Public Storage
Market Cap
US$33.5b
Last Updated
2020/03/31 01:13 UTC
Data Sources
Company Financials +
Executive Summary
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.
Rewards
Risk Analysis
No risks detected for PSA from our risk checks.
Snowflake Analysis
Established dividend payer and slightly overvalued.
Similar Companies
Share Price & News
How has Public Storage's share price performed over time and what events caused price changes?
Latest Share Price and Events
Stable Share Price: PSA has not had significant price volatility in the past 3 months.
Market Performance
7 Day Return
19.6%
PSA
15.8%
US REITs
7.2%
US Market
1 Year Return
-8.1%
PSA
-20.1%
US REITs
-10.4%
US Market
Return vs Industry: PSA exceeded the US REITs industry which returned -19.8% over the past year.
Return vs Market: PSA matched the US Market which returned -12.7% over the past year.
Shareholder returns
| PSA | Industry | Market | |
|---|---|---|---|
| 7 Day | 19.6% | 15.8% | 7.2% |
| 30 Day | -3.6% | -19.2% | -12.6% |
| 90 Day | -5.3% | -24.6% | -19.4% |
| 1 Year | -4.8%-8.1% | -16.8%-20.1% | -8.5%-10.4% |
| 3 Year | 2.3%-8.5% | -0.7%-13.1% | 15.8%8.3% |
| 5 Year | 22.1%2.3% | 13.3%-10.2% | 35.8%21.0% |
Price Volatility Vs. Market
How volatile is Public Storage's share price compared to the market and industry in the last 5 years?
Simply Wall St News
1 month ago | Simply Wall St
Public Storage Just Released Its Full-Year Earnings: Here's What Analysts Think1 month ago | Simply Wall St
Introducing Public Storage (NYSE:PSA), A Stock That Climbed 17% In The Last Five Years2 months ago | Simply Wall St
Can Public Storage (NYSE:PSA) Maintain Its Strong Returns?Valuation
Is Public Storage undervalued compared to its fair value and its price relative to the market?
24.0%
Undervalued compared to fair value
Share Price vs. Fair Value
Below Fair Value: PSA ($191.52) is trading below our estimate of fair value ($265.29)
Significantly Below Fair Value: PSA is trading below fair value by more than 20%.
Price To Earnings Ratio
PE vs Industry: PSA is poor value based on its PE Ratio (26.2x) compared to the REITs industry average (24.1x).
PE vs Market: PSA is poor value based on its PE Ratio (26.2x) compared to the US market (13x).
Price to Earnings Growth Ratio
PEG Ratio: PSA is poor value based on its PEG Ratio (7.1x)
Price to Book Ratio
PB vs Industry: PSA is overvalued based on its PB Ratio (6.7x) compared to the US REITs industry average (1.3x).
Next Steps
Future Growth
How is Public Storage forecast to perform in the next 1 to 3 years based on estimates from 7 analysts?
3.7%
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: PSA's forecast earnings growth (3.7% per year) is above the savings rate (1.7%).
Earnings vs Market: PSA's earnings (3.7% per year) are forecast to grow slower than the US market (12.3% per year).
High Growth Earnings: PSA's earnings are forecast to grow, but not significantly.
Revenue vs Market: PSA's revenue (3% per year) is forecast to grow slower than the US market (7.3% per year).
High Growth Revenue: PSA's revenue (3% per year) is forecast to grow slower than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: PSA's Return on Equity is forecast to be high in 3 years time (25.4%)
Next Steps
Past Performance
How has Public Storage performed over the past 5 years?
8.6%
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: PSA has high quality earnings.
Growing Profit Margin: PSA's current net profit margins (43.6%) are lower than last year (52.1%).
Past Earnings Growth Analysis
Earnings Trend: PSA's earnings have grown by 8.6% per year over the past 5 years.
Accelerating Growth: PSA's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.
Earnings vs Industry: PSA had negative earnings growth (-14.5%) over the past year, making it difficult to compare to the REITs industry average (5%).
Return on Equity
High ROE: PSA's Return on Equity (16.8%) is considered low.
