First Industrial Realty Trust Inc (FR) is overvalued and Public Storage (PSA) is slightly undervalued.
Against our estimates of intrinsic value, PSA trades at the wider discount: a margin of safety of +12%, against -85% for FR.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 9.0% (average of 3 methods) values the shares at $33.50; the price of $61.89 is 85% above that value, and 76% of that value comes from beyond year five.
Leak Score 14/100 on 3 of 12 signals
Discounting its cash flows at 9.3% (average of 3 methods) values the shares at $327.73; the price of $289.71 is 12% below that value, and 75% of that value comes from beyond year five.
Leak Score 73/100 on 8 of 12 signals
| Metric | FR | PSA |
|---|---|---|
| Verdict | Overvalued | Slightly undervalued |
| Price | $61.89 | $289.71 |
| Intrinsic value | $33.50 | $327.73 |
| Margin of safety | -85% | +12% |
| Leak Score | 14/100 (3/12) | 73/100 (8/12) |
| Market cap | $8.5B | $54.1B |
| Revenue growth, 5 years | 10.1% | 10.6% |
| Operating margin | 41.6% | 45.8% |
| Net margin | 47.9% | 37.7% |
| Return on equity | 13.4% | 22.0% |
| Debt to equity | 0.93 | 1.11 |
| P/E | 22.5x | 27.6x |
| Forward P/E | 31.7x | 28.6x |
| P/B | 3.0x | 10.5x |
| Dividend yield | 3.2% | 4.2% |