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PSA-PM

Public Storage

PSA-PM

Public Storage • NYSE
$16.79 ▼ -0.48% (-0.08)
Market Cap $2.95 B
52w High $18.73
52w Low $16.11
Dividend Yield 1.03%
P/E 1.63
Volume 4.02K
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 Q3-2024Q1-2025Q2-2025Q3-2025
Ancillary Operations
Ancillary Operations
 $80.00M ▲$80.00M ▲$80.00M ▲$90.00M ▲
Self Storage Operations
Self Storage Operations
 $1.11Bn ▲$1.10Bn ▼$1.12Bn ▲$1.14Bn ▲

Five-Year Company Overview

Income Statement

Income Statement Public Storage shows a clear pattern of steady revenue growth over the past several years, supported by strong property-level profitability. Core operating earnings have trended upward, with only small year-to-year fluctuations. The unusually high profit in 2022 looks more like a one‑off boost than a new baseline, and results since then have settled back to a more normal, but still solid, level. Overall, the income statement points to a mature, profitable business that is growing at a measured, sustainable pace rather than chasing aggressive expansion at any cost.

Balance Sheet

Balance Sheet The balance sheet has expanded meaningfully as the company has added more properties, with both total assets and shareholders’ equity increasing over time. Debt levels have also risen, reflecting the capital‑intensive nature of real estate and the use of borrowing to fund growth and acquisitions. Cash balances remain modest but generally stable, suggesting the company prefers to keep excess capital working in properties rather than sitting idle. Taken together, the balance sheet looks sizable and reasonably sturdy, but with more leverage than in the past, which heightens sensitivity to interest rates and credit markets.

Cash Flow

Cash Flow Public Storage generates healthy, consistent cash flow from its operations, and this has grown alongside the business. After funding regular property investments and improvements, the company still retains a comfortable amount of free cash flow, which can support dividends, debt service, and acquisitions. Capital spending has stepped up over time but remains well covered by operating cash generation. This pattern is typical of a mature real estate platform: cash‑rich, investment‑heavy, but not overly stretched by its spending plans.

Competitive Edge

Competitive Edge The company holds a dominant competitive position as the largest self‑storage operator in the U.S., with a dense network of facilities and a widely recognized brand. Its scale brings clear cost advantages in marketing, technology, and property management that smaller rivals struggle to match. A large share of the population lives close to one of its locations, which reinforces convenience and brand familiarity. The in‑house development capability and strong financial footing give it an edge in expanding or upgrading properties, though it still faces localized competition and the usual real estate risks of oversupply in certain markets.

Innovation and R&D

Innovation and R&D While it is not a traditional “R&D” company, Public Storage has been active in modernizing its business through technology and property upgrades. The eRental system and mobile app make the customer experience largely digital and self‑service, which can both attract renters and lower operating costs. Behind the scenes, advanced pricing and property management tools help fine‑tune rents and occupancy in real time. The “Property of Tomorrow” and sustainability initiatives, including solar and energy‑efficient upgrades, show an ongoing commitment to innovation in how facilities are built, operated, and marketed rather than just adding more square footage.

Summary

Overall, Public Storage appears to be a large, profitable, and cash‑generative real estate platform with a strong brand and a deep footprint in self‑storage. Its earnings and cash flows are steady, supported by a broad base of properties and disciplined operations, with 2022 standing out as an unusually strong year rather than the norm. The balance sheet has grown larger and somewhat more leveraged, reflecting a strategy of continued expansion through development and acquisitions. Technology‑driven customer tools, data‑based pricing, and property modernization all support its competitive edge, while interest rate exposure, real estate cycles, and local competition remain key factors to watch for future performance.