Loading…
Public Storage, a member of the S&P 500, is a REIT that primarily acquires, develops, owns, and operates self-storage facilities. At December 31, 2025, we: (i) owned and/or operated 3,533 self-storage facilities located in 40 states with approximately 258 million net rentable square feet in the United States and (ii) owned a 35% common equity interest in Shurgard Self Storage Limited (Euronext Brussels: SHUR), which owned 332 self-storage facilities located in seven Western European countries with approximately 18 million net rentable square feet operated under the Shurgard brand. Our headquarters are in Frisco, Texas. Public Storage was incorporated in 1972 in Maryland, USA.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $4.8B | $3.2B | $1.8B | $2.9B | 36.4% | 2.7% | -13.9% |
| 2024 | $4.7B | $3.5B | $2.1B | $2.7B | 38.6% | 3.9% | -3.6% |
| 2023 | $4.5B | $3.3B | $2.1B | $2.8B | 37.9% | 8.0% | -50.6% |
| 2022 | $4.2B | $5.4B | $4.3B | $2.7B | 76.0% | - | - |
| 2021 | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 4,182.16 | 4,517.69 | 4,695.62 | 4,824.11 |
| Cost Of Revenue | - | 1,052.91 | 1,147.95 | 1,258 | 1,309.97 |
| Gross Profit | - | 3,129.26 | 3,369.74 | 3,437.62 | 3,514.14 |
| Operating Expense | - | 959.82 | 1,050.69 | 1,236.44 | 1,253.65 |
| Operating Income | - | 2,169.44 | 2,319.06 | 2,201.17 | 2,260.49 |
| EBITDA | - | 5,405.06 | 3,342.13 | 3,506.25 | 3,246.14 |
| EBIT | - | 4,516.92 | 2,372.07 | 2,376.48 | 2,094.30 |
| Pretax Income | - | 4,380.60 | 2,170.94 | 2,089.08 | 1,789.80 |
| Tax Provision | - | 14.33 | 10.82 | 4.67 | -7.23 |
| Net Income | - | 4,349.15 | 2,148.33 | 2,072.01 | 1,784.35 |
| Net Income Common Stockholders | - | 4,142.29 | 1,948.74 | 1,872.68 | 1,585.58 |
| Total Expenses | - | 2,012.72 | 2,198.63 | 2,494.44 | 2,563.62 |
| Interest Expense | - | 136.32 | 201.13 | 287.40 | 304.50 |
| Interest Income | - | 40.57 | 85.59 | 44.78 | 36.62 |
| Research And Development | 8.40 | 17.54 | - | - | - |
| Selling General And Administration | - | 71.67 | 80.63 | 106.68 | 101.81 |
| Normalized EBITDA | - | 3,205.13 | 3,402.60 | 3,413.62 | 3,481.18 |
| Normalized Income | - | 2,156.41 | 2,208.49 | 1,979.57 | 1,970.03 |
| Market Cap | 54,117.93 | 54,117.93 | 54,117.93 | 54,117.93 | 54,117.93 |
Real Estate sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Public Storagethis co. | PSA | $60.9B | 30.33↓ discount | 11.05 | 36.4% | 19.73 |
| American Tower Corporation | AMT | $83.3B | 32.86 | 22.75 | 69.3% | 19.64 |
| Digital Realty Trust, Inc. | DLR | $70.2B | 53.33 | 3.14 | 5.9% | 23.38 |
| Simon Property Group, Inc. | SPG | $65.7B | 16.55 | 14.82 | 89.5% | 13.23 |
| Realty Income Corporation | O | $57.3B | 55.78 |
| - |
| - |
| - |
| - |
| 1.50 |
| 2.7% |
| 18.38 |
| CBRE Group, Inc. | CBRE | $44.2B | 37.53 | 4.89 | 13.0% | 25.48 |
| Ventas, Inc. | VTR | $38.2B | 158.16 | 3.17 | 2.0% | 23.00 |
| Crown Castle Inc. | CCI | $37.6B | 84.86 | -23.04 | -27.2% | 24.42 |
| Iron Mountain Incorporated | IRM | $34.2B | 238.72 | -35.18 | -14.7% | 25.25 |
| Peer Median | - | 54.56 | 3.16 | 4.3% | 23.19 | |