Public Storage (PSA) Financials

$288.47 +8.13 (+2.90%)

As of 03:59 PM Eastern

Annual Income Statements for Public Storage

This table shows Public Storage's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Income / (Loss) Attributable to Common Shareholders	1,053	1,184	1,172	1,489	1,273	1,098	1,732	4,142	1,949	1,873
Consolidated Net Income / (Loss)	1,318	1,460	1,448	1,717	1,526	1,361	1,960	4,366	2,160	2,084
Net Income / (Loss) Continuing Operations	1,318	1,460	1,448	1,717	1,526	1,361	1,960	4,366	2,160	2,084
Total Pre-Tax Income	1,318	1,460	1,448	1,717	1,526	1,281	1,972	4,381	2,171	2,089
Total Operating Income	1,232	1,370	1,410	1,382	1,421	1,411	1,693	2,141	2,293	2,186
Total Gross Profit	1,746	1,891	1,961	2,002	2,042	2,048	2,495	3,129	3,370	3,438
Total Revenue	2,382	2,561	2,669	2,760	2,855	2,915	3,416	4,182	4,518	4,696
Operating Revenue	2,236	-	2,669	2,760	2,855	2,915	3,416	4,182	4,518	4,696
Total Cost of Revenue	636	669	708	757	813	867	921	1,053	1,148	1,258
Operating Cost of Revenue	636	669	708	757	813	867	921	1,053	1,148	1,258
Total Operating Expenses	514	521	550	621	621	636	802	989	1,077	1,252
Selling, General & Admin Expense	88	84	83	105	62	83	76	72	81	107
Depreciation Expense	426	433	455	484	513	553	713	888	970	1,130
Other Operating Expenses / (Income)	-	4.21	13	33	46	-	13	29	26	16
Total Other Income / (Expense), net	86	90	38	336	104	-130	279	2,240	-122	-97
Interest Expense	0.61	-	-	-	-	56	91	136	201	287
Interest & Investment Income	67	72	94	128	96	22	244	2,276	113	87
Other Income / (Expense), net	19	18	-56	208	8.17	-96	125	100	-34	104
Income Tax Expense	-	-	-	-	-	-	12	14	11	4.67
Preferred Stock Dividends Declared	254	265	266	216	243	255	215	194	195	195
Net Income / (Loss) Attributable to Noncontrolling Interest	11	6.86	6.25	6.19	5.12	7.56	6.38	30	17	12
Basic Earnings per Share	$6.10	$6.84	$6.75	$8.56	$7.30	$6.29	$9.91	$23.64	$11.11	$10.68
Weighted Average Basic Shares Outstanding	172.70M	173.09M	173.61M	173.97M	174.29M	174.49M	174.86M	175.26M	175.47M	175.35M
Diluted Earnings per Share	$6.07	$6.81	$6.73	$8.54	$7.29	$6.29	$9.87	$23.50	$11.06	$10.64
Weighted Average Diluted Shares Outstanding	173.51M	173.88M	174.15M	174.30M	174.53M	174.64M	175.57M	176.28M	176.14M	176.04M
Weighted Average Basic & Diluted Shares Outstanding	172.70M	173.09M	173.61M	173.97M	174.29M	174.49M	175.46M	175.76M	175.69M	175.42M
Cash Dividends to Common per Share	$6.50	$7.30	$8.00	$8.00	$8.00	$8.00	$8.00	$21.15	$12.00	$12.00

This table shows Public Storage's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Income / (Loss) Attributable to Common Shareholders	2,712	363	468	528	563	390	459	468	381	564
Consolidated Net Income / (Loss)	2,778	415	520	581	617	442	512	521	433	618
Net Income / (Loss) Continuing Operations	2,778	415	520	581	617	442	512	521	433	618
Total Pre-Tax Income	2,770	529	524	584	619	444	513	523	436	617
Total Operating Income	561	583	562	595	590	546	522	559	557	547
Total Gross Profit	811	829	806	840	855	869	833	872	866	867
Total Revenue	1,088	1,089	1,094	1,120	1,144	1,160	1,157	1,173	1,188	1,177
Operating Revenue	1,088	1,089	1,094	1,120	1,144	1,160	1,157	1,173	1,188	1,177
Total Cost of Revenue	277	260	288	280	289	291	324	301	322	311
Operating Cost of Revenue	277	260	288	280	289	291	324	301	322	311
Total Operating Expenses	250	246	244	245	265	323	310	313	309	320
Selling, General & Admin Expense	30	-9.73	17	20	21	23	21	27	26	33
Depreciation Expense	221	227	222	222	239	288	285	283	280	281
Other Operating Expenses / (Income)	-	-	5.48	3.15	5.06	13	3.72	2.91	2.53	6.35
Total Other Income / (Expense), net	2,209	-54	-38	-11	29	-101	-9.31	-36	-121	70
Interest Expense	34	36	36	38	58	69	68	73	74	72
Interest & Investment Income	2,142	121	25	28	40	21	20	25	23	19
Other Income / (Expense), net	102	-139	-27	-1.10	48	-54	38	12	-70	123
Income Tax Expense	-	-	3.11	2.52	2.83	2.36	1.48	2.08	2.49	-1.37
Preferred Stock Dividends Declared	49	49	49	49	49	49	49	49	49	49
Net Income / (Loss) Attributable to Noncontrolling Interest	9.16	14	2.71	3.14	3.35	7.49	2.75	4.17	2.81	2.67
Basic Earnings per Share	$15.47	$2.08	$2.67	$3.01	$3.21	$2.22	$2.61	$2.67	$2.17	$3.23
Weighted Average Basic Shares Outstanding	175.28M	175.26M	175.45M	175.48M	175.50M	175.47M	175.70M	175.47M	175.04M	175.35M
Diluted Earnings per Share	$15.38	$2.07	$2.65	$3.00	$3.20	$2.21	$2.60	$2.66	$2.16	$3.22
Weighted Average Diluted Shares Outstanding	176.33M	176.28M	176.23M	176.21M	176.15M	176.14M	176.35M	176.01M	175.87M	176.04M
Weighted Average Basic & Diluted Shares Outstanding	175.64M	175.76M	175.81M	175.83M	175.84M	175.69M	175.72M	175.02M	175.11M	175.42M

