Public Storage
PSAFinancial Analysis · Updated May 12, 2026 · Coverage 2026-Q2
Financial Snapshot
ticker: PSA step: 04 generated: 2026-05-12 source: quick-research
Public Storage (PSA) — Financial Snapshot
Income Statement Summary
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026E |
|---|---|---|---|---|---|
| Revenue | $4.18B | $4.52B | $4.70B | $4.82B | $4.95-5.05B |
| Same-Store Revenue Growth | +14% | +6.5% | +1.5% | +1.0% | +1.5-2.5% |
| Same-Store NOI | +16% | +6% | +0.5% | +0.5% | +1-2% |
| Same-Store NOI Margin | 79.7% | 79.0% | 78.5% | 78.4% | 78%+ |
| Core FFO/Share | $16.85 | $16.89 | $16.67 | $16.97 | $16.35-17.00 |
| Net Income/Share | $14.45 | $13.05 | $12.50 | $12.80 | – |
Note: FY24 occupancy down ~80bps; FY25 same-store NOI growth slowed but occupancy stabilized late 2025 (+50bps YoY) — first increase in 4+ years.
Cash Flow & Balance Sheet (FY2025)
| Metric | Value |
|---|---|
| Operating Cash Flow | ~$3.0B |
| Same-Store NOI | ~$3.0B |
| Development Pipeline | $649M, 3.9M SF |
| Cash & Equivalents | ~$0.5B |
| Total Debt | ~$10-11B |
| Net Debt/EBITDA | ~3.5x |
| Dividend | $13.20/share |
Key Ratios (approximate)
- P/AFFO: ~17x | EV/EBITDA: ~17x | FCF Yield: ~4%
- Revenue Growth (TTM): +2.7%
- Dividend Yield: ~4.1% | Dividend Growth: Modest
- A/A2 credit rating — best-in-class
Growth Profile
2026 PS4.0 initiative under new CEO Tom Boyle. NSA acquisition closes Q3 2026: $110-130M synergies + $0.35-0.50 FFO accretion. Supply growth moderating (new storage construction declining). Housing turnover at 40-year lows but bottoming. Occupancy stabilized at end-2025 = forward NOI growth inflection.
Forward Estimates
- FY 2026: Core FFO $16.35-17.00 (modest growth); same-store NOI +1-2%
- FY 2027 (post-NSA close): Core FFO +6-8% with NSA synergies
- Long-term: 3-5% organic same-store NOI growth + acquisitions + development
- Housing turnover recovery as Fed rate cuts unlock existing home sales = multi-year tailwind
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $PSA.
Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
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