Public Storage
- Home ›
- US ›
- Real Estate
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 19 days ago. More info.
Add to Portfolio Compare Print
PSA Share Price and Events
7 Day Returns
1 Year Returns
PSA Shareholder Return
| 7 Day | 30 Day | 90 Day | 1 Year | 3 Year | 5 Year | |
|---|---|---|---|---|---|---|
| Public Storage (PSA) | 0.6% | 5.8% | 10.7% | 12.3% | -8.6% | 34.3% |
| US REITs | 1.8% | 2.4% | 3.1% | 16.3% | 13.8% | 26.4% |
| US Market | -0.7% | -2% | 2.4% | 3% | 39.2% | 42% |
1 Year Return vs Industry and Market
- PSA underperformed the REITs industry which returned 16.3% over the past year.
- PSA outperformed the Market in United States of America which returned 3% over the past year.
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.
Below are the data sources, inputs and calculation used to determine the intrinsic value for Public Storage.
| 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.
| 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))
= 0.531 (1 + (1- 21%) (3.6%)) |
0.696 |
| 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 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.
| Adjusted Funds From Operations (AFFO) (USD, Millions) | Source |
Present Value Discounted (@ 7.5%) |
|
|---|---|---|---|
| 2019 | 1,584.97 | Analyst x2 | 1,474.42 |
| 2020 | 1,641.82 | Analyst x2 | 1,420.77 |
| 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 | 2,030.51 | Est @ 4.92% | 1,315.84 |
| 2025 | 2,117.14 | Est @ 4.27% | 1,276.28 |
| 2026 | 2,197.71 | Est @ 3.81% | 1,232.44 |
| 2027 | 2,274.25 | Est @ 3.48% | 1,186.41 |
| 2028 | 2,348.33 | Est @ 3.26% | 1,139.61 |
| Present value of next 10 years cash flows | $13,145.29 | ||
| Calculation | Result | |
|---|---|---|
| Terminal Value |
= FCF2028
× (1 + g) ÷ (Discount Rate – g)
= $2,348.33 × (1 + 2.73%) ÷ (7.5% – 2.73%) |
$50,596.37 |
| Present Value of Terminal Value |
= Terminal Value ÷ (1 + r)10
= $50,596.37 ÷ (1 + 7.5%)10 |
$24,553.62 |
| Calculation | Result | |
|---|---|---|
| Total Equity Value |
= Present value of next 10 years cash flows +
Terminal Value
= $13,145.29 + $24,553.62 |
$37,698.91 |
| Equity Value per Share (USD) |
= Total value / Shares Outstanding
= $37,698.91 / 174.65 |
$215.86 |
| Calculation | Result | |
|---|---|---|
| Value per share (USD) | From above. | $215.86 |
| Current discount | Discount to share price of
$230.12
= -1 x ($230.12 - $215.86) / $215.86 |
-6.6% |
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.
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?
| Data Point | Source | Value |
|---|---|---|
| Earnings Per Share * | Company Filings (2019-03-31) in USD | $8.63 |
| NYSE:PSA Share Price ** | NYSE (2019-05-17) in USD | $230.12 |
| United States of America REITs Industry PE Ratio | Median Figure of 156 Publicly-Listed REITs Companies | 32.79x |
| United States of America Market PE Ratio | Median Figure of 3,088 Publicly-Listed Companies | 17.89x |
* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.
** Primary Listing of Public Storage.
| Calculation | Outcome | |
|---|---|---|
| PE Ratio | = NYSE:PSA Share Price ÷ EPS (both in USD) = 230.12 ÷ 8.63 |
26.65x |
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?
| Data Point | Source | Value |
|---|---|---|
| PE Ratio | See PE Ratio Section | 26.65x |
| 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 | 2.4x |
| United States of America Market PEG Ratio | Median Figure of 2,117 Publicly-Listed Companies | 1.56x |
*Line of best fit is calculated by linear regression .