This table details how cash moves in and out of Public Storage's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Change in Cash & Equivalents	-99	97	243	-72	50	-151	479	44	-405	47
Net Cash From Operating Activities	1,748	1,945	1,973	2,064	2,068	2,043	2,544	3,117	3,247	3,128
Net Cash From Continuing Operating Activities	1,748	1,945	1,973	2,064	2,068	2,043	2,544	3,117	3,247	3,128
Net Income / (Loss) Continuing Operations	1,318	1,460	1,448	1,717	1,526	1,361	1,960	4,366	2,160	2,084
Consolidated Net Income / (Loss)	1,318	1,460	1,448	1,717	1,526	1,361	1,960	4,366	2,160	2,084
Depreciation Expense	426	433	455	484	513	553	713	888	970	1,130
Non-Cash Adjustments To Reconcile Net Income	4.58	52	70	-137	29	128	-147	-2,143	77	-68
Changes in Operating Assets and Liabilities, net	-	-	-	-	-	-	18	6.16	39	-18
Net Cash From Investing Activities	-456	-699	-737	-516	-897	-1,118	-5,564	1,120	-3,539	-1,003
Net Cash From Continuing Investing Activities	-456	-699	-737	-516	-897	-1,118	-5,587	1,120	-3,539	-1,003
Purchase of Property, Plant & Equipment	-	-498	-406	-340	-285	-189	-5,341	-241	-225	-180
Acquisitions	-	-	-	-	-	-	0.00	0.00	-2,291	0.00
Purchase of Investments	-	-	-	-181	-438	-792	-	-758	-473	-267
Divestitures	-	-	-	-	-	0.00	0.00	2,636	0.00	0.00
Sale and/or Maturity of Investments	15	1.00	6.10	146	12	26	36	15	51	22
Other Investing Activities, net	-228	-202	-337	-141	-187	-162	-282	-532	-601	-576
Net Cash From Financing Activities	-1,391	-1,149	-992	-1,620	-1,121	-1,076	3,498	-4,193	-113	-2,079
Net Cash From Continuing Financing Activities	-1,391	-1,149	-992	-1,620	-1,121	-1,076	3,498	-4,193	-113	-2,079
Repayment of Debt	-	-36	-1.70	-1.78	-1.92	-2.02	-2.22	-513	-17	-809
Repurchase of Common Equity	-	-	-	-	-	-	-	0.00	0.00	-200
Payment of Dividends	-1,378	-1,513	-1,638	-1,620	-1,615	-1,612	-1,596	-3,943	-2,320	-2,317
Issuance of Debt	247	114	992	0.00	497	545	5,039	0.00	2,181	1,151
Issuance of Preferred Equity	-270	0.00	561	0.00	1,059	1,208	1,147	243	0.00	0.00
Issuance of Common Equity	31	29	45	14	38	15	98	37	56	111
Other Financing Activities, net	-21	-15	-29	-12	-47	-11	-14	-17	-14	-14
Cash Interest Paid	-	-	-	-	-	-	74	128	146	269
Cash Income Taxes Paid	-	-	-	-	-	-	13	11	11	6.88

This table details how cash moves in and out of Public Storage's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Change in Cash & Equivalents	-130	-107	-79	-44	-22	-260	-98	271	26	-152
Net Cash From Operating Activities	927	736	697	882	876	792	666	895	799	769
Net Cash From Continuing Operating Activities	927	736	697	882	876	792	666	895	799	769
Net Income / (Loss) Continuing Operations	2,778	415	520	581	617	442	512	521	433	618
Consolidated Net Income / (Loss)	2,778	415	520	581	617	442	512	521	433	618
Depreciation Expense	221	227	222	222	239	288	285	283	280	281
Non-Cash Adjustments To Reconcile Net Income	-2,137	145	31	20	-45	71	-34	0.93	79	-114
Changes in Operating Assets and Liabilities, net	65	-50	-76	59	66	-8.64	-98	90	5.90	-16
Net Cash From Investing Activities	2,148	-432	-212	-335	-2,501	-490	-187	-191	-213	-412
Net Cash From Continuing Investing Activities	2,134	-418	-212	-335	-2,501	-490	-187	-191	-213	-412
Purchase of Property, Plant & Equipment	-438	640	-39	-54	-72	-59	-38	-51	-53	-38
Purchase of Investments	-	-	-47	-144	-111	-172	0.00	-22	-24	-221
Sale and/or Maturity of Investments	-	-	0.00	3.17	0.10	48	2.42	13	3.57	2.37
Other Investing Activities, net	-80	-301	-126	-140	-140	-194	-151	-132	-140	-154
Net Cash From Financing Activities	-3,205	-410	-564	-591	1,604	-561	-577	-433	-560	-509
Net Cash From Continuing Financing Activities	-3,205	-410	-564	-591	1,604	-561	-577	-433	-560	-509
Repayment of Debt	-502	-11	-0.13	-16	-0.03	-0.03	-0.04	-808	-0.03	-0.03
Payment of Dividends	-2,719	-403	-580	-580	-580	-580	-581	-578	-579	-579
Issuance of Common Equity	16	7.37	25	5.67	2.95	23	9.13	2.66	21	78
Other Financing Activities, net	-0.78	-3.84	-8.93	-0.46	-0.64	-3.91	-5.33	-0.29	-1.87	-6.78
Cash Interest Paid	-	-	21	49	20	56	76	56	79	59
Cash Income Taxes Paid	-	-	1.10	7.59	2.15	0.22	1.52	4.62	0.43	0.30

This table presents Public Storage's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Total Assets	9,778	10,130	10,733	10,928	11,365	11,817	17,381	17,552	19,809	19,755
Total Current Assets	104	184	433	361	410	258	0.00	775	370	447
Cash & Equivalents	104	184	433	361	410	258	-	775	370	447
Plant, Property, & Equipment, net	8,339	8,692	8,966	9,157	9,666	10,220	15,035	15,665	18,041	18,053
Plant, Property & Equipment, gross	13,205	13,963	14,666	15,297	16,289	17,373	22,808	24,219	27,465	28,479
Accumulated Depreciation	4,867	5,271	5,700	6,140	6,623	7,152	7,773	8,554	9,424	10,426
Total Noncurrent Assets	1,335	1,254	1,334	1,410	1,290	1,338	2,346	1,112	1,398	1,255
Long-Term Investments	809	689	724	784	768	773	829	276	390	382
Goodwill	211	213	215	210	206	205	303	233	387	282
Other Noncurrent Operating Assets	315	352	395	416	316	361	1,215	604	621	590
Total Liabilities & Shareholders' Equity	9,778	10,130	10,733	10,928	11,365	11,817	17,381	17,552	19,809	19,755
Total Liabilities	581	689	1,769	1,784	2,286	3,240	7,957	7,386	9,702	9,941
Total Current Liabilities	262	298	337	371	383	395	482	515	599	588
Accrued Expenses	262	298	337	371	383	395	482	515	599	588
Total Noncurrent Liabilities	319	391	1,431	1,412	1,902	2,845	7,475	6,871	9,103	9,353
Long-Term Debt	319	391	1,431	1,412	1,902	2,545	7,475	6,871	9,103	9,353
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	9,198	9,442	8,964	9,145	9,080	8,577	9,355	10,167	10,107	9,814
Total Preferred & Common Equity	9,171	9,412	8,940	9,119	9,063	8,559	9,335	10,073	10,013	9,713
Preferred Stock	4,055	4,368	4,025	4,025	4,065	3,793	4,100	4,350	4,350	4,350
Total Common Equity	5,116	5,044	4,915	5,094	4,998	4,766	5,235	5,723	5,663	5,363
Common Stock	5,619	5,627	5,666	5,736	5,728	5,725	5,839	5,914	5,998	6,134
Retained Earnings	-435	-488	-676	-577	-666	-915	-550	-110	-268	-699
Accumulated Other Comprehensive Income / (Loss)	-69	-95	-75	-64	-65	-43	-54	-80	-67	-72
Noncontrolling Interest	27	30	24	25	17	18	20	93	94	101

