Public Storage (PSA)

Real Estate · $62.7B market cap · SEC CIK 0001393311

Next reports on Feb 10, 2027, after the close, with analysts expecting $2.12 in earnings per share.

52-week range $256.54 to $345.89. 3% below its 52-week high and 31% above its low.

The case for PSA

• 38% of revenue drops through to net profit.
• Pays a 4.7% dividend while you wait.
• Has compounded revenue at 10.6% a year over five years.
• Return on equity of 18%.
• Gross margin of 72% absorbs cost shocks.

The case against

• Expensive for its growth: 33.0× earnings, where 7% a year of growth would justify about 19×.
• Priced at 12.5× sales, which leaves no room for a stumble.
• Current liabilities exceed current assets (ratio 0.29).
• Dividend takes 93% of earnings, leaving little cushion.
• Long-term debt of $10.3B against $318M of cash.

What the score is made of

Each factor is half a curve over reported figures and half a rank among the other Real Estate companies (momentum is judged against fixed thresholds only), and the five are blended by weight. The score is where that blend places it in the S&P 500. It describes the last filing and the current price. It is not a forecast.

• Capital spending is missing from its filings, so free cash flow cannot be worked out. Operating cash flow stands in for the cash test, against a stricter bar.
• Each factor except momentum is half fixed thresholds, half rank among the 30 Real Estate companies.

The financials

The financials, five years deep

Pulled from Public Storage's XBRL filings on SEC EDGAR. Italic rows are worked out from the others.

What Public Storage says it does

Cautionary Statement Regarding Forward-Looking Statements This Annual Report on Form 10-K contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements relating to our 2026 guidance and all underlying assumptions, our expected acquisition, disposition, development, and redevelopment activity, supply and demand for our self-storage facilities, information relating to operating trends in our markets, expectations regarding operating expenses, including property tax changes, expectations regarding the impacts from inflation and changes in macroeconomic conditions, our strategic priorities, expectations with respect to financing activities, rental rates, zoning, cap rates, and yields, leasing expectations, our credit ratings, and all other statements other than statements of historical fact. Such statements are based on management’s beliefs and…

Risk factors PSA lists in its 10-K

• Natural disasters, terrorist attacks, civil unrest, or other events that could damage or otherwise disrupt our ability to operate our facilities could adversely impact our business and financial results
• Operating costs, including property taxes, could increase
• The acquisition of existing properties or self-storage operating companies is subject to risks that may adversely affect our growth and financial results
• Our development program subjects us to risks
• There is significant competition among self-storage operators and from other storage alternatives
• Demand for self-storage facilities may be affected by customer perceptions and factors outside of our control
• Our newly developed and expanded facilities, and facilities that we manage for third party owners, may negatively impact the revenues of our legacy facilities
• We may incur significant liabilities from environmental contamination or moisture infiltration
• Elevated interest rate levels could adversely impact us and our tenants
• Economic conditions can adversely affect our business, financial condition, and growth
• We have exposure to European operations through our ownership in Shurgard
• Legislative, tax, and regulatory risks
• Impediments to capital repatriation could negatively impact the realization of our investment in Shurgard
• Potential operating and individual country risks
• Impediments of Shurgard’s public ownership structure
• Public health and other crises have adversely impacted, and may in the future adversely impact, our business
• Local, state, and federal governments have and may in the future adopt regulations that could adversely impact our
• Our marketing and pricing strategies may fail to be effective or may be constrained by factors outside of our control
• We are exposed to ongoing litigation and other legal and regulatory actions, which may divert management’s time and attention, require us to pay damages and expenses or restrict the operation of our business
• Our use of or failure to adopt advancements in information technology, such as artificial intelligence, may hinder or prevent us from achieving strategic objectives or otherwise harm our business
• The failure or disruption of our computer and communications systems, on which we are heavily dependent,
• could significantly harm our business
• If we fail to successfully execute our recent leadership succession, we may struggle to effectively execute our strategic plan
• We may be harmed if we fail to protect our intellectual property adequately
• We may be subject to labor disruptions related to unionization efforts
• We may record losses as a result of the bankruptcy, insolvency, or other credit failure of the borrowers under our
• Takeover attempts or changes in control could be thwarted, even if beneficial to shareholders
• Holders of our preferred shares have dividend, liquidation, and other rights that are senior to the rights of the holders of our common shares
• Public Storage is a holding company with no direct operations, and it relies on funds received from PSA OP and PSOC to pay its obligations and make distributions to shareholders
• Holders of our preferred shares are subject to certain risks
• We would incur adverse tax consequences if we failed to qualify as a REIT, and we would have to pay substantial U.S. federal corporate income taxes
• Dividends payable by REITs do not qualify for the preferential tax rates available for some dividends
• We may pay some taxes, reducing cash available for shareholders
• If PSA OP were to fail to maintain its status as a partnership for U.S. federal income tax purposes, our financial results would be adversely impacted
• Changes in tax laws could negatively impact us
• We have exposure to increased property tax in California
• We are subject to extensive laws and regulations and to frequent changes in such laws and regulations
• Our tenant reinsurance business is subject to governmental regulation, which could reduce our profitability or limit our growth
• International trade disputes, including U.S. trade tariffs and retaliatory tariffs, could adversely impact our business

Filings

Other Real Estate companies