| Calculation | Outcome | |
|---|---|---|
| PEG Ratio | = PE Ratio ÷ Net Income Annual Growth Rate = 26.65x ÷ 0.3% |
77.22x |
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?
| Data Point | Source | Value |
|---|---|---|
| Book Value per Share | Company Filings (2019-03-31) in USD | $28.96 |
| NYSE:PSA Share Price * | NYSE (2019-05-17) in USD | $230.12 |
| United States of America REITs Industry PB Ratio | Median Figure of 191 Publicly-Listed REITs Companies | 1.86x |
| United States of America Market PB Ratio | Median Figure of 5,195 Publicly-Listed Companies | 1.83x |
| Calculation | Outcome | |
|---|---|---|
| PB Ratio | = NYSE:PSA Share Price ÷ Book Value per Share (both in USD) = 230.12 ÷ 28.96 |
7.95x |
* 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.
Value checks
We assess Public Storage's value by looking at:- 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. )
- Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
- Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
- Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check) 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
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!
Earnings growth vs Low Risk Savings
- 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
| Data Point | Source | Value (per year) |
|---|---|---|
| NYSE:PSA Future Earnings Growth Rate | Line of Best Fit* through Consensus Estimate Earnings of 8 Analysts | 0.3% |
| NYSE:PSA 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 | 5.7% |
| United States of America REITs Industry Revenue Growth Rate | Market Cap Weighted Average | 4.3% |
| United States of America Market Earnings Growth Rate | Market Cap Weighted Average | 13.9% |
| 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
| 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 |
| 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 | 2,836 | 2,190 | 1,360 | 8 |
| 2019-12-31 | 2,751 | 2,005 | 1,340 | 8 |
| 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.
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.
| 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 |
| 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.
Future performance checks
We assess Public Storage's future performance by looking at:- Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
- Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
- Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
- Is the annual earnings growth rate expected to be above 20%? (1 check)
- Is the annual revenue growth rate expected to be above 20%? (1 check)
- Is the Return on Equity in 3 years expected to be over 20%? (1 check)
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
Past Earnings growth analysis
- 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
All data from Public Storage Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| 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).
Past performance checks
We assess Public Storage's performance over the past 5 years by checking for:- Has earnings increased in past 5 years? (1 check)
- Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
- Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
- Is the Return on Equity (ROE) higher than 20%? (1 check)
- Is the Return on Assets (ROA) above industry average? (1 check)
- Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
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.
- 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
Assets
Liabilities and shares
- 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.
All data from Public Storage Company Filings, last reported 1 month ago.
| 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).
Financial health checks
We assess Public Storage's financial health by checking for:- Are short term assets greater than short term liabilities? (1 check)
- Are short term assets greater than long term liabilities? (1 check)
- Has the debt to equity ratio increased in the past 5 years? (1 check)
- Is the debt to equity ratio over 40%? (1 check)
- Is the debt covered by operating cash flow? (1 check)
- Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check) Public Storage has a total score of 3/6, see the detailed checks below.
- Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
- 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
If you bought
$2,000 of
Public Storage
shares you are expected to receive
$70
in your first year as a dividend.
Dividend Amount
- Public Storage's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.44%).
- Public Storage's dividend is below the markets top 25% of dividend payers in United States of America (3.69%).
Upcoming dividend payment
Purchase Public Storage before the 'Buy Limit' to receive their next dividend payment.
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.
| 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 2000 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.
| 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 | 8.28 | 10.00 |
| 2019-12-31 | 8.03 | 8.00 |
| Date (Data in $) | Dividend per share (annual) | Avg. Yield (%) |
|---|---|---|
| 2019-05-01 | 8.000 | 3.538 |
| 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).
- Dividends after 3 years are expected to be thoroughly covered by earnings (225.2x coverage).
Income/ dividend checks
We assess Public Storage's dividend by checking for:- Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
- Is current dividend yield above the bottom 25% of dividend payers? (1 check)
- Is current dividend yield above the top 25% of dividend payers? (1 check)
- Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
- If they have paid a dividend for 10 years has it increased in this time? (1 check)
- 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) 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
CEO
| 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.
