Public Storage

PSA 10-Q · Q1 2026

PSA Q1 2026 request

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Income Statement

Income Statement
Metric Q1 2026 Q1 2025 YoY
Revenue 1,217,741 1,183,184 +2.9%
Show Product Lines breakouts
Ancillary operations 89,616 80,186 +11.8%
Self-storage facilities 1,128,125 1,102,998 +2.3%
Show Business Segments breakouts
Ancillary operations · Operating Segments 89,616 80,186 +11.8%
Self-storage facilities · Operating Segments 1,128,125 1,102,998 +2.3%
Direct Costs Of Leased And Rented Property Or Equipment (Q)
Show Product Lines breakouts
Marketing · Self-storage facilities 26,342 26,770 -1.6%
On-site property manager payroll · Self-storage facilities 40,529 39,635 +2.3%
Other direct property costs · Self-storage facilities 32,184 30,693 +4.9%
Property taxes · Self-storage facilities 124,279 122,902 +1.1%
Public Utilities · Self-storage facilities 18,529 18,725 -1.0%
Repairs and maintenance · Self-storage facilities 26,365 26,910 -2.0%
Self-storage facilities 305,679 301,154 +1.5%
Show Business Segments breakouts
Self-storage facilities · Operating Segments 305,679 301,154 +1.5%
Other Cost Of Operating Revenue (Q)
Show Product Lines breakouts
Ancillary operations 34,264 30,693 +11.6%
Show Business Segments breakouts
Ancillary operations · Operating Segments 34,264 30,693 +11.6%
Depreciation & Amortization 290,723 282,715 +2.8%
Show Business Segments breakouts
Self-storage facilities · Operating Segments 290,723 282,715 +2.8%
Real Estate Acquisition And Development Expense 2,428 7,423 -67.3%
Show Consolidation Items breakouts
Material Reconciling Items 2,428 7,423 -67.3%
General & Administrative 30,351 25,184 +20.5%
Show Consolidation Items breakouts
Material Reconciling Items 30,351 25,184 +20.5%
Interest Expense 80,018 72,009 +11.1%
Show Consolidation Items breakouts
Material Reconciling Items 80,018 72,009 +11.1%
Total Costs & Expenses 743,463 719,178 +3.4%
Operating Income 474,278 464,006 +2.2%
Show Business Segments breakouts
Ancillary operations · Operating Segments 55,352 49,493 +11.8%
Self-storage facilities · Operating Segments 822,446 801,844 +2.6%
Interest And Other Income 7,778 13,234 -41.2%
Show Consolidation Items breakouts
Material Reconciling Items 7,778 13,234 -41.2%
Income Loss From Equity Method Investments 6,836 3,627 +88.5%
Show Consolidation Items breakouts
Material Reconciling Items 6,836 3,627 +88.5%
Foreign Currency Transaction Gain Loss Before Tax 41,673 -68,695 +160.7%
Show Consolidation Items breakouts
Material Reconciling Items 41,673 -68,695 +160.7%
Show Long-Term Debt Type breakouts
Euro Denominated Unsecured Debt 41.9 -69.2 +160.5%
Gains Losses On Sales Of Investment Real Estate 379 45 +742.2%
Show Consolidation Items breakouts
Material Reconciling Items 379 45 +742.2%
Income Before Taxes 530,944 412,217 +28.8%
Income Tax Expense (Benefit) -1,569 -1,426 -10.0%
Show Consolidation Items breakouts
Material Reconciling Items -1,569 -1,426 -10.0%
Net Income 529,375 410,791 +28.9%
Show Business Segments breakouts
Ancillary operations · Operating Segments 587,075 568,622 +3.2%
Self-storage facilities · Operating Segments 531,723 519,129 +2.4%
Show Equity Components breakouts
Accumulated Deficit Including Noncontrolling Interest 529,375 410,791 +28.9%
Accumulated Deficit, NCI Portion -3,102 -3,000 -3.4%
Noncontrolling Interest 3,102 3,000 +3.4%
Parent Including Noncontrolling Interest 529,375 410,791 +28.9%
Parent, NCI Portion -3,102 -3,000 -3.4%
Net Income Loss Attributable To Noncontrolling Interest -3,102 -3,000 -3.4%
Net Income 526,273 407,791 +29.1%
Preferred Stock Dividends Income Statement Impact -48,678 -48,678 0.0%
Allocation Of Net Income To Restricted Share Units And Unvested L T I P Units -807 -883 +8.6%
Net Income Loss Available To Common Stockholders Basic 476,788 358,230 +33.1%
EPS (Basic) 2.72 2.04 +33.3%
EPS (Diluted) 2.71 2.04 +32.8%
Wtd Avg Shares (Basic) 175,519 175,419 +0.1%
Wtd Avg Shares (Diluted) 175,928 175,942 -0.0%
Comprehensive Income 515,289 421,512 +22.2%

