Logo

PSA-PQ

Public Storage

PSA-PQ

Public Storage • NYSE
$16.08 ▲ 0.25% (+0.04)
Market Cap $2.82 B
52w High $18.00
52w Low $15.30
Dividend Yield 0.99%
P/E 1.56
Volume 4.20K
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 Q3-2023Q2-2024Q3-2024Q2-2025
Ancillary Operations
Ancillary Operations
 $70.00M ▲$70.00M ▲$80.00M ▲$80.00M ▲
Self Storage Operations
Self Storage Operations
 $1.08Bn ▲$1.10Bn ▲$1.11Bn ▲$1.12Bn ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the past several years, showing that the core storage business continues to expand and retain customers. Operating profits have generally moved in the same direction as revenue, which suggests reasonable cost control and pricing power. One standout year shows unusually high reported earnings, likely driven by one‑time gains or revaluations rather than a permanent step‑up in profitability. More recently, profit per share has eased slightly even as revenue rose, hinting at some pressure from higher expenses, interest costs, or slower rent increases. Overall, this looks like a mature, profitable business with relatively stable earnings, but not one that is immune to cost inflation or interest rate movements.

Balance Sheet

Balance Sheet The asset base has grown meaningfully, reflecting years of investment in new or acquired storage properties. Equity has climbed over time as retained earnings accumulated, a sign that the business has created value in excess of what it pays out. Debt levels, however, have risen faster than in earlier years, which is common for large real estate owners but still worth watching in a higher‑rate environment. Cash on hand is modest relative to the size of the balance sheet, again typical for a REIT that prefers to reinvest and distribute cash rather than hold large idle balances. In short, the balance sheet looks solid and scaled, but with a clear reliance on debt financing that makes interest rate and refinancing conditions important risk factors.

Cash Flow

Cash Flow Cash generation from operations has been consistently strong and has trended upward over the period shown. Even after funding maintenance and growth spending on properties, the business regularly produces healthy free cash flow, leaving room for dividends, debt service, and selective investments. Capital spending has increased as the portfolio has expanded and been upgraded, yet it remains well covered by internally generated cash. This pattern—steady, recurring cash inflows with disciplined but rising investment—fits the profile of a mature, cash‑rich property platform. It also indicates some resilience across economic cycles, as storage demand tends to be less volatile than many other real estate segments.

Competitive Edge

Competitive Edge Public Storage benefits from very large scale, a well‑known brand, and a dense network of locations that smaller rivals struggle to match. Its long operating history and sophisticated revenue management give it tools to fine‑tune pricing by market and season, which can support occupancy and margins. The third‑party management program further extends its reach by bringing independent facilities under the Public Storage umbrella, deepening its network without always needing to own every property. Access to capital markets and a strong reputation offer an edge in acquisitions and development. Competitive risks remain—especially from regional operators and new supply in local markets—but its combination of brand recognition, scale, and technology‑enabled operations provides a durable moat relative to most peers.

Innovation and R&D

Innovation and R&D Innovation here is less about traditional laboratory R&D and more about digital platforms, data, and sustainability. The company’s eRental system and mobile app make renting and managing units largely self‑service, reducing friction for customers and cutting operating costs. Moving core systems to the cloud and using data analytics and AI to manage pricing and staffing provide quieter but meaningful efficiency gains. On top of that, solar projects and broader sustainability initiatives may lower long‑term utility costs, create new revenue streams from rooftop leases, and strengthen the brand with communities and regulators. Future opportunities lie in deeper automation, smarter security, and more personalized customer engagement, though all of these require ongoing execution discipline and technology investment.

Summary

Public Storage presents as a large, mature, and profitable storage platform with steadily expanding revenues, solid margins, and consistently strong cash generation. Its sizeable and growing property base, supported by meaningful equity and increased but manageable debt, underpins its position as a sector leader. The business model is inherently cash‑rich and relatively defensive, although higher leverage and sensitivity to interest rates are key financial watchpoints. Competitively, its scale, brand, and technology‑enabled operating platform provide clear advantages over most rivals, while digital and sustainability initiatives are gradually strengthening its long‑term positioning. Overall, the company looks like a stable, cash‑generative real estate operator with a strong moat, modest earnings volatility, and ongoing, but not risk‑free, opportunities for incremental growth and efficiency gains.