Public Storage

Listed Company

PSACIK 0001393311NYSELarge AcceleratedReal Estate Investment TrustsMarylandFY ends Dec 31

Period

FY 2025

Revenue

$4.82B

Net Income

$1.78B

Total Assets

$20.21B

Equity

$9.25B

Shares Out

175.55M

Op. Cash Flow

$3.19B

Business

Public Storage owns, develops, and operates self-storage facilities and related operations as a real estate investment trust focused on the self-storage industry. It offers month-to-month storage space leases for personal and business use, tenant reinsurance, third-party management services, bridge lending to third-party owners, and merchandise sales such as locks and boxes. Its key business segments include core self-storage operations, tenant reinsurance, third-party management, and a bridge lending program. It operates across most major U.S. markets in 40 states, manages facilities for third parties, and reaches customers via its website, customer care center, mobile app, in-store kiosks, and property locations.

Summary from filing dated 2025-02-24

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenues	4,824	4,696	4,518	4,182	3,416
Depreciation and amortization	1,152	1,130	970	888	713
Real estate acquisition and development expense	20	16	26	29	13
General and administrative	107	107	81	72	76
Interest expense	304	287	201	136	91
Total expenses	2,893	2,797	2,426	2,178	1,814
Interest and other income	63	67	86	41	12
Equity in earnings (loss) of unconsolidated real estate entity	10	20	28	107	232
Foreign currency exchange gain (loss)	−216	102	−51	98	112
Gain (Loss) on sale of real estate	1	2	17	2	14
Income before income taxes	1,790	2,089	2,171	4,381	1,972
Income tax (provision) benefit	7	−5	−11	−14	−12
Net income	1,797	2,084	2,160	4,366	1,960
Allocation to noncontrolling interests	−13	−12	−12	−17	−6
Net income allocable to Public Storage shareholders	1,784	2,072	2,148	4,349	1,953
Preferred shareholders	−195	−195	−195	−194	−187
Restricted share units and unvested LTIP units	−4	−5	−5	—	—
Net income allocable to common shareholders	1,586	1,873	1,949	4,142	1,732
Basic (in USD per share)	9.04	10.68	11.11	23.64	9.91
Diluted (in USD per share)	9.01	10.64	11.06	23.5	9.87
Basic weighted average common shares outstanding (in shares)	175	175	175	175	175
Diluted weighted average common shares outstanding (in shares)	176	176	176	176	176

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and equivalents	318	447	370	775	735
Land	5,952	5,712	5,628	5,273	5,134
Buildings	24,126	22,767	21,837	18,946	17,674
Total land and buildings, at cost	30,078	28,479	27,465	24,219	22,808
Accumulated depreciation	−11,468	−10,426	−9,424	−8,554	−7,773
Total land and buildings, net	18,610	18,053	18,041	15,665	15,035
Construction in process	194	308	345	373	272
Total real estate facilities, net	18,805	18,361	18,387	16,038	15,307
Investment in unconsolidated real estate entity	389	382	390	276	829
Goodwill and other intangible assets, net	252	282	387	233	303
Notes receivable	142	10	—	—	—
Other assets	304	272	275	231	208
Total assets	20,209	19,755	19,809	17,552	17,381
Notes payable	10,254	9,353	9,103	6,871	7,475
Accrued and other liabilities	613	588	599	515	482
Total liabilities	10,867	9,941	9,702	7,386	7,957
Commitments and contingencies (Note 16)	—	—	—	—	—
Preferred Shares, $0.01 par value, 100,000,000 shares authorized, 174,000 shares issued (in series) and outstanding, (174,000 shares at December 31, 2024) at liquidation preference	4,350	4,350	4,350	4,350	4,100
Common Shares, $0.10 par value, 650,000,000 shares authorized, 175,462,847 shares issued (175,408,393 shares at December 31, 2024)	18	18	18	18	18
Paid-in capital	6,148	6,116	5,981	5,896	5,822
Accumulated deficit	−1,219	−699	−268	−110	−550
Accumulated other comprehensive loss	−48	−72	−67	−80	−54
Total Public Storage shareholders equity	9,248	9,713	10,013	10,073	9,335
Noncontrolling interests	94	101	94	93	20
Total equity	9,342	9,814	10,107	10,167	9,355
Total liabilities and equity	20,209	19,755	19,809	17,552	17,381

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Distributions from cumulative equity in earnings of unconsolidated real estate entity	2	11	29	135	150
Unrealized foreign currency exchange (gain) loss	185	−102	51	−98	−112
Share-based compensation expense	40	45	42	57	60
Impairment of real estate investments	4	0	0	—	—
Amortization of debt issuance costs	10	10	8	—	—
Other non-cash adjustments	5	2	13	15	5
Other assets	−25	−45	−16	−30	−44
Accrued and other liabilities	26	15	35	21	57
Net cash flows from operating activities	3,186	3,128	3,247	3,117	2,544
Capital expenditures to maintain real estate facilities	−218	−240	−237	−219	−137
Capital expenditures for property enhancements	0	−127	−160	−190	−104
Capital expenditures for energy efficiencies (LED lighting, solar)	−71	−54	−65	−51	−30
Development and expansion of real estate facilities	−311	−327	−364	−314	−282
Acquisition of real estate facilities and intangible assets	−946	−267	−473	−758	−5,047
Acquisition of BREIT Simply Storage LLC, net of cash acquired	0	0	−2,178	0	0
Issuance of notes receivable	−131	−10	0	0	—
Distributions in excess of cumulative equity in earnings from unconsolidated real estate entity	0	13	11	14	20
Contributions to unconsolidated real estate entity	0	0	−113	0	0
Acquisition of non-operating real estate assets	−16	0	0	—	—
Proceeds from sale of real estate investments	8	8	40	2	16
Net cash flows used in investing activities	−1,685	−1,003	−3,539	1,120	−5,564
Issuance costs on amendment of credit facility	0	0	−8	0	0
Repayments of notes payable	−652	−809	−8	−513	−2
Issuance of notes payable, net of issuance costs	1,356	1,151	2,181	0	5,039
Issuance of common shares	0	60	0	0	96
Issuance of common shares in connection with share-based compensation	9	47	53	35	—
Taxes paid upon net share settlement of restricted share units	−9	−13	−14	−17	−13
Repurchase of common shares	0	−200	0	0	—
Acquisition of noncontrolling interests	−10	−2	0	0	−692,000
Contributions by noncontrolling interests	5	3	3	2	2
Distributions paid to preferred shareholders, common shareholders, restricted share unitholders and unvested LTIP unitholders	−2,303	−2,302	−2,305	−3,908	−1,589
Distributions paid to noncontrolling interests	−28	−15	−15	−34	−7
Net cash flows used in financing activities	−1,631	−2,079	−113	−4,193	3,498
Net (decrease) increase in cash and equivalents, including restricted cash	−129	47	−405	44	479
Capital expenditures to maintain real estate facilities	−9	−7	−11	−10	−11
Capital expenditures for property enhancements	0	−1	−3	−5	−12
Capital expenditures for energy efficiencies (LED lighting, solar)	−886,000	−1	−386,000	−855,000	−775,000
Construction or expansion of real estate facilities	−19	−47	−68	−66	−50
Cash paid for interest, net of amounts capitalized	−273	−269	−146	128	74
Cash paid for income taxes, net of refunds	−6	−7	−11	11	13
Cash received for sale of solar tax credits	16	0	0	—	—

Filings

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