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Public Storage (PSA)
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Public Storage Balance Sheet 2025-2006 | PSA
Brief balance sheet overview of Public Storage
Balance sheet changes are traced across five available annual reports between 2021 and 2025.
The balance sheet expanded from $17.4 billion to $20.2 billion. Growth of +16.3% and CAGR of 3.8% look measured and sustainable.
Asset growth of +16.3% came with a +36.6% rise in liabilities. Financial leverage became more prominent.
The equity ratio is 45.8% versus 53.8% five periods ago. Capitalization remains workable.
Net debt to equity stands at 1.07x; debt servicing is an important part of overall resilience.
Cash equals 1.6% of the balance sheet, compared with 4.2% five periods ago. This is the readily available cushion.
The balance sheet carries negative retained earnings of -$1.2 billion. The figure may result from accumulated losses or an active capital return policy.
Overall picture
Public Storage's financial structure is not clear-cut. Asset scale alone does not resolve questions about how those assets are funded.
Annual Balance Sheet Public Storage
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Debt |
9.94 B | 8.91 B | 8.73 B | 6.1 B | 6.74 B | - | 3.4 B | 1.05 B | 998 M | 207 M | 215 M | -123 M | 820 M | 452 M | 658 M | - | - | - | - | - |
Long Term Debt |
10.3 B | 9.35 B | 9.1 B | 6.87 B | 7.48 B | - | 1.9 B | 1.41 B | 1.43 B | 391 M | 319 M | 64.4 M | 839 M | 469 M | 398 M | - | - | - | - | - |
Total Non Current Liabilities |
- | - | - | - | - | - | 1.9 B | 1.41 B | 1.43 B | 391 M | 319 M | 64.4 M | 839 M | 469 M | 398 M | - | - | - | - | - |
Total Liabilities |
10.9 B | 9.94 B | 9.7 B | 7.39 B | 7.96 B | 3.24 B | 2.29 B | 1.78 B | 1.77 B | 689 M | 581 M | 312 M | 1.06 B | 671 M | 609 M | 774 M | 731 M | 856 M | - | - |
Retained Earnings |
-1.22 B | -699 M | -268 M | -110 M | -550 M | - | -666 M | -577 M | -676 M | -488 M | -435 M | -375 M | -318 M | -279 M | -260 M | -236 M | -154 M | -290 M | - | - |
Total Assets |
20.2 B | 19.8 B | 19.8 B | 17.6 B | 17.4 B | 11.8 B | 11.4 B | 10.9 B | 10.7 B | 10.1 B | 9.78 B | 9.82 B | 9.88 B | 8.79 B | 8.93 B | 9.5 B | 9.81 B | 9.94 B | - | - |
Cash and Cash Equivalents |
318 M | 447 M | 370 M | 775 M | 735 M | 258 M | 410 M | 361 M | 433 M | 184 M | 104 M | 188 M | 19.2 M | 17.2 M | 139 M | 456 M | 764 M | 681 M | 245 M | 536 M |
Book Value |
9.34 B | 9.81 B | 10.1 B | 10.2 B | 9.42 B | 8.58 B | 9.08 B | 9.14 B | 8.96 B | 9.44 B | 9.2 B | 9.51 B | 8.82 B | 8.12 B | 8.32 B | 8.72 B | 9.07 B | 9.08 B | - | - |
Total Shareholders Equity |
9.25 B | 9.71 B | 10 B | 10.1 B | 9.36 B | 8.58 B | 9.06 B | 9.12 B | 8.94 B | 9.41 B | 9.17 B | 9.48 B | 8.79 B | 8.09 B | 8.29 B | 8.68 B | 8.93 B | 8.71 B | 9.26 B | 8.71 B |
Annual performance
Select metrics to display
All numbers in USD currency
Quarterly Balance Sheet Public Storage
