NYSE : PSA
Public Storage — Financial statements
Real Estate · REIT - Industrial · United States
Last price 324.77 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 63.07B
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Rental Revenue | 4.65B | 4.49B | 4.40B | 4.26B | 3.95B | 3.20B |
| Other Revenue | 392.34M | 344.30M | 319.44M | 285.97M | 343.12M | 444.35M |
| Total Revenue | 5.04B | 4.83B | 4.72B | 4.55B | 4.29B | 3.65B |
| Property Expenses | 1.30B | 1.22B | 1.17B | 1.07B | 1.07B | 933.52M |
| Selling, General & Administrative | 222.14M | 205.15M | 213.09M | 171.35M | 71.67M | 75.97M |
| Depreciation & Amortization | 1.29B | 1.15B | 1.13B | 970.06M | 888.15M | 713.43M |
| Total Operating Expenses | 2.81B | 2.58B | 2.51B | 2.21B | 2.03B | 1.72B |
| Operating Income | 2.24B | 2.25B | 2.21B | 2.33B | 2.25B | 1.93B |
| Interest Expense | -348.52M | -304.50M | -287.40M | -201.13M | -136.32M | -90.77M |
| Interest & Investment Income | 36.06M | 36.62M | 44.78M | 85.59M | 40.57M | 12.31M |
| Currency Exchange Gain (Loss) | 67.01M | -215.58M | 102.24M | -51.20M | 98.31M | 111.79M |
| Other Non-Operating Income | -103.07M | 22.62M | 18.07M | |||
| EBT Excluding Unusual Items | 1.89B | 1.79B | 2.08B | 2.17B | 2.26B | 1.96B |
| Gain (Loss) on Sale of Investments | 3.34M | 3.86M | 4.36M | 2.13B | ||
| Gain (Loss) on Sale of Assets | 27.76M | 1.11M | 1.54M | 17.18M | 1.50M | 13.68M |
| Asset Writedown | -192.00K | -4.35M | -11.72M | -7.00M | ||
| Other Unusual Items | -15.20M | |||||
| Pretax Income | 1.90B | 1.79B | 2.09B | 2.17B | 4.38B | 1.97B |
| Income Tax Expense | -25.48M | -7.23M | 4.67M | 10.82M | 14.33M | 12.37M |
| Earnings From Continuing Operations | 1.92B | 1.80B | 2.08B | 2.16B | 4.37B | 1.96B |
| Minority Interest in Earnings | -20.48M | -12.68M | -12.40M | -11.79M | -17.13M | -6.38M |
| Net Income | 1.90B | 1.78B | 2.07B | 2.15B | 4.35B | 1.95B |
| Preferred Dividends & Other Adjustments | 203.93M | 198.76M | 199.33M | 199.59M | 206.86M | 220.82M |
| Net Income to Common | 1.70B | 1.59B | 1.87B | 1.95B | 4.14B | 1.73B |
| Basic Shares Outstanding | 177.70M | 175.45M | 175.35M | 175.47M | 175.26M | 174.86M |
| Diluted Shares Outstanding | 178.49M | 175.90M | 176.04M | 176.14M | 176.28M | 175.57M |
| EPS (Basic) | 9.55 | 9.04 | 10.68 | 11.11 | 23.64 | 9.91 |
| EPS (Diluted) | 9.51 | 9.01 | 10.64 | 11.06 | 23.50 | 9.87 |
| Dividend Per Share | 12.00 | 12.00 | 12.00 | 12.00 | 8.00 | 8.00 |
| Operating Margin | 44.37% | 46.65% | 46.77% | 51.31% | 52.57% | 52.77% |
| Profit Margin | 33.63% | 32.80% | 39.71% | 42.87% | 96.58% | 47.49% |
| EBITDA | 3.52B | 3.41B | 3.34B | 3.30B | 3.14B | 2.64B |