This table presents Public Storage's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Total Assets	17,451	17,552	17,508	17,560	19,876	19,809	19,617	19,789	19,803	19,755
Total Current Assets	884	775	0.00	652	630	370	272	542	599	447
Cash & Equivalents	884	775	-	652	630	370	272	542	599	447
Plant, Property, & Equipment, net	15,429	15,665	15,664	15,714	17,809	18,041	17,927	17,894	17,922	18,053
Plant, Property & Equipment, gross	23,776	24,219	24,423	24,681	26,997	27,465	27,598	27,815	28,094	28,479
Accumulated Depreciation	8,347	8,554	8,759	8,967	9,188	9,424	9,672	9,921	10,172	10,426
Total Noncurrent Assets	1,138	1,112	1,844	1,195	1,437	1,398	1,419	1,353	1,283	1,255
Long-Term Investments	253	276	286	277	278	390	389	374	397	382
Goodwill	240	233	220	212	414	387	351	321	295	282
Other Noncurrent Operating Assets	645	604	1,339	706	745	621	679	658	590	590
Total Liabilities & Shareholders' Equity	17,451	17,552	17,508	17,560	19,876	19,809	19,617	19,789	19,803	19,755
Total Liabilities	7,330	7,386	7,370	7,402	9,674	9,702	9,572	9,985	10,093	9,941
Total Current Liabilities	590	515	470	508	644	599	504	585	619	588
Accrued Expenses	590	515	470	508	644	599	504	585	619	588
Total Noncurrent Liabilities	6,740	6,871	6,899	6,894	9,030	9,103	9,068	9,401	9,474	9,353
Long-Term Debt	6,740	6,871	6,899	6,894	9,030	9,103	9,068	9,401	9,474	9,353
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	10,121	10,167	10,138	10,159	10,202	10,107	10,045	9,804	9,710	9,814
Total Preferred & Common Equity	10,027	10,073	10,046	10,066	10,108	10,013	9,949	9,707	9,610	9,713
Preferred Stock	4,350	4,350	4,350	4,350	4,350	4,350	4,350	4,350	4,350	4,350
Total Common Equity	5,677	5,723	5,696	5,716	5,758	5,663	5,599	5,357	5,260	5,363
Common Stock	5,896	5,914	5,941	5,958	5,969	5,998	6,009	6,024	6,050	6,134
Retained Earnings	-123	-110	-169	-167	-131	-268	-336	-593	-737	-699
Accumulated Other Comprehensive Income / (Loss)	-96	-80	-76	-75	-81	-67	-75	-74	-53	-72
Noncontrolling Interest	94	93	92	93	94	94	97	96	100	101

