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 Income F-
CONSOLIDATED STATEMENTS OF INCOME
(Amounts in thousands, except per share amounts)
| For the Years Ended December 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Revenues: | |||
| Self-storage facilities | $4,395,993 | $4,259,613 | 3,946,028 |
| Ancillary operations | 299,623 | 258,077 | 236,135 |
| 4,695,616 | 4,517,690 | 4,182,163 | |
| Expenses: | |||
| Self-storage cost of operations | 1,136,720 | 1,061,950 | 980,209 |
| Ancillary cost of operations | 121,281 | 85,996 | 72,698 |
| Depreciation and amortization | 1,129,766 | 970,056 | 888,146 |
| Real estate acquisition and development expense | 15,506 | 26,451 | 28,744 |
| General and administrative | 106,677 | 80,632 | 71,672 |
| Interest expense | 287,401 | 201,132 | 136,319 |
| 2,797,351 | 2,426,217 | 2,177,788 | |
| Other increases (decreases) to net income: | |||
| Interest and other income | 67,212 | 85,590 | 40,567 |
| Equity in earnings of unconsolidated real estate entities | 19,821 | 27,897 | 106,981 |
| Foreign currency exchange gain (loss) | 102,244 | (51,197) | 98,314 |
| Gain on sale of real estate | 1,537 | 17,178 | 1,503 |
| Gain on sale of equity investment in PS Business Parks, Inc. | — | — | 2,128,860 |
| Income before income tax expense | 2,089,079 | 2,170,941 | 4,380,600 |
| Income tax expense | (4,669) | (10,821) | (14,326) |
| Net income | 2,084,410 | 2,160,120 | 4,366,274 |
| Allocation to noncontrolling interests | (12,399) | (11,793) | (17,127) |
| Net income allocable to Public Storage shareholders | 2,072,011 | 2,148,327 | 4,349,147 |
| Allocation of net income to: | |||
| Preferred shareholders | (194,703) | (194,703) | (194,390) |
| Restricted share units and unvested LTIP units | (4,623) | (4,883) | (12,469) |
| Net income allocable to common shareholders | $1,872,685 | $1,948,741 | $4,142,288 |
| Net income per common share: | |||
| Basic | $10.68 | $11.11 | $23.64 |
| Diluted | $10.64 | $11.06 | $23.50 |
| Basic weighted average common shares outstanding | 175,351 | 175,472 | 175,257 |
| Diluted weighted average common shares outstanding | 176,038 | 176,143 | 176,280 |
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