Balance Sheet

Balance Sheet
Metric Q1 2026 Q1 2025 YoY
Current Assets
Cash & Cash Equivalents 134,609
Non-Current Assets
Total Assets 19,850,409 19,615,446 +1.2%
Goodwill 165,843 165,843 0.0%
Intangible Assets 48,540 78,536 -38.2%
Other Assets
Investment Building And Building Improvements 24,251,342 23,079,380 +5.1%
Real Estate Investment Property At Cost 30,213,531 28,841,032 +4.8%
Real Estate Investment Property Accumulated Depreciation -11,737,258 -10,682,425 -9.9%
Real Estate Investment Property Net 18,679,015 18,399,276 +1.5%
Investments In Affiliates Subsidiaries Associates And Joint Ventures 383,917 374,115 +2.6%
Intangible Assets Net Including Goodwill 233,207 263,203 -11.4%
Notes Receivable Net 142,501
Show Accounts Notes Loans And Financing Receivable By Receivable Type breakouts
Notes Receivable 142.5
Other Assets 277,160 291,675 -5.0%
Current Liabilities
Lines Of Credit Current 325,000
Non-Current Liabilities
Accrued Liabilities Current And Noncurrent 498,421 520,536 -4.2%
Total Liabilities 10,530,687 9,945,094 +5.9%
Long-Term Debt 9,707,266
Other Liabilities
Notes And Loans Payable 9,707,266
Stockholders' Equity
Preferred Stock Value 4,350,000 4,350,000 0.0%
Common Stock 17,554 17,543 +0.1%
Additional Paid-In Capital 6,184,983 6,124,382 +1.0%
Retained Earnings -1,269,414 -867,425 -46.3%
Accumulated Other Comprehensive Income -58,783 -58,244 -0.9%
Total Stockholders' Equity 9,224,340 9,566,256 -3.6%
Minority Interest 95,382 104,096 -8.4%
Stockholders Equity Including Portion Attributable To Noncontrolling Interest 9,319,722 9,670,352 -3.6%
Show Equity Components breakouts
Accumulated Other Comprehensive Income -58,783 -58,244 -0.9%
Additional Paid In Capital 6,184,983 6,124,382 +1.0%
Common Stock 17,554 17,543 +0.1%
Noncontrolling Interest 95,382 104,096 -8.4%
Parent 9,224,340 9,566,256 -3.6%
Preferred Stock 4,350,000 4,350,000 0.0%
Retained Earnings -1,269,414 -867,425 -46.3%
Total Liabilities & Equity 19,850,409 19,615,446 +1.2%
Land 5,962,189 5,761,652 +3.5%
Real Estate Facilities Net 18,476,273 18,158,607 +1.7%
Development In Process 202,742 240,669 -15.8%

Cash Flow Statement

Cash Flow Statement
Metric YTD Q1 2026 YTD Q1 2025 YoY
Operating Activities
Equity Method Investment Dividends Or Distributions 498 432 +15.3%
Show Product Lines breakouts
License · Shurgard Self Storage Sa 0.5 0.4 +25.0%
Foreign Currency Transaction Gain Loss Unrealized After Tax -41,926 68,664 -161.1%
Stock-Based Compensation 11,888 10,283 +15.6%
Amortization of Financing Costs 2,676 2,469 +8.4%
Unrealized Gain Loss On Derivatives 5,251
Other Operating Activities Cash Flow Statement 215 238 -9.7%
Increase Decrease In Other Operating Assets 20,719 8,702 +138.1%
Increase Decrease In Other Accrued Liabilities -117,403 -79,386 -47.9%
Net Cash from Operations 694,801 705,063 -1.5%
Investing Activities
Capital Expenditures To Maintain Real Estate Facilities -44,027 -35,966 -22.4%
Capital Expenditures For Property Enhancements -9,794 -7,785 -25.8%
Capital Expenditures For Energy Efficiencies -15,687 -14,258 -10.0%
Payments To Develop Real Estate Assets -57,713 -66,481 +13.2%
Payments To Acquire Real Estate -20,778 -140,990 +85.3%
Proceeds From Real Estate And Real Estate Joint Ventures 674 2,599 -74.1%
Net Cash from Investing -147,325 -286,517 +48.6%
Financing Activities
Repayments Of Notes Payable -500,034 -33 -1515154.5%
Proceeds From Long Term Lines Of Credit 325,000
Proceeds From O P Options Issued 30,000
Payments Of Financing Costs -4,000
Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options 7,828 3,184 +145.9%
Tax Withholding for Share Compensation -2,600 -2,668 +2.5%
Acquisition Of Nonredeemable Noncontrolling Interests In Subsidiaries -7,482 -103 -7164.1%
Proceeds From Minority Shareholders 856 1,153 -25.8%
Payments Of Capital Distribution -576,155 -575,844 -0.1%
Payments Of Dividends Minority Interest -4,375 -4,474 +2.2%
Net Cash from Financing -730,962 -578,785 -26.3%
Supplemental
Interest Paid -92,257 -82,509 -11.8%
Income Taxes Paid -357 -230 -55.2%
Other Cash Flow
Net Change in Cash -183,486 -160,239 -14.5%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 134,609 287,177 -53.1%
Capital Expenditures To Maintain Real Estate Facilities Remaining Unpaid At Period End -9,500 -7,580 -25.3%
Capital Expenditures For Property Enhancements Remaining Unpaid At Period End -177 -66 -168.2%
Capital Expenditures For Energy Efficiencies Remaining At Period End -464 -1,402 +66.9%
Construction In Progress Expenditures Incurred But Not Yet Paid -30,281 -42,084 +28.0%

Values in thousands USD. Source: SEC EDGAR 10-Q filing.

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