This table displays calculated financial ratios and metrics derived from Public Storage's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	9.39%	7.51%	4.22%	3.41%	3.46%	2.10%	17.18%	22.44%	8.02%	3.94%
EBITDA Growth	12.69%	8.65%	-0.73%	14.61%	-6.29%	-3.83%	35.54%	23.57%	3.20%	5.90%
EBIT Growth	19.03%	11.01%	-2.49%	17.37%	-10.05%	-8.03%	38.31%	23.21%	0.81%	1.37%
NOPAT Growth	16.73%	11.22%	2.93%	-2.05%	2.87%	-0.71%	19.21%	26.83%	6.91%	-4.40%
Net Income Growth	14.59%	10.83%	-0.82%	18.55%	-11.16%	-10.78%	43.96%	122.81%	-50.53%	-3.50%
EPS Growth	15.62%	12.19%	-1.17%	26.89%	-14.64%	-13.72%	56.92%	138.10%	-52.94%	-3.80%
Operating Cash Flow Growth	9.03%	11.27%	1.42%	4.60%	0.19%	-1.20%	24.51%	22.55%	4.15%	-3.65%
Free Cash Flow Firm Growth	320.15%	-26.89%	11.64%	6.72%	-14.85%	9.34%	-482.09%	151.60%	-108.22%	1,358.79%
Invested Capital Growth	-1.77%	4.14%	3.11%	1.88%	4.17%	2.92%	59.25%	-0.52%	15.41%	-0.61%
Revenue Q/Q Growth	2.44%	1.67%	0.79%	0.93%	0.99%	0.79%	0.00%	0.00%	1.60%	0.38%
EBITDA Q/Q Growth	3.00%	3.00%	-1.28%	10.69%	-8.96%	1.29%	289.78%	260.90%	3.47%	5.28%
EBIT Q/Q Growth	4.43%	3.55%	-2.29%	14.31%	-12.52%	1.33%	0.00%	0.00%	2.13%	8.44%
NOPAT Q/Q Growth	4.48%	1.81%	-0.22%	0.05%	-0.09%	3.84%	0.00%	0.00%	-2.11%	0.28%
Net Income Q/Q Growth	1.29%	3.58%	-1.68%	12.95%	-11.63%	-2.48%	0.00%	0.00%	1.26%	9.25%
EPS Q/Q Growth	1.68%	4.45%	-1.75%	15.25%	-13.83%	-2.93%	0.00%	0.00%	1.28%	10.49%
Operating Cash Flow Q/Q Growth	-0.79%	1.50%	0.26%	1.07%	0.38%	0.62%	9.29%	0.24%	1.73%	-0.73%
Free Cash Flow Firm Q/Q Growth	14.15%	4.23%	-6.80%	92.61%	-41.97%	33.85%	-34.89%	183.61%	32.12%	-0.74%
Invested Capital Q/Q Growth	2.51%	2.21%	3.05%	-3.16%	4.65%	2.06%	22.93%	1.67%	0.69%	0.82%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	73.32%	73.87%	73.47%	72.56%	71.52%	70.24%	73.05%	74.82%	74.59%	73.21%
EBITDA Margin	70.40%	71.15%	67.77%	75.12%	68.03%	64.08%	74.12%	74.81%	71.47%	72.82%
Operating Margin	51.73%	53.52%	52.86%	50.06%	49.78%	48.41%	49.56%	51.19%	50.75%	46.55%
EBIT Margin	52.52%	54.23%	50.74%	57.59%	50.07%	45.10%	53.23%	53.57%	49.99%	48.76%
Profit (Net Income) Margin	55.33%	57.04%	54.28%	62.23%	53.44%	46.70%	57.37%	104.40%	47.81%	44.39%
Tax Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	106.29%	99.37%	99.67%	99.50%	99.78%
Interest Burden Percent	105.35%	105.18%	106.97%	108.06%	106.73%	97.42%	108.45%	195.52%	96.12%	91.25%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.63%	0.33%	0.50%	0.22%
Return on Invested Capital (ROIC)	14.19%	15.60%	15.50%	14.82%	14.79%	14.19%	12.86%	13.31%	13.25%	11.86%
ROIC Less NNEP Spread (ROIC-NNEP)	1.44%	-1.14%	-20.98%	138.95%	35.84%	9.73%	19.66%	49.13%	11.54%	10.71%
Return on Net Nonoperating Assets (RNNOA)	-0.10%	0.07%	0.24%	4.15%	1.95%	1.23%	8.91%	31.26%	8.06%	9.07%
Return on Equity (ROE)	14.09%	15.67%	15.74%	18.97%	16.74%	15.42%	21.77%	44.58%	21.31%	20.93%
Cash Return on Invested Capital (CROIC)	15.98%	11.55%	12.44%	12.95%	10.70%	11.30%	-32.85%	13.83%	-1.06%	12.47%
Operating Return on Assets (OROA)	12.77%	13.95%	12.98%	14.67%	12.82%	11.34%	12.46%	12.83%	12.09%	11.57%
Return on Assets (ROA)	13.45%	14.67%	13.89%	15.86%	13.69%	11.74%	13.42%	25.00%	11.56%	10.54%
Return on Common Equity (ROCE)	7.74%	8.54%	8.52%	10.48%	9.27%	8.53%	12.10%	24.94%	11.97%	11.58%
Return on Equity Simple (ROE_SIMPLE)	14.37%	15.52%	16.20%	18.83%	16.83%	15.90%	20.99%	43.34%	21.57%	21.46%
Net Operating Profit after Tax (NOPAT)	1,232	1,370	1,410	1,382	1,421	1,411	1,682	2,134	2,281	2,181
NOPAT Margin	51.73%	53.52%	52.86%	50.06%	49.78%	48.41%	49.25%	51.02%	50.49%	46.44%
Net Nonoperating Expense Percent (NNEP)	12.75%	16.75%	36.49%	-124.13%	-21.05%	4.46%	-6.80%	-35.82%	1.71%	1.14%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	12.52%	11.87%	11.38%
Cost of Revenue to Revenue	26.68%	26.13%	26.53%	27.44%	28.48%	29.76%	26.95%	25.18%	25.41%	26.79%
SG&A Expenses to Revenue	3.70%	3.27%	3.11%	3.79%	2.18%	2.85%	2.22%	1.71%	1.78%	2.27%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	21.59%	20.35%	20.61%	22.50%	21.74%	21.83%	23.49%	23.64%	23.84%	26.66%
Earnings before Interest and Taxes (EBIT)	1,251	1,389	1,354	1,589	1,429	1,315	1,818	2,241	2,259	2,289
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,677	1,822	1,809	2,073	1,942	1,868	2,532	3,129	3,229	3,419
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	5.99	5.66	5.66	5.51	6.13	7.25	11.03	7.92	9.11	9.78
Price to Tangible Book Value (P/TBV)	6.25	5.91	5.92	5.75	6.39	7.57	11.71	8.26	9.78	10.32
Price to Revenue (P/Rev)	12.86	11.16	10.43	10.17	10.73	11.85	16.91	10.84	11.42	11.17
Price to Earnings (P/E)	29.09	24.13	23.76	18.85	24.07	31.46	33.33	10.95	26.46	28.00
Dividend Yield	3.67%	4.43%	5.00%	4.97%	4.56%	4.05%	2.43%	8.19%	4.09%	4.01%
Earnings Yield	3.44%	4.14%	4.21%	5.31%	4.15%	3.18%	3.00%	9.13%	3.78%	3.57%
Enterprise Value to Invested Capital (EV/IC)	3.97	3.63	3.48	3.44	3.62	3.95	4.27	3.48	3.49	3.57
Enterprise Value to Revenue (EV/Rev)	14.33	12.69	12.05	11.74	12.41	13.68	20.08	13.30	14.25	13.93
Enterprise Value to EBITDA (EV/EBITDA)	20.35	17.83	17.78	15.62	18.25	21.35	27.09	17.77	19.93	19.13
Enterprise Value to EBIT (EV/EBIT)	27.28	23.40	23.75	20.38	24.80	30.33	37.72	24.82	28.50	28.57
Enterprise Value to NOPAT (EV/NOPAT)	27.69	23.71	22.80	23.44	24.94	28.26	40.77	26.06	28.21	29.99
Enterprise Value to Operating Cash Flow (EV/OCF)	19.52	16.70	16.30	15.69	17.14	19.52	26.96	17.84	19.82	20.91
Enterprise Value to Free Cash Flow (EV/FCFF)	24.60	32.04	28.42	26.81	34.46	35.46	0.00	25.08	0.00	28.51
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.03	0.04	0.16	0.15	0.21	0.30	0.79	0.68	0.90	0.95
Long-Term Debt to Equity	0.03	0.04	0.16	0.15	0.21	0.30	0.79	0.68	0.90	0.95
