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PSA Q4 2025 request
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| Metric | Q4 2025 | Q4 2024 | YoY |
|---|---|---|---|
| Revenue | 1,215,792 | 1,177,427 | +3.3% |
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| Ancillary operations | 86,872 | 77,330 | +12.3% |
| Self-storage facilities | 1,128,920 | 1,100,097 | +2.6% |
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| Ancillary operations · Operating Segments | 86,872 | 77,330 | +12.3% |
| Self-storage facilities · Operating Segments | 1,128,920 | 1,100,097 | +2.6% |
| Direct Costs Of Leased And Rented Property Or Equipment (Q) | — | — | — |
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| Marketing · Self-storage facilities | 26,070 | 26,770 | -2.6% |
| On-site property manager payroll · Self-storage facilities | 42,944 | 42,278 | +1.6% |
| Other direct property costs · Self-storage facilities | 32,193 | 29,612 | +8.7% |
| Property taxes · Self-storage facilities | 118,186 | 108,544 | +8.9% |
| Public Utilities · Self-storage facilities | 15,509 | 14,961 | +3.7% |
| Repairs and maintenance · Self-storage facilities | 24,300 | 22,900 | +6.1% |
| Self-storage facilities | 296,702 | 278,370 | +6.6% |
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| Self-storage facilities · Operating Segments | 296,702 | 278,370 | +6.6% |
| Other Cost Of Operating Revenue (Q) | — | — | — |
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| Ancillary operations | 32,571 | 32,404 | +0.5% |
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| Ancillary operations · Operating Segments | 32,571 | 32,404 | +0.5% |
| Depreciation & Amortization | 295,545 | 280,891 | +5.2% |
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| Self-storage facilities · Operating Segments | 295,545 | 280,891 | +5.2% |
| Real Estate Acquisition And Development Expense | 6,752 | 6,352 | +6.3% |
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| Material Reconciling Items | 6,752 | 6,352 | +6.3% |
| General & Administrative | 26,988 | 32,547 | -17.1% |
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| Material Reconciling Items | 26,988 | 32,547 | -17.1% |
| Interest Expense | 81,185 | 72,135 | +12.5% |
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| Material Reconciling Items | 81,185 | 72,135 | +12.5% |
| Total Costs & Expenses | 739,743 | 702,699 | +5.3% |
| Interest And Other Income | 16,064 | 14,964 | +7.4% |
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| Material Reconciling Items | 16,064 | 14,964 | +7.4% |
| Income Loss From Equity Method Investments | 4,533 | 4,363 | +3.9% |
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| Material Reconciling Items | 4,533 | 4,363 | +3.9% |
| Foreign Currency Transaction Gain Loss Before Tax | -1,717 | 122,824 | -101.4% |
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| Material Reconciling Items | -1,717 | 122,824 | -101.4% |
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| Euro Denominated Unsecured Debt | 1.9 | 123.7 | -98.5% |
| Gains Losses On Sales Of Investment Real Estate | 403 | 109 | +269.7% |
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| Material Reconciling Items | 403 | 109 | +269.7% |
| Income Before Taxes | 495,332 | 616,988 | -19.7% |
| Income Tax Expense (Benefit) | 14,725 | 1,373 | +972.5% |
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| Material Reconciling Items | 14,725 | 1,373 | +972.5% |
| Net Income | 510,057 | 618,361 | -17.5% |
Show Business Segments breakouts |
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| Ancillary operations · Operating Segments | 590,974 | 585,762 | +0.9% |
| Self-storage facilities · Operating Segments | 536,673 | 540,836 | -0.8% |
Show Equity Components breakouts |
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| Accumulated Deficit Including Noncontrolling Interest | 510,057 | 618,361 | -17.5% |
| Accumulated Deficit, NCI Portion | -2,982 | -3,754 | +20.6% |
| Noncontrolling Interest | 2,982 | 3,754 | -20.6% |
| Parent Including Noncontrolling Interest | 510,057 | 618,361 | -17.5% |
