AMT vs PSA: Dividend Comparison
Dividend data as of
American Tower Corp /Ma/ (AMT) and Public Storage (PSA) are both in the Real Estate sector, making them natural rivals for dividend investors. PSA edges ahead on yield at 4.11% versus AMT's 3.76%. For dividend growth, PSA leads with a 5-year CAGR of 10.7% versus AMT's 6.9%. Both stocks carry a "Safe" dividend safety rating. AMT is a Dividend Contender with 14 years of consecutive increases.
Verdict
Yield Analysis
PSA yields 0.34% more than AMT. In dollar terms, AMT pays $6.72/share vs PSA's $12.00/share annually.
Dividend Growth
AMT: Dividend growth is slowing — the 3-year CAGR of 2.7% trails the 5-year rate of 6.9% and the 10-year rate of 13.5%.
PSA: Dividend growth is slowing — the 3-year CAGR of 0.0% trails the 5-year rate of 10.7% and the 10-year rate of 5.7%.
Dividend Safety
AMT: The payout ratio of 1% is well within sustainable levels, leaving room for future increases. Earnings cover the dividend 0.9x.
PSA: The payout ratio of 1% is well within sustainable levels, leaving room for future increases. Earnings cover the dividend 0.8x.
Estimated Annual Dividend Income
Based on current dividend yields. Actual income may vary.
What does $10,000 buy in AMT vs PSA today?
At $190.81 per share, $10,000 buys about 52.4 shares of American Tower Corp /Ma/ (AMT). Each share pays $6.72 per year in dividends, so the position starts out generating roughly $352 per year — about $29 a month.
At $296.17 per share, $10,000 buys about 33.8 shares of Public Storage (PSA). Each share pays $12.00 per year in dividends, so the position starts out generating roughly $405 per year — about $34 a month.
PSA is the larger income stream from day one: $53 per year more on the same $10,000 invested.
What could $10,000 of AMT or PSA income look like in 10 years?
American Tower Corp /Ma/ (AMT) has raised its dividend about 6.9% a year over the past five years. If that pace held, the $376 per year that $10,000 generates today at the current 3.76% yield would reach $733 per year by 2036 — a 7.3% yield on the original cost.
Public Storage (PSA) has raised its dividend about 10.7% a year over the past five years. If that pace held, the $411 per year that $10,000 generates today at the current 4.11% yield would reach $1,131 per year by 2036 — a 11.3% yield on the original cost.
On those trailing rates, PSA pays more in 2036: $1,131 versus $733 per year. The projection assumes each five-year growth rate persists and no dividends are reinvested — real payouts will differ.
When would AMT's dividend growth overtake PSA's higher yield?
It doesn't, on the trailing numbers. Public Storage (PSA) yields more today (4.11% vs 3.76%) and has also grown its dividend at least as fast (10.7% vs 6.9% a year over five years). Unless AMT accelerates its raises or PSA stumbles, AMT never closes the income gap — PSA wins on both current income and growth.
Can AMT and PSA afford their dividends?
American Tower Corp /Ma/ (AMT) earns $6.27 per share against $6.72 paid out in dividends — 0.9x coverage (a 1% payout ratio).
Public Storage (PSA) earns $9.62 per share against $12.00 paid out in dividends — 0.8x coverage (a 1% payout ratio).
Coverage is similar for both, so neither dividend looks meaningfully more stretched than the other on current earnings.
Which fits an early-retirement income portfolio better, AMT or PSA?
For income you need right now, Public Storage (PSA) leads: $100,000 invested today pays about $342 a month at the current 4.11% yield, versus $314 a month from American Tower Corp /Ma/ (AMT) at 3.76%.
PSA also leads on dividend growth (10.7% vs 6.9% a year over five years), so the trailing numbers favor it on both fronts.
On consistency: AMT has raised its dividend 14 consecutive years.
Many income investors simply hold both — the mix pairs current yield with growth and spreads single-name risk. Whichever way you lean, dividends are never guaranteed; recheck the payout each quarter rather than setting and forgetting.
$10,000 with DRIP: projected annual income
If each holding keeps raising its dividend at its real 5-year rate and every payment is reinvested, a $10,000 position pays $1,061/yr in AMT vs $1,692/yr in PSA by year 10.
Assumes dividends are reinvested at the current yield and grow at each holding's trailing 5-year dividend CAGR. A projection, not a prediction — no price appreciation modeled.
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