Intrinsic value of Public Storage - PSA

Previous Close

$222.46

  Intrinsic Value

$55.08

stock screener

  Rating & Target

str. sell

-75%

Previous close

$222.46

 
Intrinsic value

$55.08

 
Up/down potential

-75%

 
Rating

str. sell

Our model is not good at valuating stocks of financial companies, such as PSA.

We calculate the intrinsic value of PSA stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 38.7

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  4.20
  4.28
  4.35
  4.42
  4.48
  4.53
  4.57
  4.62
  4.66
  4.69
  4.72
  4.75
  4.77
  4.80
  4.82
  4.84
  4.85
  4.87
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.94
  4.94
  4.95
  4.95
  4.96
  4.96
Revenue, $m
  2,781
  2,900
  3,026
  3,160
  3,301
  3,451
  3,609
  3,775
  3,951
  4,136
  4,332
  4,537
  4,754
  4,982
  5,222
  5,475
  5,740
  6,020
  6,313
  6,622
  6,947
  7,288
  7,647
  8,024
  8,420
  8,836
  9,273
  9,733
  10,215
  10,722
Variable operating expenses, $m
  1,288
  1,343
  1,401
  1,463
  1,529
  1,598
  1,671
  1,748
  1,829
  1,915
  2,006
  2,101
  2,201
  2,307
  2,418
  2,535
  2,658
  2,787
  2,923
  3,066
  3,216
  3,374
  3,540
  3,715
  3,898
  4,091
  4,293
  4,506
  4,730
  4,964
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  1,288
  1,343
  1,401
  1,463
  1,529
  1,598
  1,671
  1,748
  1,829
  1,915
  2,006
  2,101
  2,201
  2,307
  2,418
  2,535
  2,658
  2,787
  2,923
  3,066
  3,216
  3,374
  3,540
  3,715
  3,898
  4,091
  4,293
  4,506
  4,730
  4,964
Operating income, $m
  1,493
  1,557
  1,625
  1,697
  1,773
  1,853
  1,938
  2,027
  2,122
  2,221
  2,326
  2,437
  2,553
  2,675
  2,804
  2,940
  3,083
  3,233
  3,390
  3,556
  3,730
  3,914
  4,106
  4,309
  4,521
  4,745
  4,980
  5,226
  5,485
  5,758
EBITDA, $m
  2,581
  2,691
  2,808
  2,932
  3,063
  3,202
  3,349
  3,503
  3,666
  3,838
  4,019
  4,210
  4,411
  4,623
  4,846
  5,080
  5,326
  5,586
  5,858
  6,145
  6,446
  6,763
  7,095
  7,445
  7,813
  8,199
  8,605
  9,031
  9,479
  9,949
Interest expense (income), $m
  0
  43
  43
  44
  44
  44
  44
  44
  45
  45
  45
  45
  46
  46
  46
  47
  47
  47
  48
  48
  49
  49
  50
  50
  51
  51
  52
  53
  53
  54
  55
Earnings before tax, $m
  1,450
  1,514
  1,582
  1,653
  1,729
  1,809
  1,894
  1,983
  2,077
  2,176
  2,281
  2,391
  2,507
  2,629
  2,758
  2,893
  3,035
  3,185
  3,342
  3,507
  3,681
  3,864
  4,056
  4,258
  4,470
  4,693
  4,927
  5,173
  5,432
  5,703
Tax expense, $m
  392
  409
  427
  446
  467
  488
  511
  535
  561
  588
  616
  646
  677
  710
  745
  781
  819
  860
  902
  947
  994
  1,043
  1,095
  1,150
  1,207
  1,267
  1,330
  1,397
  1,467
  1,540
Net income, $m
  1,059
  1,105
  1,155
  1,207
  1,262
  1,321
  1,382
  1,447
  1,516
  1,589
  1,665
  1,745
  1,830
  1,919
  2,013
  2,112
  2,216
  2,325
  2,440
  2,560
  2,687
  2,821
  2,961
  3,108
  3,263
  3,426
  3,597
  3,776
  3,965
  4,163

