Cash flow Public Storage

Equities

PSA

US74460D1090

Specialized REITs

Market Closed - Nyse Other stock markets 16:00:02 2024-09-06 EDT			Pre-market 08:01:10
345.63 ^USD	+1.31%		345.70	+0.02%

09-04	Wolfe Research Adjusts Public Storage Price Target to $350 From $326, Maintains Outperform Rating	MT
08-30	Citigroup Adjusts Public Storage Price Target to $378 From $303, Maintains Buy Rating	MT

c6e40a4d9579ab16fdfdc4.FYqqskj2E3djxdDQf6WRwkDLkcKkVWVlq2h7oqlOz0g.JNrD4ieBfhIytOGXBuvdrg-937udABI85Q0Zxe80ojFT8-H_AKNrOQiguw

Published financial data: PUBLIC STORAGE

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Rental Revenues	2.68B	2.72B	3.2B	3.95B	4.26B
Other Revenues, Total	232M	263M	295M	294M	286M
Total Revenues	2.92B	2.98B	3.5B	4.24B	4.55B
Property Expenses	797M	867M	921M	1.05B	1.16B
Selling General & Admin Expenses, Total	70.78M	77.07M	101M	108M	80.63M
Depreciation & Amortization - (IS) - (Collected)	513M	553M	713M	888M	970M
Other Operating Expenses	1.2M	1.3M	-	-	-
Total Operating Expenses	1.38B	1.5B	1.74B	2.05B	2.21B
Operating Income (REIT / Utility Template)	1.53B	1.49B	1.76B	2.19B	2.33B
Interest Expense, Total	-45.64M	-56.28M	-90.77M	-136M	-201M
Interest and Investment Income	17.74M	10.62M	4.21M	20.82M	64.82M
Net Interest Expenses	-27.9M	-45.66M	-86.57M	-115M	-136M
Currency Exchange Gains (Loss)	7.83M	-97.95M	112M	98.31M	-51.2M
Other Non Operating Income (Expenses)	10.7M	8.6M	8.1M	15.06M	17.95M
EBT, Excl. Unusual Items	1.53B	1.35B	1.8B	2.19B	2.16B
Total Merger & Related Restructuring Charges	-	-1.6M	-	-	-
Gain (Loss) on Sale of Investments	-	14.4M	149M	2.18B	2.82M
Gain (Loss) on Sale of Assets	341K	1.49M	13.68M	1.5M	17.18M
Asset Writedown	-	-3.23M	-	-7M	-11.7M
Legal Settlements	-	-	-	-	-
Other Unusual Items	-	-	-	-	-
EBT, Incl. Unusual Items	1.53B	1.36B	1.96B	4.37B	2.17B
Income Tax Expense	-	-	-	-	10.82M
Earnings From Continuing Operations	1.53B	1.36B	1.96B	4.37B	2.16B
Net Income to Company	1.53B	1.36B	1.96B	4.37B	2.16B
Minority Interest	-5.12M	-4.01M	-6.38M	-17.13M	-11.79M
Net Income - (IS)	1.52B	1.36B	1.95B	4.35B	2.15B
Preferred Dividend and Other Adjustments	248M	259M	221M	207M	200M
Net Income to Common Incl Extra Items	1.27B	1.1B	1.73B	4.14B	1.95B
Net Income to Common Excl. Extra Items	1.27B	1.1B	1.73B	4.14B	1.95B
Per Share Items
Net EPS - Basic	7.3	6.29	9.91	23.64	11.11
Basic EPS - Continuing Operations	7.3	6.29	9.91	23.64	11.11
Basic Weighted Average Shares Outstanding	174M	174M	175M	175M	175M
Net EPS - Diluted	7.29	6.29	9.87	23.5	11.06
Diluted EPS - Continuing Operations	7.29	6.29	9.87	23.5	11.06
Diluted Weighted Average Shares Outstanding	175M	175M	176M	176M	176M
Normalized Basic EPS	5.44	4.81	6.39	7.71	7.64
Normalized Diluted EPS	5.43	4.81	6.36	7.66	7.61
Dividend Per Share	8	8	8	8	12
Payout Ratio	105.8	118.36	81.35	89.87	107.31
American Depositary Receipts Ratio (ADR)	0.2	0.2	0.2	0.2	0.2
Supplemental Items
EBITDA	2.05B	2.04B	2.48B	3.08B	3.3B
EBITA	1.55B	1.5B	1.84B	2.29B	2.41B
EBIT	1.53B	1.49B	1.76B	2.19B	2.33B
Total Revenues (As Reported)	2.85B	2.92B	3.42B	4.18B	4.52B
Effective Tax Rate - (Ratio)	-	-	-	-	0.5
Normalized Net Income	948M	840M	1.12B	1.35B	1.34B
Interest Capitalized	3.9M	3.4M	3.5M	6M	9.3M
Supplemental Operating Expense Items
General and Administrative Expenses	70.78M	77.07M	101M	108M	80.63M
Stock-Based Comp., COGS (Total)	-	14.9M	22.1M	18.84M	16.17M
Stock-Based Comp., G&A Exp. (Total)	25.41M	19.07M	37.76M	37.86M	25.4M
Total Stock-Based Compensation	25.41M	33.97M	59.86M	56.7M	41.57M

