Balance Sheet Public Storage

Equities

PSA

US74460D1090

Specialized REITs

Real-time Estimate Cboe BZX Other stock markets 15:15:43 2025-12-09 EST			5-day change	1st Jan Change
265.40 ^USD	-1.54%		-3.01%	-11.52%

12-07	Australia's National Storage vaults to a record after $2.65 billion Brookfield-GIC swoop	RE
12-05	Mizuho Adjusts Price Target on Public Storage to $285 From $310, Maintains Neutral Rating	MT

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Published financial data: PUBLIC STORAGE

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2020	2021	2022	2023	2024
Rental Revenues	2.72B	3.2B	3.95B	4.26B	4.4B
Other Revenues, Total	263M	295M	294M	286M	319M
Total Revenues	2.98B	3.5B	4.24B	4.55B	4.72B
Property Expenses	867M	921M	1.05B	1.16B	1.27B
Selling General & Admin Expenses, Total	77.07M	101M	108M	80.63M	107M
Depreciation & Amortization - (IS) - (Collected)	553M	713M	888M	970M	1.13B
Other Operating Expenses	1.3M	-	-	-	-
Total Operating Expenses	1.5B	1.74B	2.05B	2.21B	2.51B
Operating Income (REIT / Utility Template)	1.49B	1.76B	2.19B	2.33B	2.21B
Interest Expense, Total	-56.28M	-90.77M	-136M	-201M	-287M
Interest and Investment Income	10.62M	4.21M	20.82M	64.82M	44.66M
Net Interest Expenses	-45.66M	-86.57M	-115M	-136M	-243M
Currency Exchange Gains (Loss)	-97.95M	112M	98.31M	-51.2M	102M
Other Non Operating Income (Expenses)	8.6M	8.1M	15.06M	17.95M	18.2M
EBT, Excl. Unusual Items	1.35B	1.8B	2.19B	2.16B	2.08B
Total Merger & Related Restructuring Charges	-1.6M	-	-	-	-
Gain (Loss) on Sale of Investments	14.4M	149M	2.18B	2.82M	4.36M
Gain (Loss) on Sale of Assets	1.49M	13.68M	1.5M	17.18M	1.54M
Asset Writedown	-3.23M	-	-7M	-11.7M	-
Legal Settlements	-	-	-	-	-
Other Unusual Items	-	-	-	-	-
EBT, Incl. Unusual Items	1.36B	1.96B	4.37B	2.17B	2.09B
Income Tax Expense	-	-	-	10.82M	4.67M
Earnings From Continuing Operations	1.36B	1.96B	4.37B	2.16B	2.08B
Net Income to Company	1.36B	1.96B	4.37B	2.16B	2.08B
Minority Interest	-4.01M	-6.38M	-17.13M	-11.79M	-12.4M
Net Income - (IS)	1.36B	1.95B	4.35B	2.15B	2.07B
Preferred Dividend and Other Adjustments	259M	221M	207M	200M	199M
Net Income to Common Incl Extra Items	1.1B	1.73B	4.14B	1.95B	1.87B
Net Income to Common Excl. Extra Items	1.1B	1.73B	4.14B	1.95B	1.87B
Per Share Items
Net EPS - Basic	6.29	9.91	23.64	11.11	10.68
Basic EPS - Continuing Operations	6.29	9.91	23.64	11.11	10.68
Basic Weighted Average Shares Outstanding	174M	175M	175M	175M	175M
Net EPS - Diluted	6.29	9.87	23.5	11.06	10.64
Diluted EPS - Continuing Operations	6.29	9.87	23.5	11.06	10.64
Diluted Weighted Average Shares Outstanding	175M	176M	176M	176M	176M
Normalized Basic EPS	4.81	6.39	7.71	7.64	7.35
Normalized Diluted EPS	4.81	6.36	7.66	7.61	7.33
Dividend Per Share	8	8	8	12	12
Payout Ratio	118.36	81.35	89.87	107.31	111.1
American Depositary Receipts Ratio (ADR)	0.2	0.2	0.2	0.2	0.2
Supplemental Items
EBITDA	2.04B	2.48B	3.08B	3.3B	3.34B
EBITA	1.5B	1.84B	2.29B	2.41B	2.32B
EBIT	1.49B	1.76B	2.19B	2.33B	2.21B
Total Revenues (As Reported)	2.92B	3.42B	4.18B	4.52B	4.7B
Effective Tax Rate - (Ratio)	-	-	-	0.5	0.22
Normalized Net Income	840M	1.12B	1.35B	1.34B	1.29B
Interest Capitalized	3.4M	3.5M	6M	9.3M	10.5M
Supplemental Operating Expense Items
General and Administrative Expenses	77.07M	101M	108M	80.63M	107M
Stock-Based Comp., COGS (Total)	14.9M	22.1M	18.84M	16.17M	16.04M
Stock-Based Comp., G&A Exp. (Total)	19.07M	37.76M	37.86M	25.4M	28.71M
Total Stock-Based Compensation	33.97M	59.86M	56.7M	41.57M	44.75M

