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Public Storage

NYSE:PSA.PRD
Snowflake Description

Solid track record established dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
PSA.PRD
NYSE
$40B
Imp Market Cap
  1. Home
  2. US
  3. Real Estate
Company description

Public Storage, a member of the S&P 500 and FT Global 500, is a REIT that primarily acquires, develops, owns and operates self-storage facilities. The last earnings update was 23 days ago. More info.


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PSA.PRD Share Price and Events
7 Day Returns
-0.3%
NYSE:PSA.PRD
-0.3%
US REITs
0.2%
US Market
1 Year Returns
2.8%
NYSE:PSA.PRD
13.3%
US REITs
2.9%
US Market
PSA.PRD Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Public Storage (PSA.PRD) -0.3% -0.2% 5.4% 2.8% - -
US REITs -0.3% 3.5% 3.2% 13.3% 11.3% 24.8%
US Market 0.2% -1.6% 2.4% 2.9% 36.1% 41%
1 Year Return vs Industry and Market
  • PSA.PRD underperformed the REITs industry which returned 13.3% over the past year.
Price Volatility
PSA.PRD
Industry
5yr Volatility vs Market

Value

 Is Public Storage undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Public Storage to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Public Storage.

NYSE:PSA.PRD Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations
Levered Adjusted Funds From Operations Average of 8 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.5%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NYSE:PSA.PRD
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.53
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.529 (1 + (1- 21%) (3.57%))
0.695
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.8 * 5.96%)
7.5%

Discounted Cash Flow Calculation for NYSE:PSA.PRD using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model

The calculations below outline how an intrinsic value for Public Storage is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Public Storage is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.

NYSE:PSA.PRD DCF 1st Stage: Next 10 year cash flow forecast
Adjusted Funds From Operations (AFFO) (USD, Millions) Source Present Value
Discounted (@ 7.5%)
2019 1,622.65 Analyst x3 1,509.47
2020 1,676.11 Analyst x3 1,450.45
2021 1,691.70 Analyst x2 1,361.82
2022 1,855.60 Analyst x1 1,389.58
2023 1,935.20 Analyst x1 1,348.11
2024 2,022.34 Est @ 4.5% 1,310.54
2025 2,102.64 Est @ 3.97% 1,267.54
2026 2,178.31 Est @ 3.6% 1,221.56
2027 2,251.02 Est @ 3.34% 1,174.29
2028 2,322.05 Est @ 3.16% 1,126.85
Present value of next 10 years cash flows $13,160.22
NYSE:PSA.PRD DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $2,322.05 × (1 + 2.73%) ÷ (7.5% – 2.73%)
$50,030.28
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $50,030.28 ÷ (1 + 7.5%)10
$24,278.90
NYSE:PSA.PRD Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $13,160.22 + $24,278.90
$37,439.12
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $37,439.12 / 174.65
$22.76
NYSE:PSA.PRD Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in NYSE:PSA.PRD represents 0.10498x of NYSE:PSA
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.10498x
Value per Share
(Listing Adjusted, USD)
= Value per Share (USD) x Listing Adjustment Factor
= $ 22.76 x 0.10498
$2.39
Value per share (USD) From above. $2.39
Current discount Discount to share price of $24.61
= -1 x ($24.61 - $2.39) / $2.39
-929.9%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Public Storage is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Public Storage's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Public Storage's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NYSE:PSA.PRD PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $8.63
NYSE:PSA Share Price ** NYSE (2019-05-23) in USD $234.43
United States of America REITs Industry PE Ratio Median Figure of 155 Publicly-Listed REITs Companies 32.92x
United States of America Market PE Ratio Median Figure of 3,085 Publicly-Listed Companies 17.79x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Public Storage.

NYSE:PSA.PRD PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:PSA Share Price ÷ EPS (both in USD)

= 234.43 ÷ 8.63

27.15x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Public Storage is good value based on earnings compared to the US REITs industry average.
  • Public Storage is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does Public Storage's expected growth come at a high price?
Raw Data
NYSE:PSA.PRD PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 27.15x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 8 Analysts
0.3%per year
United States of America REITs Industry PEG Ratio Median Figure of 141 Publicly-Listed REITs Companies 2.41x
United States of America Market PEG Ratio Median Figure of 2,123 Publicly-Listed Companies 1.54x

*Line of best fit is calculated by linear regression .

