On 12 Nov 2026 our base value for Public Storage is $274.94 a share, 17.5% below its $333.33 close; 0 of 1 valuation methods put it above the price.
| Method | Value | vs price | Basis |
|---|---|---|---|
| Discounted cash flow | — | — | not used for REITs: depreciation of property makes earnings and free cash flow understate what a REIT earns; see price to FFO |
| Exit multiple (P/E) | — | — | not used for REITs: depreciation of property makes earnings and free cash flow understate what a REIT earns; see price to FFO |
| Sum of the parts | — | — | not used for REITs: REITs are valued on funds from operations; see price to FFO |
| Price to sales | — | — | not used for REITs: REITs are valued on funds from operations; see price to FFO |
| Tangible book | — | — | not used for REITs: REITs are valued on funds from operations; see price to FFO |
| Price to FFO (REITs) | $274.94 | -17.5% | funds from operations $16.76 a share (FY2025) at its own 5-year median of 16.4× (today 19.9×) |
Each working is rebuilt by code from the valuation's own figures and checked against the published value.
| Fiscal year | Net income | Depreciation | FFO | Shares | FFO per share | Year-end close | P/FFO |
|---|---|---|---|---|---|---|---|
| 2021 | $1.96bn | $713.43m | $2.67bn | 175.57m | $15.23 | $374.56 | 24.6× |
| 2022 | $4.37bn | $888.15m | $5.25bn | 176.28m | $29.81 | $280.19 | 9.4× |
| 2023 | $2.16bn | $970.06m | $3.13bn | 176.14m | $17.77 | $305.00 | 17.2× |
| 2024 | $2.08bn | $1.13bn | $3.21bn | 176.04m | $18.26 | $299.44 | 16.4× |
| 2025 | $1.80bn | $1.15bn | $2.95bn | 175.90m | $16.76 | $259.50 | 15.5× |
| Median P/FFO | 16.4× |
| Latest FFO per share (FY2025) | $16.76 |
| Value per share = median × latest FFO per share | $274.94 |
For a REIT the base value is the price-to-FFO value: $274.94 a share.
Bear $259.50 · Base $274.94 · Bull $287.73 (the REIT's own lower and upper quartile price-to-FFO)
One-year price simulation: a 63% chance the price is higher than today's $333.33 in a year, from 21.1% volatility. The simulation assumes the price drifts up at our discount rate of 9.32% a year.
| Week | Price | Base value |
|---|---|---|
| 2 Oct 2026 | $283.81 | $274.94 |
| 9 Oct 2026 | $289.86 | $274.94 |
| 16 Oct 2026 | $298.31 | $274.94 |
| 23 Oct 2026 | $309.89 | $274.94 |
| 30 Oct 2026 | $324.77 | $274.94 |
| 6 Nov 2026 | $337.46 | $274.94 |
| 12 Nov 2026 | $333.33 | $274.94 |
Data as of 12 Nov 2026; financials to 30 Sep 2026. Sources: company filings via EODHD, SEC EDGAR, US Treasury. How these values are computed. Not investment advice.
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