Fiscal Period: December	2020	2021	2022	2023	2024
Assets
Gross Property Plant And Equipment	17.56B	23.08B	24.59B	27.81B	28.79B
Accumulated Depreciation	-7.15B	-7.77B	-8.55B	-9.42B	-10.43B
Net Property Plant And Equipment	10.41B	15.31B	16.04B	18.39B	18.36B
Total Real Estate Assets	10.41B	15.31B	16.04B	18.39B	18.36B
Cash And Equivalents	258M	735M	775M	370M	447M
Goodwill	175M	166M	166M	166M	166M
Other Intangibles, Total	30.05M	137M	66.67M	221M	116M
Restricted Cash	25.04M	26.69M	29.9M	30.37M	-
Other Long-Term Assets, Total	921M	1.01B	477M	635M	665M
Total Assets	11.82B	17.38B	17.55B	19.81B	19.75B
Liabilities
Current Portion of Long-Term Debt	1.85M	500M	8.27M	810M	651M
Long-Term Debt	2.54B	6.98B	6.86B	8.29B	8.7B
Accrued Expenses, Total	395M	482M	515M	599M	588M
Total Liabilities	2.94B	7.96B	7.39B	9.7B	9.94B
Preferred Stock Redeemable	4.09B	4.1B	4.35B	4.35B	4.35B
Total Preferred Equity	4.09B	4.1B	4.35B	4.35B	4.35B
Common Stock, Total	17.46M	17.51M	17.53M	17.57M	17.54M
Additional Paid In Capital	5.71B	5.82B	5.9B	5.98B	6.12B
Retained Earnings	-915M	-550M	-110M	-268M	-699M
Comprehensive Income and Other	-43.4M	-53.59M	-80.32M	-67.24M	-71.96M
Total Common Equity	4.77B	5.24B	5.72B	5.66B	5.36B
Minority Interest	18.03M	88.36M	93.4M	93.77M	101M
Total Equity	8.88B	9.42B	10.17B	10.11B	9.81B
Total Liabilities And Equity	11.82B	17.38B	17.55B	19.81B	19.75B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	175M	175M	176M	176M	175M
ECS Total Common Shares Outstanding	175M	175M	175M	176M	175M
Book Value / Share	27.3	29.89	32.66	32.24	30.57
Tangible Book Value	4.56B	4.93B	5.49B	5.28B	5.08B
Tangible Book Value Per Share	26.13	28.16	31.33	30.03	28.96
Total Debt	2.54B	7.48B	6.87B	9.1B	9.35B
Net Debt	2.29B	6.74B	6.1B	8.73B	8.91B
Minority Interest, Total (Incl. Fin. Div)	18.03M	88.36M	93.4M	93.77M	101M
Equity Method Investments, Total	773M	829M	276M	390M	382M
Account Code - Inventory Valuation	3	3	3	3	3
Land - (BS)	4.38B	5.13B	5.27B	5.63B	5.71B
Buildings, Total	13B	17.67B	18.95B	21.84B	22.77B
Full Time Employees	5.4K	5.8K	5.9K	6.2K	5.9K