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Gross Property Plant And Equipment	16.43B	17.56B	23.08B	24.59B	27.81B
Accumulated Depreciation	-6.62B	-7.15B	-7.77B	-8.55B	-9.42B
Net Property Plant And Equipment	9.81B	10.41B	15.31B	16.04B	18.39B
Total Real Estate Assets	9.81B	10.41B	15.31B	16.04B	18.39B
Cash And Equivalents	410M	258M	735M	775M	370M
Goodwill	175M	175M	166M	166M	166M
Other Intangibles, Total	31.34M	30.05M	137M	66.67M	221M
Restricted Cash	23.81M	25.04M	26.69M	29.9M	30.37M
Other Long-Term Assets, Total	918M	921M	1.01B	477M	635M
Total Assets	11.37B	11.82B	17.38B	17.55B	19.81B
Liabilities
Current Portion of Long-Term Debt	2.02M	1.85M	500M	8.27M	810M
Long-Term Debt	1.9B	2.54B	6.98B	6.86B	8.29B
Accrued Expenses, Total	383M	395M	482M	515M	599M
Total Liabilities	2.29B	2.94B	7.96B	7.39B	9.7B
Preferred Stock Redeemable	4.06B	4.09B	4.1B	4.35B	4.35B
Total Preferred Equity	4.06B	4.09B	4.1B	4.35B	4.35B
Common Stock, Total	17.44M	17.46M	17.51M	17.53M	17.57M
Additional Paid In Capital	5.71B	5.71B	5.82B	5.9B	5.98B
Retained Earnings	-666M	-915M	-550M	-110M	-268M
Comprehensive Income and Other	-64.89M	-43.4M	-53.59M	-80.32M	-67.24M
Total Common Equity	5B	4.77B	5.24B	5.72B	5.66B
Minority Interest	16.76M	18.03M	88.36M	93.4M	93.77M
Total Equity	9.08B	8.88B	9.42B	10.17B	10.11B
Total Liabilities And Equity	11.37B	11.82B	17.38B	17.55B	19.81B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	175M	175M	175M	176M	176M
ECS Total Common Shares Outstanding	174M	175M	175M	175M	176M
Book Value / Share	28.65	27.3	29.89	32.66	32.24
Tangible Book Value	4.79B	4.56B	4.93B	5.49B	5.28B
Tangible Book Value Per Share	27.47	26.13	28.16	31.33	30.03
Total Debt	1.9B	2.54B	7.48B	6.87B	9.1B
Net Debt	1.49B	2.29B	6.74B	6.1B	8.73B
Minority Interest, Total (Incl. Fin. Div)	16.76M	18.03M	88.36M	93.4M	93.77M
Equity Method Investments, Total	768M	773M	829M	276M	390M
Account Code - Inventory Valuation	3	3	3	3	3
Land - (BS)	4.19B	4.38B	5.13B	5.27B	5.63B
Buildings, Total	12.1B	13B	17.67B	18.95B	21.84B
Full Time Employees	5.9K	5.4K	5.8K	5.9K	6.2K

