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PSA-PN

Public Storage

PSA-PN

Public Storage • NYSE
$15.75 ▼ -0.51% (-0.08)
Market Cap $2.76 B
52w High $17.50
52w Low $15.10
Dividend Yield 0.97%
P/E 1.53
Volume 50.99K
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 Q2-2023Q3-2023Q2-2024Q1-2025
Ancillary Operations
Ancillary Operations
 $0 ▲$70.00M ▲$70.00M ▲$80.00M ▲
Self Storage Operations
Self Storage Operations
 $1.06Bn ▲$1.08Bn ▲$1.10Bn ▲$1.10Bn ▲

Five-Year Company Overview

Income Statement

Income Statement Public Storage shows a pattern of steady, healthy growth in its core business. Revenue has climbed consistently over the past five years, and gross profits have risen along with it, which suggests strong pricing power and good control over day‑to‑day operating costs. Operating income has been stable to slightly stronger, indicating a business that is not only growing, but doing so efficiently. Net income and earnings per share, however, are a bit bumpier, with one year standing out as unusually high. That spike is likely tied to one‑off gains (such as asset sales or accounting adjustments) rather than a permanent jump in earning power. Stripping out that exceptional year, underlying profitability looks solid and fairly predictable, which is what many investors look for in a large, established REIT.

Balance Sheet

Balance Sheet The balance sheet reflects a large, asset‑heavy real estate owner that has been expanding. Total assets have grown meaningfully over the period, showing continued investment in properties and acquisitions. Equity has inched up over time, which suggests the company has retained some earnings even while returning capital to shareholders. Debt levels have risen faster than equity, meaning leverage has increased. This is common for REITs during growth phases, especially when borrowing costs are attractive. For Public Storage, that leverage is partly offset by its reputation for credit strength and high‑quality properties. Cash balances are modest relative to total assets, but that is typical for a REIT that prefers to keep money working in real estate rather than sitting idle.

Cash Flow

Cash Flow Cash generation is a clear strength. Operating cash flow has been consistently robust and has grown in line with the expansion of the business. After routine spending on property improvements and development, there is still a comfortable cushion of free cash flow, which supports dividends, preferred distributions, and debt service. Capital spending has been disciplined rather than aggressive, which reduces the risk of overbuilding or stretching the balance sheet. Overall, the cash flow profile looks dependable and well matched to the long‑term, rental‑based nature of the business.

Competitive Edge

Competitive Edge Public Storage holds a dominant competitive position in self‑storage. Its network of thousands of locations, strong brand recognition, and concentration in dense, supply‑constrained markets give it advantages that smaller rivals struggle to match. Scale helps with marketing, technology investment, and operating efficiency, which can translate into better margins and more resilience during slowdowns. Its A‑level credit profile and access to capital give it an edge in acquiring or developing new properties, particularly when financing is harder to obtain for weaker players. The main competitive risks are the fragmented nature of the industry, the possibility of local overbuilding in some markets, and sensitivity to economic cycles and consumer mobility trends. Still, relative to peers, Public Storage operates from a position of strength.

Innovation and R&D

Innovation and R&D Innovation for Public Storage is centered on digital tools and operating model improvements rather than traditional laboratory R&D. The eRental platform and mobile app have turned much of the customer experience into a self‑service, online process, improving convenience and lowering staffing needs. Features like digital gate access, online payments, and remote account management help differentiate the brand and deepen customer stickiness. Behind the scenes, the company is building a data‑driven platform that can support smarter pricing, better marketing, and more efficient operations. Management is also paying attention to future opportunities such as automation, smart‑facility technologies, and sustainability initiatives like solar and energy‑efficient buildings. This combination of scale, technology investment, and in‑house development capability reinforces its moat in an industry that has historically been slow to innovate.

Summary

Public Storage, the operating company behind the PSA‑PN preferred shares, is a large, profitable, and steadily growing self‑storage REIT with strong competitive advantages. Its income statement shows consistent growth and solid margins, with one unusually strong year driven by non‑recurring factors. The balance sheet has become more leveraged as the company has expanded, but it remains anchored by substantial equity and high‑quality assets. Cash flows are strong and reliable, comfortably supporting ongoing investment and capital distributions. The firm’s leading scale, brand, and prime locations create a powerful competitive position, while its technology initiatives and in‑house development capabilities deepen its moat. Key areas to watch include the level of leverage, the pace of new development in local markets, and how effectively the company continues to use technology and sustainability efforts to enhance long‑term value. For holders of PSA‑PN, the story is primarily about the durability of this cash flow and balance‑sheet strength over time, rather than rapid growth alone.