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PSA-PG

Public Storage

PSA-PG

Public Storage • NYSE
$20.91 ▼ -0.76% (-0.16)
Market Cap $3.67 B
52w High $23.20
52w Low $19.49
Dividend Yield 1.26%
P/E 2.03
Volume 37.80K
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 Q1-2024Q2-2024Q3-2024Q4-2024
Ancillary Operations
Ancillary Operations
 $70.00M ▲$70.00M ▲$80.00M ▲$80.00M ▲
Self Storage Operations
Self Storage Operations
 $1.09Bn ▲$1.10Bn ▲$1.11Bn ▲$1.10Bn ▼

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the past five years, showing a clear upward trend as the portfolio has expanded and pricing has remained firm. Profitability is strong, with healthy margins from gross profit down through operating income, reflecting the high‑margin nature of self‑storage. There was an unusually strong earnings spike a few years ago that later normalized, so headline net income and earnings per share look volatile on paper, but the underlying earning power appears much more stable than those swings suggest. More recently, profit has eased slightly from its peak but remains solid, consistent with a mature, high‑quality real estate platform rather than a high‑growth story.

Balance Sheet

Balance Sheet The balance sheet shows a sizable and growing asset base, driven by continued investment in storage properties. Debt has increased meaningfully over the period as the company has used borrowing to fund expansion, while equity has stayed broadly steady, indicating a more leveraged but still well‑capitalized profile. Cash on hand is modest relative to total assets, which is typical for a large REIT that relies on recurring cash flows and access to capital markets. External credit ratings and the company’s size support a relatively low cost of capital, but rising leverage still makes interest rates and credit conditions important watchpoints.

Cash Flow

Cash Flow Cash generation from operations has been consistently strong and has grown over time, broadly tracking the expansion of the business. After capital spending, the company still produces healthy free cash flow, suggesting that ongoing investments in new or upgraded facilities are comfortably supported by internal funds. Capital expenditures have risen but remain moderate compared with cash from operations, implying discipline in growth spending and capacity to fund dividends, preferred distributions, and debt service. Overall, the cash flow profile looks durable and well aligned with the needs of a large income‑oriented real estate owner.

Competitive Edge

Competitive Edge Public Storage occupies a leading position in the self‑storage industry, with unmatched scale, a well‑known brand, and a wide geographic footprint. Its large network of facilities, combined with sophisticated pricing and marketing tools, underpins very strong operating margins and makes it difficult for smaller competitors to match its economics. Access to relatively cheap capital and deep experience in site selection and operations further strengthen its position. The main competitive risks come from local oversupply in certain markets, aggressive regional players, and shifts in demand tied to housing activity, mobility, and economic cycles, but the company’s size and brand provide a meaningful cushion.

Innovation and R&D

Innovation and R&D While not a traditional research‑heavy business, Public Storage has leaned into digital innovation to differentiate its offering. The eRental platform, mobile app with digital access, and broader digital ecosystem simplify the customer experience and improve efficiency, reinforcing the company’s cost and convenience advantages. Management is also signaling interest in sustainability, solar installations, and future use of automation and AI, which could lower operating costs and enhance security over time. The key execution risk is staying ahead of competitors on technology and customer experience while managing cybersecurity and integration across thousands of locations.

Summary

Overall, Public Storage combines steady top‑line growth, strong profitability, and robust cash generation with a dominant competitive position in a niche but durable real estate category. The balance sheet carries more debt than in the past but remains supported by valuable assets, recurring cash flows, and good access to capital. Technology investments and sustainability initiatives enhance the long‑term franchise and may widen its moat if executed well. Key things to watch include interest rate trends, local supply‑demand balances in storage markets, and the company’s ability to keep translating its scale and digital tools into consistently high margins and stable earnings over time.