Public Storage's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Public Storage reported revenue of $4.8B (+2.7% year on year) and net income of $1.8B (-13.8% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Revenues | $4.8B | $4.7B | $4.5B | $4.2B |
| Self-storage cost of operations | $1.2B | $1.1B | $1.1B | $980.2M |
| Ancillary cost of operations | $132.9M | $121.3M | $86.0M | $72.7M |
| Depreciation and amortization | $1.2B | $1.1B | $970.1M | $888.1M |
| Real estate acquisition and development expense | $19.6M | $15.5M | $26.5M | — |
| General and administrative | $106.7M | $106.7M | $80.6M | $114.7M |
| Interest expense | $304.5M | $287.4M | $201.1M | $136.3M |
| Total expenses | $2.9B | $2.8B | $2.4B | $2.2B |
| Interest and other income | $63.1M | $67.2M | $85.6M | $40.6M |
| Equity in earnings (loss) of unconsolidated real estate entity | $9.6M | $19.8M | $27.9M | $107.0M |
| Foreign currency exchange gain (loss) | ($215.6M) | $102.2M | ($51.2M) | $98.3M |
| Gain (Loss) on sale of real estate | $1.1M | $1.5M | $17.2M | $1.5M |
| Income before income taxes | $1.8B | $2.1B | $2.2B | — |
| Income tax (provision) benefit | $7.2M | ($4.7M) | ($10.8M) | — |
| Net income | $1.8B | $2.1B | $2.2B | $4.4B |
| Allocation to noncontrolling interests | ($12.7M) | ($12.4M) | ($11.8M) | ($17.1M) |
| Net income allocable to Public Storage shareholders | $1.8B | $2.1B | $2.1B | $4.3B |
| Preferred shareholders | ($194.7M) | ($194.7M) | ($194.7M) | ($194.4M) |
| Restricted share units and unvested LTIP units | ($4.1M) | ($4.6M) | — | — |
| Net income allocable to common shareholders | $1.6B | $1.9B | $1.9B | $4.1B |
| Basic (in USD per share) | $9.04 | $10.68 | $11.11 | $23.64 |
| Diluted (in USD per share) | $9.01 | $10.64 | $11.06 | $23.50 |
| Basic weighted average common shares outstanding (in shares) | 175.4M | 175.4M | 175.5M | 175.3M |
| Diluted weighted average common shares outstanding (in shares) | 175.9M | 176.0M | 176.1M | 176.3M |
| Line item | Jun 30, 2026 · Q2 | Mar 31, 2026 · Q1 | Sep 30, 2025 · Q3 | Jun 30, 2025 · Q2 |
|---|---|---|---|---|
| Total revenues | $1.2B | $1.2B | $1.2B | $1.2B |
| Self-storage cost of operations | $307.8M | $305.7M | $294.5M | $284.7M |
| Ancillary cost of operations | $36.3M | $34.3M | $36.4M | $33.3M |
| Depreciation and amortization | $287.8M | $290.7M | $290.4M | $283.2M |
| Real estate acquisition and development expense | $5.2M | $2.4M | $2.8M | $2.5M |
| General and administrative | $44.4M | $30.4M | $28.8M | $25.7M |
| Interest expense | $84.8M | $80.0M | $79.7M | $71.6M |
| Total expenses | $766.2M | $743.5M | $732.5M | $701.1M |
| Operating income | $466.7M | $474.3M | — | — |
| Interest and other income (expense) | $16.9M | $7.8M | $21.0M | $12.8M |
| Equity in earnings (loss) of unconsolidated real estate entity | $4.9M | $6.8M | $3.7M | ($2.2M) |
| Foreign currency exchange gain (loss) | $17.2M | $41.7M | $899.0K | ($146.1M) |
| Gain (Loss) on sale of real estate | ($35.0K) | $379.0K | $502.0K | $163.0K |
| Income before income taxes | $505.7M | $530.9M | $517.6M | $364.7M |
| Income tax (provision) benefit | ($2.7M) | ($1.6M) | ($2.8M) | ($3.2M) |
