Public Storage
For the period ended Dec 31, 2025. Filed Feb 12, 2026.
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FY2025 · Filed Feb 12, 2026
PSA$337.46-0.9%Stored close · as of Nov 6, 2026
Contents
Statements of Equity F-
CONSOLIDATED STATEMENTS OF EQUITY
(Amounts in thousands, except share and per share amounts)
| Cumulative Preferred Shares | Common Shares | Paid-in Capital | Accumulated Deficit | AccumulatedOther Comprehensive Loss | TotalPublic Storage Shareholders' Equity | Noncontrolling Interests | Total Equity | |
|---|---|---|---|---|---|---|---|---|
| Balances at December 31, 2022 | $4,350,000 | $17,527 | $5,896,423 | $(110,231) | $(80,317) | $10,073,402 | $93,399 | $10,166,801 |
| Issuance of common shares in connection with share-based compensation (405,059 shares) (Note 12) | — | 40 | 53,346 | — | — | 53,386 | — | 53,386 |
| Taxes withheld upon net share settlement of restricted share units (Note 12) | — | — | (13,950) | — | — | (13,950) | — | (13,950) |
| Share-based compensation expense (Note 12) | — | — | 44,941 | — | — | 44,941 | — | 44,941 |
| Contributions by noncontrolling interests | — | — | — | — | — | — | 3,203 | 3,203 |
| Net income | — | — | — | 2,160,120 | — | 2,160,120 | — | 2,160,120 |
| Net income allocated to noncontrolling interests | — | — | — | (11,793) | — | (11,793) | 11,793 | — |
| Distributions to: | ||||||||
| Preferred shareholders (Note 10) | — | — | — | (194,703) | — | (194,703) | — | (194,703) |
| Noncontrolling interests | — | — | — | — | — | — | (14,627) | (14,627) |
| Common shareholders and restricted share unitholders ($12.00 per share/unit) (Note 10) | — | — | — | (2,111,303) | — | (2,111,303) | — | (2,111,303) |
| Other comprehensive income (loss) | — | — | — | — | 13,078 | 13,078 | — | 13,078 |
| Balance at December 31, 2023 | $4,350,000 | $17,567 | $5,980,760 | $(267,910) | $(67,239) | $10,013,178 | $93,768 | $10,106,946 |
| Issuance of common shares (184,390 shares) (Note 10) | — | 18 | 60,303 | — | — | 60,321 | — | 60,321 |
| Issuance of common shares in connection with share-based compensation (280,141 shares) (Note 12) | — | 29 | 47,382 | — | — | 47,411 | — | 47,411 |
| Taxes withheld upon net share settlement of restricted share units (Note 12) | — | — | (12,667) | — | — | (12,667) | — | (12,667) |
| Share-based compensation expense (Note 12) | — | — | 49,317 | — | — | 49,317 | — | 49,317 |
| Repurchase of common shares (726,865 shares) (Note 10) | — | (73) | — | (199,927) | — | (200,000) | — | (200,000) |
| Acquisition of noncontrolling interests | — | — | (1,602) | — | — | (1,602) | 11 | (1,591) |
| Contributions by noncontrolling interests | — | — | — | — | — | — | 2,938 | 2,938 |
| Net income | — | — | — | 2,084,410 | — | 2,084,410 | — | 2,084,410 |
| Net income allocated to noncontrolling interests | — | — | — | (12,399) | — | (12,399) | 12,399 | — |
| Reallocation of equity | — | — | (7,380) | — | — | (7,380) | 7,380 | — |
| Distributions to: | ||||||||
| Preferred shareholders (Note 10) | — | — | — | (194,703) | — | (194,703) | — | (194,703) |
| Noncontrolling interests | — | — | — | — | — | — | (15,437) | (15,437) |
| Cumulative Preferred Shares | Common Shares | Paid-in Capital | Accumulated Deficit | AccumulatedOther Comprehensive Loss | TotalPublic Storage Shareholders' Equity | Noncontrolling Interests | Total Equity | |
|---|---|---|---|---|---|---|---|---|
| Common shareholders, restricted share unitholders and unvested LTIP unitholders ($12.00 per share/unit) (Note 10) | — | — | — | (2,108,554) | — | (2,108,554) | — | (2,108,554) |
| Other comprehensive income (loss) | — | — | — | — | (4,726) | (4,726) | (13) | (4,739) |
| Balances at December 31, 2024 | $4,350,000 | $17,541 | $6,116,113 | $(699,083) | $(71,965) | $9,712,606 | $101,046 | $9,813,652 |
| Issuance of common shares in connection with share-based compensation (91,850 shares) (Note 12) | — | 9 | 9,535 | — | — | 9,544 | — | 9,544 |
| Taxes withheld upon net share settlement of restricted share units (Note 12) | — | — | (8,646) | — | — | (8,646) | — | (8,646) |
| Share-based compensation cost (Note 12) | — | — | 43,545 | — | — | 43,545 | — | 43,545 |
| Acquisition of noncontrolling interests | — | — | (8,953) | — | — | (8,953) | (911) | (9,864) |
| Contributions by noncontrolling interests | — | — | — | — | — | — | 4,588 | 4,588 |
| Net income | — | — | — | 1,797,032 | — | 1,797,032 | — | 1,797,032 |
| Net income allocated to noncontrolling interests | — | — | — | (12,684) | — | (12,684) | 12,684 | — |
| Reallocation of equity | — | — | (3,944) | — | — | (3,944) | 3,944 | — |
| Distributions to: | ||||||||
| Preferred shareholders (Note 10) | — | — | — | (194,703) | — | (194,703) | — | (194,703) |
| Noncontrolling interests | — | — | — | — | — | — | (27,693) | (27,693) |
| Common shareholders, restricted share unitholders and unvested LTIP unitholders ($12.00 per share/unit) (Note 10) | — | — | — | (2,109,835) | — | (2,109,835) | — | (2,109,835) |
| Other comprehensive income (loss) | — | — | — | — | 24,166 | 24,166 | 48 | 24,214 |
| Balances at December 31, 2025 | $4,350,000 | $17,550 | $6,147,650 | $(1,219,273) | $(47,799) | $9,248,128 | $93,706 | $9,341,834 |
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