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PSA-PJ

Public Storage

PSA-PJ

Public Storage • NYSE
$19.03 ▼ -0.47% (-0.09)
Market Cap $3.34 B
52w High $21.22
52w Low $18.25
Dividend Yield 1.18%
P/E 1.85
Volume 7.58K
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 Q4-2023Q2-2024Q1-2025Q3-2025
Ancillary Operations
Ancillary Operations
 $190.00M ▲$70.00M ▼$80.00M ▲$90.00M ▲
Self Storage Operations
Self Storage Operations
 $3.18Bn ▲$1.10Bn ▼$1.10Bn ▲$1.14Bn ▲

Five-Year Company Overview

Income Statement

Income Statement Public Storage has grown steadily over the past five years, with revenue and core operating profits moving upward in a fairly consistent way. Day‑to‑day storage operations look healthy and profitable, showing that the core business is solid. The one standout is a very strong profit spike a few years ago that appears tied to one‑off items, because earnings later eased back toward more normal levels, though still better than earlier years. Overall, the company looks like a mature, high‑margin real estate operator with stable fundamentals rather than a fast‑growing but volatile story.

Balance Sheet

Balance Sheet The balance sheet shows a large, established property base that has expanded over time. Equity has inched up, suggesting the underlying net value of the business has been preserved or slightly strengthened. Debt has risen meaningfully compared with a few years ago, which is common for a growing REIT but does increase sensitivity to interest rates and credit markets. Cash on hand is modest relative to total assets, implying reliance on ongoing cash flow and capital markets rather than a big cash cushion. In short, it is a sizable, asset‑rich balance sheet with more leverage than in the past but still anchored by substantial property holdings.

Cash Flow

Cash Flow Cash generation from operations has been consistently strong and has grown over the period. After maintenance and growth spending on properties, the company still produces healthy free cash flow, which is important for a REIT that needs to fund dividends, interest, and ongoing investments. Capital spending has increased but remains well covered by internal cash flow, suggesting that recent growth and upgrades have not overstretched the company’s cash resources. Overall, cash flow quality looks solid and relatively predictable for a property‑based business.

Competitive Edge

Competitive Edge Public Storage holds a leading position in U.S. self‑storage, backed by a very well‑known brand, a huge network of locations, and decades of operating experience. Its scale allows it to spread costs over many properties, advertise more efficiently, and negotiate better terms with suppliers than smaller rivals. The brand often makes it a first choice for customers, which supports occupancy and pricing. On the risk side, self‑storage is competitive and relatively easy to enter on a local basis, and demand can soften if consumer or small‑business activity slows. Even so, the combination of brand, size, and financial strength gives Public Storage a notable edge over most peers.

Innovation and R&D

Innovation and R&D Although this is a real estate business rather than a classic R&D company, Public Storage has been active in using technology to improve its offer. Digital rental tools, app‑based access, and more advanced security systems make it easier and safer for customers to use their units and help the company run sites more efficiently. The company is also experimenting with smarter, more connected facilities and using data and AI‑driven tools to refine pricing and operations. Investments in solar power and other sustainability efforts can improve operating efficiency over time and support its reputation. Innovation here is practical and incremental, focused on making storage more convenient, secure, and cost‑effective rather than on radical new products.

Summary

Overall, Public Storage appears to be a large, stable, and profitable self‑storage REIT with durable cash flows and a strong market position. Revenue and core profits have trended upward, backed by a broad asset base and efficient operations. The main financial watchpoints are the higher debt load compared with earlier years and the usual interest‑rate and real‑estate cycle risks that come with the REIT model. On the opportunity side, the company’s scale, technology use, and ongoing expansion and modernization efforts support its ability to maintain leadership in a fragmented industry. For a preferred share like PSA‑PJ, the key takeaway is that the underlying business looks established and cash‑generative, but still exposed to broader real‑estate, financing cost, and economic conditions.