- 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:
- The average tenure for the Public Storage management team is less than 2 years, this suggests a new team.
Management Team
Dan Staton
$205K
65
Joe Russell
CEO, President & Trustee
$2M
58
0.3 yrs
Natalia Johnson
Senior VP & Chief Human Resources Officer
$1M
40
2.8 yrs
Lily Hughes
$1M
55
0.1 yrs
B. Hughes
Founder & Chairman Emeritus
84
Tom Boyle
CFO & Senior VP
35
0.3 yrs
Steven Lentin
Senior VP & COO
1.3 yrs
Mark Delcher
Senior VP & Chief Information Officer
Ryan Burke
Vice President of Investor Services
1 yrs
Nathan Vitan
Senior VP
0.1 yrs
Board of Directors Tenure
Average tenure and age of the Public Storage board of directors in years:
- The tenure for the Public Storage board of directors is about average.
Board of Directors
Ron Havner
Chairman of the Board Trustees
$9M
60
7.8 yrs
Dan Staton
$205K
65
20.2 yrs
Joe Russell
CEO, President & Trustee
$2M
58
0.3 yrs
B. Hughes
Founder & Chairman Emeritus
84
Ron Spogli
$205K
70
9.3 yrs
Dick Poladian
$210K
67
9.3 yrs
Gary Pruitt
Lead Independent Trustee
$220K
68
9 yrs
Edward Reyes
$6M
57
0.3 yrs
Uri Harkham
$193K
69
26.2 yrs
B. Hughes
$185K
59
21.3 yrs
Who owns this company?
Recent Insider Transactions
| Announced | Type | Name | Entity | Role | Start | End | Shares | Max Price ($) | Value ($) | |
|---|---|---|---|---|---|---|---|---|---|---|
Management checks
We assess Public Storage's management by checking for:- Is the CEO's compensation unreasonable compared to market cap? (1 check)
- Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
- Is the average tenure of the management team less than 2 years? (1 check)
- Is the average tenure of the board of directors team less than 3 years? (1 check) 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
Does Public Storage (NYSE:PSA) Have A Place In Your Dividend Portfolio?
Dividend Growth Potential While dividend payments have been relatively reliable, it would also be nice if earnings per share (EPS) were growing, as this is essential to maintaining the dividend's purchasing power over the long term. … Conclusion To summarise, shareholders should always check that Public Storage's dividends are affordable, that its dividend payments are relatively stable, and that it has decent prospects for growing its earnings and dividend. … Public Storage's is paying out more than half its income as dividends, but at least the dividend is covered both by reported earnings and cashflow.
Simply Wall St - – Full articleHere's Why We Think Public Storage (NYSE:PSA) Is Well Worth Watching
In contrast to all that, I prefer to spend time on companies like Public Storage (NYSE:PSA), which has not only revenues, but also profits. … I like to take a look at earnings before interest and (EBIT) tax margins, as well as revenue growth, to get another take on the quality of the company's growth. … While Public Storage did well to grow revenue over the last year, EBIT margins were dampened at the same time.
Simply Wall St - – Full articlePublic Storage (NYSE:PSA): Earnings Expected To Remain Subdued
Public Storage's (NYSE:PSA) most recent earnings update in December 2018a … suggested … business
Simply Wall St - – Full articleIntroducing Public Storage, The Stock That Dropped 19% In The Last Three Years
Unfortunately, that's been the case for longer term Public Storage (NYSE:PSA) shareholders, since the share price is down 19% in the last three years, falling well short of the market return of around 53%. … One imperfect but simple way to consider how the market perception of a company has shifted is to compare the change in the earnings per share (EPS) with the share price movement. … During the unfortunate three years of share price decline, Public Storage actually saw its earnings per share (EPS) improve by 12% per year.