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  -704
  -734
  -766
  -800
  -836
  -874
  -914
  -956
  -1,001
  -1,047
  -1,097
  -1,149
  -1,204
  -1,262
  -1,322
  -1,386
  -1,454
  -1,524
  -1,599
  -1,677
  -1,759
  -1,846
  -1,936
  -2,032
  -2,132
  -2,238
  -2,348
  -2,465
  -2,587
  -2,715
Adjusted assets (=assets-cash), $m
  -704
  -734
  -766
  -800
  -836
  -874
  -914
  -956
  -1,001
  -1,047
  -1,097
  -1,149
  -1,204
  -1,262
  -1,322
  -1,386
  -1,454
  -1,524
  -1,599
  -1,677
  -1,759
  -1,846
  -1,936
  -2,032
  -2,132
  -2,238
  -2,348
  -2,465
  -2,587
  -2,715
Revenue / Adjusted assets
  -3.950
  -3.951
  -3.950
  -3.950
  -3.949
  -3.949
  -3.949
  -3.949
  -3.947
  -3.950
  -3.949
  -3.949
  -3.949
  -3.948
  -3.950
  -3.950
  -3.948
  -3.950
  -3.948
  -3.949
  -3.949
  -3.948
  -3.950
  -3.949
  -3.949
  -3.948
  -3.949
  -3.948
  -3.949
  -3.949
Average production assets, $m
  10,871
  11,337
  11,830
  12,352
  12,905
  13,490
  14,107
  14,758
  15,445
  16,170
  16,933
  17,737
  18,584
  19,475
  20,413
  21,400
  22,439
  23,531
  24,679
  25,886
  27,155
  28,489
  29,891
  31,365
  32,913
  34,540
  36,249
  38,044
  39,931
  41,912
Working capital, $m
  -1,619
  -1,688
  -1,761
  -1,839
  -1,921
  -2,008
  -2,100
  -2,197
  -2,300
  -2,407
  -2,521
  -2,641
  -2,767
  -2,900
  -3,039
  -3,186
  -3,341
  -3,503
  -3,674
  -3,854
  -4,043
  -4,242
  -4,450
  -4,670
  -4,900
  -5,143
  -5,397
  -5,664
  -5,945
  -6,240
Total debt, $m
  802
  806
  809
  813
  817
  821
  826
  830
  835
  840
  846
  852
  858
  864
  871
  878
  886
  893
  902
  910
  919
  929
  939
  950
  961
  973
  985
  998
  1,011
  1,026
Total liabilities, $m
  78
  82
  85
  89
  93
  97
  101
  106
  111
  116
  122
  128
  134
  140
  147
  154
  161
  169
  177
  186
  195
  205
  215
  226
  237
  248
  261
  274
  287
  301
Total equity, $m
  -782
  -816
  -851
  -889
  -929
  -971
  -1,015
  -1,062
  -1,112
  -1,164
  -1,219
  -1,277
  -1,338
  -1,402
  -1,469
  -1,540
  -1,615
  -1,694
  -1,776
  -1,863
  -1,954
  -2,050
  -2,151
  -2,257
  -2,369
  -2,486
  -2,609
  -2,738
  -2,874
  -3,016
Total liabilities and equity, $m
  -704
  -734
  -766
  -800
  -836
  -874
  -914
  -956
  -1,001
  -1,048
  -1,097
  -1,149
  -1,204
  -1,262
  -1,322
  -1,386
  -1,454
  -1,525
  -1,599
  -1,677
  -1,759
  -1,845
  -1,936
  -2,031
  -2,132
  -2,238
  -2,348
  -2,464
  -2,587
  -2,715
Debt-to-equity ratio
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
Adjusted equity ratio
  1.111
  1.111
  1.111
  1.111
  1.111
  1.111
  1.111
  1.111
  1.111
  1.111
  1.111
  1.111
  1.111
  1.111
  1.111
  1.111
  1.111
  1.111
  1.111
  1.111
  1.111
  1.111
  1.111
  1.111
  1.111
  1.111
  1.111
  1.111
  1.111
  1.111