Fiscal Period: December	2020	2021	2022	2023	2024
Net Income	1.36B	1.95B	4.35B	2.15B	2.07B
Depreciation, Depletion & Amortization	537M	637M	793M	887M	1.01B
Amortization of Goodwill and Intangible Assets - (CF)	16.1M	76.6M	95.2M	82.7M	118M
Total Depreciation, Depletion & Amortization	553M	713M	888M	970M	1.13B
(Gain) Loss On Sale of Asset - (CF)	-1.49M	-13.68M	-1.5M	-17.18M	-1.54M
(Gain) Loss on Sale of Investments - (CF)	-	-	-2.13B	-	-
(Income) Loss On Equity Investments - (CF)	-8.4M	-81.6M	27.79M	1.44M	-8.78M
Stock-Based Compensation (CF)	33.36M	59.82M	56.7M	41.57M	44.75M
Change in Other Net Operating Assets (Collected)	-	-	-	18.9M	-29.78M
Other Operating Activities	109M	-87.66M	-74.28M	83.54M	-78.16M
Cash from Operations	2.04B	2.54B	3.12B	3.25B	3.13B
Acquisition of Real Estate Assets, Total	-1.15B	-5.42B	-1.51B	-1.17B	-1.03B
Sale of Real Estate Assets, Total	1.8M	16.3M	1.54M	39.99M	8.39M
Net Sale / Acquisition of Real Estate Assets	-1.15B	-5.41B	-1.5B	-1.13B	-1.02B
Cash Acquisitions	-	-	-	-2.18B	-
Purchase / Sale of Intangible Assets	-	-175M	-24.8M	-238M	12.5M
Investment in Marketable and Equity Securities, Total	24.66M	19.52M	2.65B	10.98M	13.28M
Other Investing Activities, Total	7.51M	-	-	-	-9.96M
Cash from Investing	-1.12B	-5.56B	1.12B	-3.54B	-1B
Long-Term Debt Issued, Total	545M	5.04B	-	2.18B	1.15B
Total Debt Issued	545M	5.04B	-	2.18B	1.15B
Long-Term Debt Repaid, Total	-2.02M	-2.22M	-513M	-8.26M	-809M
Total Debt Repaid	-2.02M	-2.22M	-513M	-8.26M	-809M
Issuance of Common Stock	12.66M	95.86M	35.27M	53.13M	108M
Repurchase of Common Stock	-10.52M	-13.07M	-16.83M	-13.95M	-213M
Issuance of Preferred Stock	1.25B	1.18B	250M	-	-
Repurchase of Preferred Stock	-1.22B	-1.18B	-	-	-
Common Dividends Paid	-1.4B	-1.4B	-	-	-
Preferred Dividends Paid	-207M	-187M	-	-	-
Common & Preferred Stock Dividends Paid	-	-	-3.91B	-2.31B	-2.3B
Common & Preferred Stock Dividends Paid	-1.61B	-1.59B	-3.91B	-2.31B	-2.3B
Other Financing Activities, Total	-42.06M	-39.95M	-39.72M	-19.8M	-14.09M
Cash from Financing	-1.08B	3.5B	-4.19B	-113M	-2.08B
Foreign Exchange Rate Adjustments	-426K	505K	-	-	-
Net Change in Cash	-151M	479M	43.87M	-405M	47.04M
Supplemental Items
Cash Interest Paid	52.7M	77.7M	134M	146M	269M
Cash Income Tax Paid (Refund)	-	-	-	11.06M	6.88M
Net Debt Issued / Repaid	543M	5.04B	-513M	2.17B	343M
Levered Free Cash Flow	1.5B	1.73B	2.23B	2.19B	2.41B
Unlevered Free Cash Flow	1.53B	1.79B	2.32B	2.32B	2.59B
Change In Net Working Capital	-17.64M	-85.78M	-29.38M	-83.84M	-19.63M

