Public Storage
For the period ended Dec 31, 2025. Filed Feb 12, 2026.
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FY2025 · Filed Feb 12, 2026
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
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash flows from operating activities: | |||
| Net income | $1,797,032 | $2,084,410 | $2,160,120 |
| Adjustments to reconcile net income to net cash flows from operating activities: | |||
| Gain on sale of real estate | (1,113) | (1,537) | (17,178) |
| Depreciation and amortization | 1,151,840 | 1,129,766 | 970,056 |
| Equity in earnings of unconsolidated real estate entity | (9,604) | (19,821) | (27,897) |
| Distributions from cumulative equity in earnings of unconsolidated real estate entity | 1,823 | 11,039 | 29,333 |
| Unrealized foreign currency exchange (gain) loss | 185,169 | (101,974) | 51,239 |
| Share-based compensation expense | 39,902 | 44,747 | 41,566 |
| Impairment of real estate investments | 4,348 | — | — |
| Amortization of debt issuance costs | 10,349 | 9,728 | 7,974 |
| Other non-cash adjustments | 4,902 | 1,682 | 12,534 |
| Changes in operating assets and liabilities, excluding the impact of acquisitions: | |||
| Other assets | (24,639) | (44,968) | (16,365) |
| Accrued and other liabilities | 26,440 | 15,183 | 35,266 |
| Net cash flows from operating activities | 3,186,449 | 3,128,255 | 3,246,648 |
| Cash flows from investing activities: | |||
| Capital expenditures to maintain real estate facilities | (218,464) | (239,655) | (236,572) |
| Capital expenditures for property enhancements | — | (126,757) | (159,939) |
| Capital expenditures for energy efficiencies (LED lighting, solar) | (70,914) | (53,612) | (64,626) |
| Development and expansion of real estate facilities | (310,737) | (326,854) | (364,445) |
| Acquisition of real estate facilities and intangible assets | (945,585) | (267,473) | (473,176) |
| Acquisition of BREIT Simply Storage LLC, net of cash acquired | — | — | (2,178,151) |
| Issuance of notes receivable | (131,227) | (9,960) | — |
| Distributions in excess of cumulative equity in earnings from unconsolidated real estate entity | — | 13,285 | 10,975 |
| Contributions to unconsolidated real estate entity | — | — | (112,554) |
| Acquisition of non-operating real estate assets | (16,313) | — | — |
| Proceeds from sale of real estate investments | 8,151 | 8,388 | 39,986 |
| Net cash flows used in investing activities | (1,685,089) | (1,002,638) | (3,538,502) |
| Cash flows from financing activities: | |||
| Issuance costs on amendment of credit facility | — | — | (8,377) |
| Repayments of notes payable | (651,517) | (808,505) | (8,259) |
| Issuance of notes payable, net of issuance costs | 1,356,420 | 1,151,022 | 2,181,273 |
| Issuance of common shares | — | 60,321 | — |
| Issuance of common shares in connection with share-based compensation | 9,412 | 47,278 | 53,131 |
| Taxes paid upon net share settlement of restricted share units | (8,646) | (12,667) | (13,950) |
| Repurchase of common shares | — | (200,000) | — |
| Acquisition of noncontrolling interests | (9,864) | (1,591) | — |
| Contributions by noncontrolling interests | 4,588 | 2,938 | 3,203 |
| Distributions paid to preferred shareholders, common shareholders, restricted share unitholders and unvested LTIP unitholders | (2,303,381) | (2,301,935) | (2,305,322) |
| Distributions paid to noncontrolling interests | (27,693) | (15,437) | (14,627) |
| Net cash flows used in financing activities | (1,630,681) | (2,078,576) | (112,928) |
| Net (decrease) increase in cash and equivalents, including restricted cash | $(129,321) | $47,041 | $(404,782) |
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash and equivalents, including restricted cash at beginning 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 | |
| Cash and equivalents, including restricted cash at end of the period: | |||
| Cash and equivalents | $318,095 | $447,416 | $370,002 |
| Restricted cash included in other assets | — | — | 30,373 |
| $318,095 | $447,416 | $400,375 | |
| 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 | $(8,764) | $(7,324) | $(10,798) |
| Capital expenditures for property enhancements | — | (1,087) | (3,046) |
| Capital expenditures for energy efficiencies (LED lighting, solar) | (886) | (1,179) | (386) |
| Construction or expansion of real estate facilities | (19,111) | (47,159) | (68,099) |
| Supplemental cash flow information: | |||
| Cash paid for interest, net of amounts capitalized | $(273,007) | $(269,498) | $(146,213) |
| Cash paid for income taxes, net of refunds | (6,350) | (6,877) | (11,056) |
| Cash received for sale of solar tax credits | 15,847 | — | — |
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