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,059
  1,105
  1,155
  1,207
  1,262
  1,321
  1,382
  1,447
  1,516
  1,589
  1,665
  1,745
  1,830
  1,919
  2,013
  2,112
  2,216
  2,325
  2,440
  2,560
  2,687
  2,821
  2,961
  3,108
  3,263
  3,426
  3,597
  3,776
  3,965
  4,163
Depreciation, amort., depletion, $m
  1,087
  1,134
  1,183
  1,235
  1,291
  1,349
  1,411
  1,476
  1,545
  1,617
  1,693
  1,774
  1,858
  1,948
  2,041
  2,140
  2,244
  2,353
  2,468
  2,589
  2,716
  2,849
  2,989
  3,136
  3,291
  3,454
  3,625
  3,804
  3,993
  4,191
Funds from operations, $m
  2,146
  2,239
  2,338
  2,442
  2,553
  2,670
  2,793
  2,923
  3,061
  3,206
  3,358
  3,519
  3,688
  3,867
  4,054
  4,252
  4,459
  4,678
  4,908
  5,149
  5,403
  5,670
  5,950
  6,245
  6,554
  6,880
  7,222
  7,581
  7,958
  8,354
Change in working capital, $m
  -65
  -69
  -73
  -78
  -82
  -87
  -92
  -97
  -102
  -108
  -114
  -120
  -126
  -133
  -140
  -147
  -155
  -163
  -171
  -180
  -189
  -199
  -209
  -219
  -231
  -242
  -254
  -267
  -281
  -295
Cash from operations, $m
  2,211
  2,308
  2,411
  2,520
  2,635
  2,757
  2,885
  3,020
  3,163
  3,313
  3,472
  3,639
  3,815
  3,999
  4,194
  4,399
  4,614
  4,840
  5,079
  5,329
  5,592
  5,868
  6,159
  6,464
  6,785
  7,122
  7,476
  7,848
  8,239
  8,649
Maintenance CAPEX, $m
  -1,043
  -1,087
  -1,134
  -1,183
  -1,235
  -1,291
  -1,349
  -1,411
  -1,476
  -1,545
  -1,617
  -1,693
  -1,774
  -1,858
  -1,948
  -2,041
  -2,140
  -2,244
  -2,353
  -2,468
  -2,589
  -2,716
  -2,849
  -2,989
  -3,136
  -3,291
  -3,454
  -3,625
  -3,804
  -3,993
New CAPEX, $m
  -440
  -465
  -493
  -523
  -553
  -584
  -617
  -651
  -687
  -724
  -763
  -804
  -847
  -891
  -938
  -987
  -1,038
  -1,092
  -1,148
  -1,207
  -1,269
  -1,334
  -1,402
  -1,473
  -1,548
  -1,627
  -1,709
  -1,796
  -1,886
  -1,981
Cash from investing activities, $m
  -1,483
  -1,552
  -1,627
  -1,706
  -1,788
  -1,875
  -1,966
  -2,062
  -2,163
  -2,269
  -2,380
  -2,497
  -2,621
  -2,749
  -2,886
  -3,028
  -3,178
  -3,336
  -3,501
  -3,675
  -3,858
  -4,050
  -4,251
  -4,462
  -4,684
  -4,918
  -5,163
  -5,421
  -5,690
  -5,974
Free cash flow, $m
  728
  756
  784
  814
  847
  882
  919
  958
  1,000
  1,045
  1,092
  1,141
  1,194
  1,250
  1,308
  1,370
  1,436
  1,505
  1,577
  1,654
  1,734
  1,819
  1,908
  2,002
  2,100
  2,204
  2,313
  2,428
  2,548
  2,675
Issuance/(repayment) of debt, $m
  3
  3
  4
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  12
  13
  14
  14
Issuance/(repurchase) of shares, $m
  -32
  -33
  -36
  -38
  -40
  -42
  -44
  -47
  -49
  -52
  -55
  -58
  -61
  -64
  -68
  -71
  -75
  -79
  -83
  -87
  -91
  -96
  -101
  -106
  -111
  -117
  -123
  -129
  -136
  -143
Cash from financing (excl. dividends), $m  
  -29
  -30
  -32
  -34
  -36
  -38
  -40
  -42
  -44
  -47
  -50
  -52
  -55
  -58
  -61
  -64
  -68
  -71
  -75
  -78
  -82
  -86
  -91
  -95
  -100
  -105
  -111
  -116
  -122
  -129
Total cash flow (excl. dividends), $m
  699
  726
  752
  781
  811
  844
  879
  916
  956
  998
  1,042
  1,089
  1,139
  1,192
  1,248
  1,306
  1,368
  1,434
  1,503
  1,575
  1,652
  1,732
  1,817
  1,906
  2,000
  2,099
  2,202
  2,311
  2,426
  2,547
Retained Cash Flow (-), $m
  32
  33
  36
  38
  40
  42
  44
  47
  49
  52
  55
  58
  61
  64
  68
  71
  75
  79
  83
  87
  91
  96
  101
  106
  111
  117
  123
  129
  136
  143
Prev. year cash balance distribution, $m
  751
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  37
  39
  41
  42
  44
  46
  48
  51
  53
  55
  58
  61
  64
  67
  70
  73
  77
  80
  84
  88
  93
  97
  102
  107
  112
  118
  124
  130
  136
  143
Cash available for distribution, $m
  1,482
  759
  788
  818
  851
  886
  923
  963
  1,005
  1,050
  1,097
  1,147
  1,200
  1,256
  1,315
  1,377
  1,443
  1,512
  1,585
  1,662
  1,743
  1,828
  1,918
  2,012
  2,111
  2,216
  2,325
  2,441
  2,562
  2,689
Discount rate, %
  5.60
  5.88
  6.17
  6.48
  6.81
  7.15
  7.50
  7.88
  8.27
  8.69
  9.12
  9.58
  10.06
  10.56
  11.09
  11.64
  12.22
  12.84
  13.48
  14.15
  14.86
  15.60
  16.38
  17.20
  18.06
  18.96
  19.91
  20.91
  21.95
  23.05
PV of cash for distribution, $m
  1,404
  677
  658
  636
  612
  585
  556
  525
  491
  456
  420
  383
  345
  308
  272
  237
  203
  172
  144
  118
  95
  75
  59
  45
  33
  24
  17
  12
  8
  5
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Public Storage is a real estate investment trust (REIT). The Company's principal business activities include the ownership and operation of self-storage facilities, which offer storage spaces for lease, generally on a month-to-month basis, for personal and business use, ancillary activities, such as merchandise sales and tenant reinsurance to the tenants at its self-storage facilities, as well as the acquisition and development of additional self-storage space. The Company's segments include Self-Storage Operations, Ancillary Operations, Investment in PS Business Parks, Inc. (PSB) and Investment in Shurgard Europe. As of December 31, 2016, the Company had direct and indirect equity interests in 2,348 self-storage facilities (with approximately 154 million net rentable square feet) located in 38 states in the United States operating under the Public Storage name.

