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PSA-PK

Public Storage

PSA-PK

Public Storage • NYSE
$19.31 ▲ 0.10% (+0.02)
Market Cap $48.83 B
52w High $21.55
52w Low $18.44
Dividend Yield 1.19%
P/E 1.88
Volume 24.22K
Outstanding Shares 2.53B

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 Q4-2024Q1-2025Q2-2025Q3-2025
Ancillary Operations
Ancillary Operations
 $150.00M ▲$80.00M ▼$80.00M ▲$90.00M ▲
Self Storage Operations
Self Storage Operations
 $2.20Bn ▲$1.10Bn ▼$1.12Bn ▲$1.14Bn ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the past several years as the company has expanded its facilities and pushed more business through each property. Profitability remains strong, with healthy margins from gross profit down through operating income. There was an unusually strong profit spike a few years ago, likely tied to one‑off gains, and earnings have since settled back to more normal but still solid levels. More recently, revenue has continued to rise while profit has been a touch softer, which suggests higher costs, interest expense, or depreciation are starting to weigh a bit. Overall, the income statement shows a mature, highly profitable platform that is still growing but no longer in a “surge” phase.

Balance Sheet

Balance Sheet The balance sheet has expanded meaningfully as the portfolio of properties has grown. Total assets have increased over time, reflecting acquisitions, development, and higher property values. Debt has also risen quite a bit from earlier years, so the business is now operating with more leverage than before, even though it is still viewed as relatively conservative compared with many real estate peers. Equity has trended upward, showing that the company continues to build underlying value for owners. Cash on hand is modest but consistent, which is typical for a REIT that relies on recurring property cash flows rather than large cash piles. The overall picture is one of a large, asset‑rich business that has leaned more on borrowing to finance growth, but from a position of strength.

Cash Flow

Cash Flow Cash generation is a key strength. Operating cash flow has been high and generally rising, closely tracking the growth of the property base. After routine capital spending on improvements and new projects, the company still produces substantial free cash flow year after year. Investment in properties has stepped up over time, but it remains well covered by internally generated cash. This pattern supports the company’s ability to fund dividends, service debt, and continue selective expansion without stretching its finances. In short, the cash flow profile is stable, predictable, and well matched to the business model.

Competitive Edge

Competitive Edge Public Storage sits in a dominant position within self‑storage, with a brand most customers recognize and a footprint that spans thousands of locations. Its large scale brings marketing advantages, lower unit costs, and the ability to invest heavily in technology, security, and property upkeep in ways that smaller rivals often cannot match. The portfolio is spread across many regions, which limits reliance on any single local market. Additional services—such as managing third‑party facilities and selling moving supplies and reinsurance products—add further depth and diversification. The main ongoing risks are competitive pressure from regional operators, new supply in certain markets, and the usual sensitivity to real estate and interest‑rate conditions, but the company’s size and reputation give it a clear edge in weathering those challenges.

Innovation and R&D

Innovation and R&D The company has been unusually active on the technology front for a real estate owner. Its fully digital rental process and mobile app make it easy for customers to find, rent, pay for, and access units without heavy in‑person interaction. Behind the scenes, it is using artificial intelligence and data analytics to improve pricing, customer service, and facility operations, and has even tested technologies like security robots. On the property side, it is investing in energy‑efficient lighting, solar panels, and water‑saving landscaping, supported by clear emissions‑reduction goals. While this is not “R&D” in the classic lab‑based sense, it amounts to a continuous innovation program in property technology and sustainability that helps differentiate the brand and may support efficiency over time.

Summary

Public Storage combines a large, established property base with strong profitability and dependable cash flows. The business has shifted from a period of exceptional earnings strength to a more normal, but still healthy, performance profile. The balance sheet is bigger and more leveraged than in the past, yet remains anchored by substantial equity and high‑quality assets. Competitive advantages stem from scale, brand recognition, and a growing suite of technology‑enabled services that make the customer experience smoother and operations more efficient. Key things to watch include how management balances further acquisitions with rising debt levels, how effectively new technology and data tools translate into better economics, and how the self‑storage market holds up under changing economic and interest‑rate conditions.