Public Storage PSA
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.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 9.04 | 10.68 | 11.11 | 23.64 | 9.91 | 6.29 | 7.30 | 8.56 | 6.75 | 6.84 |
| EPS, diluted | 9.01 | 10.64 | 11.06 | 23.50 | 9.87 | 6.29 | 7.29 | 8.54 | 6.73 | 6.81 |
| Shares, diluted (wtd. avg.) | $175.9M | $176.0M | $176.1M | $176.3M | $175.6M | $174.6M | $174.5M | $174.3M | $174.2M | $173.9M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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.
Others in SIC 6798
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