Public Storage (PSA) is slightly undervalued and Rexford Industrial Realty Inc (REXR) is overvalued.
Against our estimates of intrinsic value, PSA trades at the wider discount: a margin of safety of +12%, against -61% for REXR.
Values as of the 22 Sept 2026 close.
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
Discounting its cash flows at 9.0% (average of 2 methods) values the shares at $23.75; the price of $38.23 is 61% above that value, and 77% of that value comes from beyond year five.
Leak Score 0/100 on 2 of 12 signals
| Metric | PSA | REXR |
|---|---|---|
| Verdict | Slightly undervalued | Overvalued |
| Price | $289.71 | $38.23 |
| Intrinsic value | $327.73 | $23.75 |
| Margin of safety | +12% | -61% |
| Leak Score | 73/100 (8/12) | 0/100 (2/12) |
| Market cap | $54.1B | $8.5B |
| Revenue growth, 5 years | 10.6% | 24.4% |
| Operating margin | 45.8% | 39.4% |
| Net margin | 37.7% | -40.5% |
| Return on equity | 22.0% | -4.8% |
| Debt to equity | 1.11 | 0.45 |
| P/E | 27.6x | — |
| Forward P/E | 28.6x | 25.1x |
| P/B | 10.5x | 1.1x |
| Dividend yield | 4.2% | 4.6% |