Public Storage (PSA) 10-Year Financial Performance & Capital Metrics

PSA • • REIT / Real Estate

Real EstateIndustrial REITsSelf-Storage REITs

AboutPublic Storage, a member of the S&P 500 and FT Global 500, is a REIT that primarily acquires, develops, owns and operates self-storage facilities. At September 30, 2020, we had: (i) interests in 2,504 self-storage facilities located in 38 states with approximately 171 million net rentable square feet in the United States, (ii) an approximate 35% common equity interest in Shurgard Self Storage SA (Euronext Brussels:SHUR) which owned 239 self-storage facilities located in seven Western European nations with approximately 13 million net rentable square feet operated under the Shurgard brand and (iii) an approximate 42% common equity interest in PS Business Parks, Inc. (NYSE:PSB) which owned and operated approximately 28 million rentable square feet of commercial space at September 30, 2020. Our headquarters are located in Glendale, California.Show more

Revenue $4.82B +2.7%
FFO $2.95B -7.9%
FFO/Share 16.76 -7.8%
FFO Payout 0% -100.0%
FFO per Share 16.76 -7.8%
NOI Margin 72.85% -0.5%
FFO Margin 61.13% -10.4%
ROE 18.76% -9.8%
ROA 8.99% -14.1%
Debt/Assets 50.74% +7.2%
Net Debt/EBITDA 2.18 -18.5%
Book Value/Share 53.11 -4.7%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 20.3%
✓High NOI margin of 72.8%
✓Trading near 52-week high

✗Weaknesses

No significant weaknesses identified

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y7.31%

5Y10.6%

3Y4.88%

TTM2.3%

Profit (Net Income) CAGR

10Y3.2%

5Y5.77%

3Y-25.52%

TTM-0.25%

EPS CAGR

10Y4.03%

5Y7.45%

3Y-27.35%

TTM-0.14%

ROCE

10Y Avg13.41%

5Y Avg13.23%

3Y Avg13.77%

Latest17.05%

Peer Comparison

Self-Storage REITs

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
NSANational Storage Affiliates Trust	2.7B	35.02	50.03	-2.26%	9.8%	4.81%	11.11%	0.01
EXRExtra Space Storage Inc.	32.06B	151.03	37.48	27.64%	28.88%	6.57%	5.82%	0.88
PSAPublic Storage	53.89B	307.06	34.08	2.74%	39.53%	20.11%	5.91%	1.10
SELFGlobal Self Storage, Inc.	57.82M	5.10	26.84	2.79%	14.14%	3.84%	7.35%	0.34
CUBECubeSmart	9.38B	41.14	23.92	1.51%	32.21%	12.5%	6.73%	1.03

