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PSA Q2 2025 request
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| Metric | Q2 2025 | Q2 2024 | YoY |
|---|---|---|---|
| Revenue | 1,201,094 | 1,173,211 | +2.4% |
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| Ancillary operations | 82,436 | 73,475 | +12.2% |
| Self-storage facilities | 1,118,658 | 1,099,736 | +1.7% |
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| Ancillary operations · Operating Segments | 82,436 | 73,475 | +12.2% |
| Self-storage facilities · Operating Segments | 1,118,658 | 1,099,736 | +1.7% |
| Direct Costs Of Leased And Rented Property Or Equipment (Q) | — | — | — |
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| Centralized management costs · Self-storage facilities | 18,585 | 16,253 | +14.3% |
| Marketing · Self-storage facilities | 23,890 | 22,572 | +5.8% |
| On-site property manager payroll · Self-storage facilities | 39,448 | 39,959 | -1.3% |
| Other direct property costs · Self-storage facilities | 29,689 | 28,838 | +3.0% |
| Property taxes · Self-storage facilities | 120,308 | 114,750 | +4.8% |
| Public Utilities · Self-storage facilities | 13,493 | 13,121 | +2.8% |
| Repairs and maintenance · Self-storage facilities | 22,984 | 22,597 | +1.7% |
| Self-storage facilities | 284,717 | 273,501 | +4.1% |
| Share-based compensation · Self-storage facilities | 2,965 | 3,065 | -3.3% |
| Supervisory payroll · Self-storage facilities | 13,355 | 12,346 | +8.2% |
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| Self-storage facilities · Operating Segments | 284,717 | 273,501 | +4.1% |
| Other Cost Of Operating Revenue (Q) | — | — | — |
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| Ancillary operations | 33,288 | 27,543 | +20.9% |
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| Ancillary operations · Operating Segments | 33,288 | 27,543 | +20.9% |
| Depreciation & Amortization | 283,216 | 283,342 | -0.0% |
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| Self-storage facilities · Operating Segments | 283,216 | 283,342 | -0.0% |
| Real Estate Acquisition And Development Expense | 2,538 | 2,907 | -12.7% |
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| Material Reconciling Items | 2,538 | 2,907 | -12.7% |
| General & Administrative | 25,727 | 26,580 | -3.2% |
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| Material Reconciling Items | 25,727 | 26,580 | -3.2% |
| Interest Expense | 71,609 | 73,236 | -2.2% |
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| Material Reconciling Items | 71,609 | 73,236 | -2.2% |
| Total Costs & Expenses | 701,095 | 687,109 | +2.0% |
| Interest And Other Income | 12,789 | 18,253 | -29.9% |
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| Material Reconciling Items | 12,789 | 18,253 | -29.9% |
| Income Loss From Equity Method Investments | -2,230 | 6,480 | -134.4% |
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| Material Reconciling Items | -2,230 | 6,480 | -134.4% |
| Foreign Currency Transaction Gain Loss Before Tax | -146,070 | 12,449 | -1273.3% |
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| Material Reconciling Items | -146,070 | 12,449 | -1273.3% |
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| Euro Denominated Unsecured Debt | -147.1 | 12.5 | -1276.8% |
| Gains Losses On Sales Of Investment Real Estate | 163 | — | — |
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| Material Reconciling Items | 163 | — | — |
| Income Before Taxes | 364,651 | 523,284 | -30.3% |
| Income Tax Expense (Benefit) | -3,240 | -2,075 | -56.1% |
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| Material Reconciling Items | -3,240 | -2,075 | -56.1% |
| Net Income | 361,411 | 521,209 | -30.7% |
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| Self-storage facilities · Operating Segments | 550,725 | 542,893 | +1.4% |
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| Accumulated Deficit Including Noncontrolling Interest | 361,411 | 521,209 | -30.7% |
| Accumulated Deficit, NCI Portion | -2,992 | -3,082 | +2.9% |
| Noncontrolling Interest | 2,992 | 3,082 | -2.9% |
| Parent Including Noncontrolling Interest | 361,411 | 521,209 | -30.7% |