NYSE:PSA.PRD PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 27.15x ÷ 0.3%

78.66x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Public Storage is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Public Storage's assets?
Raw Data
NYSE:PSA.PRD PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $28.96
NYSE:PSA Share Price * NYSE (2019-05-23) in USD $234.43
United States of America REITs Industry PB Ratio Median Figure of 191 Publicly-Listed REITs Companies 1.89x
United States of America Market PB Ratio Median Figure of 5,201 Publicly-Listed Companies 1.84x
NYSE:PSA.PRD PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:PSA Share Price ÷ Book Value per Share (both in USD)

= 234.43 ÷ 28.96

8.1x

* Primary Listing of Public Storage.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Public Storage is overvalued based on assets compared to the US REITs industry average.
X
Value checks
We assess Public Storage's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. Public Storage has a total score of 1/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Public Storage expected to perform in the next 1 to 3 years based on estimates from 8 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
0.3%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Public Storage expected to grow at an attractive rate?
  • Public Storage's earnings growth is positive but not above the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Public Storage's earnings growth is positive but not above the United States of America market average.
  • Public Storage's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NYSE:PSA.PRD Future Growth Rates Data Sources
Data Point Source Value (per year)
NYSE:PSA.PRD Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 8 Analysts 0.3%
NYSE:PSA.PRD Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 8 Analysts 2.6%
United States of America REITs Industry Earnings Growth Rate Market Cap Weighted Average 5.8%
United States of America REITs Industry Revenue Growth Rate Market Cap Weighted Average 4.4%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.7%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NYSE:PSA.PRD Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NYSE:PSA.PRD Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 1,456
2022-12-31 1,392
2021-12-31 2,957 1,344 2
2020-12-31 2,847 2,190 1,360 8
2019-12-31 2,760 2,005 1,340 8
NYSE:PSA.PRD Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 2,837 2,077 1,503
2018-12-31 2,820 2,062 1,489
2018-09-30 2,825 2,051 1,293
2018-06-30 2,804 1,988 1,250
2018-03-31 2,762 1,975 1,178
2017-12-31 2,737 1,976 1,172
2017-09-30 2,717 1,968 1,190
2017-06-30 2,694 1,946 1,220
2017-03-31 2,653 1,963 1,224
2016-12-31 2,614 1,945 1,184
2016-09-30 2,590 1,917 1,134
2016-06-30 2,541 1,873 1,099

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Public Storage's earnings are expected to grow by 0.3% yearly, however this is not considered high growth (20% yearly).
  • Public Storage's revenue is expected to grow by 2.6% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NYSE:PSA.PRD Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below

All data from Public Storage Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:PSA.PRD Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 7.73 7.73 7.73 1.00
2020-12-31 7.79 8.46 7.41 4.00
2019-12-31 7.66 7.66 7.66 1.00
NYSE:PSA.PRD Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 8.63
2018-12-31 8.56
2018-09-30 7.43
2018-06-30 7.19
2018-03-31 6.78
2017-12-31 6.75
2017-09-30 6.86
2017-06-30 7.04
2017-03-31 7.07
2016-12-31 6.84
2016-09-30 6.55
2016-06-30 6.35

