I follow this theory. Any implement with moving parts gets stored under cover. My 3-point blower was stored in one of my carport stall - on a pallet. I followed the recommendation given by JJT - post#2.
If you have no place - under cover - grease everything well and put it on a pallet. I do not recommend any type of cover - ie, tarp, blanket, etc. Condensation under a cover will cause rusting.