Simply Wall St - – Full articleAn Examination Of Public Storage (NYSE:PSA)
Upon building up an investment case for a stock, we should look at various aspects. … Below is a brief commentary on these key aspects … If you're interested in understanding beyond my broad commentary,
Simply Wall St - – Full articleShould You Invest In Public Storage (NYSE:PSA)?
This impacts how PSA’s business operates and also how we should analyse its stock. … REIT investors should be familiar with the term Fund from Operations (FFO) – a REIT’s main source of cash flow from its day-to-day business activities … These items can distort the bottom line and not necessarily reflective of PSA’s daily operations
Simply Wall St - – Full articleCan Public Storage's (NYSE:PSA) ROE Continue To Surpass The Industry Average?
To keep the lesson grounded in practicality, we'll use ROE to better understand Public Storage (NYSE:PSA). … That means that for every $1 worth of shareholders' equity, it generated $0.17 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity
Simply Wall St - – Full articleHow Should Investors Feel About Public Storage's (NYSE:PSA) CEO Pay?
This analysis aims first to contrast CEO compensation with other large companies. … At the time of writing our data says that Public Storage has a market cap of US$35.9b, and is paying total annual CEO compensation of US$11m. … We looked at a group of companies with market capitalizations over US$8.0b and the median CEO compensation was US$11m.
Simply Wall St - – Full articleShould You Expect Public Storage (NYSE:PSA) To Continue Delivering An ROE Of 16.25%?
and want to start learning about core concepts of fundamental analysis on practical examples from today's market. … With an ROE of 16.25%, Public Storage (NYSE:PSA) outpaced its own industry which delivered a less exciting 7.38% over the past year. … See our latest analysis for Public Storage
Simply Wall St - – Full articleInvesting In Public Storage (NYSE:PSA): What You Need To Know
This impacts how PSA’s business operates and also how we should analyse its stock. … REIT investors should be familiar with the term Fund from Operations (FFO) – a REIT’s main source of cash flow from its day-to-day business activities … These items can distort the bottom line and not necessarily reflective of PSA’s daily operations.
Simply Wall St - – Full articleCompany 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 | |
| Exchange: | NYSE |
| Founded: | 1971 |
| $40,190,057,820 | |
| $40,136,675,043 | |
| 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.PRH | 5.60 DEPSHS RP H | New York Stock Exchange | US | USD | 01. Mar 2019 | |
| NYSE | PSA.PRG | 5.05% CUM PFD G | New York Stock Exchange | US | USD | 01. Aug 2017 | |
| NYSE | PSA.PRF | PFD SHS F 5.15% | New York Stock Exchange | US | USD | 24. May 2017 | |
| NYSE | PSA.PRD | DEP SHS PFD D | New York Stock Exchange | US | USD | 14. Jul 2016 | |
| NYSE | PSA.PRC | DEP SHS PFD C | New York Stock Exchange | US | USD | 11. May 2016 | |
| NYSE | PSA.PRB | DEP RPST PFD B | New York Stock Exchange | US | USD | 14. Jan 2016 | |
| NYSE | PSA.PRA | SHS REPSTG PFD | New York Stock Exchange | US | USD | 24. Nov 2014 | |
| NYSE | PSA.PRZ | DEP SHS 1/1000 Z | New York Stock Exchange | US | USD | 05. Jun 2014 | |
| NYSE | PSA.PRX | DEP 1/1000 PFD X | New York Stock Exchange | US | USD | 06. Mar 2013 | |
| NYSE | PSA.PRV | DEP1/1000THPFD | New York Stock Exchange | US | USD | 12. Sep 2012 | |
| NYSE | PSA.PRE | PFD BEN INT E | New York Stock Exchange | US | USD | 07. Oct 2016 |
Number of employees
Current staff
Industry
| Specialized REITs | |
| Real Estate |
Company Analysis and Financial Data Status
| Area | Date (UTC time) |
|---|---|
| Company Analysis updated: | 2019/05/20 01:39 |
| End of day share price update: | 2019/05/17 00:00 |
| Last estimates confirmation: | 2019/05/15 |
| 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.