| Parent, NCI Portion | -2,992 | -3,082 | +2.9% |
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| Operating Segments | 599,873 | 588,825 | +1.9% |
| Net Income Loss Attributable To Noncontrolling Interest | -2,992 | -3,082 | +2.9% |
| Net Income | 358,419 | 518,127 | -30.8% |
| Preferred Stock Dividends Income Statement Impact | -48,673 | -48,673 | 0.0% |
| Allocation Of Net Income To Restricted Share Units And Unvested L T I P Units | -778 | -1,088 | +28.5% |
| Net Income Loss Available To Common Stockholders Basic | 308,968 | 468,366 | -34.0% |
| EPS (Basic) | 1.76 | 2.67 | -34.1% |
| EPS (Diluted) | 1.76 | 2.66 | -33.8% |
| Wtd Avg Shares (Basic) | 175,442 | 175,469 | -0.0% |
| Wtd Avg Shares (Diluted) | 175,921 | 176,009 | -0.0% |
| Operating Income (Q) | — | — | — |
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| Ancillary operations · Operating Segments | 49,148 | 45,932 | +7.0% |
| Self-storage facilities · Operating Segments | 833,941 | 826,235 | +0.9% |
| Comprehensive Income | 375,202 | 518,589 | -27.6% |
Balance Sheet
| Metric | Q2 2025 | Q2 2024 | YoY |
|---|---|---|---|
| Current Assets | |||
| Cash & Cash Equivalents | 1,104,603 | 542,263 | +103.7% |
| Non-Current Assets | |||
| Total Assets | 20,541,453 | 19,788,762 | +3.8% |
| Goodwill | 165,843 | 165,843 | 0.0% |
| Intangible Assets | 68,800 | 136,127 | -49.5% |
| Other Assets | |||
| Investment Building And Building Improvements | 23,306,210 | 22,170,780 | +5.1% |
| Real Estate Investment Property At Cost | 29,111,692 | 27,814,836 | +4.7% |
| Real Estate Investment Property Accumulated Depreciation | -10,938,166 | -9,921,201 | -10.3% |
| Real Estate Investment Property Net | 18,430,821 | 18,274,381 | +0.9% |
| Investments In Affiliates Subsidiaries Associates And Joint Ventures | 387,946 | 374,161 | +3.7% |
| Intangible Assets Net Including Goodwill | 253,467 | 320,794 | -21.0% |
| Other Assets | 364,616 | 277,163 | +31.6% |
| Non-Current Liabilities | |||
| Long-Term Debt | 10,440,279 | 9,400,520 | +11.1% |
Show Debt Instrument breakouts |
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| Notes due April 11, 2039 · Euro Denominated Unsecured Debt | 176,074 | 160,667 | +9.6% |
| Notes due April 16, 2027 · U.S. Dollar Denominated Unsecured Debt | 698,064 | 697,023 | +0.1% |
| Notes due August 1, 2033 · U.S. Dollar Denominated Unsecured Debt | 695,318 | 694,738 | +0.1% |
| Notes due August 1, 2053 · U.S. Dollar Denominated Unsecured Debt | 884,503 | 883,950 | +0.1% |
| Notes due February 15, 2026 · U.S. Dollar Denominated Unsecured Debt | 499,530 | 498,789 | +0.1% |
| Notes due January 15, 2029 · U.S. Dollar Denominated Unsecured Debt | 497,932 | 497,346 | +0.1% |
| Notes due January 24, 2032 · Euro Denominated Unsecured Debt | 583,627 | 531,752 | +9.8% |
| Notes due July 1, 2030 · U.S. Dollar Denominated Unsecured Debt | 470,950 | — | — |
| Notes due July 1, 2035 · U.S. Dollar Denominated Unsecured Debt | 395,596 | — | — |
| Notes due July 25, 2025 · U.S. Dollar Denominated Unsecured Debt | 399,943 | 399,129 | +0.2% |
| Notes due May 1, 2031 · U.S. Dollar Denominated Unsecured Debt | 646,016 | 645,331 | +0.1% |
| Notes due May 1, 2028 · U.S. Dollar Denominated Unsecured Debt | 648,094 | 647,417 | +0.1% |
| Notes due May 1, 2029 · U.S. Dollar Denominated Unsecured Debt | 498,828 | 498,518 | +0.1% |
| Notes due November 9, 2026 · U.S. Dollar Denominated Unsecured Debt | 648,818 | 647,948 | +0.1% |
| Notes due November 9, 2028 · U.S. Dollar Denominated Unsecured Debt | 548,384 | 547,903 | +0.1% |
| Notes due November 9, 2031 · U.S. Dollar Denominated Unsecured Debt | 547,747 | 547,395 | +0.1% |
| Notes due November 3, 2025 · Euro Denominated Unsecured Debt | 284,194 | 259,345 | +9.6% |
| Notes due September 9, 2030 · Euro Denominated Unsecured Debt | 816,190 | 743,198 | +9.8% |
| Notes due September 15, 2027 · U.S. Dollar Denominated Unsecured Debt | 498,828 | 498,300 | +0.1% |
Show Long-Term Debt Type breakouts |
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| Euro Denominated Unsecured Debt | 1,860,085 | 1,694,962 | +9.7% |
| Mortgages | 1,643 | 1,771 | -7.2% |
| U.S. Dollar Denominated Unsecured Debt | 8,578,551 | 7,703,787 | +11.4% |