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Revenue+	2.56B	2.67B	2.76B	2.86B	2.92B	3.42B	4.18B	4.52B	4.7B	4.82B
Revenue Growth %	7.51%	4.22%	3.41%	3.46%	2.1%	17.18%	22.43%	8.02%	3.94%	2.74%
Property Operating Expenses	669.08M	707.98M	757.08M	813.15M	867.46M	920.6M	1.05B	1.15B	1.26B	1.31B
Net Operating Income (NOI)+	-	-	-	-	-	-	-	-	-	-
NOI Margin %	-	-	-	-	-	-	-	-	-	-
Operating Expenses+	516.97M	537.41M	588.36M	575.06M	636.46M	789.39M	959.82M	1.05B	1.24B	106.68M
G&A Expenses	70.08M	69.89M	93.83M	62.15M	64.04M	75.97M	71.67M	80.63M	106.68M	106.68M
EBITDA+	1.81B	1.88B	1.9B	1.98B	1.96B	2.42B	3.06B	3.29B	3.33B	4.56B
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization+	433.31M	454.53M	483.65M	512.92M	553.26M	713.43M	888.15M	970.06M	1.13B	1.15B
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income+	1.37B	1.42B	1.41B	1.47B	1.41B	1.71B	2.17B	2.32B	2.2B	3.41B
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense+	4.3M	12.69M	32.54M	45.64M	56.28M	90.77M	136.32M	201.13M	287.4M	304.5M
Interest Coverage	319.65x	112.15x	43.45x	32.14x	25.07x	18.79x	15.91x	11.53x	7.66x	11.19x
Non-Operating Income	-90.15M	-38.01M	-335.68M	-104.4M	-6.36M	-356.95M	-2.35B	-53.02M	-175.31M	0
Pretax Income+	1.46B	1.45B	1.72B	1.53B	1.36B	1.97B	4.38B	2.17B	2.09B	1.79B
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	0	0	0	0	0	12.37M	14.33M	10.82M	4.67M	7.23M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	1.45B	1.44B	1.71B	1.52B	1.36B	1.95B	4.35B	2.15B	2.07B	1.8B
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	10.85%	-0.78%	18.64%	-11.13%	-10.74%	43.92%	122.66%	-50.6%	-3.55%	-13.27%
Funds From Operations (FFO)+	-	-	-	-	-	-	-	-	-	-
FFO Margin %	-	-	-	-	-	-	-	-	-	-
FFO Growth %	8.61%	0.52%	15.71%	-7.35%	-6.05%	39.58%	96.4%	-40.46%	2.67%	-7.9%
FFO per Share+	-	-	-	-	-	-	-	-	-	-
FFO Payout Ratio %	-	-	-	-	-	-	-	-	-	-
EPS (Diluted)+	6.81	6.73	9.82	7.29	6.29	9.87	23.50	11.06	10.64	9.01
EPS Growth %	12.19%	-1.17%	45.91%	-25.76%	-13.72%	56.92%	138.1%	-52.94%	-3.8%	-15.32%
EPS (Basic)	6.84	6.75	9.84	7.30	6.29	9.91	23.64	11.11	10.68	9.04
Diluted Shares Outstanding	173.88M	174.15M	174.3M	174.53M	174.64M	175.57M	176.28M	176.14M	176.04M	175.9M

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Assets+	10.13B	10.73B	10.93B	11.37B	11.82B	17.38B	17.55B	19.81B	19.75B	20.21B
Asset Growth %	3.6%	5.95%	1.82%	4%	3.97%	47.09%	0.99%	12.86%	-0.27%	2.3%
Real Estate & Other Assets+	122.15M	130.29M	131.1M	174.34M	172.72M	207.66M	15.9B	18.32B	18.33B	0
PP&E (Net)	230.31M	264.44M	285.34M	141.93M	188.08M	272.47M	372.99M	345.45M	308.1M	0
Investment Securities	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0
Total Current Assets+	183.69M	433.38M	361.22M	409.74M	257.56M	734.6M	775.25M	370M	447.42M	318.1M
Cash & Equivalents	183.69M	433.38M	361.22M	409.74M	257.56M	734.6M	775.25M	370M	447.42M	318.1M
Receivables	0	0	0	0	0	0	0	0	0	0
Other Current Assets	0	0	0	0	0	0	0	0	0	0
Intangible Assets	38.12M	40.36M	35.26M	31.34M	30.05M	137.05M	66.67M	221.42M	116.34M	0
Total Liabilities	688.68M	1.77B	1.78B	2.29B	3.24B	7.96B	7.39B	9.7B	9.94B	10.87B
Total Debt+	390.75M	1.43B	1.41B	1.9B	2.54B	7.48B	6.87B	9.1B	9.35B	10.25B
Net Debt	207.06M	997.95M	1.05B	1.49B	2.29B	6.74B	6.1B	8.73B	8.91B	9.94B
Long-Term Debt	390.75M	1.43B	1.41B	1.9B	2.54B	7.48B	6.87B	9.1B	9.35B	10.25B
Short-Term Borrowings	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	0	0	0	0	0	0	0	0	0	0
Total Current Liabilities+	297.94M	337.2M	371.26M	383.28M	394.65M	482.09M	514.68M	598.99M	588.25M	0
Accounts Payable	0	0	0	0	0	0	0	0	0	0
Deferred Revenue	0	0	0	0	0	0	0	0	0	0
Other Liabilities	0	0	0	0	300M	0	0	0	0	0
Total Equity+	9.44B	8.96B	9.14B	9.08B	8.58B	9.42B	10.17B	10.11B	9.81B	9.34B
Equity Growth %	2.65%	-5.06%	2.01%	-0.71%	-5.54%	9.87%	7.89%	-0.59%	-2.9%	-4.81%
Shareholders Equity	9.41B	8.94B	9.12B	9.06B	8.56B	9.34B	10.07B	10.01B	9.71B	9.25B
Minority Interest	29.74M	24.36M	25.25M	16.76M	18.03M	88.36M	93.4M	93.77M	101.05M	93.71M
Common Stock	17.33M	17.39M	17.41M	17.44M	17.46M	17.51M	17.53M	17.57M	17.54M	17.55M
Additional Paid-in Capital	5.61B	5.65B	5.72B	5.71B	5.71B	5.82B	5.9B	5.98B	6.12B	0
Retained Earnings	-487.58M	-675.71M	-577.36M	-665.58M	-914.79M	-550.42M	-110.23M	-267.91M	-699.08M	-1.22B
Preferred Stock	4.37B	4.03B	4.03B	4.07B	3.79B	4.1B	4.35B	4.35B	4.35B	0
Return on Assets (ROA)	14.6%	13.83%	15.8%	13.64%	11.71%	13.38%	24.9%	11.5%	10.47%	8.99%
Return on Equity (ROE)	15.6%	15.67%	18.9%	16.69%	15.37%	21.7%	44.4%	21.19%	20.8%	18.76%
Debt / Assets	3.86%	13.34%	12.92%	16.74%	21.54%	43.01%	39.14%	45.95%	47.35%	50.74%
Debt / Equity	0.04x	0.16x	0.15x	0.21x	0.30x	0.79x	0.68x	0.90x	0.95x	1.10x
Net Debt / EBITDA	0.11x	0.53x	0.55x	0.75x	1.16x	2.79x	1.99x	2.66x	2.67x	2.18x
Book Value per Share	54.30	51.47	52.47	52.02	49.11	53.67	57.67	57.38	55.75	53.11

