Income-statement, balance-sheet and cash-flow figures from SEC filings, plus a debt profile anchored in the latest 10-K and updated by each 10-Q and debt exhibit.
Italic rows are computed from reported lines — open a row's info icon for its formula. Values reflect the latest filing (restatements included); per-share figures on today's split basis. Click a value for its source filing.
TTM: trailing twelve months through the latest reported quarter — flows sum the last four quarters, balances take the latest. 3Y/5Y/10Y columns are trailing CAGR from the newest fiscal year; blank where an endpoint is missing or negative.
Capital Returned to Shareholders
Cash spent on share repurchases and dividends per fiscal year, as reported on the cash-flow statement.
Across FY2007–FY2025: $311.9M in buybacks, $4.59B in dividends.
Debt Profile
Reported borrowing balances, repayment dates and agreement terms, with links to the underlying filings.
Our total indebtedness as of March 31, 2026 was $10.1 billion. This amount excludes the outstanding indebtedness of NSA, which may be repaid or remain outstanding (or a combination thereof) in connection with the Mergers. The instruments governing our existing indebtedness permit us to incur substantial additional debt, including secured debt, and we may satisfy its capital and liquidity needs through additional borrowings. A high level of indebtedness would require us to dedicate a substantial portion of our cash flow from operations to the payment of debt service, thereby reducing the funds available to implement its business strategy and make distributions to our shareholders. A high level of indebtedness on an absolute basis or as a ratio to its cash flow could also have the following consequences:
Reported debt balances
Each amount keeps its reported scope. Related balance-sheet measures appear under the borrowing they describe.
1 filing observation remains unmatched and is excluded from instrument histories.
Instrument and agreement coverage is incomplete. Additional filings are awaiting review.
3 filings have incomplete source or extraction coverage. Verified observations are shown; missing observations do not establish that debt was unchanged.
Covenants
Covenant terms have not yet been verified for this profile.
The balance figures do not establish whether covenants apply or whether the company complies with them.
Loans, facilities and notes
4.700% Senior Notes due 2032
Note · Public Storage Operating Company
Reference: 4.700% Senior Notes due 2032
Active
Original principal
USD 400,000,000
Outstanding
—
Commitment
—
Availability
—
Maturity
Feb 1, 2032
Last reported interest terms:
4.7%
Reported 2026-07-20Later filings may not restate these terms; this does not confirm they still apply.
Covenant terms for this agreement are not yet verified.
On July 20, 2026, Public Storage Operating Company (“PSOC”), a subsidiary of Public Storage (the “Company”), completed the previously announced offering of $400 million 4.700% Senior Notes due 2032 (the “2032 Notes”) and $500 million 5.150% Senior Notes due 2036 (the “2036 Notes” and, together with the 2032 Notes, the “Notes”). The Notes are issued by PSOC and guaranteed by the Company.
Issuer evidence: On July 20, 2026, Public Storage Operating Company (“PSOC”), a subsidiary of Public Storage (the “Company”), completed the previously announced offering of $400 million 4.700% Senior Notes due 2032 (the “2032 Notes”) and $500 million 5.150% Senior Notes due 2036 (the “2036 Notes” and, together with the 2032 Notes, the “Notes”). The Notes are issued by PSOC and guaranteed by the Company.
Supporting evidence: The 2032 Notes bear interest at 4.700% per annum and the 2036 Notes bear interest at 5.150% per annum, both accruing from July 20, 2026. Interest on the 2032 Notes is payable semi-annually on February 1 and August 1 of each year, commencing on February 1, 2027. Interest on the 2036 Notes is payable semi-annually on February 15 and August 15 of each year, commencing on February 15, 2027. The 2032 Notes will mature on February 1, 2032 and the 2036 Notes will mature on August 15, 2036. The Notes are PSOC's direct, unsecured and unsubordinated obligations and will rank equally in right of payment with all of PSOC's existing and future unsecured and unsubordinated indebtedness.
Supporting evidence: On July 20, 2026, Public Storage Operating Company (“PSOC”), a subsidiary of Public Storage (the “Company”), completed the previously announced offering of $400 million 4.700% Senior Notes due 2032 (the “2032 Notes”) and $500 million 5.150% Senior Notes due 2036 (the “2036 Notes” and, together with the 2032 Notes, the “Notes”). The Notes are issued by PSOC and guaranteed by the Company.
Supporting evidence: On July 20, 2026, Public Storage Operating Company (“PSOC”), a subsidiary of Public Storage (the “Company”), completed the previously announced offering of $400 million 4.700% Senior Notes due 2032 (the “2032 Notes”) and $500 million 5.150% Senior Notes due 2036 (the “2036 Notes” and, together with the 2032 Notes, the “Notes”). The Notes are issued by PSOC and guaranteed by the Company.
