PSAPublic Storage

Real Estate Investment Trusts

Revenue: $4.8B; 2.7% YoY
Operating margin: —
EBITDA: —
Market cap: $57.1B
Employees: 5,770; $836K revenue each
Net debt / EBITDA: —; $11.4B net debt
AI in 10-K: 1.7; mentions per 10K words

Takeover score 0 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
179% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
30% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
2% of assets
Over 40% of assets
Shareholder dissentNo
97% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$836K · 51st pct
Bottom quartile of its SIC industry
Quiet on AINo
1.7 per 10K words · 51st pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
6.1× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$57.1B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$29M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$3.4B	$4.2B	$4.5B	$4.7B	$4.8B	2.7%
Net income	$2.0B	$4.3B	$2.1B	$2.1B	$1.8B	14%
Operating cash flow	$2.5B	$3.1B	$3.2B	$3.1B	$3.2B	1.9%
Stock-based comp	$60M	$57M	$42M	$45M	$40M	11%
Buybacks	—	$0	$0	$200M	$0	100%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Aug 12, 2021	HUGHES B WAYNE ET AL	SC 13D/A	0.3%	Passive
Aug 12, 2021	GUSTAVSON TAMARA HUGHES	SC 13D	10.1%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $772K · 2
Net: −$772K

Pay vs performance

No pay-versus-performance disclosure yet.