AMT vs. PSA: American Tower vs. Public Storage Stock Comparison

Company Profile

American Tower (AMT) and Public Storage (PSA) both belong to the Specialized REITs industry, though AMT is classified under Telecom Tower REITs while PSA falls under Self-Storage REITs.

Both American Tower (AMT) and Public Storage (PSA) are REITs — read their payout ratios and P/E alongside FFO (funds from operations) rather than at face value.

Price Performance

Cumulative Growth

Trailing Returns

Calendar-Year Returns

Performance Metrics

Risk Profile

Drawdown History

Return Distribution

Risk Metrics

Risk-Adjusted Performance

Risk-Return Positioning

Risk-Adjusted Metrics

Profitability

Both companies show strong equity returns, but American Tower (AMT) at 33.91% is the standout with ROE above its industry range; Public Storage (PSA) at 21.93% also sits in the top quartile.

Neither American Tower (AMT) in Equity Real Estate Investment Trusts (REITs) nor Public Storage (PSA) in Equity Real Estate Investment Trusts (REITs) is well served by net margin: heavy depreciation makes net income a poor profitability proxy in their businesses, where FFO-based measures are the standard read.

Neither side reports a meaningful operating margin: for American Tower (AMT) in Equity Real Estate Investment Trusts (REITs) and Public Storage (PSA) in Equity Real Estate Investment Trusts (REITs), funding costs are part of the core business, so net margin and ROE are the cleaner profitability reads.

Profitability Metrics

Growth

Both American Tower (AMT) at 5.11% and Public Storage (PSA) at 2.74% land near their industries' usual revenue growth ranges, so top-line momentum looks broadly in line with peers on both sides.

EPS growth isn't a meaningful figure for either American Tower (AMT) in Equity Real Estate Investment Trusts (REITs) or Public Storage (PSA) in Equity Real Estate Investment Trusts (REITs) under our convention.

Growth Metrics

Financial Strength

Both American Tower (AMT) at 0.35 and Public Storage (PSA) at 0.22 run current ratio in the tighter-liquidity quartile of industry peers, leaving thinner cushions against current liabilities than typical competitors.

Public Storage (PSA) at 1.10 is near its industry mid-range for debt-to-equity ratio, while American Tower (AMT) at 4.39 sits above its benchmark range, pointing to a heavier debt load relative to equity.

Financial Strength Metrics

Dividends

Both American Tower (AMT) at 3.83% and Public Storage (PSA) at 4.14% pay solid, industry-typical yields, sitting squarely within their peers’ usual range.

An earnings-based payout ratio fits neither American Tower (AMT) in Equity Real Estate Investment Trusts (REITs) nor Public Storage (PSA) in Equity Real Estate Investment Trusts (REITs): their distributions are mandated and conventionally measured against FFO, so the accounting-earnings ratio overstates both.

Dividend Metrics

Valuation

P/E ratio is not a meaningful valuation yardstick for either American Tower (AMT) in Equity Real Estate Investment Trusts (REITs) or Public Storage (PSA) in Equity Real Estate Investment Trusts (REITs): depreciation suppresses reported earnings in their businesses, and price-to-FFO is the conventional yardstick instead.

American Tower (AMT) at 7.77 is priced about in line with its industry on P/S ratio, while Public Storage (PSA) at 10.99 sits in the pricier quartile — PSA costs more per dollar of sales.

Measured against book value, both American Tower (AMT) at 22.87 and Public Storage (PSA) at 10.48 look expensive — each P/B ratio sits above its industry’s benchmark range.

Valuation Metrics