Tax-loss harvesting alternatives for PSA

Among the 93 Self-Storage REITs peers screened, EXR (Extra Space Storage) has tracked PSA most closely over the past year, with a return correlation of 0.87. The strongest fund stand-in is INDS (Pacer Industrial Real Estate ETF) at 0.82 over the past year. Correlations are computed from daily closing-price returns aligned by trading day.

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STOCKS

Single-name peers

Ticker	Name	Sub-industry	1Y	3Y	5Y	10Y
EXR	Extra Space Storage	Self-Storage REITs	0.87	0.85	0.85	0.84
CUBE	CubeSmart	Industrial REITs	0.84	0.87	0.85	0.83
NNN	NNN REIT	Retail REITs	0.58	0.62	0.58	0.52
KIM	Kimco Realty	Retail REITs	0.57	0.62	0.56	0.44
O	Realty Income	Retail REITs	0.56	0.63	0.62	0.57
SAFE	Safehold, Inc.	Other Specialized REITs	0.56	0.56	0.46	0.41
REXR	Rexford Industrial Realty	Industrial REITs	0.54	0.56	0.62	0.61
ELS	Equity Lifestyle Properties	Single-Family Residential REITs	0.53	0.56	0.60	0.61
PLD	Prologis Inc.	Industrial REITs	0.52	0.60	0.65	0.63
SPG	Simon Property Group	Retail REITs	0.51	0.54	0.49	0.38
EGP	EastGroup Properties	Industrial REITs	0.51	0.58	0.64	0.62
UDR	UDR, Inc.	Multi-Family Residential REITs	0.51	0.61	0.64	0.61
STAG	STAG Industrial	Industrial REITs	0.51	0.61	0.62	0.62
MAA	Mid-America Apartment	Residential REITs	0.51	0.61	0.65	0.66
WPC	W. P. Carey	Diversified REITs	0.51	0.58	0.58	0.56
VICI	Vici Properties	Hotel & Resort REITs	0.51	0.62	0.58	0.50
WY	Weyerhaeuser	Timber REITs	0.50	0.58	0.52	0.46
TRNO	Terreno Realty Corporation	Industrial REITs	0.50	0.57	0.61	0.60
ADC	Agree Realty	Retail REITs	0.49	0.56	0.56	0.55
AVB	AvalonBay Communities	Residential REITs	0.49	0.61	0.64	0.62
FRT	Federal Realty Investment Trust	Retail REITs	0.49	0.59	0.56	0.47
REG	Regency Centers	Retail REITs	0.49	0.61	0.55	0.46
CPT	Camden Property Trust	Multi-Family Residential REITs	0.48	0.58	0.62	0.63
SKT	Tanger Factory Outlet Centers, Inc.	Retail REITs	0.48	0.47	0.39	0.31
RYN	Rayonier	Timber REITs	0.48	0.51	0.50	0.45
APLE	Apple Hospitality REIT, Inc.	Hotel & Resort REITs	0.48	0.42	0.39	0.34
AMH	American Homes 4 Rent	Single-Family Residential REITs	0.47	0.55	0.60	0.58
BRX	Brixmor Property Group	Retail REITs	0.47	0.57	0.54	0.43
IRT	Independence Realty Trust	Multi-Family Residential REITs	0.47	0.58	0.60	0.56
INVH	Invitation Homes	Residential REITs	0.47	0.54	0.59	0.59
FR	First Industrial Realty Trust	Industrial REITs	0.47	0.56	0.62	0.62
MAC	Macerich	Retail REITs	0.46	0.49	0.43	0.32
VMRK	Vivmark Residential	Multi-Family Residential REITs	0.46	0.60	0.63	0.60
CUZ	Cousins Properties	Office REITs	0.46	0.53	0.51	0.49
FCPT	Four Corners Property Trust, Inc.	Other Specialized REITs	0.45	0.58	0.56	0.51
ESS	Essex Property Trust	Multi-Family Residential REITs	0.45	0.58	0.61	0.59
HIW	Highwoods Properties	Office REITs	0.44	0.53	0.50	0.51
UE	Urban Edge Properties	Retail REITs	0.44	0.53	0.50	0.42
BNL	Broadstone Net Lease, Inc.	Industrial REITs	0.44	0.59	0.57	—
EQR	Equity Residential	Residential REITs	0.44	0.59	0.63	0.60
NXRT	NexPoint Residential Trust, Inc.	Multi-Family Residential REITs	0.43	0.54	0.54	0.51
XHR	Xenia Hotels & Resorts, Inc.	Hotel & Resort REITs	0.43	0.37	0.37	0.29
