Public Storage (PSA) 10-Year Financial Performance & Capital Metrics

PSA • • REIT / Real Estate

Real EstateIndustrial REITsSelf-Storage REITsNational Self-Storage Leaders

AboutPublic 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 September 30, 2020, we had: (i) interests in 2,504 self-storage facilities located in 38 states with approximately 171 million net rentable square feet in the United States, (ii) an approximate 35% common equity interest in Shurgard Self Storage SA (Euronext Brussels:SHUR) which owned 239 self-storage facilities located in seven Western European nations with approximately 13 million net rentable square feet operated under the Shurgard brand and (iii) an approximate 42% common equity interest in PS Business Parks, Inc. (NYSE:PSB) which owned and operated approximately 28 million rentable square feet of commercial space at September 30, 2020. Our headquarters are located in Glendale, California.Show more

Revenue $4.7B +3.9%
FFO $3.2B +2.7%
FFO/Share 18.19 +2.7%
FFO Payout 71.9% -2.7%
FFO per Share 18.19 +2.7%
NOI Margin 73.21% -1.9%
FFO Margin 68.19% -1.2%
ROE 20.8% -1.8%
ROA 10.47% -8.9%
Debt/Assets 47.35% +3.0%
Net Debt/EBITDA 2.67 +0.7%
Book Value/Share 55.75 -2.8%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 28.8%
✓Sustainable FFO payout ratio of 71.9%
✓High NOI margin of 73.2%
✓Healthy dividend yield of 4.5%

✗Weaknesses

✗Dividend payout exceeds 100% of earnings

Price & Volume

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Growth Metrics

Revenue CAGR

10Y7.99%

5Y10.46%

3Y11.19%

TTM2.3%

Profit (Net Income) CAGR

10Y6.12%

5Y6.38%

3Y1.99%

TTM-0.25%

EPS CAGR

10Y7.32%

5Y7.86%

3Y2.54%

TTM-0.14%

ROCE

10Y Avg13%

5Y Avg12.34%

3Y Avg12.35%

Latest11.47%

Peer Comparison

National Self-Storage Leaders

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
EXRExtra Space Storage Inc.	31.23B	147.13	36.51	27.64%	28.88%	6.57%	5.98%	0.88
NSANational Storage Affiliates Trust	2.58B	33.54	28.42	-10.22%	8.94%	4.27%	13.27%	1.97
PSAPublic Storage	51.42B	293.03	27.54	3.94%	39.53%	20.11%	5.27%	0.95
CUBECubeSmart	8.93B	39.14	22.76	1.51%	32.21%	12.5%	7.07%	1.03