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	1.52B	1.36B	1.95B	4.35B	2.15B
Depreciation, Depletion & Amortization	496M	537M	637M	793M	887M
Amortization of Goodwill and Intangible Assets - (CF)	16.8M	16.1M	76.6M	95.2M	82.7M
Total Depreciation, Depletion & Amortization	513M	553M	713M	888M	970M
(Gain) Loss On Sale of Asset - (CF)	-341K	-1.49M	-13.68M	-1.5M	-17.18M
(Gain) Loss on Sale of Investments - (CF)	-	-	-	-2.13B	-
(Income) Loss On Equity Investments - (CF)	3.71M	-8.4M	-81.6M	27.79M	1.44M
Stock-Based Compensation (CF)	25.83M	33.36M	59.82M	56.7M	41.57M
Change in Other Net Operating Assets (Collected)	-	-	-	-	18.9M
Other Operating Activities	4.99M	109M	-87.66M	-74.28M	83.54M
Cash from Operations	2.07B	2.04B	2.54B	3.12B	3.25B
Acquisition of Real Estate Assets, Total	-891M	-1.15B	-5.42B	-1.51B	-1.17B
Sale of Real Estate Assets, Total	762K	1.8M	16.3M	1.54M	39.99M
Net Sale / Acquisition of Real Estate Assets	-890M	-1.15B	-5.41B	-1.5B	-1.13B
Cash Acquisitions	-	-	-	-	-2.18B
Purchase / Sale of Intangible Assets	-18.5M	-	-175M	-24.8M	-238M
Investment in Marketable and Equity Securities, Total	11.63M	24.66M	19.52M	2.65B	10.98M
Other Investing Activities, Total	-	7.51M	-	-	-
Cash from Investing	-897M	-1.12B	-5.56B	1.12B	-3.54B
Long-Term Debt Issued, Total	497M	545M	5.04B	-	2.18B
Total Debt Issued	497M	545M	5.04B	-	2.18B
Short Term Debt Repaid, Total	-	-	-	-	-
Long-Term Debt Repaid, Total	-1.92M	-2.02M	-2.22M	-513M	-8.26M
Total Debt Repaid	-1.92M	-2.02M	-2.22M	-513M	-8.26M
Issuance of Common Stock	33.56M	12.66M	95.86M	35.27M	53.13M
Repurchase of Common Stock	-12.16M	-10.52M	-13.07M	-16.83M	-13.95M
Issuance of Preferred Stock	1.09B	1.25B	1.18B	250M	-
Repurchase of Preferred Stock	-1.05B	-1.22B	-1.18B	-	-
Common Dividends Paid	-1.4B	-1.4B	-1.4B	-	-
Preferred Dividends Paid	-210M	-207M	-187M	-	-
Common & Preferred Stock Dividends Paid	-	-	-	-3.91B	-2.31B
Common & Preferred Stock Dividends Paid	-1.61B	-1.61B	-1.59B	-3.91B	-2.31B
Other Financing Activities, Total	-68.37M	-42.06M	-39.95M	-39.72M	-19.8M
Cash from Financing	-1.12B	-1.08B	3.5B	-4.19B	-113M
Foreign Exchange Rate Adjustments	-13K	-426K	505K	-	-
Net Change in Cash	49.54M	-151M	479M	43.87M	-405M
Supplemental Items
Cash Interest Paid	48.3M	52.7M	77.7M	134M	146M
Cash Income Tax Paid (Refund)	-	-	-	-	11.06M
Net Debt Issued / Repaid	495M	543M	5.04B	-513M	2.17B
Levered Free Cash Flow	1.46B	1.5B	1.73B	2.23B	2.19B
Unlevered Free Cash Flow	1.49B	1.53B	1.79B	2.32B	2.32B
Change In Net Working Capital	-11.02M	-17.64M	-85.78M	-29.38M	-83.84M