| Parent, NCI Portion | -2,982 | -3,754 | +20.6% |
| Net Income Loss Attributable To Noncontrolling Interest | -2,982 | -3,754 | +20.6% |
| Net Income | 507,075 | 614,607 | -17.5% |
| Preferred Stock Dividends Income Statement Impact | -48,674 | -48,674 | 0.0% |
| Allocation Of Net Income To Restricted Share Units And Unvested L T I P Units | -1,422 | -1,535 | +7.4% |
| Net Income Loss Available To Common Stockholders Basic | 456,979 | 564,398 | -19.0% |
| EPS (Basic) | 2.61 | 3.22 | -18.9% |
| EPS (Diluted) | 2.59 | 3.21 | -19.3% |
| Wtd Avg Shares (Basic) | 8 | -52 | +115.4% |
| Wtd Avg Shares (Diluted) | -14 | -36 | +61.1% |
| Operating Income (Q) | — | — | — |
Show Business Segments breakouts |
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| Ancillary operations · Operating Segments | 54,301 | 44,926 | +20.9% |
| Self-storage facilities · Operating Segments | 832,218 | 821,727 | +1.3% |
| Comprehensive Income | 507,641 | 595,326 | -14.7% |
Balance Sheet
| Metric | Q4 2025 | Q4 2024 | YoY |
|---|---|---|---|
| Current Assets | |||
| Cash & Cash Equivalents | 318,095 | 447,416 | -28.9% |
| Non-Current Assets | |||
| Total Assets | 20,208,604 | 19,754,934 | +2.3% |
| Goodwill | 165,843 | 165,843 | 0.0% |
| Intangible Assets | 66,946 | 97,520 | -31.4% |
| Other Assets | |||
| Investment Building And Building Improvements | 24,126,185 | 22,767,053 | +6.0% |
| Real Estate Investment Property At Cost | 30,078,257 | 28,478,738 | +5.6% |
| Real Estate Investment Property Accumulated Depreciation | -11,468,054 | -10,426,186 | -10.0% |
| Real Estate Investment Property Net | 18,804,558 | 18,360,653 | +2.4% |
| Investments In Affiliates Subsidiaries Associates And Joint Ventures | 388,586 | 382,490 | +1.6% |
| Intangible Assets Net Including Goodwill | 251,613 | 282,187 | -10.8% |
| Notes Receivable Net | 142,108 | 9,976 | +1324.5% |
Show Accounts Notes Loans And Financing Receivable By Receivable Type breakouts |
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| Notes Receivable | 142.1 | 10 | +1321.0% |
| Other Assets | 303,644 | 272,212 | +11.5% |
| Non-Current Liabilities | |||
| Long-Term Debt | 10,253,881 | 9,353,034 | +9.6% |
Show Debt Instrument breakouts |
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| Notes due April 11, 2039 · Euro Denominated Unsecured Debt | 176,026 | 155,736 | +13.0% |
| Notes due April 16, 2027 · U.S. Dollar Denominated Unsecured Debt | 698,584 | 697,544 | +0.1% |
| Notes due August 1, 2033 · U.S. Dollar Denominated Unsecured Debt | 695,608 | 695,028 | +0.1% |
| Notes due August 1, 2053 · U.S. Dollar Denominated Unsecured Debt | 884,776 | 884,224 | +0.1% |
| Notes due February 15, 2026 · U.S. Dollar Denominated Unsecured Debt | 499,901 | 499,160 | +0.1% |
| Notes due January 15, 2029 · U.S. Dollar Denominated Unsecured Debt | 498,225 | 497,639 | +0.1% |
| Notes due January 20, 2034 · Euro Denominated Unsecured Debt | 492,980 | — | — |
| Notes due January 24, 2032 · Euro Denominated Unsecured Debt | 583,720 | 515,575 | +13.2% |
| Notes due July 1, 2030 · U.S. Dollar Denominated Unsecured Debt | 471,497 | — | — |
| Notes due July 1, 2035 · U.S. Dollar Denominated Unsecured Debt | 395,816 | — | — |
| Notes due May 1, 2031 · U.S. Dollar Denominated Unsecured Debt | 646,358 | 645,673 | +0.1% |
| Notes due May 1, 2028 · U.S. Dollar Denominated Unsecured Debt | 648,433 | 647,756 | +0.1% |
| Notes due May 1, 2029 · U.S. Dollar Denominated Unsecured Debt | 498,983 | 498,673 | +0.1% |
| Notes due November 9, 2026 · U.S. Dollar Denominated Unsecured Debt | 649,253 | 648,383 | +0.1% |
| Notes due November 9, 2028 · U.S. Dollar Denominated Unsecured Debt | 548,625 | 548,144 | +0.1% |
| Notes due November 9, 2031 · U.S. Dollar Denominated Unsecured Debt | 547,922 | 547,570 | +0.1% |
| Notes due September 9, 2030 · Euro Denominated Unsecured Debt | 816,506 | 720,735 | +13.3% |
| Notes due September 15, 2027 · U.S. Dollar Denominated Unsecured Debt | 499,092 | 498,564 | +0.1% |
Show Long-Term Debt Type breakouts |
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| Euro Denominated Unsecured Debt | 2,069,232 | 1,643,431 | +25.9% |