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	1.95B	1.97B	2.06B	2.07B	2.04B	2.54B	3.12B	3.25B	3.13B	3.19B
Operating CF Growth %	11.27%	1.42%	4.6%	0.19%	-1.2%	24.51%	22.55%	4.15%	-3.65%	1.86%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	1.46B	1.45B	1.72B	1.53B	1.36B	1.96B	4.37B	2.16B	2.08B	1.8B
Depreciation & Amortization	433.31M	454.53M	483.65M	512.92M	553.26M	713.43M	888.15M	970.06M	1.13B	1.15B
Stock-Based Compensation	37.48M	37.55M	69.94M	25.83M	33.36M	59.81M	56.7M	41.57M	44.75M	39.9M
Other Non-Cash Items	14.1M	32.35M	-207.16M	3.23M	95.06M	-202.19M	-2.18B	56.01M	-100.88M	197.68M
Working Capital Changes	0	0	0	0	0	12.87M	-9.05M	18.9M	-29.79M	0
Cash from Investing+	-699.11M	-737.06M	-515.92M	-897.35M	-1.12B	-5.56B	1.12B	-3.54B	-1B	-1.69B
Acquisitions (Net)	0	0	0	0	0	0	2.64B	-2.18B	0	0
Purchase of Investments	0	0	0	0	0	0	0	0	0	0
Sale of Investments	0	0	0	0	0	0	0	0	0	1000K
Other Investing	-429.19M	-398.58M	-177.12M	-710.05M	-947.72M	-5.29B	-1.06B	-899.21M	-582.61M	-1.69B
Cash from Financing+	-1.15B	-992.22M	-1.62B	-1.12B	-1.08B	3.5B	-4.19B	-112.93M	-2.08B	-1.63B
Dividends Paid	-1.51B	-1.63B	-1.61B	-1.61B	-1.61B	-1.59B	-3.91B	-2.31B	-2.3B	0
Common Dividends	-1.51B	-1.63B	-1.61B	-1.61B	-1.61B	-1.59B	-3.91B	-2.31B	-2.3B	0
Debt Issuance (Net)	1000K	1000K	-1000K	1000K	1000K	1000K	-1000K	1000K	1000K	0
Share Repurchases	0	0	0	0	0	0	0	0	-200M	0
Other Financing	-19.47M	-33.42M	-17.65M	-49.69M	-13.29M	-17.97M	-49.38M	-33.75M	-26.76M	-1.63B
Net Change in Cash+	97.02M	243.48M	-72.03M	49.53M	-150.95M	478.69M	43.87M	-404.78M	47.04M	-129.32M
Exchange Rate Effect	-381K	-126K	-171K	-13K	-426K	505K	0	0	0	0
Cash at Beginning	115.56M	212.57M	456.05M	384.02M	433.55M	282.6M	761.29M	805.16M	400.38M	0
Cash at End	212.57M	456.05M	384.02M	433.55M	282.6M	761.29M	805.16M	400.38M	447.42M	0
Free Cash Flow+	1.59B	1.85B	1.92B	1.88B	1.87B	2.27B	2.66B	2.79B	2.71B	3.19B
FCF Growth %	9.61%	16.21%	3.8%	-2.2%	-0.4%	21.38%	16.89%	4.82%	-2.77%	17.66%
FCF / Revenue %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
FFO per Share	10.85	10.89	12.59	11.65	10.94	15.19	29.71	17.7	18.19	16.76
FFO Payout Ratio	79.8%	85.96%	73.48%	79.11%	84.09%	59.58%	74.63%	73.93%	71.9%	0%
NOI Margin	73.87%	73.47%	72.56%	71.52%	70.24%	73.05%	74.82%	74.59%	73.21%	72.85%
Net Debt / EBITDA	0.11x	0.53x	0.55x	0.75x	1.16x	2.79x	1.99x	2.66x	2.67x	2.18x
Debt / Assets	3.86%	13.34%	12.92%	16.74%	21.54%	43.01%	39.14%	45.95%	47.35%	50.74%
Interest Coverage	319.65x	112.15x	43.45x	32.14x	25.07x	18.79x	15.91x	11.53x	7.66x	11.19x
Book Value / Share	54.3	51.47	52.47	52.02	49.11	53.67	57.67	57.38	55.75	53.11
Revenue Growth	7.51%	4.22%	3.41%	3.46%	2.1%	17.18%	22.43%	8.02%	3.94%	2.74%

