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Value Scorecard · REIT version · run 2026-10-19
13 value checks for REITs: 12 scored 1 to 5, plus moat evidence
32/60
low-moderate value scoreREIT versionWhy this card is different. REITs must pay out most of their taxable income, and depreciation on their buildings lowers the earnings they report. So this card scores funds from operations (FFO) in place of earnings for five of its checks, and capital allocation uses REIT tests. Compare a REIT’s score with other REITs’ scores, not with other companies’: six of its checks are different.
What’s different
EPS trend→FFO per share trend
ROE trend→FFO payout ratio
ROIC→Debt to total assets
Retained earnings→FFO kept after distributions
Graham value→Price-to-FFO
Capital allocation→Capital allocation, REIT tests
Margin of safety uses the DCF value alone. Everything else is the same as on every card.
What is FFO?
Funds from operations. In short: net income with property depreciation added back, and gains or losses from selling property and property write-downs taken out. It is the standard measure REITs report, defined by Nareit, the REIT industry association.
Valerius uses Nareit FFO. Companies also report adjusted versions (AFFO, “normalized” FFO) under their own definitions, which can be higher or lower, so a figure in the news can differ from the one here.
Scored with the REIT version since Oct 2026. The earlier score, 27 of 55, used the standard version, whose checks don't fit how a REIT works. The two scores are not comparable: the method changed.
Earnings & returns
FFO per Share Trend REIT measure
2/5Nareit FFO per diluted share, as reported in the 10-Ks: $16.46 (2022), $16.60 (2023), $17.19 (2024), $15.81 (2025). It ended at or below 2022; the framework scores that as 2.
FFO allocable to common shares $ 2,780,451 $ 3,025,914 (8.1) % $ 3,025,914 $ 2,924,288 3.5 %
FFO per share $ 15.81 $ 17.19 (8.0) % $ 17.19 $ 16.60 3.6 %Found by AI, checked by codeFrom the company’s 10-K for 2025, filed 2026-02-12 · View the filing
How this figure was checked
AI found this line in the 10-K. Valerius then checked in code that the line appears in the filing word for word, that it is the plain FFO line (not an adjusted one), and that FFO per share times the diluted share count matches the reported total, or, where no per-share figure is printed, that it is close to FFO built from the filed figures. The score is a fixed rule applied to that figure. No AI sets a score.
FFO Payout Ratio REIT measure
3/5Distributions paid (yfinance) over Nareit FFO (10-K): 135% (2022), 79% (2023), 76% (2024), 83% (2025). 83% in 2025; the framework scores 80-90% as 3.
FFO allocable to common shares $ 2,780,451 $ 3,025,914 (8.1) % $ 3,025,914 $ 2,924,288 3.5 %
FFO per share $ 15.81 $ 17.19 (8.0) % $ 17.19 $ 16.60 3.6 %Found by AI, checked by codeFrom the company’s 10-K for 2025, filed 2026-02-12 · View the filing
How this figure was checked
AI found this line in the 10-K. Valerius then checked in code that the line appears in the filing word for word, that it is the plain FFO line (not an adjusted one), and that FFO per share times the diluted share count matches the reported total, or, where no per-share figure is printed, that it is close to FFO built from the filed figures. The score is a fixed rule applied to that figure. No AI sets a score.
Profit Margins
5/5Net margin of 41.6%; the framework scores above 20% as 5; gross margin 74.4%, operating margin 45.7%.
Balance sheet & cash
Debt to Total Assets REIT measure
2/5Total debt over total assets (yfinance balance sheets): 39.1% (2022), 46.0% (2023), 47.3% (2024), 50.7% (2025). 50.7% in 2025; the framework scores 50-60% as 2.
Debt-to-Equity
3/5Debt-to-equity of 1.10; the framework scores 0.8-1.5 as 3 (total debt $10.18B, total cash $259.94M).
Free Cash Flow
4/5Free cash flow (operating cash flow minus capital expenditure): $2.66B (2022), $2.79B (2023), $2.71B (2024), $2.90B (2025). It rose every year but one and ended above 2022; the framework scores that as 4.
FFO Kept after Distributions REIT measure
4/5FFO kept after distributions (Nareit FFO from the 10-Ks minus distributions paid, yfinance): -$1.01B (2022), $618.97M (2023), $723.98M (2024), $477.07M (2025). It rose every year but one and ended above 2022; the framework scores that as 4.
FFO allocable to common shares $ 2,780,451 $ 3,025,914 (8.1) % $ 3,025,914 $ 2,924,288 3.5 %
FFO per share $ 15.81 $ 17.19 (8.0) % $ 17.19 $ 16.60 3.6 %Found by AI, checked by codeFrom the company’s 10-K for 2025, filed 2026-02-12 · View the filing
How this figure was checked
AI found this line in the 10-K. Valerius then checked in code that the line appears in the filing word for word, that it is the plain FFO line (not an adjusted one), and that FFO per share times the diluted share count matches the reported total, or, where no per-share figure is printed, that it is close to FFO built from the filed figures. The score is a fixed rule applied to that figure. No AI sets a score.
Valuation models
Price-to-FFO REIT measure
3/5Price $295.69 over 2025 FFO per share of $15.81 (as reported in the 10-K) = 18.7; the framework scores 16-20 as 3.