| EBITDA Margin | 69.88% | 70.48% | 70.73% | 72.65% | 73.27% | 72.33% |
| D&A For Ebitda | 1.29B | 1.15B | 1.13B | 970.06M | 888.15M | 713.43M |
| EBIT | 2.24B | 2.25B | 2.21B | 2.33B | 2.25B | 1.93B |
| EBIT Margin | 44.37% | 46.65% | 46.77% | 51.31% | 52.57% | 52.77% |
| Funds From Operations (FFO) | 3.00B | 2.78B | 3.03B | 2.92B | 2.90B | 2.35B |
| FFO Per Share | 16.72 | 15.81 | 17.19 | 16.60 | 16.46 | 13.36 |
| Adjusted Funds From Operations (AFFO) | 2.78B | 3.03B | 2.92B | 2.90B | 2.35B | |
| AFFO Per Share | 15.81 | 17.19 | 16.60 | 16.46 | 13.36 | |
| FFO Payout Ratio | 59.78% | |||||
| Effective Tax Rate | 0.22% | 0.50% | 0.33% | 0.63% | ||
| Revenue as Reported | 5.03B | 4.82B | 4.70B | 4.52B | 4.18B | 3.42B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Property, Plant & Equipment | 25.13B | 18.80B | 18.36B | 18.39B | 16.04B | 15.31B |
| Cash & Equivalents | 560.38M | 318.10M | 447.42M | 370.00M | 775.25M | 734.60M |
| Goodwill | 617.34M | 165.84M | 165.84M | 165.84M | 165.84M | 165.84M |
| Other Intangible Assets | 738.61M | 85.77M | 116.34M | 221.42M | 66.67M | 137.05M |
| Loans Receivable Current | 445.31M | 142.11M | 9.98M | |||
| Restricted Cash | 30.37M | 29.90M | 26.69M | |||
| Other Long-Term Assets | 1.35B | 692.23M | 654.70M | 634.86M | 476.67M | 1.01B |
| Total Assets | 29.00B | 20.21B | 19.75B | 19.81B | 17.55B | 17.38B |
| Current Portion of Long-Term Debt | 1.35B | 1.15B | 650.69M | 810.15M | 499.64M | |
| Current Portion of Leases | 4.80M | |||||
| Long-Term Debt | 10.64B | 9.10B | 8.70B | 8.29B | 6.87B | 6.98B |
| Long-Term Leases | 60.70M | |||||
| Accrued Expenses | 1.00B | 547.39M | 588.25M | 598.99M | 514.68M | 482.09M |
| Total Liabilities | 13.78B | 10.87B | 9.94B | 9.70B | 7.39B | 7.96B |
| Preferred Stock, Redeemable | 4.72B | 4.35B | 4.35B | 4.35B | 4.35B | 4.10B |
| Common Stock | 18.68M | 17.55M | 17.54M | 17.57M | 17.53M | 17.51M |
| Additional Paid-In Capital | 11.36B | 6.15B | 6.12B | 5.98B | 5.90B | 5.82B |
| Retained Earnings | -1.59B | -1.22B | -699.08M | -267.91M | -110.23M | -550.42M |
| Comprehensive Income & Other | 1.84M | -47.80M | -71.97M | -67.24M | -80.32M | -53.59M |
| Total Common Equity | 9.78B | 4.90B | 5.36B | 5.66B | 5.72B | 5.24B |
| Minority Interest | 717.60M | 93.71M | 101.05M | 93.77M | 93.40M | 88.36M |
| Shareholders' Equity | 15.22B | 9.34B | 9.81B | 10.11B | 10.17B | 9.42B |
| Total Liabilities & Equity | 29.00B | 20.21B | 19.75B | 19.81B | 17.55B | 17.38B |
| Total Debt | 12.19B | 10.32B | 9.35B | 9.10B | 6.87B | 7.48B |
| Net Cash (Debt) | -11.63B | -10.00B | -8.91B | -8.73B | -6.10B | -6.74B |
| Net Cash Per Share | -65.17 | -56.86 | -50.59 | -49.58 | -34.58 | -38.39 |
