Public Storage PSA

Real estate SIC 6798 - Real Estate Investment Trusts NAICS Real Estate and Rental and Leasing › Real Estate › Lessors of Real Estate derived NYSE

Public Storage is a Maryland real estate investment trust ("REIT") engaged in the ownership, development, and operation of self-storage facilities and other related operations including tenant reinsurance, third-party self-storage management and bridge lending to third-party self-storage owners. We are the industry leading owner of self-storage properties, with one of the most recognized brands in the self-storage industry, including our ubiquitous orange color.

On August 14, 2023, we completed a reorganization that resulted in us holding the interests in our facilities through an operating partnership, Public Storage OP, L.P. and its subsidiaries including Public Storage Operating Company, formerly known as Public Storage, which was organized in 1980. This structure is commonly referred to as an umbrella partnership REIT, or UPREIT. After the reorganization, the primary assets of the parent entity, Public Storage, are general partner and limited partner interests in Public Storage OP, L.P.

Last close 309.89 2026-10-23
Market cap $54.42B 2026-06-30 share count
52-week range 256.54 - 335.55

Valuation FY2025 figures against the last close

P/S11.3x
P/E34.4x
P/FCF17.1x
EV/EBITDA—
Dividend yield—
Diluted EPS9.01

Where the revenue comes from as reported in the latest 10-K

Revenue by segment

  • Self-Storage Operations Reportable Segment
  • Ancillary Operations
Revenue by segment, 2 categories over 3 years. The same figures are in the table below. FY2025 Self-Storage Operations Reportable Segment, FY2025: 4.5B (93.1%) 93% Self-Storage Operations Reportable Segment Ancillary Operations, FY2025: 334.7M (6.9%) 7% FY2024 Self-Storage Operations Reportable Segment, FY2024: 4.4B (93.6%) 94% Ancillary Operations, FY2024: 299.6M (6.4%) 6% FY2023 Self-Storage Operations Reportable Segment, FY2023: 4.3B (94.3%) 94% Ancillary Operations, FY2023: 258.1M (5.7%) 6%
Segment FY2025FY2024FY2023
Self-Storage Operations Reportable Segment $4.49B $4.40B $4.26B
Ancillary Operations $334.7M $299.6M $258.1M

As the company reported it, from the “Segment Information (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Segments are the filer's own reporting structure, which is a decision about how it runs itself rather than a standard taxonomy: two companies in the same industry routinely divide themselves along different lines, so these are worth reading down a single company rather than across two. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $4.82B$4.70B$4.52B$4.18B$3.42B$2.92B$2.86B$2.76B$2.67B$2.56B
Cost of revenue ———————$739.7M$708.0M$669.1M
Gross profit ———————$2.01B$1.96B$1.89B
SG&A $106.7M$106.7M$80.6M$71.7M$76.0M$83.2M$62.1M$104.7M$82.9M$83.7M
Total operating expenses $2.89B$2.80B$2.43B$2.18B$1.81B$1.56B$1.43B$1.38B$1.26B$1.19B
Operating income ————————$1.42B$1.37B
Interest expense $304.5M$287.4M$201.1M$136.3M$90.8M$56.3M$45.6M$32.5M$12.7M$4.2M
Pre-tax income $1.79B$2.09B$2.17B$4.38B$1.97B———$1.44B$1.45B
Income tax $7.2M$4.7M$10.8M$14.3M$12.4M———$0$0
Net income $1.78B$2.07B$2.15B$4.35B$1.95B$1.36B$1.52B$1.71B$1.44B$1.45B
EPS, basic 9.0410.6811.1123.649.916.297.308.566.756.84
EPS, diluted 9.0110.6411.0623.509.876.297.298.546.736.81
Shares, diluted (wtd. avg.) 175.9M176.0M176.1M176.3M175.6M174.6M174.5M174.3M174.2M173.9M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $318.1M$447.4M$370.0M$775.3M$734.6M$257.6M$409.7M$361.2M$433.4M$183.7M
Goodwill $165.8M$165.8M$165.8M$165.8M$165.8M$165.8M$174.6M$174.6M$174.6M$174.6M
Other intangibles $66.9M$97.5M$202.6M$47.9M$118.2M$20.0M$12.5M$16.5M$21.5M—
Total assets $20.21B$19.75B$19.81B$17.55B$17.38B$11.82B$11.37B$10.93B$10.73B$10.13B
Long-term debt $10.25B$9.35B$9.10B$6.87B$7.48B$2.54B$1.90B$1.41B$1.43B$390.7M
Total liabilities $10.87B$9.94B$9.70B$7.39B$7.96B$3.24B$2.29B$1.78B$1.77B$688.7M
Retained earnings -$1.22B-$699.1M-$267.9M-$110.2M-$550.4M-$914.8M-$665.6M-$577.4M-$675.7M-$487.6M
Total equity $9.25B$9.71B$10.11B$10.17B$9.36B$8.58B$9.08B$9.14B$8.96B$9.44B

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $3.19B$3.13B$3.25B$3.12B$2.54B$2.04B$2.07B$2.06B$1.97B$1.95B
Depreciation and amortisation $1.15B$1.13B$970.1M$888.1M$713.4M$553.3M$512.9M$483.6M$454.5M$433.3M
Stock-based compensation $39.9M$44.7M$41.6M$56.7M$59.8M$33.4M$25.8M$69.9M$37.5M$37.5M
Capital expenditure ——————$187.3M$141.0M$120.6M$81.4M
Investing cash flow -$1.69B-$1.00B-$3.54B$1.12B-$5.56B-$1.12B-$897.4M-$515.9M-$737.1M-$699.1M
Financing cash flow -$1.63B-$2.08B-$112.9M-$4.19B$3.50B-$1.08B-$1.12B-$1.62B-$992.2M-$1.15B
Buybacks $0$200.0M$0$0——————

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-007696.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 2B 4B 6B Revenue, FY2016: 2.6B Gross profit, FY2016: 1.9B Net income, FY2016: 1.5B Revenue, FY2017: 2.7B Gross profit, FY2017: 2B Net income, FY2017: 1.4B Revenue, FY2018: 2.8B Gross profit, FY2018: 2B Net income, FY2018: 1.7B Revenue, FY2019: 2.9B Net income, FY2019: 1.5B Revenue, FY2020: 2.9B Net income, FY2020: 1.4B Revenue, FY2021: 3.4B Net income, FY2021: 2B Revenue, FY2022: 4.2B Net income, FY2022: 4.3B Revenue, FY2023: 4.5B Net income, FY2023: 2.1B Revenue, FY2024: 4.7B Net income, FY2024: 2.1B Revenue, FY2025: 4.8B Net income, FY2025: 1.8B FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $2.56B $2.67B $2.76B $2.86B $2.92B $3.42B $4.18B $4.52B $4.70B $4.82B
Gross profit $1.89B $1.96B $2.01B — — — — — — —
Net income $1.45B $1.44B $1.71B $1.52B $1.36B $1.95B $4.35B $2.15B $2.07B $1.78B

Recent filings and events

  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • Acquisition or disposal completed A purchase or sale of a significant business or asset has closed. Item 2.01
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
  • Shareholder rights changed The terms attaching to the shares themselves have changed. Item 3.03
  • Charter or fiscal year changed A change to the company's governing documents, or to when its year ends. Item 5.03
  • Regulation FD disclosure Item 7.01
  • Material agreement signed Item 1.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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