Public Storage

10-K & 10-Q Filings

Public Storage is a Maryland real estate investment trust (REIT) that engages in the ownership, development, and operation of self-storage facilities and other related operations including tenant reinsurance and third-party self-storage management. The company is the largest owner of self-storage facilities in the United States, with over 3,000 facilities and 218 million net rentable square feet of space. Public Storage's business strategy includes improving the operating performance of existing facilities, acquiring and developing facilities, and growing ancillary business activities. The company's website is www.publicstorage.com, and its ticker symbol is PSA.

12 mos ending Dec 31, 201112 mos ending Dec 31, 201212 mos ending Dec 31, 201312 mos ending Dec 31, 201412 mos ending Dec 31, 201512 mos ending Dec 31, 201612 mos ending Dec 31, 201712 mos ending Dec 31, 201812 mos ending Dec 31, 201912 mos ending Dec 31, 202012 mos ending Dec 31, 202112 mos ending Dec 31, 202212 mos ending Dec 31, 20233 mos ending Mar 31, 20233 mos ending Mar 31, 2024CAGR %YoY %Revenue (+)
$1752.10
1826.73
1981.75
2195.40
2381.70
2560.55
2668.53
2754.28
2846.82
2915.07
3415.82
4182.16
4517.69
1094.23
1157.22
8.21%5.76%Cost of Revenue (-)
$978.09
954.75
1019.24
1127.29
635.50
669.08
707.98
43.99
44.20
59.92
920.60
1052.91
1147.95
288.29
324.48
1.34%12.55%Gross Profit (+)
$774.01
871.98
962.50
1068.11
1746.19
1891.47
1960.55
2710.29
2802.62
2855.15
2495.23
3129.26
3369.74
805.94
832.74
13.04%3.32%Selling, General & Administrative (-)
$52.41
56.84
66.68
71.46
88.18
83.66
82.88
118.72
71.98
83.20
101.25
114.74
80.63
25.54
21.34
3.66%-16.47%Depreciation & Amortization (-)
$358.43
357.78
387.40
437.11
426.01
433.31
454.53
483.65
512.92
553.26
713.43
888.15
970.06
221.65
285.20
8.65%28.67%Non-recurring Operating Expenses (-)
$2.19
Operating Expenses (-)
$413.03
0.00
0.00
514.18
516.97
537.41
1330.64
1383.12
1500.28
814.68
-1125.97
1050.69
247.19
306.54
8.09%24.01%Costs & Expenses (Total) (-)
$907.86
954.75
1019.24
1127.29
1149.69
1186.05
1245.39
1374.63
1427.33
1560.20
1826.05
2192.11
2426.22
571.59
702.52
8.54%22.91%Operating Income/Loss (+)
$637.79
871.98
962.50
1068.11
1232.01
1374.50
1423.14
1379.65
1419.50
1354.87
1589.77
1990.05
2091.47
522.65
454.70
10.40%-13.00%Non-operating Income/Expense (+)
$160.44
161.91
188.03
179.85
67.79
71.89
36.59
337.57
106.15
6.36
369.87
2376.23
79.47
-2.23
58.47
-5.69%2720.93%Interest Expense (-)
$24.22
19.81
6.44
6.78
0.61
4.21
12.69
32.54
45.64
56.28
90.77
136.32
201.13
36.10
67.78
19.29%87.75%Earnings before Tax (+)
$774.01
1014.08
1144.09
1241.18
1299.19
1442.18
1447.04
1684.68
1480.01
1304.94
1868.87
4229.95
2170.94
484.31
513.18
8.97%5.96%Tax Expense (-)
$
10.82
1.48
Income/Loss (Continuing Operations) (+)
$834.04
930.16
1057.53
1149.95
1317.69
1460.44
1448.46
1717.22
1525.65
1361.23
1959.64
4366.27
2160.12
520.41
511.70
8.25%-1.68%Income/Loss (Discontinued Operations) (+)
$2.42
12.87
Profit/Loss (+)
$836.46
943.03
1057.53
1149.95
1317.69
1460.44
1448.46
1717.22
1525.65
1361.23
1959.64
4366.27
2160.12
520.41
511.70
8.23%-1.68%Net Income/Loss (NCI) (-)
$
17.13
11.79