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Public Storage is expected to efficiently use shareholders’ funds in the future (Return on Equity greater than 20%).
X
Future performance checks
We assess Public Storage's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Public Storage has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Public Storage performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Public Storage's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Public Storage's year on year earnings growth rate has been positive over the past 5 years.
  • Public Storage's 1-year earnings growth exceeds its 5-year average (27.5% vs 10%)
  • Public Storage's earnings growth has exceeded the US REITs industry average in the past year (27.5% vs 16%).
Earnings and Revenue History
Public Storage's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Public Storage Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:PSA.PRD Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 2,836.97 1,502.82 105.50
2018-12-31 2,820.08 1,488.90 117.62
2018-09-30 2,824.68 1,292.88 109.83
2018-06-30 2,804.12 1,249.92 104.71
2018-03-31 2,761.56 1,178.30 88.37
2017-12-31 2,736.58 1,171.61 82.18
2017-09-30 2,716.99 1,190.34 81.48
2017-06-30 2,694.19 1,219.58 81.31
2017-03-31 2,653.07 1,223.68 84.64
2016-12-31 2,614.21 1,183.88 82.26
2016-09-30 2,589.95 1,134.07 81.86
2016-06-30 2,540.64 1,098.62 79.90
2016-03-31 2,491.82 1,081.77 82.56
2015-12-31 2,418.82 1,053.05 83.58
2015-09-30 2,378.78 1,034.00 84.44
2015-06-30 2,328.96 992.31 82.24
2015-03-31 2,275.40 946.74 76.63
2014-12-31 2,229.06 908.18 71.46
2014-09-30 2,191.00 867.97 68.93
2014-06-30 2,135.57 867.51 68.71
2014-03-31 2,091.51 856.85 67.42
2013-12-31 2,022.52 844.73 66.68
2013-09-30 1,992.18 810.05 62.71
2013-06-30 1,955.77 769.22 60.36
2013-03-31 1,921.68 693.65 58.69
2012-12-31 1,888.09 656.82 56.84
2012-09-30 1,857.16 610.44 55.58
2012-06-30 1,828.16 536.22 54.40

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Public Storage has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Public Storage used its assets more efficiently than the US REITs industry average last year based on Return on Assets.
  • Public Storage has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Public Storage's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Public Storage has a total score of 5/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Public Storage's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Public Storage's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Public Storage's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Public Storage's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Public Storage's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.2x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Public Storage Company Filings, last reported 1 month ago.

NYSE:PSA.PRD Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 9,094.62 1,444.85 217.97
2018-12-31 9,144.73 1,412.28 361.22
2018-09-30 8,920.02 1,417.95 432.53
2018-06-30 8,920.79 1,420.83 338.42
2018-03-31 8,915.79 1,442.91 363.03
2017-12-31 8,964.37 1,431.32 433.38
2017-09-30 8,959.42 1,425.85 694.23
2017-06-30 9,622.03 420.78 358.27
2017-03-31 9,393.51 395.86 120.86
2016-12-31 9,441.65 390.75 183.69
2016-09-30 9,089.14 430.89 57.21
2016-06-30 9,254.53 436.84 260.12
2016-03-31 9,452.51 336.66 305.71
2015-12-31 9,197.64 319.02 104.29
2015-09-30 9,303.61 55.73 35.67
2015-06-30 9,305.66 58.68 20.26
2015-03-31 9,448.92 58.66 152.80
2014-12-31 9,507.17 64.36 187.71
2014-09-30 9,292.38 71.63 98.25
2014-06-30 9,311.49 396.99 387.98
2014-03-31 8,999.82 460.15 101.11
2013-12-31 8,818.86 839.05 19.17
2013-09-30 8,806.79 100.12 56.97
2013-06-30 8,764.21 111.69 410.91
2013-03-31 8,754.00 142.42 398.25
2012-12-31 8,122.86 468.83 17.24
2012-09-30 8,697.47 347.94 535.75
2012-06-30 8,583.39 368.73 438.48
  • Public Storage's level of debt (15.9%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (5.1% vs 15.9% today).
  • Debt is well covered by operating cash flow (143.7%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 90.9x coverage).
X
Financial health checks
We assess Public Storage's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Public Storage has a total score of 3/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Public Storage's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
3.41%
Current annual income from Public Storage dividends. Estimated to be 3.49% next year.
If you bought $2,000 of Public Storage shares you are expected to receive $68 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Public Storage's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.45%).
  • Public Storage's dividend is below the markets top 25% of dividend payers in United States of America (3.7%).
Upcoming dividend payment