Fiscal Period: December	2020	2021	2022	2023	2024
Profitability
Return on Assets	8.01	7.55	7.84	7.8	6.97
Return on Total Capital	8.29	7.78	8.07	8.04	7.18
Return On Equity %	15.16	21.42	44.58	21.31	20.93
Return on Common Equity	22.5	34.64	75.6	34.23	33.97
Margin Analysis
Gross Profit Margin %	70.93	73.69	75.17	74.42	72.99
SG&A Margin	2.58	2.89	2.54	1.77	2.26
EBITDA Margin %	68.31	70.8	72.63	72.65	70.73
EBITA Margin %	50.31	52.59	53.93	53.13	49.27
EBIT Margin %	49.77	50.41	51.68	51.31	46.77
Income From Continuing Operations Margin %	45.61	56.01	102.98	47.52	44.2
Net Income Margin %	45.48	55.82	102.57	47.26	43.94
Net Avail. For Common Margin %	36.8	49.51	97.69	42.87	39.71
Normalized Net Income Margin	28.14	31.92	31.86	29.48	27.35
Levered Free Cash Flow Margin	50.19	49.44	52.68	48.18	51.01
Unlevered Free Cash Flow Margin	51.37	51.06	54.69	50.94	54.82
Asset Turnover
Asset Turnover	0.26	0.24	0.24	0.24	0.24
Fixed Assets Turnover	0.3	0.27	0.27	0.26	0.26
Short Term Liquidity
Current Ratio	0.71	0.78	1.54	0.28	0.36
Quick Ratio	0.65	0.75	1.48	0.26	0.36
Operating Cash Flow to Current Liabilities	5.15	2.59	5.96	2.3	2.52
Long Term Solvency
Total Debt/Equity	28.67	79.33	67.58	90.07	95.31
Total Debt / Total Capital	22.28	44.24	40.33	47.39	48.8
LT Debt/Equity	28.65	74.02	67.5	82.05	88.67
Long-Term Debt / Total Capital	22.27	41.28	40.28	43.17	45.4
Total Liabilities / Total Assets	24.88	45.78	42.08	48.98	50.32
EBIT / Interest Expense	26.39	19.43	16.07	11.6	7.67
EBITDA / Interest Expense	36.22	27.29	22.59	16.42	11.6
(EBITDA - Capex) / Interest Expense	36.22	27.29	22.59	16.42	11.6
Total Debt / EBITDA	1.25	3.02	2.23	2.76	2.8
Net Debt / EBITDA	1.12	2.72	1.98	2.64	2.67
Total Debt / (EBITDA - Capex)	1.25	3.02	2.23	2.76	2.8
Net Debt / (EBITDA - Capex)	1.12	2.72	1.98	2.64	2.67
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	2.03	17.25	21.18	7.21	3.74
Gross Profit, 1 Yr. Growth %	0.24	21.8	23.61	6.87	1.75
EBITDA, 1 Yr. Growth %	-0.54	21.61	24.32	6.74	1
EBITA, 1 Yr. Growth %	-3.36	22.71	24.25	4.96	-3.8
EBIT, 1 Yr. Growth %	-3.35	18.88	24.25	5.74	-5.43
Earnings From Cont. Operations, 1 Yr. Growth %	-10.78	43.96	122.81	-50.53	-3.5
Net Income, 1 Yr. Growth %	-10.74	43.92	122.66	-50.6	-3.55
Diluted EPS Before Extra, 1 Yr. Growth %	-13.72	56.92	138.1	-52.94	-3.8
Normalized Net Income, 1 Yr. Growth %	-11.44	32.82	20.99	-1.48	-3.75
Net Property, Plant and Equip., 1 Yr. Growth %	6.13	47.06	4.78	14.64	-0.14
Total Assets, 1 Yr. Growth %	3.97	47.09	0.99	12.86	-0.27
Common Equity, 1 Yr. Growth %	-4.63	9.84	9.33	-1.05	-5.31
Tangible Book Value, 1 Yr. Growth %	-4.81	8.12	11.33	-3.92	-3.71
Cash From Operations, 1 Yr. Growth %	-1.2	24.51	22.55	4.15	-3.65
Levered Free Cash Flow, 1 Yr. Growth %	1.56	16.75	29.14	-2.36	-9.74
Unlevered Free Cash Flow, 1 Yr. Growth %	1.97	17.78	29.81	-0.53	-7.36
Dividend Per Share, 1 Yr. Growth %	0	0	0	50	0
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	2.77	9.38	18.97	11.63	4.85
