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PSA Q1 2026 request
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Income Statement
| Metric | Q1 2026 | Q1 2025 | YoY |
|---|---|---|---|
| Revenue | 1,217,741 | 1,183,184 | +2.9% |
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| Ancillary operations | 89,616 | 80,186 | +11.8% |
| Self-storage facilities | 1,128,125 | 1,102,998 | +2.3% |
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| 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) | — | — | — |
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| 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% |
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| Self-storage facilities · Operating Segments | 305,679 | 301,154 | +1.5% |
| Other Cost Of Operating Revenue (Q) | — | — | — |
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| Ancillary operations | 34,264 | 30,693 | +11.6% |
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| Ancillary operations · Operating Segments | 34,264 | 30,693 | +11.6% |
| Depreciation & Amortization | 290,723 | 282,715 | +2.8% |
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| Self-storage facilities · Operating Segments | 290,723 | 282,715 | +2.8% |
| Real Estate Acquisition And Development Expense | 2,428 | 7,423 | -67.3% |
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| Material Reconciling Items | 2,428 | 7,423 | -67.3% |
| General & Administrative | 30,351 | 25,184 | +20.5% |
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| Material Reconciling Items | 30,351 | 25,184 | +20.5% |
| Interest Expense | 80,018 | 72,009 | +11.1% |
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| 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% |
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| 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% |
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| Material Reconciling Items | 7,778 | 13,234 | -41.2% |
| Income Loss From Equity Method Investments | 6,836 | 3,627 | +88.5% |
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| Material Reconciling Items | 6,836 | 3,627 | +88.5% |
| Foreign Currency Transaction Gain Loss Before Tax | 41,673 | -68,695 | +160.7% |
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| Material Reconciling Items | 41,673 | -68,695 | +160.7% |
Show Long-Term Debt Type breakouts |
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| Euro Denominated Unsecured Debt | 41.9 | -69.2 | +160.5% |
| Gains Losses On Sales Of Investment Real Estate | 379 | 45 | +742.2% |
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| 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% |
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| Material Reconciling Items | -1,569 | -1,426 | -10.0% |
| Net Income | 529,375 | 410,791 | +28.9% |
Show Business Segments breakouts |
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| 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 |
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| 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
| 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 |
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| 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% |
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| 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
| Metric | YTD Q1 2026 | YTD Q1 2025 | YoY |
|---|---|---|---|
| Operating Activities | |||
| Equity Method Investment Dividends Or Distributions | 498 | 432 | +15.3% |
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| 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.