Purchase Public Storage before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NYSE:PSA.PRD Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below
United States of America REITs Industry Average Dividend Yield Market Cap Weighted Average of 184 Stocks 3.9%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2005 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NYSE:PSA.PRD Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 8.26 2.00
2022-12-31 8.19 2.00
2021-12-31 8.35 4.00
2020-12-31 8.24 10.00
2019-12-31 8.03 9.00
NYSE:PSA.PRD Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-05-01 8.000 3.517
2018-10-30 8.000 3.814
2018-08-01 8.000 3.859
2018-04-25 8.000 3.715
2017-10-25 8.000 3.989
2017-07-31 8.000 3.832
2017-07-26 8.000 3.920
2017-02-23 8.000 3.708
2016-11-03 8.000 3.698
2016-10-26 8.000 3.859
2016-08-05 7.200 3.267
2016-07-27 7.200 3.040
2016-05-06 7.200 2.852
2016-04-26 7.200 2.837
2016-02-29 6.800 2.577
2016-02-16 6.800 2.722
2015-11-05 6.800 2.805
2015-10-28 6.800 2.934
2015-08-05 6.800 3.212
2015-07-29 6.800 3.323
2015-05-06 6.800 3.521
2015-04-30 6.800 3.602
2015-02-20 5.600 2.885
2014-10-30 5.600 2.918
2014-05-05 5.600 3.263
2014-05-01 5.600 3.231
2013-10-31 5.600 3.475
2013-08-01 5.000 3.096
2013-05-13 5.000 3.189
2013-02-21 5.000 3.223
2012-12-12 4.400 2.950
2012-08-02 4.400 3.093
2012-05-03 4.400 3.142
2012-02-23 4.400 3.213
2011-11-03 3.800 2.885
2011-08-04 3.800 3.232
2011-05-05 3.800 3.274
2011-02-25 3.200 2.885
2010-08-05 3.200 3.146
2010-05-06 3.200 3.439
2010-03-01 2.600 2.817
2009-11-05 2.200 2.774

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Public Storage's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.1x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (225.2x coverage).
X
Income/ dividend checks
We assess Public Storage's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Public Storage afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Public Storage has a total score of 5/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Public Storage's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Dan Staton
COMPENSATION $205,300
AGE 65
CEO Bio