FINANCIAL RATIOS  of  Public Storage (PSA)

Valuation Ratios
P/E Ratio 26.5
Price to Sales 15.1
Price to Book 4.1
Price to Tangible Book
Price to Cash Flow 19.8
Price to Free Cash Flow 32.8
Growth Rates
Sales Growth Rate 7.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 63.1%
Cap. Spend. - 3 Yr. Gr. Rate -10.3%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 4.2%
Total Debt to Equity 4.2%
Interest Coverage 0
Management Effectiveness
Return On Assets 14.6%
Ret/ On Assets - 3 Yr. Avg. 13.2%
Return On Total Capital 15.1%
Ret/ On T. Cap. - 3 Yr. Avg. 13.6%
Return On Equity 15.6%
Return On Equity - 3 Yr. Avg. 14.1%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 73.8%
Gross Margin - 3 Yr. Avg. 73%
EBITDA Margin 73.9%
EBITDA Margin - 3 Yr. Avg. 73.3%
Operating Margin 53.7%
Oper. Margin - 3 Yr. Avg. 51.3%
Pre-Tax Margin 57%
Pre-Tax Margin - 3 Yr. Avg. 55.1%
Net Profit Margin 56.8%
Net Profit Margin - 3 Yr. Avg. 54.8%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 103.6%

PSA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PSA stock intrinsic value calculation we used $2669 million for the last fiscal year's total revenue generated by Public Storage. The default revenue input number comes from 2017 income statement of Public Storage. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our PSA stock valuation model: a) initial revenue growth rate of 4.2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 5.6%, whose default value for PSA is calculated based on our internal credit rating of Public Storage, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Public Storage.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of PSA stock the variable cost ratio is equal to 46.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for PSA stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Public Storage.

