AMT vs PSA: Which Is the Better Buy in 2026?

Same yardstick, side by side (as of October 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. AMT and PSA share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined AMT and PSA exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

American Tower Corporation (NYSE: AMT), founded in 1995 and headquartered in Boston, is a real estate investment trust that owns, operates, and develops multitenant communications real estate. Its core business is leasing vertical space on wireless towers to mobile network operators, government agencies, and broadcasters under long-term contracts with annual escalators, generating 97% of 2025 revenue from property operations. Beyond towers, AMT owns CoreSite, a portfolio of 30 U.S. data centers offering colocation and interconnection services to enterprises, cloud providers, and network operators, which has become a fast-growing second revenue engine. The company manages nearly 150,000 communications sites across the Americas, Europe, Africa, and Asia-Pacific, providing global scale that smaller peers cannot easily replicate.

Full AMT guide

Public Storage is a Maryland-based real estate investment trust (REIT) that acquires, develops, and operates self-storage facilities under the Public Storage brand. As of December 31, 2025, it owned or operated 3,533 self-storage facilities in 40 states encompassing roughly 258 million net rentable square feet, making it one of the two largest self-storage REITs in the United States by property count. The company derives revenue almost entirely from monthly rental income paid by individual and business customers renting climate-controlled and non-climate-controlled storage units. It also holds a 35% common equity interest in Shurgard Self Storage, which operates across seven European countries, providing modest international exposure. Additional income streams include tenant insurance programs, merchandise sales, and a growing third-party property management platform. In 2025, Public Storage acquired 87 facilities totaling 6.1 million square feet for $945.6 million, demonstrating active portfolio expansion alongside organic development. Public Storage was founded in 1972 by B. Wayne Hughes and Kenneth Volk Jr. and grew from a single facility in El Monte, California into the dominant national brand over five decades. The company has been listed on the NYSE as PSA and became an S&P 500 constituent as it scaled. Long-tenured CEO Joe Russell, who led a multi-year operational transformation, retired effective March 31, 2026. Under the PS4.0 initiative, Tom Boyle was elevated to CEO and Shankh Mitra became non-executive chairman effective April 1, 2026, signaling a new strategic phase focused on digital-first operations, margin expansion, and external growth through acquisitions, the first major move being the acquisition of National Storage Affiliates Trust. SEC filings show National Storage Affiliates deregistering its securities in late July and early August 2026 (post-effective amendments on July 22 and a Form 15 on August 3), the standard final step after a merger closes, so the deal appears to have completed in late July 2026. At ~$299.35 on October 16, 2026, PSA is up ~15.8% year to date but down ~2.4% over one year, with a market value near ~$55.9 billion. Q2 2026 results came in slightly light, with EPS of ~$2.45 against a ~$2.53 estimate on revenue of ~$1.23 billion (up ~3.3%), and several brokers trimmed targets in October (UBS to ~$294, Jefferies to ~$319, Evercore ISI to ~$303). The Q3 2026 report is scheduled for October 26, 2026, with consensus revenue of ~$1.32 billion reflecting the added NSA properties.

Full PSA guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• AMT drivers: 5G Densification and Mid-Band Upgrades; CoreSite and AI-Driven Data Center Demand.
• PSA drivers: Scale and Margin Leadership; NSA Acquisition Adds Immediate Scale.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: The most immediate risk is customer concentration: in 2025, four carriers (T-Mobile at 18%, AT&T at 17%, Verizon at 14%, and Telefonica at 10%) collectively represented roughly 59% of total revenue, so any material lease dispute, consolidation event, or technology shift (such as carriers building private networks or relying on low-earth-orbit satellites) could disproportionately hurt results. For PSA, the most immediate risk is that same-store revenue is already guided to decline in 2026 (PSA's own guidance calls for same-store NOI growth of negative 3.9% to negative 0.5%), a result of ongoing supply pressure in Sunbelt and Southeast markets and soft post-pandemic consumer demand.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick AMT if you believe its drivers more; PSA if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the AMT and PSA guides.

AMT. AMT trades at about 25 times trailing GAAP earnings and about 19 times EBITDA, below its own longer-run averages, with the dividend yielding close to 4%. Tower REITs are usually judged on AFFO per share rather than GAAP EPS, which swings with depreciation and currency items; consensus GAAP EPS is roughly flat between 2026 (about $6.98) and 2027 (about $6.99), while revenue is expected to grow from about $11.0 billion to about $11.4 billion. Leverage and interest rates remain the main constraint on the multiple.

PSA. PSA trades at roughly ~28.6x trailing and ~30x forward earnings as of October 16, 2026, still above its own 3-year average of approximately 25x to 27x, with the market waiting for the NSA portfolio to show up in results. For REITs, Core FFO per share is the most widely watched profitability metric; PSA's 2025 Core FFO of $16.97 reached the high end of guidance, and 2026 guidance of $16.35 to $17.00 implied flat to modestly positive growth before the NSA deal. The GAAP payout ratio (~115%) exceeds net income, which is normal for REITs given depreciation charges, so coverage relative to Core FFO is the more relevant measure.

Headline figures (approximate, October 2026): AMT shows revenue (ttm) ~$10.9 billion, revenue (q2 2026) ~$2.75 billion (up ~4.7% year-over-year), net income (ttm) ~$3.4 billion (profit margin ~31%), eps (ttm) ~$7.27; Q2 2026 EPS $1.87 vs ~$1.55 expected; PSA shows revenue (ttm) ~$4.91 billion; Q2 2026 ~$1.23 billion, up ~3.3% year over year, net income (ttm) ~$1.85 billion; profit margin ~41.6%, operating margin ~45.7%, eps Trailing ~$10.47; Q2 2026 ~$2.45 versus a ~$2.53 estimate; Q3 2026 consensus ~$2.29 (report October 26, 2026), p/e ratio ~28.6x trailing; ~30.1x forward.

AMT and PSA are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined AMT and PSA exposure against your real portfolio. It is not an investment adviser.