Public Storage Income Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Rental Revenue	4,489	4,396	4,260	3,946	3,204
Other Revenue	344.3	319.44	285.97	343.12	444.35
Total Revenue	4,834	4,715	4,546	4,289	3,648
Revenue Growth (YoY	2.51%	3.74%	5.98%	17.58%	21.78%
Property Expenses	1,222	1,167	1,072	1,075	933.52
Selling, General & Administrative	205.15	213.09	171.35	71.67	75.97
Depreciation & Amortization	1,152	1,130	970.06	888.15	713.43
Total Operating Expenses	2,579	2,510	2,213	2,034	1,723
Operating Income	2,255	2,205	2,332	2,255	1,925
Interest Expense	-304.5	-287.4	-201.13	-136.32	-90.77
Interest & Investment Income	36.62	44.78	85.59	40.57	12.31
Currency Exchange Gain (Loss)	-215.58	102.24	-51.2	98.31	111.79
Other Non-Operating Income	22.62	18.08	-	-	-
EBT Excluding Unusual Items	1,794	2,083	2,165	2,257	1,958
Gain (Loss) on Sale of Investments	3.86	4.36	-	2,129	-
Gain (Loss) on Sale of Assets	1.11	1.54	17.18	1.5	13.68
Asset Writedown	-4.35	-	-11.72	-7	-
Pretax Income	1,790	2,089	2,171	4,381	1,972
Income Tax Expense	-7.23	4.67	10.82	14.33	12.37
Earnings From Continuing Operations	1,797	2,084	2,160	4,366	1,960
Minority Interest in Earnings	-12.68	-12.4	-11.79	-17.13	-6.38
Net Income	1,784	2,072	2,148	4,349	1,953
Preferred Dividends & Other Adjustments	198.76	199.33	199.59	206.86	220.82
Net Income to Common	1,586	1,873	1,949	4,142	1,732
Net Income Growth	-13.88%	-3.55%	-50.60%	122.66%	43.92%
Basic Shares Outstanding	175	175	175	175	175
Diluted Shares Outstanding	176	176	176	176	176
Shares Change (YoY)	-0.08%	-0.06%	-0.08%	0.41%	0.53%
EPS (Basic)	9.04	10.68	11.11	23.64	9.91
EPS (Diluted)	9.01	10.64	11.06	23.50	9.87
EPS Growth	-15.32%	-3.80%	-52.94%	138.09%	56.92%
Dividend Per Share	12.000	12.000	12.000	8.000	8.000
Dividend Growth	-	-	50.00%	-	-
Operating Margin	46.65%	46.77%	51.31%	52.57%	52.77%
Profit Margin	32.80%	39.71%	42.87%	96.58%	47.49%
EBITDA	3,407	3,335	3,302	3,143	2,638
EBITDA Margin	70.48%	70.73%	72.65%	73.27%	72.33%
D&A For Ebitda	1,152	1,130	970.06	888.15	713.43
EBIT	2,255	2,205	2,332	2,255	1,925
EBIT Margin	46.65%	46.77%	51.31%	52.57%	52.77%
Funds From Operations (FFO)	2,780	3,026	2,924	2,901	2,346
FFO Per Share	15.81	17.19	16.60	16.46	13.36
Adjusted Funds From Operations (AFFO)	2,780	3,026	2,924	2,901	2,346
AFFO Per Share	15.81	17.19	16.60	16.46	13.36
FFO Payout Ratio	-	-	-	-	59.78%
Effective Tax Rate	-	0.22%	0.50%	0.33%	0.63%
Revenue as Reported	4,824	4,696	4,518	4,182	3,416

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.

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