Q3 · Q&A responses: +4.92011 Q4 · Q&A responses: +4.02012 Q1 · Q&A responses: +2.92012 Q2 · Q&A responses: +3.32012 Q3 · Q&A responses: +6.52012 Q4 · Q&A responses: -2.02013 Q1 · Q&A responses: +3.72013 Q2 · Q&A responses: +5.42013 Q3 · Q&A responses: +0.02013 Q4 · Q&A responses: +8.02014 Q1 · Q&A responses: +4.62014 Q2 · Q&A responses: +7.82014 Q3 · Q&A responses: +3.82014 Q4 · Q&A responses: +10.42015 Q1 · Q&A responses: +6.02015 Q2 · Q&A responses: -1.72015 Q3 · Q&A responses: +3.62015 Q4 · Q&A responses: +9.02016 Q1 · Q&A responses: +3.32016 Q2 · Q&A responses: +2.42016 Q3 · Q&A responses: +3.82016 Q4 · Q&A responses: +0.72017 Q1 · Q&A responses: -5.72017 Q2 · Q&A responses: -4.22017 Q3 · Q&A responses: -0.52017 Q4 · Q&A responses: +5.62018 Q1 · Q&A responses: +13.72018 Q2 · Q&A responses: +7.62018 Q3 · Q&A responses: +10.72018 Q4 · Q&A responses: +16.72019 Q1 · Q&A responses: +13.62019 Q2 · Q&A responses: +10.62019 Q3 · Q&A responses: +6.72019 Q4 · Q&A responses: +18.22020 Q1 · Q&A responses: +1.32020 Q2 · Q&A responses: +4.02020 Q3 · Q&A responses: +11.72020 Q4 · Q&A responses: +16.52021 Q1 · Q&A responses: +20.72021 Q2 · Q&A responses: +18.32021 Q3 · Q&A responses: +19.02021 Q4 · Q&A responses: +10.82022 Q1 · Q&A responses: +14.52022 Q2 · Q&A responses: +10.02022 Q3 · Q&A responses: +13.32022 Q4 · Q&A responses: +6.92023 Q1 · Q&A responses: +21.52023 Q2 · Q&A responses: +14.82023 Q3 · Q&A responses: +12.72023 Q4 · Q&A responses: +8.92024 Q1 · Q&A responses: +5.42024 Q2 · Q&A responses: +15.82024 Q3 · Q&A responses: +20.82024 Q4 · Q&A responses: +17.32025 Q1 · Q&A responses: +13.8
Prepared remarksQ&A responses

Tone vs forward expectations

Management tone next to Wall Street's forward-looking numbers (glopardo): the 12-month forward EPS estimate and the forward P/E per call.

Forward EPS estimate

$4.74$8.56$12.382007 Q32010 Q12012 Q22014 Q32016 Q42019 Q12021 Q22023 Q32014 Q1: $5.382014 Q2: $5.272014 Q3: $5.422014 Q4: $5.622015 Q1: $5.752015 Q2: $6.042015 Q3: $6.342015 Q4: $6.752016 Q1: $7.062016 Q2: $7.292016 Q3: $7.342016 Q4: $7.382017 Q1: $7.532017 Q2: $7.632017 Q3: $7.622017 Q4: $7.602018 Q1: $7.602018 Q2: $7.572018 Q3: $7.562018 Q4: $7.462019 Q1: $7.492019 Q2: $7.612019 Q3: $7.712019 Q4: $7.692020 Q1: $7.552020 Q2: $7.122020 Q3: $7.042020 Q4: $7.242021 Q1: $7.552021 Q2: $7.962021 Q3: $8.482021 Q4: $9.112022 Q1: $10.342022 Q2: $11.352022 Q3: $11.852022 Q4: $11.492023 Q1: $11.542023 Q2: $11.722023 Q3: $11.442023 Q4: $11.322024 Q1: $10.552024 Q2: $10.632024 Q3: $10.66

Forward P/E

22.5131.7340.952007 Q32010 Q12012 Q22014 Q32016 Q42019 Q12021 Q22023 Q32014 Q1: 31.012014 Q2: 32.422014 Q3: 30.762014 Q4: 32.542015 Q1: 33.662015 Q2: 31.272015 Q3: 32.382015 Q4: 37.012016 Q1: 37.952016 Q2: 33.392016 Q3: 29.312016 Q4: 29.162017 Q1: 29.652017 Q2: 27.512017 Q3: 27.402017 Q4: 27.972018 Q1: 25.622018 Q2: 28.072018 Q3: 27.002018 Q4: 27.252019 Q1: 29.262019 Q2: 31.862019 Q3: 32.472019 Q4: 27.082020 Q1: 25.152020 Q2: 27.792020 Q3: 31.882020 Q4: 31.212021 Q1: 32.022021 Q2: 36.732021 Q3: 37.662021 Q4: 39.682022 Q1: 34.602022 Q2: 26.812022 Q3: 27.392022 Q4: 26.132023 Q1: 25.022023 Q2: 24.242023 Q3: 23.782023 Q4: 24.962024 Q1: 27.382024 Q2: 27.402024 Q3: 33.82

Divergence watch ⚑

Quarters where tone and the forward EPS estimate moved opposite ways.

  • 2014 Q3 tone ↓ -2.7 fwd EPS ↑ +0.15 Tone cooled even as the forward EPS estimate rose.
  • 2015 Q1 tone ↓ -6.8 fwd EPS ↑ +0.13 Tone cooled even as the forward EPS estimate rose.
  • 2015 Q2 tone ↓ -4.0 fwd EPS ↑ +0.29 Tone cooled even as the forward EPS estimate rose.
  • 2016 Q1 tone ↓ -5.3 fwd EPS ↑ +0.31 Tone cooled even as the forward EPS estimate rose.
  • 2017 Q1 tone ↓ -7.6 fwd EPS ↑ +0.15 Tone cooled even as the forward EPS estimate rose.
  • 2019 Q3 tone ↓ -3.0 fwd EPS ↑ +0.11 Tone cooled even as the forward EPS estimate rose.
  • 2020 Q2 tone ↑ +2.0 fwd EPS ↓ -0.44 Tone rose while the forward EPS estimate was cut.
  • 2020 Q3 tone ↑ +8.1 fwd EPS ↓ -0.07 Tone rose while the forward EPS estimate was cut.
  • 2021 Q4 tone ↓ -7.9 fwd EPS ↑ +0.62 Tone cooled even as the forward EPS estimate rose.
  • 2023 Q2 tone ↓ -6.5 fwd EPS ↑ +0.19 Tone cooled even as the forward EPS estimate rose.

Recent transcripts

CallDateSentiment ×1000Fwd EPSFwd P/E
2025 Q12025-05-01+9.3——View →
2024 Q42025-02-25+12.5——View →
2024 Q32024-10-31+17.7$10.6633.8View →
2024 Q22024-07-31+9.7$10.6327.4View →
2024 Q12024-05-01+0.2$10.5527.4View →
2023 Q42024-02-21+6.4$11.3225.0View →
2023 Q32023-10-31+9.0$11.4423.8View →
2023 Q22023-08-03+9.5$11.7224.2View →