Revenue segments as reported by the company.

Self-storage facilities

Ancillary operations

Revenue Segments

Gross Profit, Operating Income, and Net Income as a percentage of Revenue

Gross Margin

Operating Margin

Profit Margin

Margins

An operating expense is an expense a business incurs through its normal business operations. Often abbreviated as OPEX.

Depreciation and amortization

General and administrative

Interest expense

Real estate acquisition and development expense

Operating Expenses

Year over year growth in Revenue and Operating Expenses.

Revenue Y/Y

OpEx Y/Y

Growth

Shares outstanding refer to a company's stock currently held by all its shareholders, including share blocks held by institutional investors and restricted shares owned by the company's officers and insiders.

Outstanding Shares

Market Cap

Also known as Price/Sales Ratio. Calculated using Average market cap for the quarter / Annualized quarterly revenue.

Revenue Multiple

Public Storage

Public Storage operates as a real estate investment trust, which engages in acquiring, developing, owning and operating self-storage facilities. It operates through the following segments: Self-storage Operations, Ancillary Operations, and Other Items. The Self-storage Operations segment reflects the rental operations from all self-storage facilities. The Ancillary Operations segment deals with the sale of merchandise and reinsurance of policies against losses to goods stored by self-storage tenants, activities which are incidental to the primary self-storage rental activities. The Other Items segment includes general, administrative, and investment costs. The company was founded by Bradley Wayne Hughes, Sr. and Kenneth Q. Volk, Jr. in 1972 and is headquartered in Glendale, CA.

Earnings data Q1 2021

Earnings data Q2 2021

Earnings data Q3 2021

Earnings data Q4 2021

Earnings data Q1 2022

Earnings data Q2 2022

Earnings data Q3 2022

Earnings data Q4 2022

Earnings data Q1 2023

Earnings data Q2 2023

Earnings data Q3 2023

Earnings data Q4 2023

Earnings data Q1 2024

Earnings data Q2 2024

Earnings data Q3 2024

Earnings data Q4 2024

Public Storage posts record 2022 results, eyes sustainable growth

Public Storage delivered strong financial performance in Q4 2022, with record results and a focus on sustainable growth strategies.
The company faces challenges from seasonal occupancy patterns and potential rate adjustments but remains resilient in its financial management.
Opportunities for growth lie in operational improvements, energy efficiency investments, and the trend of increased storage adoption post-pandemic.
Overall, Public Storage's prudent financial management, strategic asset acquisitions, and customer retention efforts position it well for future success.

Public Storage excels in Q1 2023, poised for growth

Public Storage's Q1 performance reflects operational excellence and strategic focus on growth initiatives, positioning the company for continued success.
Despite challenges in labor optimization and market dynamics, the company's strong financial position and innovative programs provide a solid foundation for future growth.
With a clear emphasis on efficiency gains, expansion opportunities, and market expertise, Public Storage remains well-positioned to capitalize on evolving industry trends.

Public Storage reports strong Q2 performance and strategic growth outlook

Public Storage's Q2 2023 earnings call highlighted robust performance, strategic acquisitions, and market resilience amidst concerns of a potential slowdown. With a focus on digital transformation, customer retention, and growth opportunities, the company aims to navigate challenges and capitalize on market trends for sustained success.

Public Storage excels in Q3, faces challenges amidst market shifts

Public Storage's Q3 performance reflects operational strength and growth potential, supported by digital initiatives and strategic acquisitions.
Challenges include managing negative revenue growth, increasing expenses, and adapting to a changing market landscape.
The company's focus on customer experience, cost management, and revenue optimization positions it well for future opportunities and sustained growth.

Public Storage reports robust Q4 performance and eyes growth opportunities

Public Storage's Q4 2023 performance showcased strong financial results and operational achievements, with a positive outlook for 2024.
The company's strengths lie in market resilience, customer conversion rates, and strategic acquisitions, while facing challenges in short-term revenue trends.
Opportunities for growth include digital transformation, revenue enhancement through occupancy improvements, and continued momentum in acquisitions.
Overall, Public Storage remains confident in its industry positioning and aims for a rebound in financial metrics in the latter half of 2024.