Financial Leverage	-0.07	-0.06	-0.01	0.03	0.05	0.13	0.45	0.64	0.70	0.85
Leverage Ratio	1.05	1.07	1.13	1.20	1.22	1.31	1.62	1.78	1.84	1.99
Compound Leverage Factor	1.10	1.12	1.21	1.29	1.31	1.28	1.76	3.49	1.77	1.81
Debt to Total Capital	3.35%	3.97%	13.77%	13.38%	17.32%	22.88%	44.24%	40.33%	47.39%	48.80%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	3.35%	3.97%	13.77%	13.38%	17.32%	22.88%	44.24%	40.33%	47.39%	48.80%
Preferred Equity to Total Capital	42.61%	44.42%	38.72%	38.13%	37.01%	34.10%	24.26%	25.53%	22.64%	22.70%
Noncontrolling Interests to Total Capital	0.28%	0.30%	0.23%	0.24%	0.15%	0.16%	0.52%	0.55%	0.49%	0.53%
Common Equity to Total Capital	53.75%	51.30%	47.28%	48.26%	45.51%	42.86%	30.98%	33.59%	29.48%	27.98%
Debt to EBITDA	0.19	0.21	0.79	0.68	0.98	1.36	2.95	2.20	2.82	2.74
Net Debt to EBITDA	-0.35	-0.26	0.15	0.13	0.37	0.81	2.63	1.86	2.58	2.49
Long-Term Debt to EBITDA	0.19	0.21	0.79	0.68	0.98	1.36	2.95	2.20	2.82	2.74
Debt to NOPAT	0.26	0.29	1.01	1.02	1.34	1.80	4.44	3.22	3.99	4.29
Net Debt to NOPAT	-0.48	-0.35	0.19	0.19	0.51	1.07	3.95	2.73	3.66	3.91
Long-Term Debt to NOPAT	0.26	0.29	1.01	1.02	1.34	1.80	4.44	3.22	3.99	4.29
Altman Z-Score	32.24	25.52	10.03	10.10	8.63	6.89	4.82	4.35	3.76	3.73
Noncontrolling Interest Sharing Ratio	45.09%	45.49%	45.89%	44.73%	44.62%	44.70%	44.44%	44.06%	43.84%	44.65%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.40	0.62	1.29	0.97	1.07	0.65	0.00	1.51	0.62	0.76
Quick Ratio	0.40	0.62	1.29	0.97	1.07	0.65	0.00	1.51	0.62	0.76
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	1,387	1,014	1,132	1,208	1,028	1,124	-4,296	2,217	-182	2,294
Operating Cash Flow to CapEx	720.43%	390.93%	486.08%	606.90%	726.30%	1,078.54%	47.63%	1,293.10%	1,445.75%	1,734.36%
Free Cash Flow to Firm to Interest Expense	2,273.35	0.00	0.00	0.00	0.00	19.98	-47.33	16.26	-0.91	7.98
Operating Cash Flow to Interest Expense	2,866.03	0.00	0.00	0.00	0.00	36.30	28.02	22.87	16.14	10.88
Operating Cash Flow Less CapEx to Interest Expense	2,468.21	0.00	0.00	0.00	0.00	32.93	-30.81	21.10	15.03	10.26
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.24	0.26	0.26	0.25	0.26	0.25	0.23	0.24	0.24	0.24
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.28	0.30	0.30	0.30	0.30	0.29	0.27	0.27	0.27	0.26
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	8,603	8,960	9,238	9,412	9,805	10,091	16,070	15,987	18,450	18,337
Invested Capital Turnover	0.27	0.29	0.29	0.30	0.30	0.29	0.26	0.26	0.26	0.26
Increase / (Decrease) in Invested Capital	-155	356	279	174	393	287	5,979	-83	2,463	-113
Enterprise Value (EV)	34,118	32,486	32,164	32,383	35,444	39,878	68,584	55,610	64,360	65,409
Market Capitalization	30,631	28,571	27,841	28,066	30,637	34,553	57,750	45,347	51,573	52,435
Book Value per Share	$29.54	$29.08	$28.24	$29.22	$28.61	$27.26	$29.85	$32.59	$32.21	$30.62
Tangible Book Value per Share	$28.32	$27.86	$27.01	$28.01	$27.43	$26.09	$28.13	$31.26	$30.00	$29.01
Total Capital	9,517	9,832	10,396	10,557	10,982	11,122	16,899	17,038	19,210	19,167
Total Debt	319	391	1,431	1,412	1,902	2,545	7,475	6,871	9,103	9,353
Total Long-Term Debt	319	391	1,431	1,412	1,902	2,545	7,475	6,871	9,103	9,353
Net Debt	-595	-482	274	267	725	1,514	6,647	5,820	8,343	8,523
Capital Expenditures (CapEx)	243	498	406	340	285	189	5,341	241	225	180
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-262	-298	-337	-371	-383	-395	-482	-515	-599	-588
Debt-free Net Working Capital (DFNWC)	-157	-114	96	-10	26	-137	-482	261	-229	-141
Net Working Capital (NWC)	-157	-114	96	-10	26	-137	-482	261	-229	-141
Net Nonoperating Expense (NNE)	-86	-90	-38	-336	-104	50	-277	-2,233	121	96
Net Nonoperating Obligations (NNO)	-595	-482	274	267	725	1,514	6,647	5,820	8,343	8,523
Total Depreciation and Amortization (D&A)	426	433	455	484	513	553	713	888	970	1,130
Debt-free, Cash-free Net Working Capital to Revenue	-10.98%	-11.64%	-12.64%	-13.45%	-13.42%	-13.54%	-14.11%	-12.31%	-13.26%	-12.53%
Debt-free Net Working Capital to Revenue	-6.60%	-4.46%	3.60%	-0.36%	0.93%	-4.70%	-14.11%	6.23%	-5.07%	-3.00%
Net Working Capital to Revenue	-6.60%	-4.46%	3.60%	-0.36%	0.93%	-4.70%	-14.11%	6.23%	-5.07%	-3.00%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$6.10	$6.84	$6.75	$8.56	$7.30	$0.00	$9.91	$23.64	$11.11	$10.68
Adjusted Weighted Average Basic Shares Outstanding	172.70M	173.09M	173.61M	173.97M	174.29M	174.49M	174.86M	175.26M	175.47M	175.35M
Adjusted Diluted Earnings per Share	$6.07	$6.81	$6.73	$8.54	$7.29	$0.00	$9.87	$23.50	$11.06	$10.64
Adjusted Weighted Average Diluted Shares Outstanding	173.51M	173.88M	174.15M	174.30M	174.53M	174.49M	175.57M	176.28M	176.14M	176.04M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	173.27M	173.64M	174.22M	174.50M	174.76M	174.49M	175.46M	175.76M	175.69M	175.42M
Normalized Net Operating Profit after Tax (NOPAT)	862	959	987	967	995	988	1,682	2,134	2,281	2,181
Normalized NOPAT Margin	36.21%	37.46%	37.00%	35.05%	34.85%	33.89%	49.25%	51.02%	50.49%	46.44%
Pre Tax Income Margin	55.33%	57.04%	54.28%	62.23%	53.44%	43.93%	57.73%	104.74%	48.05%	44.49%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2,050.52	0.00	0.00	0.00	0.00	23.36	20.03	16.44	11.23	7.97
NOPAT to Interest Expense	2,019.69	0.00	0.00	0.00	0.00	25.07	18.53	15.65	11.34	7.59
EBIT Less CapEx to Interest Expense	1,652.70	0.00	0.00	0.00	0.00	19.99	-38.80	14.67	10.11	7.34
NOPAT Less CapEx to Interest Expense	1,621.87	0.00	0.00	0.00	0.00	21.71	-40.30	13.88	10.23	6.96
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	104.60%	103.62%	113.07%	94.32%	105.88%	118.41%	81.42%	90.30%	107.40%	111.18%
Augmented Payout Ratio	104.60%	103.62%	113.07%	94.32%	105.88%	118.41%	81.42%	90.30%	107.40%	120.77%

