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.
See the whole filing, with its images and exhibitsContents
Statements of Income F-
CONSOLIDATED STATEMENTS OF INCOME
(Amounts in thousands, except per share amounts)
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Revenues: | |||
| Self-storage facilities | $4,489,413 | $4,395,993 | $4,259,613 |
| Ancillary operations | 334,700 | 299,623 | 258,077 |
| Total revenues | 4,824,113 | 4,695,616 | 4,517,690 |
| Expenses: | |||
| Self-storage cost of operations | 1,177,038 | 1,136,720 | 1,061,950 |
| Ancillary cost of operations | 132,937 | 121,281 | 85,996 |
| Depreciation and amortization | 1,151,840 | 1,129,766 | 970,056 |
| Real estate acquisition and development expense | 19,550 | 15,506 | 26,451 |
| General and administrative | 106,682 | 106,677 | 80,632 |
| Interest expense | 304,495 | 287,401 | 201,132 |
| Total expenses | 2,892,542 | 2,797,351 | 2,426,217 |
| Other increases (decreases) to net income: | |||
| Interest and other income | 63,099 | 67,212 | 85,590 |
| Equity in earnings (loss) of unconsolidated real estate entity | 9,604 | 19,821 | 27,897 |
| Foreign currency exchange gain (loss) | (215,583) | 102,244 | (51,197) |
| Gain (Loss) on sale of real estate | 1,113 | 1,537 | 17,178 |
| Income before income taxes | 1,789,804 | 2,089,079 | 2,170,941 |
| Income tax (provision) benefit | 7,228 | (4,669) | (10,821) |
| Net income | 1,797,032 | 2,084,410 | 2,160,120 |
| Allocation to noncontrolling interests | (12,684) | (12,399) | (11,793) |
| Net income allocable to Public Storage shareholders | 1,784,348 | 2,072,011 | 2,148,327 |
| Allocation of net income to: | |||
| Preferred shareholders | (194,703) | (194,703) | (194,703) |
| Restricted share units and unvested LTIP units | (4,060) | (4,623) | (4,883) |
| Net income allocable to common shareholders | $1,585,585 | $1,872,685 | $1,948,741 |
| Net income per common share: | |||
| Basic | $9.04 | $10.68 | $11.11 |
| Diluted | $9.01 | $10.64 | $11.06 |
| Basic weighted average common shares outstanding | 175,447 | 175,351 | 175,472 |
| Diluted weighted average common shares outstanding | 175,902 | 176,038 | 176,143 |
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