| 2026-Q3 | 2026-Q2 | 2026-Q1 | 2025-Q4 | 2025-Q3 | 2025-Q2 | 2025-Q1 | 2024-Q4 | 2024-Q3 | 2024-Q2 | 2024-Q1 | 2023-Q4 | 2023-Q3 | 2023-Q2 | 2023-Q1 | 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | 2010-Q4 | 2010-Q3 | 2010-Q2 | 2010-Q1 | 2009-Q4 | 2009-Q3 | 2009-Q2 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Long Term Debt |
12 B | 10.2 B | 9.71 B | 10.3 B | 10 B | 10.4 B | 9.42 B | 9.35 B | 9.47 B | 9.4 B | 9.07 B | 9.1 B | 9.03 B | 6.89 B | 6.9 B | 6.87 B | 6.74 B | - | 7.44 B | 7.48 B | 5.77 B | 5 B | 3 B | 2.54 B | 2.54 B | 2.54 B | 2.54 B | 1.9 B | 1.89 B | 1.91 B | 1.41 B | 1.41 B | 1.42 B | 1.42 B | 1.44 B | 1.43 B | 1.43 B | 391 M | 365 M | 360 M | 383 M | 380 M | 275 M | 264 M | 264 M | 264 M | 264 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Liabilities |
13.8 B | 10.8 B | 10.5 B | 10.9 B | 10.7 B | 11.1 B | 9.95 B | 9.94 B | 10.1 B | 9.99 B | 9.57 B | 9.7 B | 9.67 B | 7.4 B | 7.37 B | 7.39 B | 7.33 B | - | 7.9 B | 7.96 B | 6.25 B | 5.73 B | 3.36 B | 3.24 B | 3.24 B | 3.24 B | 3.24 B | 2.29 B | 2.62 B | 2.32 B | 1.78 B | 1.78 B | 1.83 B | 1.77 B | 1.77 B | 1.77 B | 1.81 B | 1.2 B | 690 M | 689 M | 777 M | 1.23 B | 987 M | 581 M | 476 M | 329 M | 468 M | 312 M | 332 M | 635 M | 683 M | 1.06 B | 1.06 B | 1.06 B | 1.06 B | 671 M | 671 M | 671 M | 671 M | 609 M | 609 M | 609 M | 609 M | 774 M | 883 M | 825 M | 923 M | 731 M | 758 M | 744 M |
Retained Earnings |
-1.59 B | -1.35 B | -1.27 B | -1.22 B | -1.15 B | -1.09 B | -867 M | -699 M | -737 M | -593 M | -336 M | -268 M | -131 M | -167 M | -169 M | -110 M | -123 M | - | -436 M | -550 M | -771 M | -864 M | -878 M | -915 M | -915 M | -915 M | -915 M | -666 M | -650 M | -648 M | -615 M | -577 M | -760 M | -735 M | -736 M | -676 M | -662 M | -609 M | -553 M | -488 M | -494 M | -492 M | -477 M | -435 M | -444 M | -428 M | -399 M | -375 M | -418 M | -408 M | -386 M | -318 M | -318 M | -318 M | -318 M | -279 M | -279 M | -279 M | -279 M | -260 M | -260 M | -260 M | -260 M | -236 M | -226 M | -272 M | -203 M | -154 M | -178 M | -259 M |
Total Assets |
29 B | 20.1 B | 19.9 B | 20.2 B | 20.1 B | 20.5 B | 19.6 B | 19.8 B | 19.8 B | 19.8 B | 19.6 B | 19.8 B | 19.9 B | 17.6 B | 17.5 B | 17.6 B | 17.5 B | - | 17.7 B | 17.4 B | 15.3 B | 14.5 B | 12 B | 11.8 B | 11.8 B | 11.8 B | 11.8 B | 11.4 B | 11.4 B | 11.1 B | 10.9 B | 10.9 B | 10.7 B | 10.7 B | 10.7 B | 10.7 B | 10.8 B | 10.4 B | 10.1 B | 10.1 B | 9.87 B | 10 B | 10.1 B | 9.78 B | 9.65 B | 9.63 B | 9.77 B | 9.82 B | 9.62 B | 9.95 B | 9.68 B | 9.88 B | 9.88 B | 9.88 B | 9.88 B | 8.79 B | 8.79 B | 8.79 B | 8.79 B | 8.93 B | 8.93 B | 8.93 B | 8.93 B | 9.5 B | 9.65 B | 9.57 B | 9.74 B | 9.81 B | 9.81 B | 9.7 B |
Cash and Cash Equivalents |
560 M | 260 M | 135 M | 318 M | 296 M | 1.1 B | 287 M | 447 M | 599 M | 542 M | 272 M | 400 M | 630 M | 652 M | 695 M | 805 M | 884 M | 1.01 B | 941 M | 761 M | 958 M | 481 M | 160 M | 283 M | 258 M | 258 M | 258 M | 434 M | 565 M | 384 M | 241 M | 384 M | 455 M | 361 M | 386 M | 456 M | 719 M | 387 M | 150 M | 213 M | 57.2 M | 260 M | 306 M | 116 M | 35.7 M | 20.3 M | 153 M | 215 M | 98.3 M | 388 M | 101 M | 19.2 M | 19.2 M | 19.2 M | 19.2 M | 17.2 M | 17.2 M | 17.2 M | 17.2 M | 139 M | 139 M | 139 M | 139 M | 456 M | 513 M | 474 M | 720 M | 764 M | 671 M | 585 M |