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Public Storage (PSA) 10-Year Financial Performance & Capital Metrics

PSA • • REIT / Real Estate

Real EstateIndustrial REITsSelf-Storage REITs

Revenue $4.82B +2.7%
FFO $2.95B -7.9%
FFO/Share 16.76 -7.8%
FFO Payout 0% -100.0%
FFO per Share 16.76 -7.8%
NOI Margin 72.85% -0.5%
FFO Margin 61.13% -10.4%
ROE 18.76% -9.8%
ROA 8.99% -14.1%
Debt/Assets 50.74% +7.2%
Net Debt/EBITDA 2.18 -18.5%
Book Value/Share 53.11 -4.7%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 20.3%
✓High NOI margin of 72.8%
✓Trading near 52-week high

✗Weaknesses

No significant weaknesses identified

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y7.31%

5Y10.6%

3Y4.88%

TTM2.3%

Profit (Net Income) CAGR

10Y3.2%

5Y5.77%

3Y-25.52%

TTM-0.25%

EPS CAGR

10Y4.03%

5Y7.45%

3Y-27.35%

TTM-0.14%

ROCE

10Y Avg13.41%

5Y Avg13.23%

3Y Avg13.77%

Latest17.05%

Peer Comparison

Self-Storage REITs

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
NSANational Storage Affiliates Trust	2.7B	35.02	50.03	-2.26%	9.8%	4.81%	11.11%	0.01
EXRExtra Space Storage Inc.	32.06B	151.03	37.48	27.64%	28.88%	6.57%	5.82%	0.88
PSAPublic Storage	53.89B	307.06	34.08	2.74%	39.53%	20.11%	5.91%	1.10
SELFGlobal Self Storage, Inc.	57.82M	5.10	26.84	2.79%	14.14%	3.84%	7.35%	0.34
CUBECubeSmart	9.38B	41.14	23.92	1.51%	32.21%	12.5%	6.73%	1.03