| Net income | $502.9M | $529.4M | $514.8M | $361.4M |
| Allocation to noncontrolling interests | ($3.0M) | ($3.1M) | ($3.7M) | ($3.0M) |
| Net income allocable to Public Storage shareholders | $500.0M | $526.3M | $511.1M | $358.4M |
| Preferred shareholders | ($48.7M) | ($48.7M) | ($48.7M) | ($48.7M) |
| Restricted share units and unvested LTIP units | ($1.0M) | ($807.0K) | ($977.0K) | ($778.0K) |
| Net income allocable to common shareholders | $450.3M | $476.8M | $461.4M | $309.0M |
| Basic (in USD per share) | $2.56 | $2.72 | $2.63 | $1.76 |
| Diluted (in USD per share) | $2.55 | $2.71 | $2.62 | $1.76 |
| Basic weighted average common shares outstanding (in shares) | 175.6M | 175.5M | 175.5M | 175.4M |
| Diluted weighted average common shares outstanding (in shares) | 176.5M | 175.9M | 175.9M | 175.9M |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Cash and equivalents | $318.1M | $447.4M | $370.0M | $775.3M |
| Land | $6.0B | $5.7B | $5.6B | $5.3B |
| Buildings | $24.1B | $22.8B | $21.8B | $18.9B |
| Total land and buildings, at cost | $30.1B | $28.5B | $27.5B | $24.2B |
| Accumulated depreciation | ($11.5B) | ($10.4B) | ($9.4B) | ($8.6B) |
| Total land and buildings, net | $18.6B | $18.1B | $18.0B | $15.7B |
| Construction in process | $194.4M | $308.1M | $345.5M | $373.0M |
| Total real estate facilities, net | $18.8B | $18.4B | $18.4B | $16.0B |
| Investment in unconsolidated real estate entity | $388.6M | $382.5M | $390.2M | $275.8M |
| Goodwill and other intangible assets, net | $251.6M | $282.2M | $387.3M | $232.5M |
| Notes receivable | $142.1M | — | — | — |
| Other assets | $303.6M | $282.2M | $275.1M | $230.8M |
| Total assets | $20.2B | $19.8B | $19.8B | $17.6B |
| Notes payable | $10.3B | $9.4B | $9.1B | $6.9B |
| Accrued and other liabilities | $612.9M | $588.2M | $599.0M | $514.7M |
| Total liabilities | $10.9B | $9.9B | $9.7B | $7.4B |
| Preferred Shares, $0.01 par value, 100,000,000 shares authorized, 174,000 shares issued (in series) and outstanding, (174,000 shares at December 31, 2024) at liquidation preference | 4.3B | 4.3B | 4.3B | 4.3B |
| Common Shares, $0.10 par value, 650,000,000 shares authorized, 175,462,847 shares issued (175,408,393 shares at December 31, 2024) | 17.6M | 17.5M | 17.6M | 17.5M |
| Paid-in capital | $6.1B | $6.1B | $6.0B | $5.9B |
| Accumulated deficit | ($1.2B) | ($699.1M) | ($267.9M) | ($110.2M) |
| Accumulated other comprehensive loss | ($47.8M) | ($72.0M) | ($67.2M) | ($80.3M) |
| Total Public Storage shareholders’ equity | $9.2B | $9.7B | $10.0B | $10.1B |
| Noncontrolling interests | $93.7M | $101.0M | $93.8M | $93.4M |
| Total equity | $9.3B | $9.8B | $10.1B | $10.2B |
| Total liabilities and equity | $20.2B | $19.8B | $19.8B | $17.6B |
| Line item | Jun 30, 2026 | Mar 31, 2026 | Sep 30, 2025 | Jun 30, 2025 |
|---|---|---|---|---|
| Cash and equivalents | $259.9M | $134.6M | $296.5M | $1.1B |
| Land | $6.0B | $6.0B | $5.9B | $5.8B |
| Buildings | $24.5B | $24.3B | $23.8B | $23.3B |
| Total land and buildings, at cost | $30.5B | $30.2B | $29.7B | $29.1B |
| Accumulated depreciation | ($12.0B) | ($11.7B) | ($11.2B) | ($10.9B) |
