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Public Storage — REIT card

PSA
Self storageMarket cap $56.8B4-quarter TTM
Close · Oct 26, 2026306.97P/E 32.1 · EV yield 4.5%
P/Cash FFO18.3×Cash FFO/sh 16.74
Yield · spread to 10y3.9%−1.09 pt vs. the bond
+10% above 5y medianP/Cash FFO vs. its own five years
10-year Treasury · Oct 26, 20265.00%2-year 4.68%
Board median yield4.2%trailing dividends ÷ last close
Yield spread to the 10-year−0.79 ptREITs yield less than the bond: paying for growth
Board median P/Cash FFO16.4×five-year median 16.7× · −2%
Lights on0 of 3prices Oct 26, 2026 · TTM through Sep 30, 2026

Where it has traded

quarter-end P/Cash FFO · 20 quarters · Dec 31, 2021 → Sep 30, 2026
12×16×20×24×28×2021202220232024202520262021-12-31 · 25.9× (close 374.56 · Cash FFO/sh 14.45)2022-03-31 · 25.3× (close 390.28 · Cash FFO/sh 15.46)2022-06-30 · 19.1× (close 312.67 · Cash FFO/sh 16.33)2022-09-30 · 16.9× (close 292.81 · Cash FFO/sh 17.35)2022-12-31 · 16.1× (close 280.19 · Cash FFO/sh 17.41)2023-03-31 · 16.9× (close 302.14 · Cash FFO/sh 17.89)2023-06-30 · 16.1× (close 291.88 · Cash FFO/sh 18.18)2023-09-30 · 14.7× (close 263.52 · Cash FFO/sh 17.90)2023-12-31 · 16.6× (close 305.00 · Cash FFO/sh 18.37)2024-03-31 · 15.9× (close 290.06 · Cash FFO/sh 18.25)2024-06-30 · 15.8× (close 287.65 · Cash FFO/sh 18.17)2024-09-30 · 20.1× (close 363.87 · Cash FFO/sh 18.08)2024-12-31 · 16.7× (close 299.44 · Cash FFO/sh 17.95)2025-03-31 · 16.6× (close 299.29 · Cash FFO/sh 18.01)2025-06-30 · 16.3× (close 293.42 · Cash FFO/sh 18.01)2025-09-30 · 15.9× (close 288.85 · Cash FFO/sh 18.12)2025-12-31 · 14.3× (close 259.50 · Cash FFO/sh 18.11)2026-03-31 · 14.9× (close 270.88 · Cash FFO/sh 18.19)2026-06-30 · 17.5× (close 318.31 · Cash FFO/sh 18.15)2026-09-30 · 16.9× (close 282.84 · Cash FFO/sh 16.74)p75 17×med 17×p25 16×now 18.3×
Five-year median 16.6×, middle half 15.9–17.1×, range 14.3–25.9×. Now 18.3×: +10% above its own median, higher than 80% of those quarters.Each quarter priced at its own trailing Cash FFO per share · the band is the 25th–75th percentile

Where the cash goes

TTM through Sep 30, 2026 · $B
012345Revenue: 5.0 $B5.0RevenueProperty & operating: −1.9 $B−1.9Property &operatingEBITDA: 3.1 $B3.1EBITDAInterest: −0.3 $B−0.3InterestD&A: −1.3 $B−1.3D&AOther items: 0.4 $B0.4OtheritemsNet income: 1.9 $B1.9NetincomeAdd back D&A: 1.3 $B1.3Add backD&ANon- cash: −0.1 $B−0.1Non-cashCash FFO: 3.1 $B3.1CashFFODividends: −2.2 $B−2.2DividendsRetained: 0.9 $B0.9Retained
Cash FFO 3.10B = net income 1.91B + depreciation 1.29B − 0.10B other non-cash items · dividends 2.22B · retained 0.88B

Against its type

PSA (blue) vs. the other Self storage REITs on the board (1), grey
P/Cash FFO18.3× vs. 16.8×
Dividend yield3.9% vs. 4.5%
Cash FFO payout72% vs. 76%
Net debt / EBITDA3.7× vs. 6.2×
Interest cover8.9× vs. 1.5×
EBITDA margin62% vs. 65%

Type averages are the plain mean of the other REITs of the same property type with a usable window.

Quarter by quarter

8 quarters · Dec 31, 2024 → Sep 30, 2026 · a gap is a dropped quarter
Revenue, $B1.37
Cash FFO / share, quarter3.83
EBITDA margin53%
Interest cover7.1×