This table displays calculated financial ratios and metrics derived from Public Storage's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	21.59%	0.00%	12.41%	8.50%	5.12%	6.55%	5.76%	4.77%	3.84%	1.51%
EBITDA Growth	32.28%	226.81%	4.40%	-3.98%	-0.70%	16.12%	11.82%	4.81%	-12.51%	22.03%
EBIT Growth	38.26%	0.00%	6.44%	-5.91%	-3.65%	10.61%	4.84%	-3.70%	-23.71%	36.26%
NOPAT Growth	28.05%	0.00%	19.54%	11.90%	4.78%	-6.97%	-6.72%	-5.94%	-5.76%	1.00%
Net Income Growth	465.09%	0.00%	0.80%	-11.53%	-77.80%	6.50%	-1.68%	-10.32%	-29.76%	39.93%
EPS Growth	510.32%	0.00%	0.76%	-12.28%	-79.19%	6.76%	-1.89%	-11.33%	-32.50%	45.70%
Operating Cash Flow Growth	0.00%	1.03%	6.19%	10.64%	-5.54%	7.51%	-4.49%	1.46%	-8.78%	-2.91%
Free Cash Flow Firm Growth	23.89%	111.15%	82.82%	-219.12%	3.82%	-388.07%	-59.54%	89.66%	134.31%	134.43%
Invested Capital Growth	20.28%	-0.52%	8.40%	0.00%	16.53%	15.41%	10.15%	13.42%	-0.74%	-0.61%
Revenue Q/Q Growth	5.43%	0.04%	0.52%	2.33%	2.15%	1.40%	-0.23%	1.38%	1.24%	-0.87%
EBITDA Q/Q Growth	3.95%	-24.04%	12.78%	7.83%	7.50%	-11.17%	8.21%	1.07%	-10.27%	23.90%
EBIT Q/Q Growth	4.99%	-32.92%	20.39%	10.98%	7.50%	-22.99%	13.46%	1.94%	-14.83%	37.54%
NOPAT Q/Q Growth	5.95%	4.01%	-4.25%	6.04%	-0.78%	-7.65%	-5.00%	6.94%	-0.60%	-1.03%
Net Income Q/Q Growth	322.92%	-85.06%	25.42%	11.67%	6.10%	-28.34%	15.80%	1.86%	-16.90%	42.76%
EPS Q/Q Growth	349.71%	-86.54%	28.02%	13.21%	6.67%	-30.94%	17.65%	2.31%	-18.80%	49.07%
Operating Cash Flow Q/Q Growth	16.24%	-20.57%	-5.36%	26.62%	-0.76%	-9.59%	-15.93%	34.51%	-10.78%	-3.77%
Free Cash Flow Firm Q/Q Growth	-116.04%	131.89%	-210.91%	-2,000.24%	87.05%	4.50%	38.39%	-36.15%	142.96%	-4.17%
Invested Capital Q/Q Growth	0.00%	1.67%	4.79%	-3.75%	13.64%	0.69%	0.01%	-0.89%	-0.55%	0.82%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	74.54%	76.15%	73.65%	75.01%	74.74%	74.93%	71.96%	74.34%	72.92%	73.61%
EBITDA Margin	81.17%	61.63%	69.15%	72.86%	76.68%	67.17%	73.12%	72.89%	64.60%	80.74%
Operating Margin	51.54%	53.59%	51.35%	53.12%	51.61%	47.04%	45.15%	47.68%	46.89%	46.45%
EBIT Margin	60.88%	40.82%	48.89%	53.02%	55.80%	42.38%	48.47%	48.74%	41.00%	56.89%
Profit (Net Income) Margin	255.31%	38.12%	47.56%	51.90%	53.91%	38.10%	44.22%	44.43%	36.47%	52.52%
Tax Burden Percent	100.30%	78.38%	99.41%	99.57%	99.54%	99.47%	99.71%	99.60%	99.43%	100.22%
Interest Burden Percent	418.12%	119.13%	97.86%	98.31%	97.05%	90.38%	91.49%	91.52%	89.46%	92.12%
Effective Tax Rate	0.00%	0.00%	0.59%	0.43%	0.46%	0.53%	0.29%	0.40%	0.57%	-0.22%
Return on Invested Capital (ROIC)	0.00%	13.98%	13.64%	28.81%	13.42%	12.28%	11.72%	12.79%	11.95%	11.88%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	11.28%	13.02%	28.43%	13.84%	10.85%	11.59%	12.29%	10.49%	12.72%
Return on Net Nonoperating Assets (RNNOA)	0.00%	7.18%	8.01%	16.70%	9.35%	7.58%	8.63%	8.90%	8.75%	10.77%
Return on Equity (ROE)	0.00%	21.16%	21.65%	45.50%	22.77%	19.86%	20.34%	21.69%	20.70%	22.65%
Cash Return on Invested Capital (CROIC)	-18.42%	13.83%	5.82%	-171.46%	-1.58%	-1.06%	3.08%	0.26%	12.66%	12.47%
Operating Return on Assets (OROA)	0.00%	9.77%	11.95%	26.52%	13.29%	10.25%	11.96%	12.09%	9.67%	13.50%
Return on Assets (ROA)	0.00%	9.13%	11.63%	25.95%	12.84%	9.21%	10.91%	11.02%	8.60%	12.47%
Return on Common Equity (ROCE)	0.00%	11.84%	11.99%	25.60%	12.81%	11.15%	11.38%	12.03%	11.45%	12.54%
Return on Equity Simple (ROE_SIMPLE)	0.00%	0.00%	43.51%	42.67%	21.10%	0.00%	21.63%	21.55%	19.85%	0.00%
Net Operating Profit after Tax (NOPAT)	561	583	559	592	588	543	521	557	554	548
NOPAT Margin	51.54%	53.59%	51.04%	52.89%	51.37%	46.79%	45.02%	47.49%	46.63%	46.55%
Net Nonoperating Expense Percent (NNEP)	-46.00%	2.70%	0.62%	0.37%	-0.42%	1.42%	0.12%	0.50%	1.45%	-0.83%
Return On Investment Capital (ROIC_SIMPLE)	-	3.42%	-	-	-	2.82%	-	-	-	2.86%
Cost of Revenue to Revenue	25.46%	23.85%	26.35%	24.99%	25.26%	25.07%	28.04%	25.66%	27.08%	26.39%
SG&A Expenses to Revenue	2.71%	-0.89%	1.55%	1.77%	1.81%	2.00%	1.84%	2.27%	2.21%	2.76%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	23.00%	22.56%	22.31%	21.88%	23.13%	27.89%	26.81%	26.66%	26.02%	27.16%
Earnings before Interest and Taxes (EBIT)	662	444	535	594	638	492	561	572	487	670
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	883	671	757	816	877	779	846	855	767	951
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	8.44	7.92	8.84	8.60	7.73	9.11	9.01	9.44	12.11	9.78
Price to Tangible Book Value (P/TBV)	8.81	8.26	9.19	8.93	8.33	9.78	9.61	10.04	12.83	10.32
Price to Revenue (P/Rev)	0.00	10.84	11.70	11.19	10.01	11.42	11.01	10.91	13.61	11.17
Price to Earnings (P/E)	0.00	10.95	12.14	12.07	23.15	26.46	26.00	26.88	37.51	28.00
Dividend Yield	7.75%	8.19%	7.73%	8.28%	4.35%	4.09%	4.18%	4.17%	3.30%	4.01%
Earnings Yield	0.00%	9.13%	8.24%	8.28%	4.32%	3.78%	3.85%	3.72%	2.67%	3.57%
Enterprise Value to Invested Capital (EV/IC)	3.68	3.48	3.66	3.69	3.11	3.49	3.43	3.47	4.21	3.57
Enterprise Value to Revenue (EV/Rev)	0.00	13.30	14.27	13.56	12.83	14.25	13.82	13.70	16.38	13.93
Enterprise Value to EBITDA (EV/EBITDA)	66.83	17.77	19.42	19.05	18.28	19.93	19.08	18.91	23.59	19.13
Enterprise Value to EBIT (EV/EBIT)	0.00	24.82	27.01	26.64	25.80	28.50	27.71	28.06	36.29	28.57
Enterprise Value to NOPAT (EV/NOPAT)	0.00	26.06	27.46	25.89	24.48	28.21	28.21	28.74	35.23	29.99
Enterprise Value to Operating Cash Flow (EV/OCF)	18.63	17.84	19.44	18.37	17.88	19.82	19.69	19.66	24.31	20.91
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	25.08	65.50	0.00	0.00	0.00	116.61	1,409.36	33.15	28.51
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.67	0.68	0.68	0.68	0.89	0.90	0.90	0.96	0.98	0.95
Long-Term Debt to Equity	0.67	0.68	0.68	0.68	0.89	0.90	0.90	0.96	0.98	0.95