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	8.6	8.01	7.55	7.84	7.8
Return on Total Capital	8.91	8.29	7.78	8.07	8.04
Return On Equity %	16.74	15.16	21.42	44.58	21.31
Return on Common Equity	25.22	22.5	34.64	75.6	34.23
Margin Analysis
Gross Profit Margin %	72.68	70.93	73.69	75.17	74.42
SG&A Margin	2.43	2.58	2.89	2.54	1.77
EBITDA Margin %	70.21	68.31	70.8	72.63	72.65
EBITA Margin %	53.2	50.31	52.59	53.93	53.13
EBIT Margin %	52.62	49.77	50.41	51.68	51.31
Income From Continuing Operations Margin %	52.31	45.61	56.01	102.98	47.52
Net Income Margin %	52.14	45.48	55.82	102.57	47.26
Net Avail. For Common Margin %	43.64	36.8	49.51	97.69	42.87
Normalized Net Income Margin	32.51	28.14	31.92	31.86	29.48
Levered Free Cash Flow Margin	50.11	50.19	49.44	52.68	48.18
Unlevered Free Cash Flow Margin	51.09	51.37	51.06	54.69	50.94
Asset Turnover
Asset Turnover	0.26	0.26	0.24	0.24	0.24
Fixed Assets Turnover	0.3	0.3	0.27	0.27	0.26
Short Term Liquidity
Current Ratio	1.13	0.71	0.78	1.54	0.28
Quick Ratio	1.06	0.65	0.75	1.48	0.26
Operating Cash Flow to Current Liabilities	5.37	5.15	2.59	5.96	2.3
Long Term Solvency
Total Debt/Equity	20.95	28.67	79.33	67.58	90.07
Total Debt / Total Capital	17.32	22.28	44.24	40.33	47.39
LT Debt/Equity	20.93	28.65	74.02	67.5	82.05
Long-Term Debt / Total Capital	17.31	22.27	41.28	40.28	43.17
Total Liabilities / Total Assets	20.11	24.88	45.78	42.08	48.98
EBIT / Interest Expense	33.63	26.39	19.43	16.07	11.6
EBITDA / Interest Expense	44.86	36.22	27.29	22.59	16.42
(EBITDA - Capex) / Interest Expense	44.86	36.22	27.29	22.59	16.42
Total Debt / EBITDA	0.93	1.25	3.02	2.23	2.76
Net Debt / EBITDA	0.73	1.12	2.72	1.98	2.64
Total Debt / (EBITDA - Capex)	0.93	1.25	3.02	2.23	2.76
Net Debt / (EBITDA - Capex)	0.73	1.12	2.72	1.98	2.64
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	2.05	2.03	17.25	21.18	7.21
Gross Profit, 1 Yr. Growth %	0.07	0.24	21.8	23.61	6.87
EBITDA, 1 Yr. Growth %	2.41	-0.54	21.61	24.32	6.74
EBITA, 1 Yr. Growth %	1.25	-3.36	22.71	24.25	4.96
EBIT, 1 Yr. Growth %	1.25	-3.35	18.88	24.25	5.74
Earnings From Cont. Operations, 1 Yr. Growth %	-11.16	-10.78	43.96	122.81	-50.53
Net Income, 1 Yr. Growth %	-11.13	-10.74	43.92	122.66	-50.6
Diluted EPS Before Extra, 1 Yr. Growth %	-14.64	-13.72	56.92	138.1	-52.94
Normalized Net Income, 1 Yr. Growth %	-9.12	-11.44	32.82	20.99	-1.48
Net Property, Plant and Equip., 1 Yr. Growth %	3.87	6.13	47.06	4.78	14.64
Total Assets, 1 Yr. Growth %	4	3.97	47.09	0.99	12.86
Common Equity, 1 Yr. Growth %	-1.9	-4.63	9.84	9.33	-1.05
Tangible Book Value, 1 Yr. Growth %	-1.9	-4.81	8.12	11.33	-3.92
Cash From Operations, 1 Yr. Growth %	0.19	-1.2	24.51	22.55	4.15
Levered Free Cash Flow, 1 Yr. Growth %	-2.75	1.56	16.75	29.14	-2.36
Unlevered Free Cash Flow, 1 Yr. Growth %	-2.18	1.97	17.78	29.81	-0.53
Dividend Per Share, 1 Yr. Growth %	0	0	0	0	50
Compound Annual Growth Rate Over Two Years