Public Storage reports Q1 decline in core FFO, eyes growth opportunities

Public Storage's Q1 2024 performance showed a decline in core FFO but positive same-store revenue growth and improving occupancy rates. Despite challenges like cost pressures and localized market impacts, they remain optimistic about capturing new customer activity and maintaining strong financial health. Opportunities lie in reaccelerating revenue growth, acquisition volume guidance, and improving trends in select markets.

Public Storage reports Q2 challenges, eyes growth opportunities ahead

Public Storage faced challenges with move-in rents decline but showcased strengths in occupancy trends and non-same-store pool performance.
The company's revised core FFO guidance and capital allocation decisions were key discussion points.
Opportunities lie in the acquisition market activity, move-in rates improvement, and strategic growth initiatives.
Overall, Public Storage demonstrated positive momentum and a focus on long-term stability and growth.

Public Storage sees stabilization in Q3 performance, eyes growth opportunities

Public Storage's Q3 performance reflects stabilization in operating fundamentals and revenue growth acceleration, despite challenges in core FFO and occupancy.
The company's strengths lie in its digital customer experience, strategic promotional discounts, and positioning for improvement in 2025.
Challenges include declining core FFO, occupancy, and a slight decrease expected in development deliveries for 2025.
Opportunities for Public Storage include anticipated improvement in 2025, growth potential in acquisitions, and future development starts from land holdings.

Revenue

Cost of revenue

Gross profit

Operating expenses

SG&A

Other

Operating income

EBITDA

Net income

Earnings per share

Total assets

Current assets

Cash & equivalents

Receivables

Inventory

Non-current assets

Net PPE

Intangibles

Total liabilities

Current liabilities

Short term debt

Income tax payable

Non-current liabilities

Long-term debt

Total equity

Stockholders equity

Minority interest

Total liabilities & equity

Total debt

Net debt

Book value per share

Cash from operations

Funds from operations

Change in working capital

Cash from investing

Capital expenditure

Purchase/sale of investments

Purchase/sale of business

Other sources

Cash from financing

Change in stock

Change in debt

Cash dividends paid

Cash from other sources

Net change in cash

Free cash flow

Alexandria Real Estate Equities

Crown Castle International

Extra Space Storage

Vanguard Real Estate ETF

REITs are reviled and shunned by the market, having lost ~30% of their value since the beginning of 2022. Higher interest rates along with negative sentiment from office properties' particular troubles have created a perfect storm for public real estate stocks. But historically, REITs have outperformed every other stock sector in the years after a drawdown this severe.

REIT Meltdown: 3 Rarely Discounted Buying Opportunities

GLENDALE, Calif.--(BUSINESS WIRE)--Public Storage (NYSE:PSA) announced today the launch of the Savvy Storage Insurance Program® (“Savvy”), a one-of-a-kind tenant insurance offering that will enable property owners to increase ancillary revenues while enhancing the customer experience. The program is offered through PSCC, Inc., a wholly-owned subsidiary of Public Storage, which also administers the Orange Door Storage Insurance Program® for Public Storage. Savvy will share the benefits of the in.

Public Storage Launches Savvy Insurance to Serve the Self-Storage Industry

Arlington Asset Investment

Great Ajax

American Tower

Diversified Healthcare Trust

Ellington Financial

Global Net Lease

Kimco Realty

Realty Income Corp

Office Properties Income Trust

Prologis

Ready Capital Corp

Regency Centers

Ryman Hospitality Properties

Ramco-Gershenson Properties

Necessity Retail REIT

Uniti Group

Vici Properties

Welltower

Rates Up, REITs Down. Commercial and residential real estate markets remain an easy transmission mechanism - or "punching bag" - of the Federal Reserve's historically swift monetary tightening cycle. Higher For Longer? The business models of many private equity funds and non-traded REITs were not designed for a period of sustained 5%+ rates or double-digit declines in property values. "Hope" is the only strategy for some highly-levered property owners amid a dearth of buying interest and dwindling refinancing options. CRE transactions and capital market activity has dipped to GFC-era-lows.

REITs Are Historically Cheap

Brookfield Renewable Partners

Southern Company

STAG Industrial

Brookfield Renewable, Public Storage, Southern Company, and Stag Industrial all offer dividend yields above 4%. The companies support those above-average payouts by generating stable and growing cash flow.