Financial Leverage	0.50	0.64	0.62	0.59	0.68	0.70	0.74	0.72	0.83	0.85
Leverage Ratio	1.71	1.78	1.77	1.73	1.84	1.84	1.84	1.87	1.99	1.99
Compound Leverage Factor	7.14	2.12	1.73	1.70	1.78	1.67	1.68	1.71	1.78	1.83
Debt to Total Capital	39.98%	40.33%	40.50%	40.43%	46.95%	47.39%	47.44%	48.95%	49.38%	48.80%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	39.98%	40.33%	40.50%	40.43%	46.95%	47.39%	47.44%	48.95%	49.38%	48.80%
Preferred Equity to Total Capital	25.80%	25.53%	25.53%	25.51%	22.62%	22.64%	22.76%	22.65%	22.68%	22.70%
Noncontrolling Interests to Total Capital	0.56%	0.55%	0.54%	0.54%	0.49%	0.49%	0.51%	0.50%	0.52%	0.53%
Common Equity to Total Capital	33.67%	33.59%	33.43%	33.52%	29.94%	29.48%	29.29%	27.90%	27.42%	27.98%
Debt to EBITDA	7.78	2.20	2.18	2.20	2.89	2.82	2.73	2.80	2.92	2.74
Net Debt to EBITDA	6.46	1.86	2.09	1.91	2.60	2.58	2.53	2.53	2.61	2.49
Long-Term Debt to EBITDA	7.78	2.20	2.18	2.20	2.89	2.82	2.73	2.80	2.92	2.74
Debt to NOPAT	0.00	3.22	3.09	3.00	3.87	3.99	4.04	4.26	4.36	4.29
Net Debt to NOPAT	0.00	2.73	2.96	2.59	3.49	3.66	3.75	3.84	3.90	3.91
Long-Term Debt to NOPAT	0.00	3.22	3.09	3.00	3.87	3.99	4.04	4.26	4.36	4.29
Altman Z-Score	4.06	4.01	4.40	4.34	3.08	3.47	3.45	3.32	4.05	3.46
Noncontrolling Interest Sharing Ratio	44.26%	44.06%	44.61%	43.73%	43.73%	43.84%	44.04%	44.53%	44.67%	44.65%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.50	1.51	0.00	1.28	0.98	0.62	0.54	0.93	0.97	0.76
Quick Ratio	1.50	1.51	0.00	1.28	0.98	0.62	0.54	0.93	0.97	0.76
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-2,091	667	-740	-15,532	-2,011	-1,921	-1,180	-1,606	690	661
Operating Cash Flow to CapEx	211.83%	0.00%	1,770.88%	1,639.66%	1,216.84%	1,332.06%	1,746.76%	1,758.66%	1,508.68%	2,000.94%
Free Cash Flow to Firm to Interest Expense	-61.30	18.45	-20.49	-407.89	-34.47	-28.00	-17.41	-21.93	9.29	9.17
Operating Cash Flow to Interest Expense	27.17	20.37	19.30	23.17	15.01	11.54	9.82	12.22	10.76	10.66
Operating Cash Flow Less CapEx to Interest Expense	14.35	38.10	18.21	21.76	13.77	10.67	9.26	11.53	10.04	10.12
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.24	0.24	0.50	0.24	0.24	0.25	0.25	0.24	0.24
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.27	0.28	0.00	0.27	0.27	0.27	0.28	0.26	0.26
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	15,725	15,987	16,752	16,124	18,324	18,450	18,452	18,288	18,187	18,337
Invested Capital Turnover	0.00	0.26	0.27	0.54	0.26	0.26	0.26	0.27	0.26	0.26
Increase / (Decrease) in Invested Capital	2,652	-83	1,298	16,124	2,599	2,463	1,701	2,163	-136	-113
Enterprise Value (EV)	57,937	55,610	61,388	59,558	57,057	64,360	63,300	63,478	76,611	65,409
Market Capitalization	47,889	45,347	50,332	49,150	44,491	51,573	50,446	50,547	63,684	52,435
Book Value per Share	$32.39	$32.59	$32.41	$32.51	$32.75	$32.21	$31.86	$30.49	$30.05	$30.62
Tangible Book Value per Share	$31.02	$31.26	$31.16	$31.31	$30.39	$30.00	$29.86	$28.66	$28.37	$29.01
Total Capital	16,861	17,038	17,037	17,053	19,232	19,210	19,113	19,204	19,184	19,167
Total Debt	6,740	6,871	6,899	6,894	9,030	9,103	9,068	9,401	9,474	9,353
Total Long-Term Debt	6,740	6,871	6,899	6,894	9,030	9,103	9,068	9,401	9,474	9,353
Net Debt	5,604	5,820	6,614	5,966	8,122	8,343	8,407	8,484	8,477	8,523
Capital Expenditures (CapEx)	438	-640	39	54	72	59	38	51	53	38
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-590	-515	-470	-508	-644	-599	-504	-585	-619	-588
Debt-free Net Working Capital (DFNWC)	294	261	-470	144	-14	-229	-233	-42	-20	-141
Net Working Capital (NWC)	294	261	-470	144	-14	-229	-233	-42	-20	-141
Net Nonoperating Expense (NNE)	-2,217	168	38	11	-29	101	9.28	36	121	-70
Net Nonoperating Obligations (NNO)	5,604	5,820	6,614	5,966	8,122	8,343	8,407	8,484	8,477	8,523
Total Depreciation and Amortization (D&A)	221	227	222	222	239	288	285	283	280	281
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-12.31%	-10.93%	-11.56%	-14.49%	-13.26%	-11.01%	-12.62%	-13.24%	-12.53%
Debt-free Net Working Capital to Revenue	0.00%	6.23%	-10.93%	3.28%	-0.33%	-5.07%	-5.08%	-0.91%	-0.44%	-3.00%
Net Working Capital to Revenue	0.00%	6.23%	-10.93%	3.28%	-0.33%	-5.07%	-5.08%	-0.91%	-0.44%	-3.00%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$15.47	$2.08	$2.67	$3.01	$3.21	$2.22	$2.61	$2.67	$2.17	$3.23
Adjusted Weighted Average Basic Shares Outstanding	175.28M	175.26M	175.45M	175.48M	175.50M	175.47M	175.70M	175.47M	175.04M	175.35M
Adjusted Diluted Earnings per Share	$15.38	$2.07	$2.65	$3.00	$3.20	$2.21	$2.60	$2.66	$2.16	$3.22
Adjusted Weighted Average Diluted Shares Outstanding	176.33M	176.28M	176.23M	176.21M	176.15M	176.14M	176.35M	176.01M	175.87M	176.04M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	175.64M	175.76M	175.81M	175.83M	175.84M	175.69M	175.72M	175.02M	175.11M	175.42M
Normalized Net Operating Profit after Tax (NOPAT)	393	408	559	592	588	543	521	557	554	383
Normalized NOPAT Margin	36.08%	37.51%	51.04%	52.89%	51.37%	46.79%	45.02%	47.49%	46.63%	32.51%
Pre Tax Income Margin	254.56%	48.63%	47.84%	52.13%	54.16%	38.30%	44.35%	44.60%	36.68%	52.40%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	19.42	12.30	14.82	15.59	10.94	7.17	8.28	7.81	6.56	9.29
NOPAT to Interest Expense	16.44	16.14	15.47	15.55	10.07	7.91	7.69	7.61	7.46	7.60
EBIT Less CapEx to Interest Expense	6.59	30.02	13.73	14.18	9.71	6.30	7.71	7.11	5.85	8.75
NOPAT Less CapEx to Interest Expense	3.61	33.86	14.38	14.14	8.84	7.04	7.12	6.91	6.75	7.07
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	90.30%	94.28%	99.69%	100.44%	107.40%	107.88%	110.88%	121.50%	111.18%
Augmented Payout Ratio	0.00%	90.30%	94.28%	99.69%	100.44%	107.40%	107.88%	110.88%	121.50%	120.77%