5.000% Senior Notes due 2035
Note · PUBLIC STORAGE OPERATING COMPANY
Reference: 5.000% Senior Notes due 2035
Active
Original principal
USD 500,000,000
Outstanding
—
Commitment
—
Availability
—
Maturity
Dec 15, 2035
Last reported interest terms:
5%
Reported 2026-04-06Later filings may not restate these terms; this does not confirm they still apply.
Covenant terms for this agreement are not yet verified.
On April 6, 2026, Public Storage Operating Company (“PSOC”), a subsidiary of Public Storage (the “Company”), completed the previously announced offering of $500 million 5.000% Senior Notes due 2035 (the “Notes”). The Notes are issued by PSOC and guaranteed by the Company.
Issuer evidence: On April 6, 2026, Public Storage Operating Company (“PSOC”), a subsidiary of Public Storage (the “Company”), completed the previously announced offering of $500 million 5.000% Senior Notes due 2035 (the “Notes”). The Notes are issued by PSOC and guaranteed by the Company.
Supporting evidence: The Notes bear interest at 5.000% per annum, accruing from April 6, 2026. Interest on the Notes is payable semi-annually on June 15 and December 15 of each year, commencing on June 15, 2026. The Notes will mature on December 15, 2035. The Notes are PSOC’s direct, unsecured and unsubordinated obligations and will rank equally in right of payment with all of PSOC’s existing and future unsecured and unsubordinated indebtedness.
Supporting evidence: On April 6, 2026, Public Storage Operating Company (“PSOC”), a subsidiary of Public Storage (the “Company”), completed the previously announced offering of $500 million 5.000% Senior Notes due 2035 (the “Notes”). The Notes are issued by PSOC and guaranteed by the Company.
Supporting evidence: On April 6, 2026, Public Storage Operating Company (“PSOC”), a subsidiary of Public Storage (the “Company”), completed the previously announced offering of $500 million 5.000% Senior Notes due 2035 (the “Notes”). The Notes are issued by PSOC and guaranteed by the Company.
Section 1.2 Creation of the Notes. In accordance with Section 301 of the Base Indenture, the Issuer hereby creates the Notes as a separate series of its senior debt securities, entitled “5.000% Senior Notes due 2035”, issued pursuant to the Indenture. The Notes shall initially be limited to an aggregate principal amount equal to $500,000,000, subject to the exceptions set forth in Section 301(2) of the Base Indenture and Section 1.4(f) hereof.
Issuer evidence: TWENTY-SECOND SUPPLEMENTAL INDENTURE, dated as of April 6, 2026 (this “Twenty-Second Supplemental Indenture”), among PUBLIC STORAGE OPERATING COMPANY, a Maryland real estate investment trust (the “Issuer”), having its principal executive office located at 2811 Internet Boulevard, Frisco, TX 75034, PUBLIC STORAGE, a Maryland real estate investment trust (the “Guarantor”), and COMPUTERSHARE TRUST COMPANY, N.A., as successor to WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association organized and existing under the laws of the United States, as trustee (the “Trustee”), which supplements that certain Indenture, dated as of September 18, 2017, as supplemented by the Sixteenth Supplemental Indenture, dated as of August 14, 2023, among the Issuer, the Guarantor and the Trustee (the “Base Indenture,” and together with this Twenty-Second Supplemental Indenture, the “Indenture”).
Supporting evidence: (b) Payment of Principal and Interest. All payments of principal, premiums, if any, and interest in respect of the Global Notes will be made by the Issuer in immediately available funds to the Depository or its nominee, as the case may be, as the Holder of each of the Global Notes. The Notes shall mature, and the unpaid principal thereon, shall be payable, on December 15, 2035, subject to the provisions of the Base Indenture. The rate per annum at which interest shall be payable on the Notes shall be 5.000%. Interest on the Notes will be payable semi-annually in arrears on each June 15 and December 15, commencing June 15, 2026 (each, an “Interest Payment Date”) and on the Stated Maturity as specified in this Section 1.4(b), to the Persons in whose names the Notes are registered in the Security Register applicable to the Notes at the close of business on June 1 and December 1 (whether or not a Business Day) immediately preceding each Interest Payment Date. Interest on the Notes shall be computed on the basis of a 360-day year of twelve 30-day months. Interest on the Notes shall accrue from April 6, 2026.
Supporting evidence: WHEREAS, the Issuer intends by this Twenty-Second Supplemental Indenture to (i) create a series of the Issuer’s debt securities, in an initial aggregate principal amount equal to $500,000,000 entitled 5.000% Senior Notes due 2035 (the “Notes”) and (ii) establish the form and the terms and provisions of the Notes.
Supporting evidence: WHEREAS, the Issuer intends by this Twenty-Second Supplemental Indenture to (i) create a series of the Issuer’s debt securities, in an initial aggregate principal amount equal to $500,000,000 entitled 5.000% Senior Notes due 2035 (the “Notes”) and (ii) establish the form and the terms and provisions of the Notes.