| Mortgages | 1,576 | 1,708 | -7.7% |
| U.S. Dollar Denominated Unsecured Debt | 8,183,073 | 7,707,895 | +6.2% |
| Accrued Liabilities Current And Noncurrent | 612,889 | 588,248 | +4.2% |
| Total Liabilities | 10,866,770 | 9,941,282 | +9.3% |
| Stockholders' Equity | |||
| Preferred Stock Value | 4,350,000 | 4,350,000 | 0.0% |
| Common Stock | 17,550 | 17,541 | +0.1% |
| Additional Paid-In Capital | 6,147,650 | 6,116,113 | +0.5% |
| Retained Earnings | -1,219,273 | -699,083 | -74.4% |
| Accumulated Other Comprehensive Income | -47,799 | -71,965 | +33.6% |
| Total Stockholders' Equity | 9,248,128 | 9,712,606 | -4.8% |
| Minority Interest | 93,706 | 101,046 | -7.3% |
| Stockholders Equity Including Portion Attributable To Noncontrolling Interest | 9,341,834 | 9,813,652 | -4.8% |
Show Equity Components breakouts |
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| Accumulated Other Comprehensive Income | -47,799 | -71,965 | +33.6% |
| Additional Paid In Capital | 6,147,650 | 6,116,113 | +0.5% |
| Common Stock | 17,550 | 17,541 | +0.1% |
| Noncontrolling Interest | 93,706 | 101,046 | -7.3% |
| Parent | 9,248,128 | 9,712,606 | -4.8% |
| Preferred Stock | 4,350,000 | 4,350,000 | 0.0% |
| Retained Earnings | -1,219,273 | -699,083 | -74.4% |
| Total Liabilities & Equity | 20,208,604 | 19,754,934 | +2.3% |
| Land | 5,952,072 | 5,711,685 | +4.2% |
| Real Estate Facilities Net | 18,610,203 | 18,052,552 | +3.1% |
| Development In Process | 194,355 | 308,101 | -36.9% |
Cash Flow Statement
| Metric | YTD Q4 2025 | YTD Q4 2024 | YoY |
|---|---|---|---|
| Operating Activities | |||
| Equity Method Investment Dividends Or Distributions | 0 | 375 | -100.0% |
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| License · Shurgard Self Storage Sa | 0.5 | 0.4 | +25.0% |
| Foreign Currency Transaction Gain Loss Unrealized After Tax | -29,406 | -122,699 | +76.0% |
| Stock-Based Compensation | 9,541 | 12,646 | -24.6% |
| Amortization of Financing Costs | 2,761 | 2,469 | +11.8% |
| Other Operating Activities Cash Flow Statement | 2,885 | 949 | +204.0% |
| Increase Decrease In Other Operating Assets | -12,287 | 273 | -4600.7% |
| Increase Decrease In Other Accrued Liabilities | -40,975 | -20,173 | -103.1% |
| Net Cash from Operations | 733,587 | 768,620 | -4.6% |
| Investing Activities | |||
| Capital Expenditures To Maintain Real Estate Facilities | -79,159 | -64,759 | -22.2% |
| Capital Expenditures For Energy Efficiencies | -20,928 | -17,828 | -17.4% |
| Payments To Develop Real Estate Assets | -72,739 | -79,693 | +8.7% |
| Payments To Acquire Real Estate | -131,030 | -221,193 | +40.8% |
| Proceeds From Real Estate And Real Estate Joint Ventures | 4,248 | 2,374 | +78.9% |
| Net Cash from Investing | -364,309 | -411,644 | +11.5% |
| Financing Activities | |||
| Repayments Of Notes Payable | -251,418 | -32 | -785581.2% |
| Proceeds From Issuance Of Unsecured Debt | 489,888 | 0 | — |
| Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options | -65 | 16,361 | -100.4% |
| Tax Withholding for Share Compensation | -5,173 | -6,372 | +18.8% |
| Acquisition Of Nonredeemable Noncontrolling Interests In Subsidiaries | -803 | -405 | -98.3% |
| Proceeds From Minority Shareholders | 863 | 953 | -9.4% |
| Payments Of Capital Distribution | -575,835 | -575,689 | -0.0% |
| Payments Of Dividends Minority Interest | -5,100 | -3,701 | -37.8% |
| Net Cash from Financing | -347,643 | -508,564 | +31.6% |
| Supplemental | |||
| Interest Paid | -52,488 | -58,846 | +10.8% |
| Income Taxes Paid | -492 | -300 | -64.0% |
| Other Cash Flow | |||
| Net Change in Cash | 21,635 | -151,588 | +114.3% |
| Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents | 318,095 | 447,416 | -28.9% |
| Capital Expenditures To Maintain Real Estate Facilities Remaining Unpaid At Period End | -1,380 | 3,882 | -135.5% |
| Capital Expenditures For Energy Efficiencies Remaining At Period End | -360 | 2,686 | -113.4% |
| Construction In Progress Expenditures Incurred But Not Yet Paid | 4,365 | -4,084 | +206.9% |
Values in thousands USD. Source: SEC EDGAR 10-K filing.