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Revenue+	2.56B	2.67B	2.76B	2.86B	2.92B	3.42B	4.18B	4.52B	4.7B	4.82B
Revenue Growth %	7.51%	4.22%	3.41%	3.46%	2.1%	17.18%	22.43%	8.02%	3.94%	2.74%
Property Operating Expenses	669.08M	707.98M	757.08M	813.15M	867.46M	920.6M	1.05B	1.15B	1.26B	1.31B
Net Operating Income (NOI)+	-	-	-	-	-	-	-	-	-	-
NOI Margin %	-	-	-	-	-	-	-	-	-	-
Operating Expenses+	516.97M	537.41M	588.36M	575.06M	636.46M	789.39M	959.82M	1.05B	1.24B	106.68M
G&A Expenses	70.08M	69.89M	93.83M	62.15M	64.04M	75.97M	71.67M	80.63M	106.68M	106.68M
EBITDA+	1.81B	1.88B	1.9B	1.98B	1.96B	2.42B	3.06B	3.29B	3.33B	4.56B
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization+	433.31M	454.53M	483.65M	512.92M	553.26M	713.43M	888.15M	970.06M	1.13B	1.15B
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income+	1.37B	1.42B	1.41B	1.47B	1.41B	1.71B	2.17B	2.32B	2.2B	3.41B
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense+	4.3M	12.69M	32.54M	45.64M	56.28M	90.77M	136.32M	201.13M	287.4M	304.5M
Interest Coverage	319.65x	112.15x	43.45x	32.14x	25.07x	18.79x	15.91x	11.53x	7.66x	11.19x
Non-Operating Income	-90.15M	-38.01M	-335.68M	-104.4M	-6.36M	-356.95M	-2.35B	-53.02M	-175.31M	0
Pretax Income+	1.46B	1.45B	1.72B	1.53B	1.36B	1.97B	4.38B	2.17B	2.09B	1.79B
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	0	0	0	0	0	12.37M	14.33M	10.82M	4.67M	7.23M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	1.45B	1.44B	1.71B	1.52B	1.36B	1.95B	4.35B	2.15B	2.07B	1.8B
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	10.85%	-0.78%	18.64%	-11.13%	-10.74%	43.92%	122.66%	-50.6%	-3.55%	-13.27%
Funds From Operations (FFO)+	-	-	-	-	-	-	-	-	-	-
FFO Margin %	-	-	-	-	-	-	-	-	-	-
FFO Growth %	8.61%	0.52%	15.71%	-7.35%	-6.05%	39.58%	96.4%	-40.46%	2.67%	-7.9%
FFO per Share+	-	-	-	-	-	-	-	-	-	-
FFO Payout Ratio %	-	-	-	-	-	-	-	-	-	-
EPS (Diluted)+	6.81	6.73	9.82	7.29	6.29	9.87	23.50	11.06	10.64	9.01
EPS Growth %	12.19%	-1.17%	45.91%	-25.76%	-13.72%	56.92%	138.1%	-52.94%	-3.8%	-15.32%
EPS (Basic)	6.84	6.75	9.84	7.30	6.29	9.91	23.64	11.11	10.68	9.04
Diluted Shares Outstanding	173.88M	174.15M	174.3M	174.53M	174.64M	175.57M	176.28M	176.14M	176.04M	175.9M