| Filing Date Shares Outstanding | 186.84M | 175.51M | 175.42M | 175.69M | 175.76M | 175.46M |
| Total Common Shares Outstanding | 186.84M | 175.50M | 175.41M | 175.67M | 175.27M | 175.13M |
| Book Value Per Share | 52.36 | 27.91 | 30.57 | 32.24 | 32.66 | 29.89 |
| Tangible Book Value | 8.43B | 4.65B | 5.08B | 5.28B | 5.49B | 4.93B |
| Tangible Book Value Per Share | 45.10 | 26.48 | 28.96 | 30.03 | 31.33 | 28.16 |
| Land | 7.30B | 5.95B | 5.71B | 5.63B | 5.27B | 5.13B |
| Buildings | 29.83B | 24.13B | 22.77B | 21.84B | 18.95B | 17.67B |
| Construction In Progress | 322.29M | 194.35M | 308.10M | 345.45M | 372.99M | 272.47M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 1.90B | 1.78B | 2.07B | 2.15B | 4.35B | 1.95B |
| Depreciation & Amortization | 1.29B | 1.15B | 1.13B | 970.06M | 888.15M | 713.43M |
| Other Amortization | 11.40M | 10.35M | 9.73M | 7.97M | ||
| Gain (Loss) on Sale of Assets | -27.76M | -1.11M | -1.54M | -17.18M | -1.50M | -13.68M |
| Gain (Loss) on Sale of Investments | -2.13B | |||||
| Asset Writedown | 192.00K | 4.35M | ||||
| Stock-Based Compensation | 44.75M | 39.90M | 44.75M | 41.57M | 56.70M | 59.81M |
| Income (Loss) on Equity Investments | 14.74M | -7.78M | -8.78M | 1.44M | 27.79M | -81.61M |
| Change in Other Net Operating Assets | -134.06M | 1.80M | -29.79M | 18.90M | -9.05M | 12.87M |
| Other Operating Activities | -72.95M | 202.75M | -87.89M | 75.57M | -65.23M | -100.53M |
| Operating Cash Flow | 3.01B | 3.19B | 3.13B | 3.25B | 3.12B | 2.54B |
| Acquisition of Real Estate Assets | -2.63B | -1.63B | -1.03B | -1.65B | -1.56B | -5.42B |
| Sale of Real Estate Assets | 31.92M | 8.15M | 8.39M | 39.99M | 1.54M | 16.30M |
| Net Sale / Acq. of Real Estate Assets | -2.59B | -1.62B | -1.02B | -1.61B | -1.55B | -5.41B |
| Cash Acquisition | -2.18B | |||||
| Investment in Marketable & Equity Securities | 8.73M | 13.29M | 10.97M | 2.65B | 19.52M | |
| Other Investing Activities | -340.70M | -131.23M | -9.96M | |||
| Investing Cash Flow | -2.89B | -1.69B | -1.00B | -3.54B | 1.12B | -5.56B |
| Long-Term Debt Issued | 1.36B | 1.15B | 2.18B | 5.04B | ||
| Long-Term Debt Repaid | -651.52M | -808.50M | -8.26M | -513.50M | -2.22M | |
| Net Debt Issued (Repaid) | 1.91B | 704.90M | 342.52M | 2.17B | -513.50M | 5.04B |
| Issuance of Common Stock | 54.37M | 9.41M | 107.60M | 53.13M | 35.27M | 95.86M |
| Repurchase of Common Stock | -8.07M | -8.65M | -212.67M | -13.95M | -16.83M | -13.07M |
| Preferred Stock Issued | 250.00M | 1.18B | ||||
| Preferred Share Repurchases | -1.18B | |||||
| Common Dividends Paid | -1.40B | |||||
| Preferred Dividends Paid | -186.58M | |||||