GLPI	Gaming and Leisure Properties	Other Specialized REITs	0.43	0.57	0.56	0.46
HR	Healthcare Realty Trust	Health Care REITs	0.42	0.52	0.48	0.55
EPR	EPR Properties	Other Specialized REITs	0.42	0.55	0.47	0.35
BFS	Saul Centers, Inc.	Retail REITs	0.42	0.52	0.51	0.45
CDP	COPT Defense Properties	Office REITs	0.42	0.49	0.46	0.48
KRG	Kite Realty Group Trust	Retail REITs	0.41	0.55	0.50	0.41
BXP	BXP Inc.	Office REITs	0.41	0.53	0.49	0.49
AMT	American Tower	Telecom Tower REITs	0.41	0.53	0.55	0.56
PECO	Phillips Edison & Company	Retail REITs	0.41	0.56	0.49	—
CCI	Crown Castle	Telecom Tower REITs	0.41	0.53	0.56	0.56
VNO	Vornado Realty Trust	Office REITs	0.40	0.49	0.43	0.43
IVT	InvenTrust Properties	Retail REITs	0.40	0.49	0.02	0.02
EPRT	Essential Properties Realty Trust, Inc.	Diversified REITs	0.40	0.56	0.58	0.40
AAT	American Assets Trust	Diversified REITs	0.40	0.52	0.49	0.48
DOC	Healthpeak Properties	Health Care REITs	0.39	0.55	0.57	0.58
LAMR	Lamar Advertising Company	Other Specialized REITs	0.39	0.43	0.44	0.43
ARE	Alexandria Real Estate	Office REITs	0.39	0.52	0.54	0.58
RHP	Ryman Hospitality Properties	Hotel & Resort REITs	0.38	0.38	0.37	0.27
AKR	Acadia Realty Trust	Retail REITs	0.38	0.50	0.48	0.40
LXP	Lexington Realty Trust	Diversified REITs	0.38	0.53	0.51	0.55
DEI	Douglas Emmett	Office REITs	0.38	0.49	0.45	0.48
DEA	Easterly Government Properties, Inc.	Office REITs	0.37	0.49	0.46	0.48
SLG	SL Green Realty	Office REITs	0.37	0.48	0.42	0.40
DRH	DiamondRock Hospitality Company	Hotel & Resort REITs	0.36	0.38	0.34	0.23
GTY	Getty Realty Corp.	Retail REITs	0.35	0.50	0.49	0.49
SBAC	SBA Communications	Telecom Tower REITs	0.35	0.50	0.53	0.50
HST	Host Hotels & Resorts	Hotel & Resort REITs	0.35	0.40	0.34	0.30
NTST	NETSTREIT Corp.	Retail REITs	0.35	0.53	0.52	0.49
PK	Park Hotels & Resorts	Hotel & Resort REITs	0.34	0.35	0.31	0.27
MRP	Millrose Properties, Inc.	Single-Family Residential REITs	0.33	—	—	—
CURB	Curbline Properties Corp.	Retail REITs	0.33	0.37	—	—
WELL	Welltower Inc.	Health Care REITs	0.33	0.44	0.47	0.46
PEB	Pebblebrook Hotel Trust	Hotel & Resort REITs	0.32	0.38	0.35	0.29
SHO	Sunstone Hotel Investors, Inc.	Hotel & Resort REITs	0.32	0.34	0.31	0.31
OUT	Outfront Media	Other Specialized REITs	0.32	0.36	0.38	0.37
CSR	Centerspace Trust	Multi-Family Residential REITs	0.31	0.48	0.52	0.48
JBGS	JBG Smith	Office REITs	0.31	0.43	0.42	0.46
IRM	Iron Mountain	Other Specialized REITs	0.30	0.43	0.47	0.49
LTC	LTC Properties, Inc.	Health Care REITs	0.29	0.42	0.38	0.47
KRC	Kilroy Realty Corp	Office REITs	0.29	0.46	0.45	0.48
CTRE	CareTrust REIT	Health Care REITs	0.28	0.32	0.36	0.36
GNL	Global Net Lease, Inc.	Diversified REITs	0.27	0.49	0.47	0.44
NHI	National Health Investors, Inc.	Health Care REITs	0.27	0.42	0.40	0.46
DLR	Digital Realty	Data Center REITs	0.26	0.38	0.46	0.50
AHR	American Healthcare REIT	Health Care REITs	0.25	0.37	—	—
IIPR	Innovative Industrial Properties, Inc.	Industrial REITs	0.24	0.31	0.33	0.26
VTR	Ventas Inc.	Health Care REITs	0.23	0.44	0.46	0.45
OHI	Omega Healthcare Investors	Health Care REITs	0.23	0.38	0.33	0.36
SBRA	Sabra Health Care REIT	Health Care REITs	0.20	0.35	0.31	0.35
MPT	Medical Properties Trust	Health Care REITs	0.18	0.28	0.31	0.41
EQIX	Equinix Inc.	Data Center REITs	0.15	0.40	0.47	0.48