| Total land and buildings, net | $18.5B | $18.5B | $18.5B | $18.2B |
| Construction in process | $260.1M | $202.7M | $267.8M | $257.3M |
| Total real estate facilities, net | $18.8B | $18.7B | $18.8B | $18.4B |
| Investment in unconsolidated real estate entity | $364.8M | $383.9M | $383.6M | $387.9M |
| Goodwill and other intangible assets, net | $228.0M | $233.2M | $269.6M | $253.5M |
| Notes receivable, net | $173.3M | $142.5M | — | — |
| Other assets | $337.6M | $277.2M | $385.0M | $364.6M |
| Total assets | $20.1B | $19.9B | $20.1B | $20.5B |
| Notes payable | $10.2B | $9.7B | $10.0B | $10.4B |
| Accrued and other liabilities | $651.7M | $498.4M | $664.4M | $624.8M |
| Total liabilities | $10.8B | $10.5B | $10.7B | $11.1B |
| Preferred Shares, $0.01 par value, 100,000,000 shares authorized, 174,000 shares issued (in series) and outstanding, (174,000 shares at December 31, 2024) at liquidation preference | 4.3B | 4.3B | 4.3B | 4.3B |
| Common Shares, $0.10 par value, 650,000,000 shares authorized, 175,462,847 shares issued (175,408,393 shares at December 31, 2024) | 17.6M | 17.6M | 17.5M | 17.5M |
| Paid-in capital | $6.2B | $6.2B | $6.1B | $6.1B |
| Accumulated deficit | ($1.3B) | ($1.3B) | ($1.2B) | ($1.1B) |
| Accumulated other comprehensive loss | ($45.8M) | ($58.8M) | ($48.4M) | ($41.5M) |
| Total Public Storage shareholders’ equity | $9.2B | $9.2B | $9.3B | $9.4B |
| Noncontrolling interests | $95.5M | $95.4M | $95.0M | $103.9M |
| Total equity | $9.3B | $9.3B | $9.4B | $9.5B |
| Total liabilities and equity | $20.1B | $19.9B | $20.1B | $20.5B |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net income | $1.8B | $2.1B | $2.2B | $4.4B |
| Gain on sale of real estate | ($1.1M) | ($1.5M) | ($17.2M) | ($1.5M) |
| Depreciation and amortization | $1.2B | $1.1B | $970.1M | $888.1M |
| Equity in earnings of unconsolidated real estate entity | ($9.6M) | ($19.8M) | ($27.9M) | ($107.0M) |
| Distributions from cumulative equity in earnings of unconsolidated real estate entity | $1.8M | $11.0M | $29.3M | $134.8M |
| Unrealized foreign currency exchange (gain) loss | $185.2M | ($102.0M) | $51.2M | ($97.6M) |
| Share-based compensation expense | $39.9M | $44.7M | $41.6M | $56.7M |
| Impairment of real estate investments | $4.3M | — | — | — |
| Amortization of debt issuance costs | $10.3M | — | — | — |
| Other non-cash adjustments | $4.9M | $11.4M | $20.5M | — |
| Other assets | ($24.6M) | ($45.0M) | ($16.4M) | — |
| Accrued and other liabilities | $26.4M | $15.2M | $35.3M | — |
| Net cash flows from operating activities | $3.2B | $3.1B | $3.2B | $3.1B |
| Capital expenditures to maintain real estate facilities | ($218.5M) | ($239.7M) | ($236.6M) | ($459.8M) |
| Capital expenditures for energy efficiencies (LED lighting, solar) | ($70.9M) | ($53.6M) | ($64.6M) | — |
| Development and expansion of real estate facilities | ($310.7M) | ($326.9M) | ($364.4M) | ($313.5M) |
| Acquisition of real estate facilities and intangible assets | ($945.6M) | ($267.5M) | ($473.2M) | ($757.9M) |
| Acquisition of BREIT Simply Storage LLC, net of cash acquired | $0 | $0 | ($2.2B) | — |
| Issuance of notes receivable | ($131.2M) | ($10.0M) | — | — |