2.71
2.75
1.55%Net Income/Loss (+)
$823.84
939.26
1052.45
1144.20
1311.24
1453.58
1442.22
1711.03
1520.53
1357.21
1953.26
4349.15
2148.33
517.71
508.95
8.31%-1.69%Preferred & Other Distributions (-)
$
253.99
265.09
265.87
216.32
242.87
255.33
215.49
194.39
194.70
48.68
48.68
0.00%Net Income/Loss (Common) (+)
$561.75
669.69
844.73
908.18
1053.05
1183.88
1171.61
1488.90
1272.77
1098.34
1732.44
4142.29
1948.74
467.59
459.21
10.92%-1.79%EPS (Basic)
$3.31
3.93
4.92
5.27
6.10
6.84
6.75
8.56
7.30
6.29
9.91
23.64
11.11
2.67
2.61
10.62%-2.25%EPS (Diluted)
$3.29
3.90
4.89
5.25
6.07
6.81
6.73
8.54
7.29
6.29
9.87
23.50
11.06
2.65
2.60
10.63%-1.89%Weighted Avg Shares (Basic)
169.66
170.56
171.64
172.25
172.70
173.09
173.61
173.97
174.29
174.49
174.86
175.26
175.47
175.45
175.70
0.28%0.14%Weighted Avg Shares (Diluted)
170.75
171.66
172.69
173.14
173.51
173.88
174.15
174.30
174.53
174.64
175.57
176.28
176.14
176.23
176.35
0.26%0.07%Cash
$139.01
17.24
19.17
187.71
104.28
183.69
433.38
361.22
409.74
257.56
734.60
775.25
370.00
695.42
271.64
8.50%-60.94%Securities & Long-term Investments
$7379.20
7331.93
8239.78
8485.29
8557.71
8922.58
9230.10
9442.11
9807.60
10408.57
15307.00
16037.96
18386.72
16041.18
18315.92
7.90%14.18%Property, Plant & Equipment (Net)
$7961.76
8201.14
8965.02
9386.35
9640.45
Goodwill & Intangibles
$209.83
209.37
246.85
228.63
211.46
Other Assets
$1204.52
1234.86
1370.47
917.04
904.78
1024.07
1069.42
1124.94
1148.10
1150.42
1339.31
739.09
1052.50
771.18
1029.82
-1.12%33.54%Assets (Total)
$8932.56
8793.40
9876.27
9818.68
9778.23
10130.34
10732.89
10928.27
11365.44
11816.55
17380.91
17552.31
19809.22
17507.78
19617.38
6.86%12.05%Accounts Payable
$210.97
201.71
218.36
247.14
261.58
297.94
337.20
371.26
383.28
394.65
482.09
514.68
598.99
470.39
504.20
9.09%7.19%Debt (Current)
$
700.00
Debt (Non-current)
$398.31
468.83
839.05
64.36
319.02
390.75
1431.32
1412.28
1902.49
2544.99
7475.28
6870.83
9103.28
6899.34
9067.89
29.79%31.43%Other Liabilities
$
300.00
Liabilities (Total)
$609.28
670.54
1057.41
311.50
580.59
688.68
1768.52
1783.54
2285.78
3239.65
7957.37
7385.51
9702.27
7369.73
9572.09
25.94%29.88%Retained Earnings
$-259.58
-279.47
-318.48
-374.82
-434.61
-487.58
-675.71
-577.36
-665.58
-914.79
-550.42
-110.23
-267.91
-168.95
-336.00
-98.87%AOCI
$-23.01
-1.00
-0.50
-48.16
-68.55
-95.11
-75.06
-64.06
-64.89
-43.40
-53.59
-80.32
-67.24
-76.45
-74.51
2.53%Shareholder's Equity
$8310.93
8122.86
8818.85
9507.17
9197.64
9441.65
8964.37
9144.73
9079.67
8576.90
9355.29
10166.80
10106.95
10138.05
10045.30
1.64%-0.91%Liabilities & Equity
$8932.56
8793.40
9876.27
9818.68
9778.23
10130.34
10732.89
10928.27
11365.44
11816.55
17380.91
17552.31
19809.22
17507.78
19617.38
6.86%12.05%Net Income/Loss
$836.46
943.03
1057.53
1149.95
1317.69
1460.44
1448.46
1717.22
1525.65
1361.23
1959.64
4366.27
2160.12
520.41
511.70
8.23%-1.68%Depreciation & Amortization
$
433.31
454.53
483.65
512.92
553.26
713.43
888.15
970.06
221.65
285.20
28.67%Increase/Decrease in Working Capital
$-17.73
-7.89
-18.43
-19.93
-22.95
-4.72
-5.14
7.92
-7.70
-6.99
-17.75
-6.16
-18.90
76.17
100.36
31.76%Share-based Compensation
$
37.48
37.55
69.94
25.83
33.36
59.81
56.70