FFO allocable to common shares $ 2,780,451 $ 3,025,914 (8.1) % $ 3,025,914 $ 2,924,288 3.5 %
FFO per share $ 15.81 $ 17.19 (8.0) % $ 17.19 $ 16.60 3.6 %Found by AI, checked by codeFrom the company’s 10-K for 2025, filed 2026-02-12 · View the filing
How this figure was checked
AI found this line in the 10-K. Valerius then checked in code that the line appears in the filing word for word, that it is the plain FFO line (not an adjusted one), and that FFO per share times the diluted share count matches the reported total, or, where no per-share figure is printed, that it is close to FFO built from the filed figures. The score is a fixed rule applied to that figure. No AI sets a score.
DCF Value
1/5FCF/share = $12.492, stage 1 growth = 3.3% for 5 years, terminal growth = 3%, discount rate = 10%. Stage 1 PV = $51.93, PV of terminal value = $134.25, DCF value = $186.19. Current price $295.69; price is 58.8% above the model value.
Margin of Safety
1/5From the DCF value alone in the REIT version: DCF value $186.19; price is 58.8% above the model value.
Price-to-Book
1/5P/B of 10.73; the framework scores above 5.0 as 1.
Business quality
Moat Evidence
Not scoredA moat (a brand, a network, switching costs, patents, scale, a licence) is not a number in the filings, so Valerius doesn’t score it. Below are the figures and the words moat analysis starts from, from the company’s own 10-K filings. The conclusion is yours.
Return on capital, each year
Not available: the 10-K financial data has no standard figures for operating income, total assets and current liabilities in the same years, as is common for banks, insurers and REITs.
Gross margin, each year
Between 73.0% and 73.9% over 3 years (a range of 0.9 points).
Competition, in the company’s own words · 10-K filed Feb 12, 2026
Ownership and operation of self-storage facilities is highly fragmented. As the largest owner of self-storage facilities, we believe that we own approximately 9% of the self-storage square footage in the U.S. and that collectively the four largest self-storage owners in the U.S. own approximately 22%, with the remaining 78% owned by regional and local operators. We believe our Public Storage® brand awareness, as well as the innovative improvements we have made to the customer experience described below, provide us with a competitive advantage in acquiring and retaining customers relative to other self-storage operators. Our facilities compete with nearby self-storage facilities owned by other operators, who use marketing channels, including internet advertising, signage, and banners, and offer services similar to ours. As a result, competition may be significant and can affect the occupancy levels, rental rates, rental income, and operating expenses of our facilities. However, we believe that the economies of scale inherent in this business allow us to operate self-storage facilities at a materially higher level of cash flow per square foot than other operators without our scale.
The opening of the company’s “Competition” section in its 10-K, quoted word for word, not summarized or edited. It is the company’s own description, not Valerius’s view, and may include the company’s expectations. Open the filing.
Return on capital = operating income / (total assets − current liabilities), the ROIC row’s definition; 15% is the framework’s return threshold. Gross margin = gross profit / revenue. Both from each year’s 10-K via SEC EDGAR. Moat analysis commonly looks at whether returns and margins held up over many years. These figures don’t say whether the company has an advantage, what it is, or whether it will last.
Capital Allocation
3/5Capital allocation (REIT), 2022-2025: distributions paid in every year (pass); distributions above FFO in at least one year (fail); debt to total assets 39.1% to 50.7% (fail: up more than 5 points); shares outstanding up 0.1% (pass). 2 of 4 tests passed; the framework scores that as 3.
Filings
Company notices to the SEC
Not scoredThree kinds of event the company reported to the SEC in the last 5 years, from its filings on SEC EDGAR.
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These are events the company reported to the SEC. An auditor change or a late filing can have many causes; each date links to the filing, where the company explains it. Valerius does not score these.
How the DCF value was calculated (the Graham value is not used in the REIT version)
Graham Formula:
IV = EPS x (8.5 + 2g) x (4.4 / Y)
EPS = $10.47, g = 0.0%, Y = 4.5
g floored at 0.0% (3-year EPS CAGR was -9.7%; below -4.25% the formula returns a negative value)
IV = $87.02
Current price $295.69 vs Graham value $87.02 — price is 239.8% above the model value.
DCF:
FCF/share = $12.492
Stage 1 growth = 3.3% for 5 years | terminal growth = 3.0% | discount rate = 10.0%
Y1: $12.905 → PV $11.732
Y2: $13.331 → PV $11.017
Y3: $13.770 → PV $10.346
Y4: $14.225 → PV $9.716
Y5: $14.694 → PV $9.124
Stage 1 PV sum = $51.93
Terminal value at end of Y5 = $216.22
PV of terminal value = $134.25
DCF value = $186.19
Current price $295.69 vs DCF value $186.19 — price is 58.8% above the model value.Data from yfinance summary figures and financial statements, and from the company’s 10-K filings via SEC EDGAR; computed at a price of $295.69. Every score is calculated from the figures by the framework’s fixed rules, and the explanation beside it is generated from the same figures: FFO per share trend, FFO payout ratio, debt to total assets, debt-to-equity, free cash flow, profit margins, FFO kept after distributions, price-to-FFO, DCF value, margin of safety, price-to-book and capital allocation (the REIT version). FFO figures were found in the 10-K filings by AI and checked in code before use; no AI sets a score. The moat is shown as evidence, without a score. Read each score with the figures beside it. Intrinsic value calculations are model outputs based on stated assumptions, not predictions.
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In the news
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The 8 newest headlines whose title names the company, shown automatically and never chosen by Valerius. From third-party publishers via Yahoo Finance, linked to the source. Valerius doesn't write or endorse them. Not investment advice.