Public Storage

NYSE-PSA

Basic

Market Cap
$51.82B
EV
$65.07B
Shares Out
175.72M
Revenue
$4,608.67M
Employees
6,200

Margins

Gross
74.02%
EBITDA
72.18%
Operating
49.75%
Pre-Tax
46.88%
Net
46.42%
FCF
69.77%

Returns (5Yr Avg)

ROA
15.38%
ROTA
24.14%
ROE
23.95%
ROCE
13.4%
ROIC
13.09%

Valuation (TTM)

P/E
—
P/B
—
P/FFO
—
P/Adjusted FFO
—
EV/Sales
—
EV/EBITDA
—
P/FCF
—
EV/Gross Profit
—

Valuation (NTM)

Price Target
$310.65
P/E
—
PEG
—
P/FFO
—
P/Adjusted FFO
—
EV/Sales
—
EV/EBITDA
—
P/FCF
—

Financial Health

Cash
$271.65M
Net Debt
$8,796.25M
Debt/Equity
0.9
EBIT/Interest
9.85

Growth (CAGR)

Rev 3Yr
15.03%
Rev 5Yr
9.9%
Rev 10Yr
8.22%
Dil EPS 3Yr
17.95%
Dil EPS 5Yr
5.02%
Dil EPS 10Yr
8.3%
Rev Fwd 2Yr
3.61%
EBITDA Fwd 2Yr
4.72%
EPS Fwd 2Yr
-0.64%
EPS LT Growth Est
3.24%

Dividends

Yield
—
Payout
108.56%
DPS
$12
DPS Growth 3Yr
14.47%
DPS Growth 5Yr
8.45%
DPS Growth 10Yr
8.52%
DPS Growth Fwd 2Yr
2.28%

Metric	Dec '14	Dec '15	Dec '16	Dec '17	Dec '18	Dec '19	Dec '20	Dec '21	Dec '22	Dec '23	LTM
Operating Revenues						2,684.6	2,721.6	3,203.6	3,946	4,259.6	4,313.5
Other Revenues, Total						240.1	273.9	444.4	294	286	295.2
Total Revenues						2,924.7	2,995.6	3,647.9	4,240	4,545.6	4,608.7
Total Revenues % Chg.						3.5%	2.4%	21.8%	16.2%	7.2%	6%
Cost of Goods Sold, Total						813.2	867.5	933.5	1,074.7	1,162.7	1,197.1
Gross Profit						2,111.5	2,128.1	2,714.4	3,165.4	3,382.9	3,411.5
Selling General & Admin Expenses, Total						62.1	80	76	71.7	80.6	85
Depreciation & Amortization						512.9	553.3	713.4	888.1	970.1	1,033.6
Other Operating Expenses	—					—	—	—	—	—	—
Other Operating Expenses, Total						575.1	633.2	789.4	959.8	1,050.7	1,118.6
Operating Income						1,536.4	1,494.9	1,925	2,205.6	2,332.2	2,292.9
Interest Expense, Total						-45.6	-56.3	-90.8	-136.3	-201.1	-232.8
Interest And Investment Income						26.7	22.3	12.3	20.8	64.8	61.6
Net Interest Expenses						-19	-34	-78.5	-115.5	-136.3	-171.2
Currency Exchange Gains (Loss)						7.8	-98	111.8	98.3	-51.2	13.2
Other Non Operating Income (Expenses)						—	—	—	15.1	18	17.6
EBT, Excl. Unusual Items						1,525.3	1,363	1,958.3	2,203.5	2,162.6	2,152.5
Gain (Loss) On Sale Of Investments				—		—	—	—	2,182.6	2.8	1.7
Gain (Loss) On Sale Of Assets						0.3	1.5	13.7	1.5	17.2	18.1
Asset Writedown	—	—	—	—	—	—	-3.2	—	-7	-11.7	-11.7
Legal Settlements	—		—	—	—	—	—	—	—	—	—
Other Unusual Items	—	—	—		—	—	—	—	—	—	—
EBT, Incl. Unusual Items						1,525.7	1,361.2	1,972	4,380.6	2,170.9	2,160.6
Income Tax Expense	—	—	—	—	—	—	—	12.4	14.3	10.8	9.2
Earnings From Continuing Operations						1,525.7	1,361.2	1,959.6	4,366.3	2,160.1	2,151.4
Minority Interest						-5.1	-4	-6.4	-17.1	-11.8	-11.8
Net Income						1,520.5	1,357.2	1,953.3	4,349.1	2,148.3	2,139.6
Preferred Dividend and Other Adjustments						247.8	258.9	220.8	206.9	199.6	199.2
Net Income to Common Incl Extra Items						1,272.8	1,098.3	1,732.4	4,142.3	1,948.7	1,940.4
Net Income to Common Excl. Extra Items						1,272.8	1,098.3	1,732.4	4,142.3	1,948.7	1,940.4
Total Shares Outstanding						174.4	174.6	175.1	175.3	175.7	175.7
Weighted Avg. Shares Outstanding						174.3	174.5	174.9	175.3	175.5	175.5
Weighted Avg. Shares Outstanding Dil						174.5	174.6	175.6	176.3	176.1	176.2
EPS						7.3	6.3	9.9	23.6	11.1	11.1
EPS Diluted						7.3	6.3	9.9	23.5	11.1	11
EBITDA						2,049.4	2,048.1	2,638.4	3,093.7	3,302.3	3,326.5
Effective Tax Rate	—	—	—	—	—	—	—	0.6%	0.3%	0.5%	0.4%