4 Dividend Stocks Yielding 4% to Buy and Hold for a Potential Lifetime of Income

NVIDIA

Tesla

Net cash and future expectations of enterprise free cash flows are the primary cash-based sources of intrinsic value for a company. Dividends are not a driver of a company's value, but rather a component of capital appreciation that otherwise would have been achieved had the dividend not been paid. Tesla, Nvidia, and Public Storage are three speculative companies that generate strong free cash flows. Tesla and Nvidia have nice net cash positions on the books, too.

3 Speculative Stocks That Generate Robust Free Cash Flow

After declining 24% last year, the S&P United States REIT index is up 6% so far this year. Of course, with domestic equities vastly outperforming, the sector has been more of an afterthought.

3 High Dividend REITs That Analysts Are Bullish On

REITs are far better investments than rental properties, in my opinion. But investors keep buying rental properties because of misconceptions. I explain why these investors are wrong.

Why I Stopped Buying Rental Properties To Buy REITs Instead - Part 2

There are some stocks in my portfolio I simply don't have to worry about.

2 Great Dividend Stocks That Never Let Me Down

Kraft Heinz

PepsiCo

Pfizer

Solaris Oilfield Infrastructure

Valero Energy

Investors buy dividend stocks for a few reasons. For one, they provide income via dividends that act as a bonus on top of capital appreciation over time.

7 Dividend Stocks to Buy for Income and Upside

While the self-storage business is highly fragmented and Public Storage ( PSA , Financial) only needing around 10% of the market to be the leader, the long-term prospects remain very good. Self-storage is a highly fragmented industry with the five largest players owning 19% of U.S. inventory, with the remaining 81% being owned by a large selection of regional operators and solopreneurs.

Public Storage: Market Leader, Bargain Price

The demand drivers for self-storage are hard to predict. Yet developers have extrapolated pandemic related demand growth to eternity. I think the sector is dangerously oversupplied and both rental rates and occupancy will drop sharply.

Public Storage Short Thesis: Supply Glut Coincides With Declining Demand

Chatham Lodging Trust

Americold Realty

Elme Communities

Equinix

Hersha Hospitality Trust Class A

Iron Mountain

NewLake Capital Partners, Inc.

Pebblebrook Hotel Trust

Rexford Industrial Realty

Sotherly Hotels

Service Properties Trust

Terreno Realty

Veris Residential

Most REIT investors prioritize high dividends, while I focus on growth and healthy companies. This article identifies 17 REITs expected to have double-digit FFO per share growth this year or next, and to grow FFO at a 2-year CAGR of 7.5% or better. This article then evaluates the balance sheet strength of those 17, to winnow the list down to 12.

12 Sturdy REITs Expected To Grow Revenues By Double Digits

Public Storage is a leader in the self-storage business. It also recently acquired a competitor for $2.2B. The preferred shares seem pretty safe as the dividend and asset coverage ratios are very strong. Income-oriented investors might also want to give the Public Storage debt a closer look.

Public Storage: The 5.45% Yielding Preferred Shares Offer Excellent Risk/Reward

Enterprise Products Partners

Enterprise Products Partners has not only paid but increased its distribution for 25 consecutive years. Pfizer is a 174-year-old drugmaker with solid prospects and a solid dividend.

Want $5,000 of Super-Safe Annual Income? Invest $91,400 in These 3 High-Yield Dividend Stocks

Public Storage (NYSE:PSA.PK ) Q2 2023 Earnings Call Transcript August 3, 2023 12:00 PM ET Company Participants Ryan Burke - Vice President of Investor Relations Joseph Russell - President and Chief Executive Officer Tom Boyle - Senior Vice President, Chief Financial Officer, and Chief Investment Officer Conference Call Participants Michael Goldsmith - UBS Samir Khanal - Evercore Todd Thomas - KeyBanc Capital Markets Jeff Spector - Bank of America Spenser Allaway - Green Street Advisors Smedes Rose - Citigroup Juan Sanabria - BMO Capital Markets Ki Bin Kim - Truist Securities Keegan Carl - Wolfe Research Michael Mueller - J.P. Morgan Operator Ladies and gentlemen, thank you for standing by and welcome to the Public Storage Second Quarter 2023 Earnings Call.

Public Storage (PSA) Q2 2023 Earnings Call Transcript

Public Storage's (PSA) Q2 results reflect an improvement in the realized annual rent per available square foot. The company has also revised its outlook for 2023.