41.57
9.85
10.35
5.10%Adjustments to Reconcile Net Income
$366.99
342.62
372.81
456.80
414.91
484.90
527.21
344.28
541.99
681.67
583.92
-1249.13
1086.53
176.48
153.89
9.47%-12.80%Net Cash (Operating)
$1203.45
1285.66
1430.34
1606.76
1732.60
1945.34
1975.68
2061.50
2067.64
2042.90
2543.55
3117.14
3246.65
696.89
665.59
8.62%-4.49%Capital Expenditure
$166.17
303.94
1428.63
640.39
471.15
767.53
745.96
659.89
437.76
792.27
5047.11
-1878.07
3128.33
46.80
84.53
27.71%80.63%Net Cash (Investing)
$-81.36
-290.46
-1412.39
-213.00
-440.11
-716.73
-739.85
-513.78
-897.36
-1117.71
-5563.51
1120.00
-3538.50
-212.31
-186.58
12.12%Increase/Decrease in Debt
$-174.35
71.99
365.20
-794.51
247.02
77.16
990.38
-1.78
494.98
543.13
5036.69
-513.50
2173.01
-0.13
-0.04
72.09%Increase/Decrease in Equity
$-285.21
-202.87
722.80
776.83
-240.34
299.24
-880.00
12.53
42.72
0.87
68.31
278.10
53.13
25.12
7.80
-68.94%Interest Expenses
$
146.21
75.75
Dividends Paid
$860.56
965.10
1097.91
1207.01
1378.36
1513.34
1637.74
1619.70
1615.42
1611.80
1595.55
3942.72
2319.95
580.02
580.96
8.62%0.16%Net Cash (Financing)
$-1438.55
-1117.31
-16.16
-1225.41
-1375.61
-1148.83
-992.22
-1619.59
-1120.73
-1075.72
3498.14
-4193.27
-112.93
-563.97
-577.20
-2.35%Cash Taxes Paid
$
11.06
1.52
Effect of Exchange Rate
$-0.80
0.34
0.14
0.20
-0.32
-0.38
-0.13
-0.17
-0.01
-0.43
0.51
Increase/Decrease in Cash
$-316.45
-122.11
1.79
168.35
-83.11
79.78
243.61
-143.90
99.08
-301.48
478.69
43.87
-404.78
-79.38
-98.19
-23.70%Cash (Beginning)
$456.25
139.01
17.24
19.17
187.71
104.28
212.57
456.05
384.02
433.55
282.60
761.29
805.16
805.16
400.38
4.85%-50.27%Cash (Ending)
$139.01
17.24
19.17
187.71
104.28
183.69
456.05
384.02
433.55
282.60
761.29
805.16
400.38
725.77
302.18
9.22%-58.36%NOPAT
$637.79
871.98
962.50
1068.11
1232.01
1374.50
1423.14
1379.65
1419.50
1354.87
1589.77
1990.05
2091.47
522.65
454.70
10.40%-13.00%Gross Margin %
44.18%
47.73%
48.57%
48.65%
73.32%
73.87%
73.47%
98.40%
98.45%
97.94%
73.05%
74.82%
74.59%
73.65%
71.96%
Operating Margin %
36.40%
47.73%
48.57%
48.65%
51.73%
53.68%
53.33%
50.09%
49.86%
46.48%
46.54%
47.58%
46.30%
47.76%
39.29%
NOPAT Margin %
36.40%
47.73%
48.57%
48.65%
51.73%
53.68%
53.33%
50.09%
49.86%
46.48%
46.54%
47.58%
46.30%
47.76%
39.29%
Net Margin %
47.02%
51.42%
53.11%
52.12%
55.06%
56.77%
54.05%
62.12%
53.41%
46.56%
57.18%
103.99%
47.55%
47.31%
43.98%
ROA
7.14%
9.92%
9.75%
10.88%
12.60%
13.57%
13.26%
12.62%
12.49%
11.47%
9.15%
11.34%
10.56%
2.99%
2.32%
ROE
7.67%
10.73%
10.91%
11.23%
13.39%
14.56%
15.88%
15.09%
15.63%
15.80%
16.99%
19.57%
20.69%
5.16%
4.53%
Equity Multiplier
1.07
1.08
1.12
1.03
1.06
1.07
1.20
1.20
1.25
1.38
1.86
1.73
1.96
1.73
1.95
Debt/Equity Ratio
0.05
0.06
0.17
0.01
0.03
0.04
0.16
0.15
0.21
0.30
0.80
0.68
0.90
0.68
0.90
Dividend Payout Ratio %
134.93%
110.68%
114.07%
113.00%
111.88%
110.10%
115.08%
117.40%
113.80%
118.96%
100.36%
198.12%
110.92%
110.98%
127.77%
Total Payout
$1320.13
1095.98
9.91
1224.69
1371.67
1136.94
1527.36
1608.96
1077.72
1067.79
-3509.45
4178.11
240.02
555.04
648.94
-13.24%16.92%Payout Ratio %
206.99%
125.69%
1.03%
114.66%
111.34%
82.72%
107.32%
116.62%
75.92%
78.81%
-220.75%
209.95%
11.48%
106.20%
142.72%