Public Storage
For the period ended Dec 31, 2023. Filed Feb 20, 2024.
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FY2023 · Filed Feb 20, 2024
PSA$338.15+0.2%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Statements of Cash Flows F-
CONSOLIDATED STATEMENTS OF CASH FLOWS
| For the Years Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Cash flows from operating activities: | |||
| Net income | $2,160,120 | $4,366,274 | $1,959,639 |
| Adjustments to reconcile net income to net cash flows from operating activities: | |||
| Gain on sale of equity investment in PS Business Parks, Inc. | — | (2,128,860) | — |
| Gain on sale of real estate | (17,178) | (1,503) | (13,683) |
| Depreciation and amortization | 970,056 | 888,146 | 713,428 |
| Equity in earnings of unconsolidated real estate entities | (27,897) | (106,981) | (232,093) |
| Distributions from cumulative equity in earnings of unconsolidated real estate entities | 29,333 | 134,769 | 150,488 |
| Unrealized foreign currency exchange loss (gain) | 51,239 | (97,563) | (111,787) |
| Share-based compensation expense | 41,566 | 56,703 | 59,815 |
| Other non-cash adjustments | 20,508 | 15,207 | 4,883 |
| Changes in operating assets and liabilities, excluding the impact of acquisitions: | |||
| Other assets | (16,365) | (29,638) | (44,127) |
| Accrued and other liabilities | 35,266 | 20,587 | 56,992 |
| Net cash flows from operating activities | 3,246,648 | 3,117,141 | 2,543,555 |
| Cash flows from investing activities: | |||
| Capital expenditures to maintain real estate facilities | (236,572) | (218,713) | (136,989) |
| Capital expenditures for property enhancements | (159,939) | (189,699) | (103,730) |
| Capital expenditures for energy efficiencies (LED lighting, solar) | (64,626) | (51,361) | (29,519) |
| Development and expansion of real estate facilities | (364,445) | (313,511) | (281,981) |
| Acquisition of real estate facilities and intangible assets | (473,176) | (757,944) | (5,047,106) |
| Acquisition of BREIT Simply Storage LLC, net of cash acquired | (2,178,151) | — | — |
| Distributions in excess of cumulative equity in earnings from unconsolidated real estate entities | 10,975 | 13,670 | 19,518 |
| Contributions to unconsolidated real estate entities | (112,554) | — | — |
| Proceeds from sale of real estate investments | 39,986 | 1,543 | 16,296 |
| Proceeds from sale of equity investment in PS Business Parks, Inc. | — | 2,636,011 | — |
| Net cash flows (used in) from investing activities | (3,538,502) | 1,119,996 | (5,563,511) |
| Cash flows from financing activities: | |||
| Issuance costs on amendment of credit facility | (8,377) | — | — |
| Repayments of notes payable | (8,259) | (513,495) | (2,218) |
| Issuance of notes payable, net of issuance costs | 2,181,273 | — | 5,038,904 |
| Issuance of preferred shares | — | 242,832 | 1,147,455 |
| Issuance of common shares in connection with share-based compensation | 53,131 | 35,271 | 95,860 |
| Redemption of preferred shares | — | — | (1,175,000) |
| Taxes paid upon net share settlement of restricted share units | (13,950) | (16,827) | (13,069) |
| Acquisition of noncontrolling interests | — | — | (692) |
| Contributions by noncontrolling interests | 3,203 | 1,669 | 2,451 |
| Distributions paid to preferred shareholders, common shareholders and restricted share unitholders | (2,305,322) | (3,908,497) | (1,588,888) |
| Distributions paid to noncontrolling interests | (14,627) | (34,223) | (6,662) |
| Net cash flows (used in) from financing activities | (112,928) | (4,193,270) | 3,498,141 |
| Net cash flows (used in) from operating, investing, and financing activities | (404,782) | 43,867 | 478,185 |
| Net effect of foreign exchange impact on cash and equivalents, including restricted cash | — | — | 505 |
| Net (decrease) increase in cash and equivalents, including restricted cash | $(404,782) | $43,867 | $478,690 |
CONSOLIDATED STATEMENTS OF CASH FLOWS
| For the Years Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Cash and equivalents, including restricted cash at beginning of the period: | |||
| Cash and equivalents | $775,253 | $734,599 | $257,560 |
| Restricted cash included in other assets | 29,904 | 26,691 | 25,040 |
| $805,157 | $761,290 | $282,600 | |
| Cash and equivalents, including restricted cash at end of the period: | |||
| Cash and equivalents | $370,002 | $775,253 | $734,599 |
| Restricted cash included in other assets | 30,373 | 29,904 | 26,691 |
| $400,375 | $805,157 | $761,290 | |
| Supplemental schedule of non-cash investing and financing activities: | |||
| Costs incurred during the period remaining unpaid at period end for: | |||
| Capital expenditures to maintain real estate facilities | $(10,798) | $(9,903) | $(10,879) |
| Capital expenditures for property enhancements | (3,046) | (4,502) | (11,726) |
| Capital expenditures for energy efficiencies (LED lighting, solar) | (386) | (855) | (775) |
| Construction or expansion of real estate facilities | (68,099) | (65,650) | (50,051) |
| Real estate acquired in exchange for noncontrolling interests | — | (19,865) | (68,170) |
| Supplemental cash flow information: | |||
| Cash paid for interest, net of amounts capitalized | $146,213 | $127,711 | $74,192 |
| Cash paid for income taxes, net of refunds | 11,056 | 11,293 | 12,696 |
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