| Distributions in excess of cumulative equity in earnings from unconsolidated real estate entity | $0 | $13.3M | $11.0M | — |
| Contributions to unconsolidated real estate entity | $0 | $0 | ($112.6M) | — |
| Acquisition of non-operating real estate assets | ($16.3M) | — | — | — |
| Proceeds from sale of real estate investments | $8.2M | $8.4M | $40.0M | $1.5M |
| Net cash flows used in investing activities | ($1.7B) | ($1.0B) | ($3.5B) | $1.1B |
| Issuance costs on amendment of credit facility | $0 | $0 | ($8.4M) | — |
| Repayments of notes payable | ($651.5M) | ($808.5M) | ($8.3M) | ($513.5M) |
| Issuance of notes payable, net of issuance costs | $1.4B | $1.2B | $2.2B | $0 |
| Issuance of common shares | 0 | 60.3M | 53.1M | 35.3M |
| Issuance of common shares in connection with share-based compensation | 9.4M | 47.3M | — | — |
| Taxes paid upon net share settlement of restricted share units | ($8.6M) | ($12.7M) | ($13.9M) | ($16.8M) |
| Repurchase of common shares | 0 | -200.0M | — | — |
| Acquisition of noncontrolling interests | ($9.9M) | ($1.6M) | $0 | $0 |
| Contributions by noncontrolling interests | $4.6M | $2.9M | $3.2M | $1.7M |
| Distributions paid to preferred shareholders, common shareholders, restricted share unitholders and unvested LTIP unitholders | ($2.3B) | ($2.3B) | ($2.3B) | ($3.9B) |
| Distributions paid to noncontrolling interests | ($27.7M) | ($15.4M) | ($14.6M) | ($34.2M) |
| Net cash flows used in financing activities | ($1.6B) | ($2.1B) | ($112.9M) | ($4.2B) |
| Net (decrease) increase in cash and equivalents, including restricted cash | ($129.3M) | $47.0M | ($404.8M) | $43.9M |
| Cash and equivalents | $447.4M | $370.0M | $775.3M | $734.6M |
| Cash, equivalents, and restricted cash | $447.4M | $400.4M | $805.2M | $761.3M |
| Cash and equivalents | $318.1M | $447.4M | $370.0M | $775.3M |
| Restricted cash included in other assets | $0 | $30.4M | $29.9M | $26.7M |
| Cash, equivalents, and restricted cash | $318.1M | $447.4M | $400.4M | $805.2M |
| Capital expenditures to maintain real estate facilities | ($8.8M) | ($7.3M) | ($10.8M) | ($15.3M) |
| Capital expenditures for property enhancements | $0 | ($126.8M) | ($159.9M) | — |
| Capital expenditures for energy efficiencies (LED lighting, solar) | ($886.0K) | ($1.2M) | ($386.0K) | — |
| Line item | Jun 30, 2026 · YTD | Mar 31, 2026 · Q1 | Sep 30, 2025 · YTD | Jun 30, 2025 · YTD |
|---|---|---|---|---|
| Net income | $1.0B | $529.4M | $1.3B | $772.2M |
| Gain on sale of real estate | ($344.0K) | ($379.0K) | ($710.0K) | ($208.0K) |
| Depreciation and amortization | $578.5M | $290.7M | $856.3M | $565.9M |
| Equity in earnings of unconsolidated real estate entity | ($11.8M) | ($6.8M) | ($5.1M) | ($1.4M) |
| Distributions from cumulative equity in earnings of unconsolidated real estate entity | $25.5M | $498.0K | $1.8M | $736.0K |
| Unrealized foreign currency exchange (gain) loss | ($59.3M) | ($41.9M) | $214.6M | $215.7M |
| Share-based compensation expense | $24.7M | $11.9M | $30.4M | $20.9M |
| Impairment (recovery) of real estate investments | ($210.0K) | $0 | $3.9M | — |
