Shares in Public Storage Inc. closed down nearly 5 percent Tuesday after an analyst with Banc of America Securities downgraded the company.

Analyst Christy McElroy said the stock now seems to be fairly priced and she no longer could recommend investors build positions in the company.

She added she expects to see improved property-level growth trends year-over-year. She said 3 percent to 4 percent growth should be sustainable for the Glendale-based real estate investment trust.

McElroy also said she liked Public Storage as a long-term investment because the company is “taking advantage of a tough demand environment by boosting concessions and easing market rents. This strategy has enabled them to gain pricing power and maximize revenue growth by pushing rents on existing tenants.”

Shares in Public Storage were down nearly 4.5 percent to $90.21 in early trading on the New York Stock Exchange.