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PSA

Public Storage

PSA

Public Storage • NYSE
$274.54 ▲ 0.12% (+0.33)
Market Cap $48.17 B
52w High $349.08
52w Low $256.60
Dividend Yield 12.00%
P/E 28.48
Volume 353.75K
Outstanding Shares 175.46M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.224B ▲ $28.783M ▼ $511.063M ▲ 41.752% ▲ $2.63 ▲ $887.66M ▲
Q2-2025 $1.201B ▲ $307.93M ▲ $358.419M ▼ 29.841% ▼ $1.76 ▼ $719.476M ▼
Q1-2025 $1.183B ▲ $307.899M ▼ $407.791M ▼ 34.466% ▼ $2.042 ▼ $766.941M ▼
Q4-2024 $1.177B ▼ $313.438M ▲ $614.607M ▲ 52.199% ▲ $3.22 ▲ $970.014M ▲
Q3-2024 $1.188B $306.544M $430.329M 36.23% $2.17 $790.213M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $296.46M ▼ $20.114B ▼ $10.707B ▼ $9.312B ▼
Q2-2025 $1.105B ▲ $20.541B ▲ $11.065B ▲ $9.372B ▼
Q1-2025 $287.177M ▼ $19.615B ▼ $9.945B ▲ $9.566B ▼
Q4-2024 $447.416M ▼ $19.755B ▼ $9.941B ▼ $9.713B ▲
Q3-2024 $599.004M $19.803B $10.093B $9.61B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $514.773M ▲ $875.091M ▲ $-695.983M ▼ $-987.251M ▼ $-808.143M ▼ $988.438M ▲
Q2-2025 $361.411M ▼ $872.708M ▲ $-338.28M ▼ $282.998M ▲ $817.426M ▲ $817.37M ▲
Q1-2025 $410.791M ▼ $705.063M ▼ $-286.517M ▲ $-578.785M ▼ $-160.239M ▼ $647.054M ▼
Q4-2024 $618.361M ▲ $768.62M ▼ $-411.644M ▼ $-508.564M ▲ $-151.588M ▼ $665.448M ▼
Q3-2024 $433.143M $798.77M $-213.335M $-559.887M $25.548M $688.41M

Revenue by Products

Product Q3-2024Q4-2024Q2-2025Q3-2025
Ancillary Operations
Ancillary Operations
 $80.00M ▲$150.00M ▲$80.00M ▼$90.00M ▲
Self Storage Operations
Self Storage Operations
 $1.11Bn ▲$2.20Bn ▲$1.12Bn ▼$1.14Bn ▲

Five-Year Company Overview

Income Statement

Income Statement Public Storage shows a clear pattern of steady revenue growth over the last several years, driven by higher rents and a larger property base. Profitability is strong at all levels, with healthy margins that are typical of a well-run self‑storage REIT. The one notable outlier is a very strong profit year in the middle of the period, likely helped by one‑time gains or accounting items; profits since then look lower in comparison but still clearly ahead of earlier years. Operating income has been solid and fairly stable recently, suggesting the core storage business is mature but still resilient. Overall, the income statement tells a story of a scale business with dependable, recurring earnings rather than rapid, high‑risk growth.

Balance Sheet

Balance Sheet The balance sheet reflects a large, asset‑heavy real estate owner: big property holdings, modest cash on hand, and meaningful use of debt. Total assets have grown over time as the company has expanded its footprint, though that growth has recently leveled off. Debt has risen noticeably compared with a few years ago, while equity has grown more slowly and even ticked down slightly lately, which points to greater use of borrowing to fund acquisitions, development, or shareholder returns. The capital structure still looks balanced for a REIT of this size, but the trend is toward higher leverage, which increases sensitivity to interest rates and refinancing conditions. Cash balances are not large, but this is common for REITs that rely on steady rental inflows and access to capital markets.

Cash Flow

Cash Flow Cash generation is a key strength. Operating cash flow has consistently covered both maintenance and growth spending, leaving a solid cushion of free cash flow each year. Capital spending has risen but remains moderate relative to the cash coming in, which suggests room to fund property upgrades, technology investments, and dividends without stretching the business. The conversion of accounting profits into cash appears robust, an important point for a REIT whose value depends heavily on recurring cash from rents. The main uncertainty is external: future borrowing costs and capital market conditions, rather than the company’s ability to generate cash from its properties.

Competitive Edge

Competitive Edge Public Storage holds a dominant position in U.S. self‑storage, with a brand most consumers recognize immediately and a network that reaches a broad portion of the population. Its size brings clear cost advantages in marketing, technology, and property operations, allowing it to run facilities more efficiently than many local and regional competitors. This scale, plus its reputation for safety and reliability, helps it support premium pricing in many markets. The industry itself is fragmented, so smaller operators are still meaningful competition at the local level, and other large storage REITs continue to push hard on acquisitions and pricing. In downturns, demand for storage can become more price‑sensitive, so maintaining occupancy and rents is an ongoing competitive challenge. Overall, though, the company’s moat rests on brand strength, nationwide reach, and an increasingly sophisticated operating platform.

Innovation and R&D

Innovation and R&D While Public Storage is not a traditional R&D‑driven company, it has leaned heavily into digital innovation to sharpen its edge. Its fully online rental and move‑in process, mobile app, and digital gate access make the customer journey quick and largely self‑service, which both improves convenience and cuts labor costs. The company is also deploying artificial intelligence and data analytics to optimize staffing, pricing, and marketing, helping it run a large portfolio with fewer on‑site resources. On the sustainability side, investments in solar and more efficient facilities align with broader environmental expectations and could lower operating costs over time. Future innovation is likely to be incremental rather than flashy—more automation, smarter security and climate control, and continued refinement of digital tools—aimed at squeezing more efficiency and customer satisfaction out of an already scaled platform.

Summary

Public Storage combines a very steady, recurring revenue base with strong margins and reliable cash flow, underpinned by a nationwide portfolio of self‑storage properties. Financial performance shows gradual, durable growth rather than volatility, aside from one standout profit year likely influenced by special items. The company has increased its use of debt to grow and return capital, which is normal for a REIT but does add interest‑rate and refinancing risk. Competitively, it enjoys a powerful brand, scale advantages, and a sophisticated digital platform that smaller rivals struggle to match. Its focus on technology and sustainability supports both efficiency and long‑term positioning, though these are evolutionary rather than transformational changes. Key things to watch going forward include how well it manages leverage in a changing rate environment, maintains occupancy and pricing in softer economic periods, and continues to use technology to protect its cost and service advantages.

NEWS

October 29, 2025 · 4:05 PM UTC

Public Storage Reports Results for the Three and Nine Months Ended September 30, 2025

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October 2, 2025 · 4:05 PM UTC

Public Storage to Release Third Quarter 2025 Earnings Results and Host Quarterly Conference Call

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September 26, 2025 · 5:21 PM UTC

Public Storage Prices Public Offering of Euro-Denominated Senior Notes

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