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PSA-PF

Public Storage

PSA-PF

Public Storage • NYSE
$21.68 ▼ -0.82% (-0.18)
Market Cap $3.80 B
52w High $23.31
52w Low $19.87
Dividend Yield 1.29%
P/E 2.11
Volume 12.86K
Outstanding Shares 175.42M

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 Q2-2024Q3-2024Q4-2024Q1-2025
Ancillary Operations
Ancillary Operations
 $70.00M ▲$80.00M ▲$150.00M ▲$80.00M ▼
Self Storage Operations
Self Storage Operations
 $1.10Bn ▲$1.11Bn ▲$2.20Bn ▲$1.10Bn ▼

Five-Year Company Overview

Income Statement

Income Statement Public Storage’s income statement shows a steady, healthy climb in revenue over the past five years, with strong profitability throughout. Operating profits have been consistently high, reflecting good cost control and pricing power in its storage portfolio. Earnings spiked unusually in one year, likely driven by one‑time gains or property revaluations typical for real estate owners, then settled back to more normal but still solid levels. Overall, the business looks like a mature, high‑margin cash generator rather than a volatile growth story.

Balance Sheet

Balance Sheet The balance sheet has expanded meaningfully as the company has added more properties and grown its presence, with total assets rising over time. Debt has increased faster than in earlier years, but equity has also grown, suggesting the company is using a mix of borrowing and retained profits to fund expansion. Cash on hand is relatively small compared with the asset base, which is common for REITs that rely on steady rental income and credit access rather than large cash piles. The picture is of a sizable, asset‑rich landlord with moderate but rising leverage that needs ongoing access to capital markets.

Cash Flow

Cash Flow Cash flow is a key strength. Operating cash flow has been consistently strong and has grown along with the business, comfortably covering capital spending and leaving room for distributions and debt service. Investment in properties has risen gradually but remains manageable relative to the cash the business produces. Free cash flow has been positive year after year, indicating a model that reliably converts rental income into cash even as the company keeps investing in its network.

Competitive Edge

Competitive Edge Public Storage holds a dominant position in self‑storage, with unmatched scale and one of the best‑known brands in the industry. Its very large network creates cost advantages in marketing and operations and makes it a default choice for many customers searching for storage. The company’s in‑house development capabilities let it build new locations more efficiently than many smaller rivals who must purchase existing facilities at higher prices. Its revenue management systems and long operating history support strong margins and help defend its market share, even in a competitive field with capable peers.

Innovation and R&D

Innovation and R&D While not a traditional R&D‑heavy tech company, Public Storage has been very active in using technology to sharpen its business. Its online rental process and mobile app make it easy and mostly self‑service for customers to find, rent, and access units, which can also reduce staffing needs. Behind the scenes, the company uses data analytics and artificial intelligence to tune pricing and marketing in real time, and its move to a major cloud platform sets the stage for more advanced analytics and automation. Pilot projects such as security robots and broader use of smart devices, along with ongoing sustainability upgrades, suggest a willingness to experiment and steadily modernize the portfolio.

Summary

Overall, Public Storage looks like a mature, large‑scale real estate operator with steadily growing revenue, strong margins, and reliable cash generation supporting its obligations, including preferred securities such as PSA‑PF. Its size, brand, and technology investments give it a durable edge in self‑storage, while its development program and acquisitions continue to expand its footprint. Key things to watch include its rising debt levels, exposure to interest rates and property values, and competitive pressure in certain markets. For holders of the preferred shares, the central question is the company’s long‑term ability to maintain strong cash flows and balance sheet flexibility, and on the available data that foundation currently appears robust but still sensitive to broader real estate and credit conditions.