Corporate tax rate of 27% is the nominal tax rate for Public Storage. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the PSA stock is equal to 1.4%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for PSA are equal to 390.9%.

Life of production assets of 10 years is the average useful life of capital assets used in Public Storage operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for PSA is equal to -58.2%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $0 million for Public Storage - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 174 million for Public Storage is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Public Storage at the current share price and the inputted number of shares is $38.7 billion.

RELATED COMPANIES Price Int.Val. Rating
CUBE CubeSmart 31.01 7.98  str.sell
EXR Extra Space St 95.12 55.45  sell
LSI Life Storage 95.65 35.34  str.sell
NSA National Stora 30.05 8.72  str.sell
PSB PS Business Pa 128.71 18.26  str.sell
STT State Street 92.74 30.36  str.sell
CNS Cohen&Steers 42.60 34.56  hold

COMPANY NEWS

▶ 25 Stocks Every Retiree Should Own   [Jun-27-18 03:51PM  Kiplinger]
▶ At US$0225.96, Is Public Storage (NYSE:PSA) A Buy?   [Jun-26-18 11:51AM  Simply Wall St.]
▶ 5 Top Self-Storage REITs to Buy Now   [Jun-20-18 04:02PM  Motley Fool]
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▶ Public Storage Announces Mothers Day Video Contest Winner   [May-10-18 05:02PM  Business Wire]
▶ 3 Boring Stocks That Could Make You Rich   [May-08-18 06:26AM  Motley Fool]
▶ Public Storage Opens New Frisco, Texas, Storage Facility   [Apr-27-18 01:30PM  Business Wire]
▶ Public Storage Announces Management Changes   [Apr-25-18 07:02PM  Business Wire]
▶ Public Storage: 1Q Earnings Snapshot   [05:12PM  Associated Press]
▶ Where to Invest for a Trade War: Goldman's View   [Apr-05-18 02:32PM  Investopedia]
▶ Public Storage Opens New Huntersville Storage Facility   [Apr-04-18 01:24PM  Business Wire]
▶ Public Storage Announces What a Joke! Video Contest Winner   [Mar-29-18 02:43PM  Business Wire]
▶ Have Investors Priced In Public Storages (NYSE:PSA) Growth?   [Mar-27-18 01:18PM  Simply Wall St.]
▶ Public Storage Launches What a Joke! Video Contest   [Mar-08-18 03:44PM  Business Wire]
▶ 3 Top Stocks on Sale This Quarter   [08:37AM  Motley Fool]
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▶ Public Storage to Host Earnings Call   [Feb-21-18 10:00AM  ACCESSWIRE]
▶ Public Storage Announces Senior Management Changes   [Feb-20-18 09:52PM  Business Wire]
▶ Public Storage Launches Be Our Valentine Video Contest   [Feb-08-18 05:15PM  Business Wire]
▶ Stocks That Fell to 3-Year Lows in the Week of Feb. 2   [Feb-04-18 04:11PM  GuruFocus.com]
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▶ These 4 REITs Will Thrive as Rates Rise   [03:56AM  Harvest Exchange]
▶ 52-Week Company Lows   [Jan-18-18 10:58AM  GuruFocus.com]
▶ Public Storage Announces Tax Treatment of 2017 Dividends   [Jan-16-18 07:06PM  Business Wire]
▶ Developers propose 8-story apartment tower, expanded self-storage in Fort Lauderdale   [Jan-12-18 04:28PM  American City Business Journals]
▶ 52-Week Company Lows   [Jan-11-18 10:35AM  GuruFocus.com]
▶ Does Public Storages (NYSE:PSA) PE Ratio Warrant A Buy?   [Jan-09-18 01:53PM  Simply Wall St.]
▶ 3 Top Dividend Stocks to Buy in January   [06:05AM  Motley Fool]
▶ Public Storage Launches Organization Video Contest   [Dec-29-17 12:32PM  Business Wire]
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