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PSA-PO

Public Storage

PSA-PO

Public Storage • NYSE
$15.86 ▼ -0.53% (-0.09)
Market Cap $2.78 B
52w High $17.79
52w Low $15.07
Dividend Yield 0.97%
P/E 1.54
Volume 6.32K
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 clear pattern of steady growth in revenue over the past several years, reflecting ongoing demand for self‑storage and portfolio expansion. Profitability remains strong, with healthy margins, but earnings have been bumpier than sales. There was an unusually high profit year in the middle of the period, likely driven by one‑time gains, followed by a return to more normal profit levels. More recently, revenue has continued to climb while profit has edged down slightly, suggesting some pressure from higher costs, interest, or depreciation. Overall, the income statement points to a mature, highly profitable business with stable core performance but some volatility in bottom‑line results from year to year.

Balance Sheet

Balance Sheet The balance sheet shows a company that has grown its asset base significantly, mainly by adding more properties. To fund this, Public Storage has taken on a good amount of additional debt, so leverage has risen over the period. Shareholders’ equity has also increased, but at a slower pace than debt, which means the business is leaning more on borrowing than it used to. Cash on hand is modest relative to total assets, which is typical for a large real estate owner. In short, the balance sheet reflects a sizable, asset‑heavy REIT that has used debt to scale up while still maintaining a substantial equity cushion.

Cash Flow

Cash Flow Cash generation is a clear strength. Operating cash flow has been consistently strong and has grown over time, in line with the expansion of the portfolio. Even after spending on new and upgraded properties, the company has regularly produced solid free cash flow. Capital spending has increased but remains very manageable compared with the cash coming in from operations. This pattern suggests that the underlying storage business converts revenue into cash efficiently and provides ample flexibility to fund dividends, debt service, and growth projects.

Competitive Edge

Competitive Edge Public Storage holds a premier position in the self‑storage industry. It benefits from a powerful brand, a very large footprint of locations, and cost advantages that smaller rivals struggle to match. Its national scale supports more efficient marketing, technology investment, and centralized operations. The extensive real estate portfolio in dense, hard‑to‑enter markets creates meaningful barriers for new competitors. At the same time, the industry still faces local competition and is sensitive to supply additions and economic cycles. Overall, Public Storage’s moat looks solid, supported by size, reputation, and prime locations, even though it cannot fully escape broader market dynamics.

Innovation and R&D

Innovation and R&D While this is not a traditional tech company, Public Storage has leaned into innovation for an otherwise slow‑changing sector. The mobile app, digital rentals, and contactless access make the customer experience more convenient and can lower operating costs. Moving core systems to a major cloud provider and using data analytics lays the groundwork for smarter pricing, targeted marketing, and potentially more automation. The large property upgrade program and growing use of solar and energy‑efficient features show a focus on modernizing the portfolio and managing long‑term costs. Expanding insurance offerings to third‑party facilities also demonstrates creative use of existing capabilities to open new revenue streams. Together, these efforts suggest a culture of steady, practical innovation rather than flashy experimentation.

Summary

Public Storage comes across as a scaled, highly profitable real estate platform with a long track record and strong cash generation. Revenue and cash flow have grown consistently, while profits remain robust despite some year‑to‑year noise. The balance sheet reflects aggressive but purposeful growth, with higher debt used to build out a large and valuable portfolio of properties. Its competitive edge is rooted in brand, size, location quality, and operational know‑how, reinforced by ongoing investment in technology and property upgrades. Key factors to watch include the level of leverage, interest rate conditions, new supply in local markets, and the company’s ability to keep using technology and acquisitions to sustain growth without diluting its strong financial profile.