Public Storage (PSA-PH)
ValueMarkers Composite Index
96% below intrinsic value ($492)
Public Storage (PSA-PH) — VMCI valuation read
Headline read on PSA-PH: VMCI of 57/100 versus a Real Estate sector median of 50. The 7-point above-median position is what makes Public Storage a relative-value candidate in the mid-cap cohort, before any pillar-level review.
Form 4 filings on PSA-PH: zero in the trailing 30 days. The absence of insider transactions is itself a data point, just a low-information one. The thesis runs on financials and price action until that changes.
**Investor frame.** Three reads on PSA-PH: value (PSA-PH trades at 27.0x earnings, 50% above the Real Estate median of 18.0x), quality (ROIC of 19.0% sits 9.0pp above the Real Estate median (10.0%)), and risk (net debt to EBITDA of -0.3x leaves covenant headroom). The value read also implies an EV/EBITDA gap of +4.0x against the Real Estate 12.0x baseline.
PSA-PH rose 0.8% over the trailing 7 days, with a -0.3% read on a 30-day basis.
Public 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.
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