| Common & Preferred Dividends Paid | -1.76B | -2.30B | -2.30B | -2.31B | -3.91B | |
| Total Dividends Paid | -1.76B | -2.30B | -2.30B | -2.31B | -3.91B | -1.59B |
| Other Financing Activities | -47.45M | -32.97M | -14.09M | -19.80M | -39.72M | -39.95M |
| Foreign Exchange Rate Adjustments | 505.00K | |||||
| Net Cash Flow | 263.92M | -129.32M | 47.04M | -404.78M | 43.87M | 478.69M |
| Levered Free Cash Flow | 2.96B | 2.31B | 2.41B | 2.67B | 2.32B | 1.83B |
| Unlevered Free Cash Flow | 3.17B | 2.49B | 2.58B | 2.79B | 2.41B | 1.89B |
| Cash Interest Paid | 290.76M | 273.01M | 269.50M | 146.21M | 127.71M | 74.19M |
| Cash Income Tax Paid | 6.52M | 6.35M | 6.88M | 11.06M | 11.29M | 12.70M |
| Change in Working Capital | -134.06M | 1.80M | -29.79M | 18.90M | -9.05M | 12.87M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 64.72B | 45.53B | 52.46B | 53.63B | 49.21B | 65.68B |
| Enterprise Value | 76.35B | 59.72B | 65.78B | 66.47B | 59.51B | 74.53B |
| Last Close Price | 333.24 | 251.94 | 278.96 | 273.24 | 240.52 | 301.40 |
| Price/FFO Ratio | 16.91 | 15.94 | 16.23 | 16.46 | 14.61 | 22.56 |
| Price/AFFO Ratio | 15.94 | 16.23 | 16.46 | 14.62 | 22.56 | |
| PE Ratio | 35.05 | 28.72 | 28.01 | 27.52 | 11.88 | 37.91 |
| PS Ratio | 12.83 | 9.42 | 11.12 | 11.80 | 11.47 | 18.00 |
| PB Ratio | 6.36 | 4.87 | 5.34 | 5.31 | 4.84 | 6.97 |
| P/OCF Ratio | 21.53 | 14.29 | 16.77 | 16.52 | 15.79 | 25.82 |
| EV/Sales Ratio | 15.14 | 12.36 | 13.95 | 14.62 | 13.88 | 20.43 |
| EV/EBITDA Ratio | 21.66 | 17.53 | 19.72 | 20.13 | 18.94 | 28.25 |
| EV/EBIT Ratio | 34.12 | 26.49 | 29.83 | 28.50 | 26.39 | 38.72 |
| Debt / Equity Ratio | 0.80 | 1.10 | 0.95 | 0.90 | 0.68 | 0.79 |
| Debt / EBITDA Ratio | 3.46 | 3.03 | 2.80 | 2.76 | 2.19 | 2.83 |
| Net Debt / Equity Ratio | 0.76 | 1.07 | 0.91 | 0.86 | 0.60 | 0.71 |
| Net Debt / EBITDA Ratio | 3.30 | 2.94 | 2.67 | 2.65 | 1.94 | 2.56 |
| Asset Turnover | 0.20 | 0.24 | 0.24 | 0.24 | 0.25 | 0.25 |
| Quick Ratio | 0.18 | 0.19 | 0.36 | 0.26 | 1.51 | 0.75 |
| Current Ratio | 0.37 | 0.27 | 0.37 | 0.28 | 1.56 | 0.78 |
| Return on Equity (ROE) | 15.60% | 18.76% | 20.93% | 21.31% | 44.58% | 21.42% |
| Return on Assets (ROA) | 5.70% | 7.05% | 6.97% | 7.80% | 8.07% | 8.24% |
| Return on Invested Capital (ROIC) | 9.55% | 11.62% | 11.47% | 12.80% | 13.24% | 13.51% |
| Earnings Yield | 2.85% | 3.92% | 3.95% | 4.01% | 8.84% | 2.97% |
| Dividend Yield | 3.60% | 4.62% | 4.01% | 3.93% | 2.85% | 2.13% |
| Payout Ratio | 126.21% | 129.09% | 111.10% | 107.31% | 89.87% | 81.34% |
| Buyback Yield / Dilution | -1.46% | 0.08% | 0.06% | 0.08% | -0.41% | -0.53% |
| Total Shareholder Return | 2.14% | 4.70% | 4.07% | 4.01% | 2.44% | 1.60% |