Book Value |
15.2 B | 9.29 B | 9.32 B | 9.34 B | 9.41 B | 9.48 B | 9.67 B | 9.81 B | 9.71 B | 9.8 B | 10 B | 10.1 B | 10.2 B | 10.2 B | 10.1 B | 10.2 B | 10.1 B | - | 9.8 B | 9.42 B | 9.04 B | 8.76 B | 8.62 B | 8.58 B | 8.58 B | 8.58 B | 8.58 B | 9.08 B | 8.79 B | 8.79 B | 9.09 B | 9.14 B | 8.92 B | 8.92 B | 8.92 B | 8.96 B | 8.96 B | 9.16 B | 9.39 B | 9.44 B | 9.09 B | 8.77 B | 9.08 B | 9.2 B | 9.18 B | 9.31 B | 9.3 B | 9.51 B | 9.29 B | 9.31 B | 9 B | 8.82 B | 8.82 B | 8.82 B | 8.82 B | 8.12 B | 8.12 B | 8.12 B | 8.12 B | 8.32 B | 8.32 B | 8.32 B | 8.32 B | 8.72 B | 8.77 B | 8.74 B | 8.82 B | 9.07 B | 9.05 B | 8.96 B |
Total Shareholders Equity |
15.2 B | 9.19 B | 9.22 B | 9.34 B | 9.31 B | 9.37 B | 9.67 B | 9.81 B | 9.61 B | 9.8 B | 10 B | 10.1 B | 10.2 B | 10.2 B | 10.1 B | 10.2 B | 10.1 B | 10 B | 9.72 B | 9.36 B | 9.04 B | 8.74 B | 8.6 B | 8.58 B | 8.56 B | 8.56 B | 8.56 B | 9.08 B | 8.79 B | 8.79 B | 9.09 B | 9.14 B | 8.92 B | 8.92 B | 8.92 B | 8.96 B | 8.96 B | 9.16 B | 9.39 B | 9.44 B | 9.09 B | 8.77 B | 9.08 B | 9.2 B | 9.18 B | 9.31 B | 9.3 B | 9.51 B | 9.29 B | 9.31 B | 9 B | 8.82 B | 8.79 B | 8.79 B | 8.79 B | 8.12 B | 8.09 B | 8.09 B | 8.09 B | 8.29 B | 8.29 B | 8.29 B | 8.29 B | 8.71 B | 8.67 B | 8.6 B | 8.68 B | 9.06 B | 8.9 B | 8.81 B |
Quarterly performance
Select metrics to display
All numbers in USD currency
Balance Sheet is a fundamental financial report of Public Storage, providing a complete picture of the company’s financial position at a specific point in time. Unlike the income statement, which records the results of operations over a certain period, the balance sheet shows what assets the company owns, what liabilities it has to creditors, and what equity is available to the owners.
For an investor, the balance sheet is important because it allows assessing the company’s financial stability, understanding how much debt it carries, and how dependent it is on borrowed financing. It helps calculate key liquidity and leverage ratios. When analyzing, attention should be paid to the debt-to-equity ratio (Debt/Equity), the amount of cash on the balance sheet, and the ratio of current liabilities to liquid assets.
Features of balance sheet analysis- Vertical and horizontal analysis
Vertical analysis shows the structure of the balance sheet as a percentage of total assets or liabilities, while horizontal analysis shows the dynamics of changes over multiple periods. - Asset quality
It is important to evaluate not only the amount of assets but also their liquidity and realizability. - Accounting for off-balance sheet liabilities
Some liabilities may not be directly reflected in the balance sheet, which requires additional attention.
Balance sheet of other industry stocks – Reit industrial
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|---|---|---|---|---|---|
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Gladstone Land Corporation
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Rexford Industrial Realty
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