Public Storage Segments Disclosure
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| (Amounts in thousands) | |||||||||||||||||
| Self-Storage Operations Reportable Segment | |||||||||||||||||
| Revenue | $ | 4,489,413 | $ | 4,395,993 | $ | 4,259,613 | |||||||||||
| Cost of operations: | |||||||||||||||||
| Property taxes | (480,793) | (451,992) | (411,323) | ||||||||||||||
| On-site property manager payroll | (162,942) | (167,258) | (164,405) | ||||||||||||||
| Repairs and maintenance | (98,140) | (93,763) | (83,429) | ||||||||||||||
| Utilities | (65,517) | (63,611) | (62,462) | ||||||||||||||
| Marketing | (103,340) | (106,414) | (90,717) | ||||||||||||||
| Other direct property costs | (123,239) | (122,119) | (114,879) | ||||||||||||||
| Indirect cost of operations (a): | (143,067) | (131,563) | (134,735) | ||||||||||||||
| Total cost of operations | (1,177,038) | (1,136,720) | (1,061,950) | ||||||||||||||
| Net operating income | 3,312,375 | 3,259,273 | 3,197,663 | ||||||||||||||
| Depreciation and amortization | (1,151,840) | (1,129,766) | (970,056) | ||||||||||||||
| Net income | 2,160,535 | 2,129,507 | 2,227,607 | ||||||||||||||
| Ancillary Operations | |||||||||||||||||
| Revenue | 334,700 | 299,623 | 258,077 | ||||||||||||||
| Cost of operations | (132,937) | (121,281) | (85,996) | ||||||||||||||
| Net operating income | 201,763 | 178,342 | 172,081 | ||||||||||||||
| Total net income allocated to segments | 2,362,298 | 2,307,849 | 2,399,688 | ||||||||||||||
| Other items not allocated to segments: | |||||||||||||||||
| Real estate acquisition and development expense | (19,550) | (15,506) | (26,451) | ||||||||||||||
| General and administrative | (106,682) | (106,677) | (80,632) | ||||||||||||||
| Interest and other income | 63,099 | 67,212 | 85,590 | ||||||||||||||
| Interest expense | (304,495) | (287,401) | (201,132) | ||||||||||||||
| Equity in earnings of unconsolidated real estate entity | 9,604 | 19,821 | 27,897 | ||||||||||||||
| Foreign currency exchange gain (loss) | (215,583) | 102,244 | (51,197) | ||||||||||||||
| Gain on sale of real estate | 1,113 | 1,537 | 17,178 | ||||||||||||||
| Income tax (provision) benefit | 7,228 | (4,669) | (10,821) | ||||||||||||||
| Net income | $ | 1,797,032 | $ | 2,084,410 | $ | 2,160,120 | |||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 12, 2026 | Showing above |
| 2024 | Feb 24, 2025 | |
| 2023 | Feb 20, 2024 | |
| 2022 | Feb 21, 2023 | |
| 2021 | Feb 22, 2022 | |
| 2020 | Feb 24, 2021 | |
| 2019 | Feb 25, 2020 | |
| 2018 | Feb 27, 2019 | |
| 2017 | Mar 1, 2018 | |
| 2016 | Mar 1, 2017 | |
| 2015 | Feb 29, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.