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Public Storage — Intrinsic Value & Fair Price

PSA
NYSEReal EstateREIT - IndustrialCIK 0001393311publicstorage.comAbout PSA
Last close · Oct 16, 2026298.31+2.98 (+1.01%)
Market cap$55.7B
Model value · P/Cash FFO · own history
301.53
Public Storage closed at $298.31 — undervalued by 1% vs model.
289.21the model's range325.60

P/Cash FFO · own history leads for a REIT. From its own five-year median price to Cash FFO.

Other models
76.36 – 300.50
Wall St. target
318.00 6% below
Below model, 1y
9 of 20 days

Price and model value

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What the marks mean
Daily close

Dividends

Quarterly · as of Oct 16, 2026
Yield, trailing 12 months
4.02%
Past 2 years
low 3.29%high 4.64%
Dividends per share, a year at a time
$8.00Dec ’21$19.15Sep ’22$11.00Sep ’23$12.00Sep ’24$12.00Sep ’25$12.00TTM
Coverage
—
Raised
—
Growth, 5 yrs
8.4% a year
Last change
+50.0% · Mar 2023
Every payment, with ex-dates · latest $3.00, paid Oct 6, 2026

Research on PSA

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How it is valued

Valued asREIT
Low/slowing growth (~3% recent)High profitability (37% net margin)Highly cyclical earnings
What growth the price implies: the reverse DCF

Key figures

FY2025 · chosen for REITs
Price / Cash FFO
—
Dividend yield, TTM
4.02%
Dividends / Cash FFO
—
Debt / assets
50.7%
Price / book
5.6×
Revenue growth
2.7%
Full financials

Analyst actions

third-party, quoted
10-16UBS · target294.00
09-21Evercore ISI · target308.00
09-10Barclays · target351.00
07-10Barclays · “Equal Weight” from “Overweight”downgrade
Ratings, targets and estimates

Comparable companies

by business, not by industry label
1 more company lists PSA as a comparable

The weekly

One email a week across every stock we cover: 13F filings, insider trades, earnings and new research. It covers the whole market, not just PSA. No account.

About Public Storage

Public Storage (PSA), an esteemed Real Estate Investment Trust (REIT) and a constituent of both the S&P 500 and FT Global 500 indices, concentrates its operations on the acquisition, development, ownership, and management of self-storage properties. By September 30, 2020, the company's substantial holdings included 2,504 self-storage facilities located across 38 U.S. states, collectively providing around 171 million net rentable square feet. Additionally, Public Storage held an approximate 35% common equity interest in Shurgard Self Storage SA (Euronext Brussels:SHUR), an entity that owned and operated 239 self-storage sites under the Shurgard brand in seven Western European countries, encompassing approximately 13 million net rentable square feet. Concurrently, it maintained an approximate 42% common equity interest in PS Business Parks, Inc. (NYSE:PSB), which, as of the same reporting date, managed roughly 28 million rentable square feet of commercial properties. The company's main office is situated in Glendale, California.

CEO
H. Thomas Boyle
Headquarters
Frisco, TX
Employees
5,770
IPO
1980-11-18
Full company profile

Model estimates for research reference only, not investment advice. Every model rests on assumptions that may not match what happens; the formulas are in how we value a stock.