Public Storage
For the period ended Dec 31, 2024. Filed Feb 24, 2025.
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FY2024 · Filed Feb 24, 2025
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, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Cash flows from operating activities: | |||
| Net income | $2,084,410 | $2,160,120 | $4,366,274 |
| 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 | (1,537) | (17,178) | (1,503) |
| Depreciation and amortization | 1,129,766 | 970,056 | 888,146 |
| Equity in earnings of unconsolidated real estate entities | (19,821) | (27,897) | (106,981) |
| Distributions from cumulative equity in earnings of unconsolidated real estate entities | 11,039 | 29,333 | 134,769 |
| Unrealized foreign currency exchange (gain) loss | (101,974) | 51,239 | (97,563) |
| Share-based compensation expense | 44,747 | 41,566 | 56,703 |
| Other non-cash adjustments | 11,410 | 20,508 | 15,207 |
| Changes in operating assets and liabilities, excluding the impact of acquisitions: | |||
| Other assets | (44,968) | (16,365) | (29,638) |
| Accrued and other liabilities | 15,183 | 35,266 | 20,587 |
| Net cash flows from operating activities | 3,128,255 | 3,246,648 | 3,117,141 |
| Cash flows from investing activities: | |||
| Capital expenditures to maintain real estate facilities | (239,655) | (236,572) | (218,713) |
| Capital expenditures for property enhancements | (126,757) | (159,939) | (189,699) |
| Capital expenditures for energy efficiencies (LED lighting, solar) | (53,612) | (64,626) | (51,361) |
| Development and expansion of real estate facilities | (326,854) | (364,445) | (313,511) |
| Acquisition of real estate facilities and intangible assets | (267,473) | (473,176) | (757,944) |
| Acquisition of BREIT Simply Storage LLC, net of cash acquired | — | (2,178,151) | — |
| Issuance of notes receivable | (9,960) | — | — |
| Distributions in excess of cumulative equity in earnings from unconsolidated real estate entities | 13,285 | 10,975 | 13,670 |
| Contributions to unconsolidated real estate entity | — | (112,554) | — |
| Proceeds from sale of real estate investments | 8,388 | 39,986 | 1,543 |
| Proceeds from sale of equity investment in PS Business Parks, Inc. | — | — | 2,636,011 |
| Net cash flows (used in) from investing activities | (1,002,638) | (3,538,502) | 1,119,996 |
| Cash flows from financing activities: | |||
| Issuance costs on amendment of credit facility | — | (8,377) | — |
| Repayments of notes payable | (808,505) | (8,259) | (513,495) |
| Issuance of notes payable, net of issuance costs | 1,151,022 | 2,181,273 | — |
| Issuance of preferred shares | — | — | 242,832 |
| Issuance of common shares | 60,321 | — | — |
| Issuance of common shares in connection with share-based compensation | 47,278 | 53,131 | 35,271 |
| Taxes paid upon net share settlement of restricted share units | (12,667) | (13,950) | (16,827) |
| Repurchase of common shares | (200,000) | — | — |
| Acquisition of noncontrolling interests | (1,591) | — | — |
| Contributions by noncontrolling interests | 2,938 | 3,203 | 1,669 |
| Distributions paid to preferred shareholders, common shareholders, restricted share unitholders and unvested LTIP unitholders | (2,301,935) | (2,305,322) | (3,908,497) |
| Distributions paid to noncontrolling interests | (15,437) | (14,627) | (34,223) |
| Net cash flows used in financing activities | (2,078,576) | (112,928) | (4,193,270) |
| Net increase (decrease) in cash and equivalents, including restricted cash | $47,041 | $(404,782) | $43,867 |
CONSOLIDATED STATEMENTS OF CASH FLOWS
| For the Years Ended December 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Cash and equivalents, including restricted cash at beginning 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 | |
| Cash and equivalents, including restricted cash at end of the period: | |||
| Cash and equivalents | $447,416 | $370,002 | $775,253 |
| Restricted cash included in other assets | — | 30,373 | 29,904 |
| $447,416 | $400,375 | $805,157 | |
| 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 | $(7,324) | $(10,798) | $(9,903) |
| Capital expenditures for property enhancements | (1,087) | (3,046) | (4,502) |
| Capital expenditures for energy efficiencies (LED lighting, solar) | (1,179) | (386) | (855) |
| Construction or expansion of real estate facilities | (47,159) | (68,099) | (65,650) |
| Real estate acquired in exchange for noncontrolling interests | — | — | (19,865) |
| Supplemental cash flow information: | |||
| Cash paid for interest, net of amounts capitalized | $269,498 | $146,213 | $127,711 |
| Cash paid for income taxes, net of refunds | 6,877 | 11,056 | 11,293 |
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