Mr. Daniel C. Staton, II, also known as Dan, serves as the Managing General Partner of The Walnut Group. He is a Managing Director at Staton Capital LLC since February 2003. Mr. Staton serves as the Co-Managing Director at Penthouse Media Group, Inc. Mr. Staton is Owner of Staton Bell Blank Check LLC. He is also employed at Marc Bell Capital Partners LLC. He is an Investment Professional of Marc Bell Capital Partners LLC. Mr. Staton served as an Acting Chief Financial Officer of FriendFinder Networks Inc and served as its Treasurer from December 2008 to June 2011. He served as a Partner and General Manager at Gateway Van and Storage Inc. in St. Louis, Missouri. Mr. Staton served as the Managing Director of Staton Capital LLC since 2003 and as President of The Walnut Group from 1997 to January 2007. He served as the President and Chief Executive Officer of Enterprise Acquisition Corp. since July 9, 2007 until November 2009. He is a co-owner of Georgiana Investments L.P. Mr. Staton served as a General Manager, Partner, Chief Operating Officer of Duke Associates from 1981 to 1993. Since January 2015, Mr. Staton has indirectly owned a minority limited partnership interest in ACM. Mr. Staton has more than 15 years of experience sourcing private equity and venture capital investments. Mr. Staton has served as a director of Terran Orbital, an aerospace company that designs and manufactures nanosatellites for the U.S. government and military (“Terran Orbital”), since July 2014 and Here Today, a chain of discount retail stores in the Midwest (“Here Today”), since July 2012. He joined Duke Associates in 1980. With its initial public offering, Mr. Staton served as the Chief Operating Officer of Duke Realty Investments, Inc. from 1993 to 1997. Mr. Staton has served as Executive in Residence at both the University of Missouri and Ohio University. From 1986 to 1988, Mr. Staton served as the President of the Greater Cincinnati Chapter of the National Association of Industrial and Office Parks. He also served the City of Cincinnati as the Chief Executive Officer of the Cincinnati Development Group and is instrumental in the redevelopment of the downtown core area of Cincinnati. He has been the Non Executive Chairman of ARMOUR Residential REIT, Inc. since November 6, 2009. He has been GMCI Internet Operations, Inc. since December 2008. He has been Director of Shurgard Self Storage S.A. since October 15, 2018. He has been the Non Executive Co-Chairman of The Board at Giant Swallowtail Inc., Magnolia Blossom Inc. and since October 5, 2012 and served as its Executive Co-Chairman of the board until October 5, 2012. He served as Co-Chairman of the Board of FriendFinder Networks Inc., which went public in May 2011, from July 2012 to December 2013, and a consultant to FriendFinder from October 2012 until December 2013. He serves as Vice Chairman of DJR Global Healthcare Capital, LLC. He served as the Non-Executive Chairman and Director of JAVELIN Mortgage Investment Corp. from June 18, 2012 to April 2016. Mr. Staton served as the Chairman of Storage Trust Realty from 1997 to 1999 and led its merger with Public Storage, where he has served on the Board of Directors since 1999. He is a Trustee of Public Storage. He serves as Director of General Media Communications, Inc. He serves as Director of Sharkfish, Inc., General Media Art Holding, Inc., Global Alphabet, Inc., Penthouse Images Acquisitions, Ltd., GMI On-Line Ventures, Ltd., XVHUB Group Inc. (Giant Swallowtail Inc.) and Magnolia Blossom Inc., Interactive Network Inc., Friendfinder California, Inc. and Friendfinder Ventures Inc., Pure Entertainment Telecommunications, Inc., General Media Entertainment, Inc., Traffic Cat, Inc., Big Island Technology Group, Inc., Medley.Com Inc., Goldenrod Spear Inc., West Coast Facilities Inc., PPM Technology Group, Inc. He has been an Independent Trustee of Public Storage, General Partner of Public Storage Properties Ltd., PS Partners IV, Ltd., Public Storage Partners II, Ltd., Public Storage Properties V, Ltd., and Public Storage Properties IV, Ltd. since March 12, 1999. He has been Director of Blue Hen Group Inc. since October 17, 2011. He serves as Director of Fastcupid, Inc. He has been Director of ARMOUR Residential REIT, Inc. since November 6, 2009. He serves as Director of Various, Inc. He served as Member of the Board of Directors at Enterprise Acquisition Corp. since July 9, 2007. He served as Director at FriendFinder Networks Inc. since October 2004 until June 2012. Mr. Staton served as a Director of Build-a-Bear Workshop from 1998 to 2004. In connection with other investments by The Walnut Group, Mr. Staton served as a Director at Ameristop from 1998 to 2003, as a Director of Skylight Financial, Inc from 1998 to 2003 and as a Director of Changing Paradigms from 1999 to 2006. Mr. Staton served as a Director of United Sports Ventures from 1997 to 2002. He served as Director of Duke Realty Investments, Inc. from 1993 to 1997. Mr. Staton is active as an Associate Producer of three successful Broadway Productions. Mr. Staton has co-produced or invested in numerous successful Broadway musicals and plays including The Producers, Hairspray, Jersey Boys and August: Osage County all of which won the Tony Award for Best Musical and Best Play. Mr. Staton received a B.S. degree in Finance from California Western University in 1982 and a B.S. degree in Specialized Business Management from Ohio University in 1991. Mr. Staton has a BS in Finance from the University of Missouri and a B.S. degree in Business Management from California Coast University.

CEO Compensation
  • Dan's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Dan's remuneration is lower than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Public Storage management team in years:

0.3
Average Tenure
56.5
Average Age
  • The average tenure for the Public Storage management team is less than 2 years, this suggests a new team.
Management Team

Dan Staton

TITLE
COMPENSATION
$205K
AGE
65

Joe Russell

TITLE
CEO, President & Trustee
COMPENSATION
$2M
AGE
58
TENURE
0.3 yrs

Natalia Johnson

TITLE
Senior VP & Chief Human Resources Officer
COMPENSATION
$1M
AGE
40
TENURE
2.8 yrs

Lily Hughes

TITLE
COMPENSATION
$1M
AGE
55
TENURE
0.1 yrs

B. Hughes

TITLE
Founder & Chairman Emeritus
AGE
84

Tom Boyle

TITLE
CFO & Senior VP
AGE
35
TENURE
0.3 yrs

Steven Lentin

TITLE
Senior VP & COO
TENURE
1.3 yrs

Mark Delcher

TITLE
Senior VP & Chief Information Officer

Ryan Burke

TITLE
Vice President of Investor Services
TENURE
1 yrs

Nathan Vitan

TITLE
Senior VP
TENURE
0.1 yrs
Board of Directors Tenure

Average tenure and age of the Public Storage board of directors in years:

9.3
Average Tenure
66
Average Age
  • The tenure for the Public Storage board of directors is about average.
Board of Directors