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	2.38B	2.56B	2.67B	2.76B	2.86B	2.92B	3.42B	4.18B	4.52B	4.7B
Revenue Growth %	0.09%	0.08%	0.04%	0.03%	0.03%	0.02%	0.17%	0.22%	0.08%	0.04%
Property Operating Expenses	635.5M	669.08M	707.98M	757.08M	813.15M	867.46M	920.6M	1.05B	1.15B	1.26B
Net Operating Income (NOI)+	-	-	-	-	-	-	-	-	-	-
NOI Margin %	-	-	-	-	-	-	-	-	-	-
Operating Expenses+	514.18M	516.97M	537.41M	588.36M	575.06M	636.46M	789.39M	959.82M	1.05B	1.24B
G&A Expenses	72.8M	70.08M	69.89M	93.83M	62.15M	64.04M	75.97M	71.67M	80.63M	106.68M
EBITDA+	1.66B	1.81B	1.88B	1.9B	1.98B	1.96B	2.42B	3.06B	3.29B	3.33B
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization+	426.01M	433.31M	454.53M	483.65M	512.92M	553.26M	713.43M	888.15M	970.06M	1.13B
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income+	1.23B	1.37B	1.42B	1.41B	1.47B	1.41B	1.71B	2.17B	2.32B	2.2B
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense+	600K	4.3M	12.69M	32.54M	45.64M	56.28M	90.77M	136.32M	201.13M	287.4M
Interest Coverage	2053.35x	319.65x	112.15x	43.45x	32.14x	25.07x	18.79x	15.91x	11.53x	7.66x
Non-Operating Income	-86.29M	-90.15M	-38.01M	-335.68M	-104.4M	-6.36M	-356.95M	-2.35B	-53.02M	-175.31M
Pretax Income+	1.32B	1.46B	1.45B	1.72B	1.53B	1.36B	1.97B	4.38B	2.17B	2.09B
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	0	0	0	0	0	0	12.37M	14.33M	10.82M	4.67M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	1.31B	1.45B	1.44B	1.71B	1.52B	1.36B	1.95B	4.35B	2.15B	2.07B
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.15%	0.11%	-0.01%	0.19%	-0.11%	-0.11%	0.44%	1.23%	-0.51%	-0.04%
Funds From Operations (FFO)+	-	-	-	-	-	-	-	-	-	-
FFO Margin %	-	-	-	-	-	-	-	-	-	-
FFO Growth %	0.1%	0.09%	0.01%	0.16%	-0.07%	-0.06%	0.4%	0.96%	-0.4%	0.03%
FFO per Share+	-	-	-	-	-	-	-	-	-	-
FFO Payout Ratio %	-	-	-	-	-	-	-	-	-	-
EPS (Diluted)+	6.07	6.81	6.73	9.82	7.29	6.29	9.87	23.50	11.06	10.64
EPS Growth %	0.16%	0.12%	-0.01%	0.46%	-0.26%	-0.14%	0.57%	1.38%	-0.53%	-0.04%
EPS (Basic)	6.10	6.84	6.75	9.84	7.30	6.29	9.91	23.64	11.11	10.68
Diluted Shares Outstanding	173.51M	173.88M	174.15M	174.3M	174.53M	174.64M	175.57M	176.28M	176.14M	176.04M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	9.78B	10.13B	10.73B	10.93B	11.37B	11.82B	17.38B	17.55B	19.81B	19.75B
Asset Growth %	-0%	0.04%	0.06%	0.02%	0.04%	0.04%	0.47%	0.01%	0.13%	-0%