| Accrued Liabilities Current And Noncurrent | 624,825 | 584,594 | +6.9% |
| Total Liabilities | 11,065,104 | 9,985,114 | +10.8% |
| Stockholders' Equity | |||
| Preferred Stock Value | 4,350,000 | 4,350,000 | 0.0% |
| Common Stock | 17,545 | 17,501 | +0.3% |
| Additional Paid-In Capital | 6,131,517 | 6,006,460 | +2.1% |
| Retained Earnings | -1,085,142 | -592,665 | -83.1% |
| Accumulated Other Comprehensive Income | -41,461 | -74,051 | +44.0% |
| Total Stockholders' Equity | 9,372,459 | 9,707,245 | -3.4% |
| Minority Interest | 103,890 | 96,403 | +7.8% |
| Stockholders Equity Including Portion Attributable To Noncontrolling Interest | 9,476,349 | 9,803,648 | -3.3% |
Show Equity Components breakouts |
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| Accumulated Other Comprehensive Income | -41,461 | -74,051 | +44.0% |
| Additional Paid In Capital | 6,131,517 | 6,006,460 | +2.1% |
| Common Stock | 17,545 | 17,501 | +0.3% |
| Noncontrolling Interest | 103,890 | 96,403 | +7.8% |
| Parent | 9,372,459 | 9,707,245 | -3.4% |
| Preferred Stock | 4,350,000 | 4,350,000 | 0.0% |
| Retained Earnings | -1,085,142 | -592,665 | -83.1% |
| Total Liabilities & Equity | 20,541,453 | 19,788,762 | +3.8% |
| Land | 5,805,482 | 5,644,056 | +2.9% |
| Real Estate Facilities Net | 18,173,526 | 17,893,635 | +1.6% |
| Development In Process | 257,295 | 380,746 | -32.4% |
Cash Flow Statement
| Metric | YTD Q2 2025 | YTD Q2 2024 | YoY |
|---|---|---|---|
| Operating Activities | |||
| Equity Method Investment Dividends Or Distributions | 736 | 9,330 | -92.1% |
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| License · Shurgard Self Storage Sa | 0.8 | 0.7 | +14.3% |
| Foreign Currency Transaction Gain Loss Unrealized After Tax | 215,716 | -49,858 | +532.7% |
| Stock-Based Compensation | 20,903 | 21,174 | -1.3% |
| Impairment Write Down Of Real Estate Investments | 3,827 | — | — |
Show Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations breakouts |
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| Land Parcel | 3.8 | — | — |
| Other Operating Activities Cash Flow Statement | 6,295 | 5,395 | +16.7% |
| Increase Decrease In Other Operating Assets | -22,766 | -6,154 | -269.9% |
| Increase Decrease In Other Accrued Liabilities | 16,532 | -7,029 | +335.2% |
| Net Cash from Operations | 1,577,771 | 1,560,865 | +1.1% |
| Investing Activities | |||
| Capital Expenditures To Maintain Real Estate Facilities | -84,302 | -117,481 | +28.2% |
| Capital Expenditures For Energy Efficiencies | -29,045 | -25,984 | -11.8% |
| Payments To Develop Real Estate Assets | -143,146 | -164,932 | +13.2% |
| Payments To Acquire Real Estate | -303,277 | -21,963 | -1280.9% |
| Payments To Acquire Notes Receivable | -67,876 | — | — |
| Proceeds From Real Estate And Real Estate Joint Ventures | 2,849 | 2,443 | +16.6% |
| Net Cash from Investing | -624,797 | -377,659 | -65.4% |
| Financing Activities | |||
| Repayments Of Notes Payable | -65 | -808,442 | +100.0% |
| Proceeds From Issuance Of Unsecured Debt | 866,532 | 1,151,022 | -24.7% |
| Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options | 7,779 | 10,364 | -24.9% |
| Tax Withholding for Share Compensation | -3,040 | -5,616 | +45.9% |
| Acquisition Of Nonredeemable Noncontrolling Interests In Subsidiaries | -9,061 | — | — |
| Proceeds From Minority Shareholders | 2,684 | 1,418 | +89.3% |
| Payments Of Capital Distribution | -1,151,691 | -1,151,394 | -0.0% |
| Payments Of Dividends Minority Interest | -8,925 | -7,477 | -19.4% |
| Net Cash from Financing | -295,787 | -1,010,125 | +70.7% |
| Supplemental | |||
| Interest Paid | 139,685 | 131,333 | +6.4% |
| Income Taxes Paid | 5,910 | 6,144 | -3.8% |
| Other Cash Flow | |||
| Net Change in Cash | 657,187 | 173,081 | +279.7% |
| Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents | 1,104,603 | 573,456 | +92.6% |
| Capital Expenditures To Maintain Real Estate Facilities Remaining Unpaid At Period End | -9,718 | -9,589 | -1.3% |
| Capital Expenditures For Energy Efficiencies Remaining At Period End | -3,282 | -1,582 | -107.5% |
| Construction In Progress Expenditures Incurred But Not Yet Paid | -45,729 | -47,175 | +3.1% |
Values in thousands USD. Source: SEC EDGAR 10-Q filing.