Public Storage (PSA) Q2 FFO Beat Estimates, View Raised

Blackstone Group

CubeSmart

Demand for self-storage is driven by downsizing, divorce, death, dislocation, and decluttering, but demand has declined due to rising mortgage rates and return to office work. Supply in the self-storage-storage sector is expected to be manageable, and existing customer rent increases (ECRIs) are becoming key drivers of revenue growth. Stickier customers and enhanced digitalization also contribute to the sector's growth potential.

Self-Storage REITs: A Cautious Outlook For A COVID Winner

Public Storage (PSA) came out with quarterly funds from operations (FFO) of $4.28 per share, beating the Zacks Consensus Estimate of $4.20 per share. This compares to FFO of $3.99 per share a year ago.

Public Storage (PSA) Surpasses Q2 FFO and Revenue Estimates

GLENDALE, Calif.--(BUSINESS WIRE)--Public Storage (NYSE:PSA) announced today operating results for the three and six months ended June 30, 2023. “Public Storage's industry-leading platform was evident during the second quarter, with record customer move-in volume growth of 13.6%, stabilized same store NOI growth of 6.6%, and non-same store lease-up NOI growth of 20%. These factors led to an increase in our outlook for the back half of the year,” said Joe Russell, President and Chief Executive O.

Public Storage Reports Results for the Three and Six Months Ended June 30, 2023

GLENDALE, Calif.--(BUSINESS WIRE)--Public Storage (NYSE:PSA), the nation's leading self-storage owner, and Solar Landscape, the leading commercial and industrial rooftop solar developer, announced today that they have commenced construction on the first of more than 130 rooftop community solar projects that comprise a multistate community solar partnership. Together, the 133 community solar installations in Maryland, New Jersey, and Illinois will power over 10,000 homes with renewable energy. T.

Public Storage and Solar Landscape Announce Multistate Community Solar Portfolio

GLENDALE, Calif.--(BUSINESS WIRE)--Public Storage (NYSE:PSA, the “Company”) announced today that the Company has priced a public offering of $2.2 billion aggregate principal amount of senior notes (the “Notes”) primarily to fund the recently announced Simply Self Storage acquisition. The multi-tranche offering includes the Company's inaugural 30-year senior note offering. The Notes will be issued in four tranches with an initial weighted average interest rate of approximately 5.3%. The first tr.

Public Storage Prices Public Offering of Senior Notes to Fund Simply Self Storage Transaction

Public Storage PSA, +0.93% announced Monday an agreement to buy Simply Self Storage for $2.2 billion from Blackstone Inc. BX, -2.44% subsidiary Blackstone Real Estate Income Trust Inc. (BREIT) The purchase by the self-storage facilities real estate investment trust (REIT) comprises 127 properties and 9 million rentable square feet across 18 states, with 65% of the properties located in Sunbelt markets. The deal is expected to close in the third quarter of 2023.

Public Storage to pay $2.2 billion to buy Simply Self Storage from Blackstone's BREIT

GLENDALE, California and New York--(BUSINESS WIRE)--Public Storage (NYSE:PSA) (the “Company”) and Blackstone Real Estate Income Trust, Inc. (“BREIT”) announced today an agreement for Public Storage to acquire Simply Self Storage (“Simply”) from BREIT for $2.2 billion. The portfolio comprises 127 wholly-owned properties and 9 million net rentable square feet that are geographically diversified across 18 states and located in markets with population growth that has been approximately double the n.

Public Storage Accelerates Growth with Simply Self Storage Acquisition

I've seen studies showing that real estate is the most common source of value creation for millionaires. Many investors aren't comfortable with a debt-fueled real estate empire plan or the hassles of being a landlord, and that's where the simplicity of self-storage REITs comes in. Blue-chip self-storage companies have proven their ability to generate strong cash flows throughout a wide variety of economic environments, making properties in this industry attractive, relatively defensive assets.

I'm Hoarding Self Storage REITs, How About You?

Apartment Income REIT Corp

Real Estate Investment Trusts (REITs) offer a fairly straightforward and cost-effective way to gain exposure to real estate. Typically, two different types of publicly-traded REITs exist.

The 3 Most Undervalued REITS to Buy Now: July 2023

News for Public Storage Stock (PSA)