Real Estate & Other Assets+	95.47M	122.15M	130.29M	131.1M	174.34M	172.72M	207.66M	15.9B	18.32B	18.33B
PP&E (Net)	219.19M	230.31M	264.44M	285.34M	141.93M	188.08M	272.47M	372.99M	345.45M	308.1M
Investment Securities	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Total Current Assets+	104.28M	183.69M	433.38M	361.22M	409.74M	257.56M	734.6M	775.25M	370M	447.42M
Cash & Equivalents	104.28M	183.69M	433.38M	361.22M	409.74M	257.56M	734.6M	775.25M	370M	447.42M
Receivables	0	0	0	0	0	0	0	0	0	0
Other Current Assets	0	0	0	0	0	0	0	0	0	0
Intangible Assets	36.86M	38.12M	40.36M	35.26M	31.34M	30.05M	137.05M	66.67M	221.42M	116.34M
Total Liabilities	580.59M	688.68M	1.77B	1.78B	2.29B	3.24B	7.96B	7.39B	9.7B	9.94B
Total Debt+	319.02M	390.75M	1.43B	1.41B	1.9B	2.54B	7.48B	6.87B	9.1B	9.35B
Net Debt	214.73M	207.06M	997.95M	1.05B	1.49B	2.29B	6.74B	6.1B	8.73B	8.91B
Long-Term Debt	319.02M	390.75M	1.43B	1.41B	1.9B	2.54B	7.48B	6.87B	9.1B	9.35B
Short-Term Borrowings	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	0	0	0	4.03B	4.07B	3.79B	4.1B	4.35B	4.35B	0
Total Current Liabilities+	261.58M	297.94M	337.2M	371.26M	383.28M	394.65M	482.09M	514.68M	598.99M	588.25M
Accounts Payable	0	0	0	0	0	0	0	0	0	0
Deferred Revenue	0	0	0	0	0	0	0	0	0	0
Other Liabilities	0	0	0	0	0	300M	0	0	0	0
Total Equity+	9.2B	9.44B	8.96B	9.14B	9.08B	8.58B	9.42B	10.17B	10.11B	9.81B
Equity Growth %	-0.03%	0.03%	-0.05%	0.02%	-0.01%	-0.06%	0.1%	0.08%	-0.01%	-0.03%
Shareholders Equity	9.17B	9.41B	8.94B	9.12B	9.06B	8.56B	9.34B	10.07B	10.01B	9.71B
Minority Interest	27M	29.74M	24.36M	25.25M	16.76M	18.03M	88.36M	93.4M	93.77M	101.05M
Common Stock	17.29M	17.33M	17.39M	17.41M	17.44M	17.46M	17.51M	17.53M	17.57M	17.54M
Additional Paid-in Capital	5.6B	5.61B	5.65B	5.72B	5.71B	5.71B	5.82B	5.9B	5.98B	6.12B
Retained Earnings	-434.61M	-487.58M	-675.71M	-577.36M	-665.58M	-914.79M	-550.42M	-110.23M	-267.91M	-699.08M
Preferred Stock	4.05B	4.37B	4.03B	4.03B	4.07B	3.79B	4.1B	4.35B	4.35B	4.35B
Return on Assets (ROA)	0.13%	0.15%	0.14%	0.16%	0.14%	0.12%	0.13%	0.25%	0.12%	0.1%
Return on Equity (ROE)	0.14%	0.16%	0.16%	0.19%	0.17%	0.15%	0.22%	0.44%	0.21%	0.21%
Debt / Assets	0.03%	0.04%	0.13%	0.13%	0.17%	0.22%	0.43%	0.39%	0.46%	0.47%
Debt / Equity	0.03x	0.04x	0.16x	0.15x	0.21x	0.30x	0.79x	0.68x	0.90x	0.95x
Net Debt / EBITDA	0.13x	0.11x	0.53x	0.55x	0.75x	1.16x	2.79x	1.99x	2.66x	2.67x
Book Value per Share	53.01	54.30	51.47	52.47	52.02	49.11	53.67	57.67	57.38	55.75

