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 Income F-
CONSOLIDATED STATEMENTS OF INCOME
(Amounts in thousands, except per share amounts)
| For the Years Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Revenues: | |||
| Self-storage facilities | $4,259,613 | $3,946,028 | 3,203,566 |
| Ancillary operations | 258,077 | 236,135 | 212,258 |
| 4,517,690 | 4,182,163 | 3,415,824 | |
| Expenses: | |||
| Self-storage cost of operations | 1,061,950 | 980,209 | 852,030 |
| Ancillary cost of operations | 85,996 | 72,698 | 68,568 |
| Depreciation and amortization | 970,056 | 888,146 | 713,428 |
| Real estate acquisition and development expense | 26,451 | 28,744 | 12,923 |
| General and administrative | 80,632 | 71,672 | 75,966 |
| Interest expense | 201,132 | 136,319 | 90,774 |
| 2,426,217 | 2,177,788 | 1,813,689 | |
| Other increases (decreases) to net income: | |||
| Interest and other income | 85,590 | 40,567 | 12,306 |
| Equity in earnings of unconsolidated real estate entities | 27,897 | 106,981 | 232,093 |
| Foreign currency exchange (loss) gain | (51,197) | 98,314 | 111,787 |
| Gain on sale of real estate | 17,178 | 1,503 | 13,683 |
| Gain on sale of equity investment in PS Business Parks, Inc. | — | 2,128,860 | — |
| Income before income tax expense | 2,170,941 | 4,380,600 | 1,972,004 |
| Income tax expense | (10,821) | (14,326) | (12,365) |
| Net income | 2,160,120 | 4,366,274 | 1,959,639 |
| Allocation to noncontrolling interests | (11,793) | (17,127) | (6,376) |
| Net income allocable to Public Storage shareholders | 2,148,327 | 4,349,147 | 1,953,263 |
| Allocation of net income to: | |||
| Preferred shareholders | (194,703) | (194,390) | (186,579) |
| Preferred shareholders - redemptions (Note 10) | — | — | (28,914) |
| Restricted share units | (4,883) | (12,469) | (5,326) |
| Net income allocable to common shareholders | $1,948,741 | $4,142,288 | $1,732,444 |
| Net income per common share: | |||
| Basic | $11.11 | $23.64 | $9.91 |
| Diluted | $11.06 | $23.50 | $9.87 |
| Basic weighted average common shares outstanding | 175,472 | 175,257 | 174,858 |
| Diluted weighted average common shares outstanding | 176,143 | 176,280 | 175,568 |
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