Public Storage (PSA) Financial Statements

Public Storage

PSA · NYSE

	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Total Revenue	$4.82B	$4.70B	$4.52B	$4.18B	$3.42B	$2.92B	$2.86B	$2.76B
Cost of Revenue	—	—	—	—	—	—	—	$739.72M
Gross Profit	—	—	—	—	—	—	—	$2.01B
Selling, General & Administrative	$106.68M	$106.68M	$80.63M	$71.67M	$75.97M	$83.20M	$62.15M	$104.71M
Operating Expenses	$2.89B	$2.80B	$2.43B	$2.18B	$1.81B	$1.56B	$1.43B	$1.38B
Interest Expense	$304.50M	$287.40M	$201.13M	$136.32M	$90.77M	$56.28M	$45.64M	$32.54M
Income Before Taxes	$1.79B	$2.09B	$2.17B	$4.38B	$1.97B	—	—	—
Provision for Income Taxes	-$7.23M	$4.67M	$10.82M	$14.33M	$12.37M	—	—	—
Net Income	$1.78B	$2.07B	$2.15B	$4.35B	$1.95B	$1.36B	$1.52B	$1.71B
Basic EPS	$9.04	$10.68	$11.11	$23.64	$9.91	$6.29	$7.30	$8.56
Diluted EPS	$9.01	$10.64	$11.06	$23.50	$9.87	$6.29	$7.29	$8.54
Basic Shares Outstanding	175.45M	175.35M	175.47M	175.26M	174.86M	174.49M	174.29M	173.97M
Diluted Shares Outstanding	175.90M	176.04M	176.14M	176.28M	175.57M	174.64M	174.53M	174.30M

Analyst Estimates

Period	Consensus EPS	Low	High	Estimates	Revisions
Dec 2026	$16.93	$16.85	$17.04	8	↑0 ↓1
Dec 2027	$17.42	$17.10	$17.76	8	↑1 ↓1
Dec 2028	$17.91	$17.89	$17.92	2	↑0 ↓0

Forward estimates are the sell-side consensus reported by Nasdaq, not a metir forecast.

Symbol: PSA
Type: Stock
Sector: Real Estate
Industry: Real Estate Investment Trusts
Country: North America
Exchange: NYSE

Public Storage, a member of the S&P 500, is a REIT that primarily acquires, develops, owns, and operates self-storage facilities. At June 30, 2026, we: (i) owned and/or operated 3,584 self-storage facilities located in 40 states with approximately 259 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 335 self-storage facilities located in seven Western European countries with approximately 19 million net rentable square feet operated under the Shurgard® brand. Our headquarters are located in Frisco, Texas.

Key Issues

Bullish view

Public Storage’s higher revenue, completed National Storage Affiliates acquisition and stronger 2026 outlook indicate that expansion can offset weaker same-store NOI.

Bearish view

The second-quarter same-store NOI decline shows that the core portfolio is under pressure, while acquisition growth may not fully compensate for deterioration in established facilities.

Analyst Consensus

See all

Hold

17 analysts

$326

Current

—

Low

$338

Average

—

High

Average target implies +3.69% versus the current price.

Earnings History

BeatMissNo estimate

Peers

Realty Income CorporationO · NYSE$62.35