Next Steps
Financial Health
How is Public Storage's financial position? (This company is analysed differently as a bank or financial institution)
Financial Position Analysis
Debt to Equity History and Analysis
Balance Sheet
Inventory Level: PSA has a high level of physical assets or inventory.
Debt Coverage by Assets: PSA's debt is not covered by short term assets (assets are 0.2x debt).
Financial Institutions Analysis
Asset Level: PSA's level of assets compared to its equity is low.
Allowance for Bad Loans: Insufficient data to determine if PSA has a sufficient allowance for bad loans.
Low Risk Liabilities: PSA reports no customer deposits, loans are made up entirely of externally borrowed funds.
Loan Level: Insufficient data to determine if PSA has an acceptable proportion of non-loan assets held.
Low Risk Deposits: PSA has advanced significantly more loans than the customer deposits it holds.
Level of Bad Loans: Insufficient data to determine if PSA has an appropriate level of bad loans.
Next Steps
Dividend
What is Public Storage's current dividend yield, its reliability and sustainability?
3.97%
Current Dividend Yield
Dividend Yield vs Market
Notable Dividend: PSA's dividend (4.18%) is higher than the bottom 25% of dividend payers in the US market (1.98%).
High Dividend: PSA's dividend (4.18%) is low compared to the top 25% of dividend payers in the US market (5.49%).
Stability and Growth of Payments
Stable Dividend: PSA's dividends per share have been stable in the past 10 years.
Growing Dividend: PSA's dividend payments have increased over the past 10 years.
Current Payout to Shareholders
Dividend Coverage: At its current payout ratio (87.2%), PSA's payments are covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: PSA's dividends in 3 years are forecast to be thoroughly covered by earnings (0.4% payout ratio).
Next Steps
Management
How experienced are the management team and are they aligned to shareholders interests?
1.5yrs
Average management tenure
CEO
Joe Russell (59yo)
1.17s
Tenure
US$4,289,200
Compensation
Mr. Joseph D. Russell Jr., also known as Joe, has been the President at Public Storage since July 1, 2016 and serves as its Chief Executive Officer and Director since January 01, 2019. Mr. Russell served a ...
CEO Compensation Analysis
Compensation vs Market: Joe's total compensation ($USD4.29M) is below average for companies of similar size in the US market ($USD11.74M).
Compensation vs Earnings: Joe's compensation has increased by more than 20% whilst company earnings have fallen more than 20% in the past year.
Leadership Team
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| CEO, President & Trustee | 1.17yrs | US$4.29m | 0.0028% $931.0k | |
| CFO & Senior VP | 1.17yrs | US$3.77m | 0.0011% $361.7k | |
| Senior VP | 0.83yr | US$1.88m | 0.000060% $20.1k | |
| Senior VP & Chief Human Resources Officer | 3.67yrs | US$2.46m | 0.0011% $381.8k | |
| Founder & Chairman Emeritus | no data | no data | 0.26% $87.8m | |
| Senior VP & Chief Information Officer | no data | no data | no data | |
| Vice President of Investor Services | 1.83yrs | no data | no data | |
| President of Asset Management | 11.83yrs | no data | no data | |
| Executive Vice President of Operations | no data | no data | no data | |
| Senior Vice President of Acquisitions | no data | no data | no data |
1.5yrs
Average Tenure
45yo
Average Age
Experienced Management: PSA's management team is not considered experienced ( 1.5 years average tenure), which suggests a new team.
Board Members
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| CEO, President & Trustee | 1.17yrs | US$4.29m | 0.0028% $931.0k | |
| Founder & Chairman Emeritus | no data | no data | 0.26% $87.8m | |
| Independent Trustee | 10yrs | US$187.20k | 0.0011% $385.1k | |
| 1.17yrs | US$120.00k | 0.073% $24.4m | ||
| Chairman of the Board Trustees | 8.58yrs | US$120.00k | 0.095% $31.9m | |
| Independent Trustee | 27yrs | US$174.70k | 0.022% $7.5m | |
| 22.17yrs | US$167.20k | 2.92% $979.6m | ||
| Independent Trustee | 21yrs | US$187.20k | 0.019% $6.5m | |
| Independent Trustee | 10yrs | US$192.20k | 0.0097% $3.3m | |
| Lead Independent Trustee | 9.83yrs | US$202.20k | 0.0019% $643.0k |
10.0yrs
Average Tenure
67yo
Average Age
Experienced Board: PSA's board of directors are seasoned and experienced ( 10 years average tenure).