Ron Havner

TITLE
Chairman of the Board Trustees
COMPENSATION
$9M
AGE
60
TENURE
7.8 yrs

Dan Staton

TITLE
COMPENSATION
$205K
AGE
65
TENURE
20.2 yrs

Joe Russell

TITLE
CEO, President & Trustee
COMPENSATION
$2M
AGE
58
TENURE
0.3 yrs

B. Hughes

TITLE
Founder & Chairman Emeritus
AGE
84

Ron Spogli

TITLE
COMPENSATION
$205K
AGE
70
TENURE
9.3 yrs

Dick Poladian

TITLE
COMPENSATION
$210K
AGE
67
TENURE
9.3 yrs

Gary Pruitt

TITLE
Lead Independent Trustee
COMPENSATION
$220K
AGE
68
TENURE
9 yrs

Edward Reyes

TITLE
COMPENSATION
$6M
AGE
57
TENURE
0.3 yrs

Uri Harkham

TITLE
COMPENSATION
$193K
AGE
69
TENURE
26.2 yrs

B. Hughes

TITLE
COMPENSATION
$185K
AGE
59
TENURE
21.3 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
X
Management checks
We assess Public Storage's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Public Storage has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

Public Storage, a member of the S&P 500 and FT Global 500, is a REIT that primarily acquires, develops, owns and operates self-storage facilities. At March 31, 2019, we had: (i) interests in 2,444 self-storage facilities located in 38 states with approximately 164 million net rentable square feet in the United States, (ii) an approximate 35% common equity interest in Shurgard Self Storage SA (Euronext Brussels:SHUR) which owned 231 self-storage facilities located in seven Western European nations with approximately 13 million net rentable square feet operated under the “Shurgard” brand and (iii) an approximate 42% common equity interest in PS Business Parks, Inc. (NYSE:PSB) which owned and operated approximately 28 million rentable square feet of commercial space at March 31, 2019. Our headquarters are located in Glendale, California.

Details
Name: Public Storage
PSA.PRD
Exchange: NYSE
Founded: 1971
$40,476,480,969
$40,888,409,223
174,648,261
Website: http://www.publicstorage.com
Address: Public Storage
701 Western Avenue,
Glendale,
California, 91201,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE PSA Common Stock New York Stock Exchange US USD 18. Nov 1980
DB PUP Common Stock Deutsche Boerse AG DE EUR 18. Nov 1980
LSE 0KS3 Common Stock London Stock Exchange GB USD 18. Nov 1980
NYSE PSA.PRK PFD K 1/1000 New York Stock Exchange US USD 25. Aug 2006
NYSE PSA PRLCL PFD L 1/1000TH New York Stock Exchange US USD 20. Nov 2006
NYSE PSA.PRV DEP1/1000THPFD New York Stock Exchange US USD 12. Sep 2012
NYSE PSA.PRX DEP 1/1000 PFD X New York Stock Exchange US USD 06. Mar 2013
NYSE PSA.PRZ DEP SHS 1/1000 Z New York Stock Exchange US USD 05. Jun 2014
NYSE PSA.PRA SHS REPSTG PFD New York Stock Exchange US USD 24. Nov 2014
NYSE PSA.PRB DEP RPST PFD B New York Stock Exchange US USD 14. Jan 2016
NYSE PSA.PRC DEP SHS PFD C New York Stock Exchange US USD 11. May 2016
NYSE PSA.PRD DEP SHS PFD D New York Stock Exchange US USD 14. Jul 2016
NYSE PSA.PRE PFD BEN INT E New York Stock Exchange US USD 07. Oct 2016
NYSE PSA.PRF PFD SHS F 5.15% New York Stock Exchange US USD 24. May 2017
NYSE PSA.PRG 5.05% CUM PFD G New York Stock Exchange US USD 01. Aug 2017
NYSE PSA.PRH 5.60 DEPSHS RP H New York Stock Exchange US USD 01. Mar 2019
Number of employees
Current staff
Staff numbers
5,600
Public Storage employees.
Industry
Specialized REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/24 00:46
End of day share price update: 2019/05/23 00:00
Last estimates confirmation: 2019/05/23
Last earnings filing: 2019/05/01
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.