Gross Profit, 2 Yr. CAGR %	1.17	10.5	22.38	11.64	3.48
EBITDA, 2 Yr. CAGR %	1.89	9.94	22.62	11.87	3.02
EBITA, 2 Yr. CAGR %	0.16	8.85	23.01	9.84	-0.57
EBIT, 2 Yr. CAGR %	0.18	7.14	21.07	10.07	-1.1
Earnings From Cont. Operations, 2 Yr. CAGR %	-10.97	13.33	79.1	4.99	-30.91
Net Income, 2 Yr. CAGR %	-10.94	13.34	79.01	4.87	-30.98
Diluted EPS Before Extra, 2 Yr. CAGR %	-14.18	16.36	93.29	5.86	-32.71
Normalized Net Income, 2 Yr. CAGR %	-4.72	8.52	26.24	4.9	-3.81
Net Property, Plant and Equip., 2 Yr. CAGR %	4.99	24.93	24.13	9.6	7
Total Assets, 2 Yr. CAGR %	3.98	23.66	21.88	6.76	6.09
Common Equity, 2 Yr. CAGR %	-3.27	2.35	9.58	4.01	-3.2
Tangible Book Value, 2 Yr. CAGR %	-3.36	1.45	9.71	3.42	-3.81
Cash From Operations, 2 Yr. CAGR %	-0.5	10.91	23.52	12.98	0.18
Levered Free Cash Flow, 2 Yr. CAGR %	0.16	8.81	22.5	9.37	1.76
Unlevered Free Cash Flow, 2 Yr. CAGR %	0.64	9.52	23.36	10.77	3.61
Dividend Per Share, 2 Yr. CAGR %	0	0	0	22.47	22.47
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	2.84	7.39	13.18	14.91	8.93
Gross Profit, 3 Yr. CAGR %	1.3	7.62	14.71	16.71	8.24
EBITDA, 3 Yr. CAGR %	1.43	8.05	14.54	17.26	8.13
EBITA, 3 Yr. CAGR %	-0.28	7.14	13.76	16.92	5.09
EBIT, 3 Yr. CAGR %	-0.3	6.02	12.56	15.98	4.64
Earnings From Cont. Operations, 3 Yr. CAGR %	-2.05	4.5	41.98	16.64	2.08
Net Income, 3 Yr. CAGR %	-2	4.51	41.95	16.54	1.99
Diluted EPS Before Extra, 3 Yr. CAGR %	-2.23	4.94	47.72	20.7	2.54
Normalized Net Income, 3 Yr. CAGR %	-2.39	6.48	12.53	16.48	1.93
Net Property, Plant and Equip., 3 Yr. CAGR %	4.09	17.47	17.81	20.88	6.25
Total Assets, 3 Yr. CAGR %	3.26	16.73	15.59	18.79	4.36
Common Equity, 3 Yr. CAGR %	-1.02	0.91	4.62	5.92	0.8
Tangible Book Value, 3 Yr. CAGR %	-0.99	0.32	4.64	4.97	0.99
Cash From Operations, 3 Yr. CAGR %	1.17	7.22	14.66	16.7	7.14
Levered Free Cash Flow, 3 Yr. CAGR %	1.81	5.02	15.2	13.73	9.53
Unlevered Free Cash Flow, 3 Yr. CAGR %	2.41	5.68	15.9	14.97	11.06
Dividend Per Share, 3 Yr. CAGR %	0	0	0	14.47	14.47
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	4.29	6	9.09	9.98	10.02
Gross Profit, 5 Yr. CAGR %	3.49	5.8	9.37	10.34	10.27
EBITDA, 5 Yr. CAGR %	3.71	5.88	9.53	10.96	10.23
EBITA, 5 Yr. CAGR %	2.94	4.88	8.6	10.04	8.38
EBIT, 5 Yr. CAGR %	3.14	4.31	7.89	9.52	7.5
Earnings From Cont. Operations, 5 Yr. CAGR %	0.65	6.06	24.69	4.7	6.44
Net Income, 5 Yr. CAGR %	0.69	6.09	24.7	4.66	6.38
Diluted EPS Before Extra, 5 Yr. CAGR %	0.71	7.7	28.41	5.31	7.86
Normalized Net Income, 5 Yr. CAGR %	1	4.33	8.39	7.69	6.34
Net Property, Plant and Equip., 5 Yr. CAGR %	3.99	11.4	11.68	14.26	13.36
Total Assets, 5 Yr. CAGR %	3.86	11.4	10.34	12.63	11.69
Common Equity, 5 Yr. CAGR %	-1.4	0.75	3.09	2.14	1.42
Tangible Book Value, 5 Yr. CAGR %	-1.44	0.41	3.16	1.55	1.18
Cash From Operations, 5 Yr. CAGR %	3.16	5.51	9.58	9.49	8.63
Levered Free Cash Flow, 5 Yr. CAGR %	3.55	4.73	9.49	7.96	10.49
Unlevered Free Cash Flow, 5 Yr. CAGR %	4.03	5.37	10.19	8.88	11.66
Dividend Per Share, 5 Yr. CAGR %	4.24	1.85	0	8.45	8.45