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PSA-PI

Public Storage

PSA-PI

Public Storage • NYSE
$19.73 ▼ -0.55% (-0.11)
Market Cap $3.46 B
52w High $22.29
52w Low $18.69
Dividend Yield 1.22%
P/E 1.92
Volume 20.15K
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 Q1-2023Q2-2024Q1-2025Q3-2025
Ancillary Operations
Ancillary Operations
 $0 ▲$70.00M ▲$80.00M ▲$90.00M ▲
Self Storage Operations
Self Storage Operations
 $1.03Bn ▲$1.10Bn ▲$1.10Bn ▲$1.14Bn ▲

Five-Year Company Overview

Income Statement

Income Statement Public Storage shows a clear pattern of steady growth in its core business. Revenue has increased each year over the past five years, and operating profit has remained strong throughout, even as the company has expanded. Profitability looks healthy: gross and operating margins are high for a real estate business, suggesting efficient operations and good pricing power. The one standout is a very large jump in net income a couple of years ago that did not persist; that spike likely reflects one‑off gains or accounting factors rather than a permanent step‑up in earnings. More recently, net income and earnings per share have eased a bit from that peak but remain solid relative to earlier years. Overall, the income statement points to a mature, highly profitable business with stable underlying performance, but with some headline volatility in bottom‑line profit from year to year.

Balance Sheet

Balance Sheet The balance sheet reflects a large, asset‑heavy real estate platform that has grown meaningfully since the start of the decade. Total assets have climbed, driven by continued investment in properties and expansion of the portfolio. Equity has been broadly stable to slightly higher over time, which indicates that retained profits and capital raising have kept pace with growth. At the same time, debt levels have risen significantly compared with a few years ago. This is typical for a growing REIT, but it does mean the business is now more reliant on borrowing than earlier in the period. Cash on hand is relatively modest compared with the size of the balance sheet, again normal for this type of company, which tends to recycle cash into new properties. The key watchpoint is the higher leverage: it can amplify returns in good times but also makes the company more sensitive to interest rates and credit conditions.

Cash Flow

Cash Flow Cash generation is a clear strength. Operating cash flow has been consistently strong and has grown over the period, reflecting both higher rents and disciplined cost control. Even after spending on new and existing properties, the company has regularly produced healthy free cash flow. Capital spending has increased but remains very manageable relative to the cash coming in the door. This pattern suggests the business model throws off reliable cash, giving management flexibility to fund expansion, pay dividends, or strengthen the balance sheet. Overall, the cash flow profile fits what investors often look for in a leading REIT: recurring, property‑backed cash flows with room to invest for growth without straining liquidity.

Competitive Edge

Competitive Edge Public Storage holds a dominant position in the self‑storage industry. Its scale is a major advantage: a huge network of facilities across the country supports brand recognition, marketing efficiency, and operating leverage that smaller operators struggle to match. The brand is widely recognized, and the bright, uniform look of its properties makes it a default choice for many consumers. The company also benefits from a long‑built, strategically located real estate portfolio, often in dense, high‑demand areas that are hard for new entrants to replicate. Beyond direct ownership, programs that manage third‑party facilities and lend to smaller operators extend its influence across the ecosystem. The main structural risk is that self‑storage is not impossible to enter: local players can still compete, especially in less dense areas, and pricing can come under pressure in oversupplied markets. But overall, scale, brand, and access to capital give Public Storage a durable edge.

Innovation and R&D

Innovation and R&D While not a traditional R&D‑driven company, Public Storage has been active in practical, customer‑facing innovation. Digital tools are a standout. The eRental system and mobile app make it much easier for customers to find, rent, and manage units without visiting an office, turning what used to be a paper‑heavy, in‑person process into a largely online experience. This improves convenience and helps keep staffing and operating costs under control. Behind the scenes, the company is using data analytics and early forms of artificial intelligence to fine‑tune pricing and understand demand patterns. Looking ahead, management talks about deeper use of AI and connected devices for things like predictive maintenance and smarter facility management. Sustainability projects, especially large‑scale solar installations across many properties, add another layer of long‑term thinking. In short, innovation here is pragmatic and incremental rather than flashy, but it appears well aligned with improving efficiency, customer satisfaction, and long‑run competitiveness.

Summary

Public Storage appears to be a mature, highly profitable real estate platform built around a dominant position in self‑storage. The income statement shows steady revenue growth and resilient operating profits, with some noise in reported net income from unusual items. The balance sheet is strong in terms of asset base and equity, but leverage has clearly increased, making interest rates and credit conditions more important to watch. Cash flows are robust and reliable, comfortably covering investment in properties and leaving room for capital returns and further growth. Competitively, the company benefits from unmatched scale, a trusted brand, and a strategically located portfolio, though the underlying industry still allows regional competitors to emerge. On the innovation front, Public Storage is leaning into digital tools, data‑driven pricing, and sustainability initiatives that should support its moat rather than transform the business model. Overall, the picture is of a large, cash‑generative REIT with a strong competitive position and sensible, gradual innovation, balanced by higher debt levels and the usual risks tied to real estate cycles and competition in a still‑fragmented industry.