Public Storage PSA
Largest owner and operator of self-storage facilities with massive pricing power and low capital expenditure requirements.
Executive Summary: Public Storage (PSA) Institutional Rating
Quantitative Verdict: Public Storage (PSA) trades at an annualized dividend yield of 3.87% with an AFFO payout ratio of 71.9%, earning a Dividend Safety Score of 93 / 100 (Very Safe). The stock currently trades at a 7.2% discount to NAV (undervalued) relative to base Net Asset Value (NAV) of $345.00, backed by an institutional portfolio of 3,050 commercial properties operating at 92.4% physical occupancy.
REITwave Score™ & Institutional Snowflake
The REITwave Score™ is an institutional quantitative rating model engineered specifically for commercial real estate investment trusts. Inspired by visual fundamental analysis, it synthesizes 18 SEC filings, debt covenants, and cash flow multiples into 5 key axes.
Business Model & Capital Efficiency
SEC Form 10-K Item 1Operating Profile
Public Storage operates as a Operationally Intensive in the Self Storage real estate sector. The firm generates revenue through long-term commercial lease agreements, maintaining an average portfolio occupancy of 92.4%.
Labor & Overhead Efficiency
- • Total Global Employees: 5,770
- • Estimated Market Cap: $57.90 B
- • Capital Per Employee: $10.04M
- • Guidance Status: In Line
Cap-Rate to NAV Sensitivity Matrix
Net Asset Value (NAV) estimates derived across commercial real estate capitalization rate scenarios. Market implied exit yield is currently 6.47%.
| Exit Cap Rate | Implied NAV / Share | % Variance to Base | Current Price | Market Arbitrage |
|---|---|---|---|---|
| 4.97% | $449.12 | +30.2% | $309.89 | Undervalued |
| 5.47% | $408.07 | +18.3% | $309.89 | Undervalued |
| 5.97% | $373.89 | +8.4% | $309.89 | Undervalued |
| 6.47% Base Case | $345.00 | 0.0% | $309.89 | Undervalued |
| 6.97% | $320.25 | -7.2% | $309.89 | Undervalued |
| 7.47% | $298.82 | -13.4% | $309.89 | Overvalued |
| 7.97% | $280.07 | -18.8% | $309.89 | Overvalued |
Dividend Distribution & Payout Safety
| Ex-Dividend Date | Payment Date | Cash Amount | Distribution Type |
|---|---|---|---|
| Current Run-Rate | Quarterly | $3.0000 | Regular Cash Distribution |
Deep-dive safety score, AFFO payout coverage buffer, and 5-year DRIP compounding model.
Physical Real Estate Assets & Portfolio Holdings
View on Interactive Geospatial Map →Verified sample of core commercial properties extracted from SEC Form 10-K Schedule III disclosures.
| Asset Name | City, State | Gross Leasable Area | Occupancy | Major Tenant | SEC Estimated Value |
|---|---|---|---|---|---|
| Manhattan Multi-Story Storage Facility | New York, NY | 185,000 sq ft | 93.4% | 3,400 Individual Consumer Tenants | $249,122,807 |
| Seattle South Lake Union Modern Storage | Seattle, WA | 140,000 sq ft | 96.2% | Direct Urban Consumers (1,250 Units) | $88,888,889 |
| Austin Tech Ridge Storage Center | Austin, TX | 125,000 sq ft | 91.8% | 1,850 Consumer & Small Business Units | $58,064,516 |
SEC EDGAR Governance & Executive Compensation
DEF 14A DisclosuresHead-to-Head Competitor Comparison: PSA vs Peers
Institutional CompsDirect peer benchmark comparing Public Storage against its top competitors in the Self Storage industry.
| Metric | PSA (Current) | EXR | CUBE | SMA |
|---|---|---|---|---|
| Share Price | $309.89 | $143.41 | $40.16 | $35.64 |
| Dividend Yield | 3.87% | 4.52% | 4.01% | 4.01% |
| Dividend Safety Score | 93 / 100 | 90 / 100 | 92 / 100 | 92 / 100 |
| Price / AFFO Multiple | 18.6x | 17.81x | 18.51x | 18.47x |
| NAV Premium / Discount | -7.2% | -16.6% | -8.2% | -8.3% |
| Portfolio Occupancy | 92.4% | 93.6% | 92.8% | 92.8% |
| Commercial Properties | 3,050 | 3,700 | 150 | 150 |
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Frequently Asked Questions (PSA FAQ)
Public Storage (PSA) currently pays an annualized dividend of $12.00 per share, representing an annualized dividend yield of 3.87%. The distribution is paid on a Quarterly schedule. Its current AFFO payout ratio is 71.9%, earning a Dividend Safety Score of 93/100 with a risk rating of 'Very Safe'.
Based on REITwave's institutional property-level valuation models, Public Storage's consensus base NAV is $345.00 per share. Trading at $309.89, the stock reflects an implied market cap rate of 6.47% and trades at a 7.2% discount to NAV (undervalued).
Public Storage owns and operates approximately 3,050 commercial real estate properties across the United States. The portfolio reports an average physical occupancy rate of 92.4% with a weighted average lease term (WALT) of 0.1 years.
Public Storage currently trades at a Price / AFFO multiple of 18.6x based on forward AFFO per share of $16.70. Its Price / FFO multiple stands at 18.3x against forward FFO per share of $16.90.
According to the latest SEC Form DEF 14A proxy statement filed with EDGAR, the Chief Executive Officer is Joseph D. Russell, Jr.. Total annual reported compensation was $9,909,777, reflecting a CEO-to-median-worker pay ratio of 255:1.
Public Storage maintains a Net Debt-to-EBITDA ratio of 4.1x and carries an investment-grade credit rating of A / A2. Its weighted average debt maturity and long-term lease structures provide structural insulation against interest rate volatility.