Frequently Asked Questions About Public Storage's Financials

When does Public Storage's financial year end?

According to the most recent income statement we have on file, Public Storage's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Public Storage's net income changed over the last 9 years?

Public Storage's net income appears to be on an upward trend, with a most recent value of $2.08 billion in 2024, rising from $1.32 billion in 2015. The previous period was $2.16 billion in 2023.

What is Public Storage's operating income?

Public Storage's total operating income in 2024 was $2.19 billion, based on the following breakdown:

Total Gross Profit: $3.44 billion
Total Operating Expenses: $1.25 billion

How has Public Storage revenue changed over the last 9 years?

Over the last 9 years, Public Storage's total revenue changed from $2.38 billion in 2015 to $4.70 billion in 2024, a change of 97.2%.

How much debt does Public Storage have?

Public Storage's total liabilities were at $9.94 billion at the end of 2024, a 2.5% increase from 2023, and a 1,612.3% increase since 2015.

How much cash does Public Storage have?

In the past 9 years, Public Storage's cash and equivalents has ranged from $0.00 in 2021 to $775.25 million in 2022, and is currently $447.42 million as of their latest financial filing in 2024.

How has Public Storage's book value per share changed over the last 9 years?

Over the last 9 years, Public Storage's book value per share changed from 29.54 in 2015 to 30.62 in 2024, a change of 3.7%.

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This page (NYSE:PSA) was last updated on 4/14/2025 by MarketBeat.com Staff

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Public Storage (PSA) Financials

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Public Storage (PSA) Financials

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