NYSE:PSA

Stock Analysis Report

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.

Snowflake

Fundamentals

Established dividend payer with adequate balance sheet.


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


Market Performance


7 Day Return

0.9%

NYSE:PSA

1.3%

US REITs

0.9%

US Market


1 Year Return

17.3%

NYSE:PSA

9.3%

US REITs

0.3%

US Market

PSA outperformed the REITs industry which returned 8.2% over the past year.

PSA outperformed the Market in United States of America which returned -0.5% over the past year.


Share holder returns

PSAIndustryMarket
7 Day0.9%1.3%0.9%
30 Day7.0%4.6%-1.9%
90 Day13.0%4.1%1.6%
1 Year21.7%17.3%14.2%9.3%2.6%0.3%
3 Year28.6%15.1%25.2%8.9%41.0%31.8%
5 Year78.4%50.0%60.2%26.2%55.2%38.0%

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

Valuation

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

31.11x

Price to Earnings (PE) ratio


Intrinsic Value Based on Future Cash Flows

Public Storage's share price is above the future cash flow value, it's not available at a moderate discount (< 20%).

Public Storage's share price is above the future cash flow value, it's not available at a substantial discount (< 40%).


Price Based on Earnings

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

Public Storage is poor value based on expected growth next year.


Price Based on Value of Assets

Public Storage is overvalued based on assets compared to the US REITs industry average.


Next Steps

Future Growth

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

2.1%

Forecasted annual earnings growth


Earnings and Revenue Growth Estimates


Future Annual Growth Analysis

Public Storage's revenue is expected to grow by 1% yearly, however this is not considered high growth (20% yearly).

Public Storage's earnings are expected to grow by 2.1% yearly, however this is not considered high growth (20% yearly).

Public Storage's revenue growth is positive but not above the United States of America market average.

Public Storage's earnings growth is positive but not above the United States of America market average.

Public Storage's earnings growth is positive but not above the low risk savings rate of 2.7%.


Earnings per Share Growth Estimates


Future Return on Equity

Public Storage is expected to efficiently use shareholders’ funds in the future (Return on Equity greater than 20%).


Next Steps

Past Performance

How has Public Storage performed over the past 5 years?

10.0%

Historical annual earnings growth


Earnings and Revenue History


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 (16.9% vs 10%)

Public Storage's earnings growth has not exceeded the US REITs industry average in the past year (16.9% vs 16.9%).


Return on Equity

Public Storage has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).


Return on Assets

Public Storage used its assets more efficiently than the US REITs industry average last year based on Return on Assets.


Return on Capital Employed

Public Storage's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).


Next Steps

Financial Health

How is Public Storage's financial position?


Financial Position Analysis

Public Storage is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.

Public Storage's long term commitments exceed its cash and other short term assets.


Debt to Equity History and Analysis

Public Storage's level of debt (21.7%) compared to net worth is satisfactory (less than 40%).

The level of debt compared to net worth has increased over the past 5 years (4.2% vs 21.7% today).

Debt is well covered by operating cash flow (109.9%, greater than 20% of total debt).

Interest payments on debt are well covered by earnings (EBIT is 85.7x coverage).


Balance Sheet

High level of physical assets or inventory.

Debt is not covered by short term assets, assets are 0.2x debt.


Next Steps

Dividend

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

3.14%

Expected Dividend Yield


Upcoming Dividend Payment

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


Dividend Yield and Payments Analysis

Public Storage's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.49%).

Public Storage's dividend is below the markets top 25% of dividend payers in United States of America (3.84%).

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

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 (235.8x coverage).


Next Steps

Management

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

1.3yrs

Average management tenure


CEO

Dan Staton (66yo)

0.0yrs

Tenure

US$205,300

Compensation

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-Man ...


Management Age and Tenure

1.3yrs

Average Tenure

59yo

Average Age

The average tenure for the Public Storage management team is less than 2 years, this suggests a new team.


Board Age and Tenure

9.5yrs

Average Tenure

67yo

Average Age

The tenure for the Public Storage board of directors is about average.


Insider Trading

Public Storage individual insiders have only sold shares in the past 3 months.