| Amortization of debt issuance costs | $5.4M | $2.7M | $7.6M | — |
| Unrealized losses on derivatives | $5.9M | $5.3M | — | — |
| Other non-cash adjustments | $2.8M | $215.0K | $2.0M | $6.3M |
| Other assets | ($67.6M) | $20.7M | ($12.4M) | ($22.8M) |
| Accrued and other liabilities | $27.4M | ($117.4M) | $67.4M | $16.5M |
| Net cash flows from (used in) operating activities | $1.6B | $694.8M | $2.5B | $1.6B |
| Capital expenditures to maintain real estate facilities | ($86.5M) | ($44.0M) | ($139.3M) | ($84.3M) |
| Capital expenditures for property enhancements | ($18.6M) | ($9.8M) | $0 | $0 |
| Capital expenditures for energy efficiencies (Solar, heat pumps, LED lighting) | ($29.5M) | ($15.7M) | ($50.0M) | ($29.0M) |
| Development and expansion of real estate facilities | ($113.7M) | ($57.7M) | ($238.0M) | ($143.1M) |
| Acquisition of real estate facilities and intangible assets | ($243.2M) | ($20.8M) | ($814.6M) | ($303.3M) |
| Issuance of notes receivable | ($30.4M) | $0 | ($82.8M) | ($67.9M) |
| Proceeds from disposition of real estate investments | $27.7M | — | — | — |
| Net cash flows from (used in) investing activities | ($494.3M) | ($147.3M) | ($1.3B) | ($624.8M) |
| Repayments of notes payable | ($500.1M) | ($500.0M) | ($400.1M) | ($65.0K) |
| Proceeds from OP Options issued | $30.0M | $30.0M | — | — |
| Financing fees paid | ($4.0M) | ($4.0M) | — | — |
| Issuance of notes payable, net of issuance costs | $492.5M | — | $866.5M | $866.5M |
| Issuance of common shares in connection with share-based compensation | 23.6M | 7.8M | 9.5M | 7.8M |
| Taxes paid upon net share settlement of restricted share units | ($2.9M) | ($2.6M) | ($3.5M) | ($3.0M) |
| Acquisition of noncontrolling interests | ($7.5M) | ($7.5M) | ($9.1M) | ($9.1M) |
| Contributions by noncontrolling interests | $1.9M | $856.0K | $3.7M | $2.7M |
| Distributions paid to preferred shareholders, common shareholders, restricted share unitholders and unvested LTIP unitholders | ($1.2B) | ($576.2M) | ($1.7B) | ($1.2B) |
| Distributions paid to noncontrolling interests | ($8.3M) | ($4.4M) | ($22.6M) | ($8.9M) |
| Net cash flows from (used in) financing activities | ($1.1B) | ($731.0M) | ($1.3B) | ($295.8M) |
| Net (decrease) increase in cash and equivalents, including restricted cash | ($58.2M) | ($183.5M) | ($151.0M) | $657.2M |
| Cash and equivalents at beginning of the period: | $318.1M | $318.1M | $447.4M | $447.4M |
| Cash and equivalents at end of the period: | $259.9M | $134.6M | — | — |
| Capital expenditures to maintain real estate facilities | ($10.5M) | ($9.5M) | ($7.4M) | ($9.7M) |
| Capital expenditures for property enhancements | ($246.0K) | ($177.0K) | $0 | $0 |
| Capital expenditures for energy efficiencies (Solar, heat pumps, LED lighting) | ($583.0K) | ($464.0K) | ($526.0K) | ($3.3M) |
| Construction or expansion of real estate facilities | ($46.9M) | ($30.3M) | ($23.5M) | ($45.7M) |
| Cash paid for interest, net of amounts capitalized | ($141.9M) | ($92.3M) | $220.5M | $139.7M |
| Cash paid for income taxes, net of refunds | ($5.8M) | ($357.0K) | $5.9M | $5.9M |
Public Storage score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.