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Assets+	10.13B	10.73B	10.93B	11.37B	11.82B	17.38B	17.55B	19.81B	19.75B	20.21B
Asset Growth %	3.6%	5.95%	1.82%	4%	3.97%	47.09%	0.99%	12.86%	-0.27%	2.3%
Real Estate & Other Assets+	122.15M	130.29M	131.1M	174.34M	172.72M	207.66M	15.9B	18.32B	18.33B	0
PP&E (Net)	230.31M	264.44M	285.34M	141.93M	188.08M	272.47M	372.99M	345.45M	308.1M	0
Investment Securities	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0
Total Current Assets+	183.69M	433.38M	361.22M	409.74M	257.56M	734.6M	775.25M	370M	447.42M	318.1M
Cash & Equivalents	183.69M	433.38M	361.22M	409.74M	257.56M	734.6M	775.25M	370M	447.42M	318.1M
Receivables	0	0	0	0	0	0	0	0	0	0
Other Current Assets	0	0	0	0	0	0	0	0	0	0
Intangible Assets	38.12M	40.36M	35.26M	31.34M	30.05M	137.05M	66.67M	221.42M	116.34M	0
Total Liabilities	688.68M	1.77B	1.78B	2.29B	3.24B	7.96B	7.39B	9.7B	9.94B	10.87B
Total Debt+	390.75M	1.43B	1.41B	1.9B	2.54B	7.48B	6.87B	9.1B	9.35B	10.25B
Net Debt	207.06M	997.95M	1.05B	1.49B	2.29B	6.74B	6.1B	8.73B	8.91B	9.94B
Long-Term Debt	390.75M	1.43B	1.41B	1.9B	2.54B	7.48B	6.87B	9.1B	9.35B	10.25B
Short-Term Borrowings	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	0	0	0	0	0	0	0	0	0	0
Total Current Liabilities+	297.94M	337.2M	371.26M	383.28M	394.65M	482.09M	514.68M	598.99M	588.25M	0
Accounts Payable	0	0	0	0	0	0	0	0	0	0
Deferred Revenue	0	0	0	0	0	0	0	0	0	0
Other Liabilities	0	0	0	0	300M	0	0	0	0	0
Total Equity+	9.44B	8.96B	9.14B	9.08B	8.58B	9.42B	10.17B	10.11B	9.81B	9.34B
Equity Growth %	2.65%	-5.06%	2.01%	-0.71%	-5.54%	9.87%	7.89%	-0.59%	-2.9%	-4.81%
Shareholders Equity	9.41B	8.94B	9.12B	9.06B	8.56B	9.34B	10.07B	10.01B	9.71B	9.25B
Minority Interest	29.74M	24.36M	25.25M	16.76M	18.03M	88.36M	93.4M	93.77M	101.05M	93.71M
Common Stock	17.33M	17.39M	17.41M	17.44M	17.46M	17.51M	17.53M	17.57M	17.54M	17.55M
Additional Paid-in Capital	5.61B	5.65B	5.72B	5.71B	5.71B	5.82B	5.9B	5.98B	6.12B	0
Retained Earnings	-487.58M	-675.71M	-577.36M	-665.58M	-914.79M	-550.42M	-110.23M	-267.91M	-699.08M	-1.22B
Preferred Stock	4.37B	4.03B	4.03B	4.07B	3.79B	4.1B	4.35B	4.35B	4.35B	0
Return on Assets (ROA)	14.6%	13.83%	15.8%	13.64%	11.71%	13.38%	24.9%	11.5%	10.47%	8.99%
Return on Equity (ROE)	15.6%	15.67%	18.9%	16.69%	15.37%	21.7%	44.4%	21.19%	20.8%	18.76%
Debt / Assets	3.86%	13.34%	12.92%	16.74%	21.54%	43.01%	39.14%	45.95%	47.35%	50.74%
Debt / Equity	0.04x	0.16x	0.15x	0.21x	0.30x	0.79x	0.68x	0.90x	0.95x	1.10x
Net Debt / EBITDA	0.11x	0.53x	0.55x	0.75x	1.16x	2.79x	1.99x	2.66x	2.67x	2.18x
Book Value per Share	54.30	51.47	52.47	52.02	49.11	53.67	57.67	57.38	55.75	53.11