Recent Insider Transactions

SellUS$9,799,82715 Aug 19
B. Hughes
EntityIndividual
Role
Chairman Emeritus
Founder & Chairman Emeritus
Shares38,000
Max PriceUS$258.44
SellUS$10,243,99013 Aug 19
B. Hughes
EntityIndividual
Role
Chairman Emeritus
Founder & Chairman Emeritus
Shares40,000
Max PriceUS$257.24

Ownership Breakdown


Management Team

  • B. Hughes (85yo)

    Founder & Chairman Emeritus

    • Tenure: 0.0yrs
  • Joe Russell (59yo)

    CEO, President & Trustee

    • Tenure: 0.6yrs
    • Compensation: US$2.19m
  • Dan Staton (66yo)

    • Tenure: 0.0yrs
    • Compensation: US$205.30k
  • John Sambuco

    President of Asset Management

    • Tenure: 11.3yrs
  • Steven Lentin

    Senior VP & COO

    • Tenure: 1.6yrs
  • Tom Boyle (36yo)

    CFO & Senior VP

    • Tenure: 0.6yrs
  • Mark Delcher

    Senior VP & Chief Information Officer

    • Tenure: 0.0yrs
  • Natalia Johnson (41yo)

    Senior VP & Chief Human Resources Officer

    • Tenure: 3.1yrs
    • Compensation: US$1.25m
  • Ryan Burke

    Vice President of Investor Services

    • Tenure: 1.3yrs
  • Nathan Vitan

    Senior VP

    • Tenure: 0.3yrs

Board Members

  • Ron Spogli (71yo)

    • Tenure: 9.5yrs
    • Compensation: US$205.30k
  • B. Hughes (85yo)

    Founder & Chairman Emeritus

    • Tenure: 0.0yrs
  • Edward Reyes (58yo)

    • Tenure: 0.6yrs
    • Compensation: US$5.73m
  • Joe Russell (59yo)

    CEO, President & Trustee

    • Tenure: 0.6yrs
    • Compensation: US$2.19m
  • Ron Havner (61yo)

    Chairman of the Board Trustees

    • Tenure: 8.0yrs
    • Compensation: US$9.18m
  • Uri Harkham (70yo)

    • Tenure: 26.4yrs
    • Compensation: US$192.80k
  • B. Hughes (60yo)

    • Tenure: 21.6yrs
    • Compensation: US$185.30k
  • Dan Staton (66yo)

    • Tenure: 0.0yrs
    • Compensation: US$205.30k
  • Dick Poladian (68yo)

    • Tenure: 9.5yrs
    • Compensation: US$210.30k
  • Gary Pruitt (69yo)

    Lead Independent Trustee

    • Tenure: 9.3yrs
    • Compensation: US$220.30k

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$45.242b
  • Market Cap: US$45.580b
  • Shares outstanding: 174.83m
  • Website: https://www.publicstorage.com

Number of Employees


Location

  • Public Storage
  • 701 Western Avenue
  • Glendale
  • California
  • 91201
  • United States

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
PSANYSE (New York Stock Exchange)YesCommon StockUSUSDNov 1980
PUPDB (Deutsche Boerse AG)YesCommon StockDEEURNov 1980
0KS3LSE (London Stock Exchange)YesCommon StockGBUSDNov 1980
PSA.PRKNYSE (New York Stock Exchange)PFD K 1/1000USUSDAug 2006
PSA PRLCLNYSE (New York Stock Exchange)PFD L 1/1000THUSUSDNov 2006
PSA.PRVNYSE (New York Stock Exchange)DEP1/1000THPFDUSUSDSep 2012
PSA.PRXNYSE (New York Stock Exchange)DEP 1/1000 PFD XUSUSDMar 2013
PSA.PRANYSE (New York Stock Exchange)SHS REPSTG PFDUSUSDNov 2014
PSA.PRBNYSE (New York Stock Exchange)DEP RPST PFD BUSUSDJan 2016
PSA.PRCNYSE (New York Stock Exchange)DEP SHS PFD CUSUSDMay 2016
PSA.PRDNYSE (New York Stock Exchange)DEP SHS PFD DUSUSDJul 2016
PSA.PRENYSE (New York Stock Exchange)PFD BEN INT EUSUSDOct 2016
PSA.PRFNYSE (New York Stock Exchange)PFD SHS F 5.15%USUSDMay 2017
PSA.PRGNYSE (New York Stock Exchange)5.05% CUM PFD GUSUSDAug 2017
PSA.PRHNYSE (New York Stock Exchange)5.60 DEPSHS RP HUSUSDMar 2019

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 June 30, 2019, we had: (i) interests in 2,456 self-stor ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/08/19 23:48
End of Day Share Price2019/08/19 00:00
Earnings2019/06/30
Annual Earnings2018/12/31


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.