5.150% Senior Notes due 2036
Note · Public Storage Operating Company
Reference: 5.150% Senior Notes due 2036
Active
Original principal
USD 500,000,000
Outstanding
—
Commitment
—
Availability
—
Maturity
Aug 15, 2036
Last reported interest terms:
5.15%
Reported 2026-07-20Later filings may not restate these terms; this does not confirm they still apply.
Covenant terms for this agreement are not yet verified.
On July 20, 2026, Public Storage Operating Company (“PSOC”), a subsidiary of Public Storage (the “Company”), completed the previously announced offering of $400 million 4.700% Senior Notes due 2032 (the “2032 Notes”) and $500 million 5.150% Senior Notes due 2036 (the “2036 Notes” and, together with the 2032 Notes, the “Notes”). The Notes are issued by PSOC and guaranteed by the Company.
Issuer evidence: On July 20, 2026, Public Storage Operating Company (“PSOC”), a subsidiary of Public Storage (the “Company”), completed the previously announced offering of $400 million 4.700% Senior Notes due 2032 (the “2032 Notes”) and $500 million 5.150% Senior Notes due 2036 (the “2036 Notes” and, together with the 2032 Notes, the “Notes”). The Notes are issued by PSOC and guaranteed by the Company.
Supporting evidence: The 2032 Notes bear interest at 4.700% per annum and the 2036 Notes bear interest at 5.150% per annum, both accruing from July 20, 2026. Interest on the 2032 Notes is payable semi-annually on February 1 and August 1 of each year, commencing on February 1, 2027. Interest on the 2036 Notes is payable semi-annually on February 15 and August 15 of each year, commencing on February 15, 2027. The 2032 Notes will mature on February 1, 2032 and the 2036 Notes will mature on August 15, 2036. The Notes are PSOC's direct, unsecured and unsubordinated obligations and will rank equally in right of payment with all of PSOC's existing and future unsecured and unsubordinated indebtedness.
Supporting evidence: On July 20, 2026, Public Storage Operating Company (“PSOC”), a subsidiary of Public Storage (the “Company”), completed the previously announced offering of $400 million 4.700% Senior Notes due 2032 (the “2032 Notes”) and $500 million 5.150% Senior Notes due 2036 (the “2036 Notes” and, together with the 2032 Notes, the “Notes”). The Notes are issued by PSOC and guaranteed by the Company.
Supporting evidence: On July 20, 2026, Public Storage Operating Company (“PSOC”), a subsidiary of Public Storage (the “Company”), completed the previously announced offering of $400 million 4.700% Senior Notes due 2032 (the “2032 Notes”) and $500 million 5.150% Senior Notes due 2036 (the “2036 Notes” and, together with the 2032 Notes, the “Notes”). The Notes are issued by PSOC and guaranteed by the Company.
Price & Valuation
Multiples computed on the strict TTM/EV methodology — today's snapshot against peers, and each ratio recomputed as of past filing dates.
Valuation
EV/Revenue
13.16×
Peer median 12.82×
EV/EBIT
—
P/E (TTM)
29.60×
Peer median 28.16×
P/FFO (FY2025)
19.60×
Peer median 17.19×
Peer medians compare against the 9 similar-size REIT - Industrial companies (of 15 listed).
P/FFO uses
the company-stated
“FFO per share”,
extracted from the reconciliation in its SEC filings — the company's own non-GAAP definition, not an XBRL-tagged figure.
Valuation over time computed as of each quarter's filing date
P/FFO uses
the company-stated
“FFO per share”,
extracted from the reconciliation in its SEC filings as it existed at each sample date — the company's own non-GAAP definition, not an XBRL-tagged figure. Each point's tooltip names its TTM or fiscal-year basis.
Revenue Breakdown
Annual revenue as the company disaggregates it in its own XBRL filings. Years a component wasn't reported show a dash.
Share mode is each component's slice of the reported components that year — issuers rarely tag every revenue dollar, so slices need not sum to total revenue.
By Segment (USD)
Component
FY2025
FY2024
FY2023
FY2022
FY2021
FY2020
FY2019
FY2018
Self Storage Operations
$4,489,413,000
$4,395,993,000
$4,259,613,000
$3,946,028,000
$3,203,566,000
$2,721,630,000
$2,684,552,000
$2,597,607,000
Ancillary Operations
$334,700,000
$299,623,000
$258,077,000
$236,135,000
$212,258,000
$193,438,000
$170,556,000
$161,916,000
By Product & Service (USD)
Component
FY2025
FY2024
FY2023
FY2022
FY2021
FY2020
FY2019
FY2018
Self Storage Operations
$4,489,413,000
$4,395,993,000
$4,259,613,000
$3,946,028,000
$3,203,566,000
$2,721,630,000
$2,684,552,000
$2,597,607,000
Ancillary Operations
$334,700,000
$299,623,000
$258,077,000
$236,135,000
$212,258,000
$193,438,000
$170,556,000
$161,916,000
Segment Operating Income
Annual operating income by business segment, as tagged in the company's own XBRL filings. Segments need not sum to the consolidated figure — corporate costs and eliminations are typically unallocated.