Ownership
Who are the major shareholders and have insiders been buying or selling?
Insider Trading Volume
Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.
Recent Insider Transactions
Ownership Breakdown
Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.
Top Shareholders
Company Information
Public Storage's company bio, employee growth, exchange listings and data sources
Key Information
- Name: Public Storage
- Ticker: PSA
- Exchange: NYSE
- Founded: 1971
- Industry: Specialized REITs
- Sector: Real Estate
- Implied Market Cap: US$33.491b
- Market Cap: US$35.212b
- Shares outstanding: 174.87m
- Website: https://www.publicstorage.com
Number of Employees
Location
- Public Storage
- 701 Western Avenue
- Glendale
- California
- 91201
- United States
Listings
| Ticker | Exchange | Primary Security | Security Type | Country | Currency | Listed on |
|---|---|---|---|---|---|---|
| PSA | NYSE (New York Stock Exchange) | Yes | Common Stock | US | USD | Nov 1980 |
| PUP | DB (Deutsche Boerse AG) | Yes | Common Stock | DE | EUR | Nov 1980 |
| 0KS3 | LSE (London Stock Exchange) | Yes | Common Stock | GB | USD | Nov 1980 |
| PSA * | BMV (Bolsa Mexicana de Valores) | Yes | Common Stock | MX | MXN | Nov 1980 |
| PSA.PRK | NYSE (New York Stock Exchange) | PFD K 1/1000 | US | USD | Aug 2006 | |
| PSA PRLCL | NYSE (New York Stock Exchange) | PFD L 1/1000TH | US | USD | Nov 2006 | |
| PSA.PRV | NYSE (New York Stock Exchange) | DEP1/1000THPFD | US | USD | Sep 2012 | |
| PSA.PRX | NYSE (New York Stock Exchange) | DEP 1/1000 PFD X | US | USD | Mar 2013 | |
| PSA.PRB | NYSE (New York Stock Exchange) | DEP RPST PFD B | US | USD | Jan 2016 | |
| PSA.PRC | NYSE (New York Stock Exchange) | DEP SHS PFD C | US | USD | May 2016 | |
| PSA.PRD | NYSE (New York Stock Exchange) | DEP SHS PFD D | US | USD | Jul 2016 | |
| PSA.PRE | NYSE (New York Stock Exchange) | PFD BEN INT E | US | USD | Oct 2016 | |
| PSA.PRF | NYSE (New York Stock Exchange) | PFD SHS F 5.15% | US | USD | May 2017 | |
| PSA.PRG | NYSE (New York Stock Exchange) | 5.05% CUM PFD G | US | USD | Aug 2017 | |
| PSA.PRH | NYSE (New York Stock Exchange) | 5.60 DEPSHS RP H | US | USD | Mar 2019 | |
| PSA.PRI | NYSE (New York Stock Exchange) | 4.875 DPRP PFD I | US | USD | Sep 2019 | |
| PSA.PRJ | NYSE (New York Stock Exchange) | 4.7% DP RP PFD J | US | USD | Nov 2019 | |
| PSA.PRK | NYSE (New York Stock Exchange) | 4.75 DP PFD SH K | US | USD | Dec 2019 | |
| P1SA34 | BOVESPA (Bolsa de Valores de Sao Paulo) | BDR EACH 5 REPR 1 COM | BR | BRL | Jan 2020 |
Biography
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 December 31, 2019, we had: (i) interests in 2,483 self-storage facilities located in 38 states with approximately 169 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 234 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 December 31, 2019. Our headquarters are located in Glendale, California.
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2020/03/31 01:13 |
| End of Day Share Price | 2020/03/30 00:00 |
| Earnings | 2019/12/31 |
| Annual Earnings | 2019/12/31 |
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.