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	1.95B	1.97B	2.06B	2.07B	2.04B	2.54B	3.12B	3.25B	3.13B	3.19B
Operating CF Growth %	11.27%	1.42%	4.6%	0.19%	-1.2%	24.51%	22.55%	4.15%	-3.65%	1.86%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	1.46B	1.45B	1.72B	1.53B	1.36B	1.96B	4.37B	2.16B	2.08B	1.8B
Depreciation & Amortization	433.31M	454.53M	483.65M	512.92M	553.26M	713.43M	888.15M	970.06M	1.13B	1.15B
Stock-Based Compensation	37.48M	37.55M	69.94M	25.83M	33.36M	59.81M	56.7M	41.57M	44.75M	39.9M
Other Non-Cash Items	14.1M	32.35M	-207.16M	3.23M	95.06M	-202.19M	-2.18B	56.01M	-100.88M	197.68M
Working Capital Changes	0	0	0	0	0	12.87M	-9.05M	18.9M	-29.79M	0
Cash from Investing+	-699.11M	-737.06M	-515.92M	-897.35M	-1.12B	-5.56B	1.12B	-3.54B	-1B	-1.69B
Acquisitions (Net)	0	0	0	0	0	0	2.64B	-2.18B	0	0
Purchase of Investments	0	0	0	0	0	0	0	0	0	0
Sale of Investments	0	0	0	0	0	0	0	0	0	1000K
Other Investing	-429.19M	-398.58M	-177.12M	-710.05M	-947.72M	-5.29B	-1.06B	-899.21M	-582.61M	-1.69B
Cash from Financing+	-1.15B	-992.22M	-1.62B	-1.12B	-1.08B	3.5B	-4.19B	-112.93M	-2.08B	-1.63B
Dividends Paid	-1.51B	-1.63B	-1.61B	-1.61B	-1.61B	-1.59B	-3.91B	-2.31B	-2.3B	0
Common Dividends	-1.51B	-1.63B	-1.61B	-1.61B	-1.61B	-1.59B	-3.91B	-2.31B	-2.3B	0
Debt Issuance (Net)	1000K	1000K	-1000K	1000K	1000K	1000K	-1000K	1000K	1000K	0
Share Repurchases	0	0	0	0	0	0	0	0	-200M	0
Other Financing	-19.47M	-33.42M	-17.65M	-49.69M	-13.29M	-17.97M	-49.38M	-33.75M	-26.76M	-1.63B
Net Change in Cash+	97.02M	243.48M	-72.03M	49.53M	-150.95M	478.69M	43.87M	-404.78M	47.04M	-129.32M
Exchange Rate Effect	-381K	-126K	-171K	-13K	-426K	505K	0	0	0	0
Cash at Beginning	115.56M	212.57M	456.05M	384.02M	433.55M	282.6M	761.29M	805.16M	400.38M	0
Cash at End	212.57M	456.05M	384.02M	433.55M	282.6M	761.29M	805.16M	400.38M	447.42M	0
Free Cash Flow+	1.59B	1.85B	1.92B	1.88B	1.87B	2.27B	2.66B	2.79B	2.71B	3.19B
FCF Growth %	9.61%	16.21%	3.8%	-2.2%	-0.4%	21.38%	16.89%	4.82%	-2.77%	17.66%
FCF / Revenue %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
FFO per Share	10.85	10.89	12.59	11.65	10.94	15.19	29.71	17.7	18.19	16.76
FFO Payout Ratio	79.8%	85.96%	73.48%	79.11%	84.09%	59.58%	74.63%	73.93%	71.9%	0%
NOI Margin	73.87%	73.47%	72.56%	71.52%	70.24%	73.05%	74.82%	74.59%	73.21%	72.85%
Net Debt / EBITDA	0.11x	0.53x	0.55x	0.75x	1.16x	2.79x	1.99x	2.66x	2.67x	2.18x
Debt / Assets	3.86%	13.34%	12.92%	16.74%	21.54%	43.01%	39.14%	45.95%	47.35%	50.74%
Interest Coverage	319.65x	112.15x	43.45x	32.14x	25.07x	18.79x	15.91x	11.53x	7.66x	11.19x
Book Value / Share	54.3	51.47	52.47	52.02	49.11	53.67	57.67	57.38	55.75	53.11
Revenue Growth	7.51%	4.22%	3.41%	3.46%	2.1%	17.18%	22.43%	8.02%	3.94%	2.74%

Public Storage (PSA) 10-Year Financial Performance & Capital Metrics

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Revenue History

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Public Storage (PSA) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare PSA vs Peers

vs EXR

vs CUBE

Compare Top 5

Profit & Loss

Balance Sheet

Cash Flow

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Deep Dive Analysis

Valuation Overview

Total Return Calculator

Dividend History

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Revenue History

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