ETFS

Fund stand-ins

An ETF is generally not 'substantially identical' to a single stock, which is why funds are the standard wash-sale-aware replacement.

Ticker	Name	Focus	Match	1Y	3Y	5Y	10Y
INDS	Pacer Industrial Real Estate ETF	Industrial REITs	SUB-IND	0.82	0.83	0.81	0.75
IYR	iShares US Real Estate ETF	REITs	SECTOR	0.72	0.79	0.76	0.73
SCHH	Schwab US REIT ETF	REITs	SECTOR	0.71	0.78	0.76	0.72
VNQ	Vanguard Real Estate ETF	REITs	SECTOR	0.70	0.78	0.76	0.72
XLRE	Real Estate Select Sector SPDR	Real Estate Sector	SECTOR	0.70	0.79	0.77	0.74
USRT	iShares Core US REIT ETF	REITs	SECTOR	0.70	0.77	0.75	0.71
RWR	SPDR Dow Jones REIT ETF	REITs	SECTOR	0.70	0.77	0.76	0.71
REZ	iShares Residential & Multisector RE	Residential REITs	SUB-IND	0.68	0.78	0.79	0.76
SRVR	Pacer Data & Infrastructure RE	Data Center & Tower REITs	SUB-IND	0.37	0.57	0.59	0.62
IVV	iShares Core S&P 500	S&P 500	BROAD	0.21	0.32	0.41	0.43
SPY	SPDR S&P 500 ETF	S&P 500	BROAD	0.21	0.32	0.41	0.43
VOO	Vanguard S&P 500 ETF	S&P 500	BROAD	0.20	0.32	0.41	0.43

NEXT STEPS

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Replacement research for PSA's peers

EXR CUBE NNN KIM O SAFE REXR ELS PLD SPG EGP UDR STAG MAA WPC VICI WY TRNO ADC AVB FRT REG CPT SKT RYN APLE AMH BRX IRT INVH FR MAC VMRK CUZ FCPT ESS HIW UE BNL EQR NXRT XHR GLPI HR EPR BFS CDP KRG BXP AMT PECO CCI VNO IVT EPRT AAT DOC LAMR ARE RHP AKR LXP DEI DEA SLG DRH GTY SBAC HST NTST PK MRP CURB WELL PEB SHO OUT CSR JBGS IRM LTC KRC CTRE GNL NHI DLR AHR IIPR VTR OHI SBRA MPT EQIX

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Method: Pearson correlation of daily closing-price returns, Yahoo Finance data, series aligned by trading day, refreshed weekly. A cell is blank when overlapping history covers less than 60% of its window. Correlation is descriptive, not predictive. Wash-sale treatment depends on facts and circumstances — confirm with a tax professional. Not investment advice.