Public Storage Income Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Rental Revenue	4,461	4,396	4,260	3,946	3,204	2,722
Other Revenue	334.59	319.44	285.97	343.12	444.35	273.94
Total Revenue	4,795	4,715	4,546	4,289	3,648	2,996
Revenue Growth (YoY	2.05%	3.74%	5.98%	17.58%	21.78%	2.43%
Property Expenses	1,309	1,274	1,163	1,075	933.52	867.46
Selling, General & Administrative	106.69	106.68	80.63	71.67	75.97	79.97
Depreciation & Amortization	1,137	1,130	970.06	888.15	713.43	553.26
Total Operating Expenses	2,553	2,510	2,213	2,034	1,723	1,501
Operating Income	2,242	2,205	2,332	2,255	1,925	1,495
Interest Expense	-295.45	-287.4	-201.13	-136.32	-90.77	-56.28
Interest & Investment Income	37.47	44.66	64.82	40.57	12.31	22.32
Currency Exchange Gain (Loss)	-91.04	102.24	-51.2	98.31	111.79	-97.95
Other Non-Operating Income	20.56	18.2	17.95	-	-	-
EBT Excluding Unusual Items	1,914	2,083	2,163	2,257	1,958	1,363
Gain (Loss) on Sale of Investments	3.98	4.36	2.82	2,129	-	-
Gain (Loss) on Sale of Assets	0.82	1.54	17.18	1.5	13.68	1.49
Asset Writedown	-3.95	-	-11.7	-7	-	-3.23
Pretax Income	1,911	2,089	2,171	4,381	1,972	1,361
Income Tax Expense	6.12	4.67	10.82	14.33	12.37	-
Earnings From Continuing Operations	1,905	2,084	2,160	4,366	1,960	1,361
Minority Interest in Earnings	-13.46	-12.4	-11.79	-17.13	-6.38	-4.01
Net Income	1,892	2,072	2,148	4,349	1,953	1,357
Preferred Dividends & Other Adjustments	198.88	199.33	199.59	206.86	220.82	258.88
Net Income to Common	1,693	1,873	1,949	4,142	1,732	1,098
Net Income Growth	-0.25%	-3.55%	-50.60%	122.66%	43.92%	-10.74%
Basic Shares Outstanding	175	175	175	175	175	174
Diluted Shares Outstanding	176	176	176	176	176	175
Shares Change (YoY)	-0.09%	-0.06%	-0.08%	0.41%	0.53%	0.06%
EPS (Basic)	9.65	10.68	11.11	23.64	9.91	6.29
EPS (Diluted)	9.63	10.64	11.06	23.50	9.87	6.29
EPS Growth	-0.10%	-3.80%	-52.94%	138.09%	56.92%	-13.72%
Dividend Per Share	12.000	12.000	12.000	8.000	8.000	8.000
Dividend Growth	-	-	50.00%	-	-	-
Operating Margin	46.76%	46.77%	51.31%	52.57%	52.77%	49.90%
Profit Margin	35.31%	39.71%	42.87%	96.58%	47.49%	36.66%
EBITDA	3,379	3,335	3,302	3,143	2,638	2,048
EBITDA Margin	70.48%	70.73%	72.65%	73.27%	72.33%	68.37%
D&A For Ebitda	1,137	1,130	970.06	888.15	713.43	553.26
EBIT	2,242	2,205	2,332	2,255	1,925	1,495
EBIT Margin	46.76%	46.77%	51.31%	52.57%	52.77%	49.90%
Funds From Operations (FFO)	2,873	3,026	2,924	2,901	2,346	1,702
FFO Per Share	16.33	17.19	16.60	16.46	13.36	9.75
Adjusted Funds From Operations (AFFO)	-	3,026	2,924	2,901	2,346	1,702
AFFO Per Share	-	17.19	16.60	16.46	13.36	9.75
FFO Payout Ratio	-	-	-	-	59.78%	82.20%
Effective Tax Rate	0.32%	0.22%	0.50%	0.33%	0.63%	-
Revenue as Reported	4,786	4,696	4,518	4,182	3,416	2,915

Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.