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PSA-PL

Public Storage

PSA-PL

Public Storage • NYSE
$18.71 ▼ -0.90% (-0.17)
Market Cap $3.28 B
52w High $20.86
52w Low $17.52
Dividend Yield 1.16%
P/E 1.82
Volume 69.44K
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 ▲$220.00M ▲$80.00M ▼
Self Storage Operations
Self Storage Operations
 $1.10Bn ▲$1.11Bn ▲$3.29Bn ▲$1.10Bn ▼

Five-Year Company Overview

Income Statement

Income Statement Public Storage’s revenue has grown steadily over the past five years, showing a business that keeps adding customers and pricing power over time. Core operating profit has been strong and fairly consistent, with very high margins for a real estate business. The huge jump in earnings a few years ago looks like it was helped by one‑off or unusual items, because profit and earnings per share have since settled back to more normal, but still healthy, levels. Overall, the income statement reflects a mature, highly profitable company with stable underlying operations and the occasional year of outsized gains.

Balance Sheet

Balance Sheet The balance sheet shows a large, asset‑heavy business that has grown its property base meaningfully over time. Debt has increased quite a bit over the last five years as the company has expanded, but shareholders’ equity has also risen, suggesting the growth has been funded with a mix of borrowing and retained value. Cash on hand is relatively modest, which is typical for a REIT that prefers to keep money invested in properties. The structure looks like a classic scaled real‑estate owner: sizable leverage, but backed by a broad portfolio of income‑producing assets.

Cash Flow

Cash Flow Cash generation is a key strength. Operating cash flow has been solid and gradually rising, indicating that the rental business consistently converts earnings into cash. After covering property investments and improvements, the company still produces comfortable free cash flow, which can support dividends, debt service, and further growth. Investment spending has increased, but it remains well covered by internally generated cash, showing a self‑funding model with room for continued expansion without relying solely on new debt or equity.

Competitive Edge

Competitive Edge Public Storage operates from a position of clear strength. It is the largest self‑storage operator, with a nationally recognized brand and a very dense network of locations. This scale gives it marketing advantages, operating efficiencies, and bargaining power that smaller players struggle to match. Its strong balance sheet and low financing costs make it easier to buy or build new facilities, especially in weaker markets when competitors may be constrained. High profit margins and a long track record of acquisitions reinforce a wide and durable competitive moat in a fragmented industry.

Innovation and R&D

Innovation and R&D While this is not a traditional “R&D” company, Public Storage is actively innovating in how it runs and accesses storage. Digital rentals, online leasing, and its mobile app make the customer experience largely self‑service and contactless, which reduces friction and operating costs. Moving core systems to the cloud opens the door to more data‑driven pricing, better demand forecasting, and possible use of AI over time. The company is also investing in sustainability—like solar installations and more efficient properties—and exploring smart‑facility technologies such as advanced security and monitoring, which can further differentiate its portfolio.

Summary

Public Storage combines a steadily growing, highly profitable business with the advantages of enormous scale and a strong brand. Its income statement shows resilient, high‑margin operations; its balance sheet reflects a large, leveraged but asset‑rich platform; and its cash flows comfortably support both investment and shareholder returns. Competitive advantages come from its size, financial strength, and technology‑enabled customer experience, which together create barriers to entry in the self‑storage market. Ongoing digital upgrades and sustainability initiatives suggest management is focused not just on collecting rent today, but on keeping the platform efficient, convenient, and relevant over the long term.