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	1.75B	1.95B	1.97B	2.06B	2.07B	2.04B	2.54B	3.12B	3.25B	3.13B
Operating CF Growth %	0.09%	0.11%	0.01%	0.05%	0%	-0.01%	0.25%	0.23%	0.04%	-0.04%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	1.32B	1.46B	1.45B	1.72B	1.53B	1.36B	1.96B	4.37B	2.16B	2.08B
Depreciation & Amortization	426.01M	433.31M	454.53M	483.65M	512.92M	553.26M	713.43M	888.15M	970.06M	1.13B
Stock-Based Compensation	32.57M	37.48M	37.55M	69.94M	25.83M	33.36M	59.81M	56.7M	41.57M	44.75M
Other Non-Cash Items	-27.99M	14.1M	32.35M	-207.16M	3.23M	95.06M	-202.19M	-2.18B	56.01M	-100.88M
Working Capital Changes	0	0	0	0	0	0	12.87M	-9.05M	18.9M	-29.79M
Cash from Investing+	-456.13M	-699.11M	-737.06M	-515.92M	-897.35M	-1.12B	-5.56B	1.12B	-3.54B	-1B
Acquisitions (Net)	0	0	0	0	0	0	0	2.64B	-2.18B	0
Purchase of Investments	0	0	0	0	0	0	0	0	0	0
Sale of Investments	0	0	0	0	0	0	0	0	0	0
Other Investing	-227.66M	-429.19M	-398.58M	-177.12M	-710.05M	-947.72M	-5.29B	-1.06B	-899.21M	-582.61M
Cash from Financing+	-1.39B	-1.15B	-992.22M	-1.62B	-1.12B	-1.08B	3.5B	-4.19B	-112.93M	-2.08B
Dividends Paid	-1.37B	-1.51B	-1.63B	-1.61B	-1.61B	-1.61B	-1.59B	-3.91B	-2.31B	-2.3B
Common Dividends	-1.37B	-1.51B	-1.63B	-1.61B	-1.61B	-1.61B	-1.59B	-3.91B	-2.31B	-2.3B
Debt Issuance (Net)	1000K	1000K	1000K	-1000K	1000K	1000K	1000K	-1000K	1000K	1000K
Share Repurchases	0	0	0	0	0	0	0	0	0	-200M
Other Financing	-26.93M	-19.47M	-33.42M	-17.65M	-49.69M	-13.29M	-17.97M	-49.38M	-33.75M	-26.76M
Net Change in Cash+	-99.46M	97.02M	243.48M	-72.03M	49.53M	-150.95M	478.69M	43.87M	-404.78M	47.04M
Exchange Rate Effect	-318K	-381K	-126K	-171K	-13K	-426K	505K	0	0	0
Cash at Beginning	215.01M	115.56M	212.57M	456.05M	384.02M	433.55M	282.6M	761.29M	805.16M	400.38M
Cash at End	115.56M	212.57M	456.05M	384.02M	433.55M	282.6M	761.29M	805.16M	400.38M	447.42M
Free Cash Flow+	1.45B	1.59B	1.85B	1.92B	1.88B	1.87B	2.27B	2.66B	2.79B	2.71B
FCF Growth %	0.05%	0.1%	0.16%	0.04%	-0.02%	-0%	0.21%	0.17%	0.05%	-0.03%
FCF / Revenue %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
FFO per Share	10.01	10.85	10.89	12.59	11.65	10.94	15.19	29.71	17.7	18.19
FFO Payout Ratio	78.92%	79.8%	85.96%	73.48%	79.11%	84.09%	59.58%	74.63%	73.93%	71.9%
NOI Margin	73.32%	73.87%	73.47%	72.56%	71.52%	70.24%	73.05%	74.82%	74.59%	73.21%
Net Debt / EBITDA	0.13x	0.11x	0.53x	0.55x	0.75x	1.16x	2.79x	1.99x	2.66x	2.67x
Debt / Assets	3.26%	3.86%	13.34%	12.92%	16.74%	21.54%	43.01%	39.14%	45.95%	47.35%
Interest Coverage	2053.35x	319.65x	112.15x	43.45x	32.14x	25.07x	18.79x	15.91x	11.53x	7.66x
Book Value / Share	53.01	54.3	51.47	52.47	52.02	49.11	53.67	57.67	57.38	55.75
Revenue Growth	9.39%	7.51%	4.22%	3.41%	3.46%	2.1%	17.18%	22.43%	8.02%	3.94%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Self Storage Operations	2.24B	2.41B	2.51B	2.6B	2.68B	2.72B	3.2B	3.95B	4.26B	4.4B
Self Storage Operations Growth	-	7.62%	4.43%	3.39%	3.35%	1.38%	17.71%	23.18%	7.95%	3.20%
Ancillary Operations	146.17M	154.72M	156.09M	156.67M	162.27M	193.44M	212.26M	236.13M	258.08M	299.62M
Ancillary Operations Growth	-	5.85%	0.89%	0.37%	3.57%	19.21%	9.73%	11.25%	9.29%	16.10%

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024

Frequently Asked Questions

Valuation & Price

Public Storage (PSA) has a price-to-earnings (P/E) ratio of 27.5x. This suggests investors expect higher future growth.

Growth & Financials

Public Storage (PSA) reported $4.79B in revenue for fiscal year 2024. This represents a 176% increase from $1.74B in 2011.

Public Storage (PSA) grew revenue by 3.9% over the past year. Growth has been modest.

Yes, Public Storage (PSA) is profitable, generating $1.89B in net income for fiscal year 2024 (44.1% net margin).

Dividend & Returns

Yes, Public Storage (PSA) pays a dividend with a yield of 4.46%. This makes it attractive for income-focused investors.

Public Storage (PSA) has a return on equity (ROE) of 20.8%. This is excellent, indicating efficient use of shareholder capital.

Industry Metrics

Public Storage (PSA) generated Funds From Operations (FFO) of $3.03B in the trailing twelve months. FFO is the primary profitability metric for REITs.

Public Storage (PSA) offers a 4.46% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

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