Public Storage

NYSE-PSA

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Operating Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Net Income	514.8	361.4	410.8	618.4	433.1	521.2
Net Income
Depreciation & Amortization	290.4	283.2	282.7	280.9	280.3	283.3
Depreciation and Amortization
Stock Based Compensation	9.5	10.6	10.3	12.6	10.9	10.8
Share-Based Compensation Expense
Other Adjustments	-0.8	154.9	72	-123.4	71.1	-7.7
Gain Due to Shurgard Public Offering
Gain on Sale of Equity Investment in PS Business Parks, Inc.
Gain on Sale of Real Estate
Distributions Received from Unconsolidated Real Estate Entities in Excess of Equity in Earnings of Unconsolidated Real Estate Entities
Equity in Earnings of Unconsolidated Real Estate Entities
Distributions from Cumulative Equity in Earnings of Unconsolidated Real Estate Entities
Foreign Currency Exchange Gain
Other
Impairment of Real Estate Investments
Other Non-Cash Adjustments
Changes in Other Operating Activities	61.3	64.5	-70.7	-19.9	3.3	87.2
Other Assets
Accrued and Other Liabilities
Cash from Operating Activities	875.1	872.7	705.1	768.6	798.8	895.3
Net Cash Flows from Operating Activities

Investing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Capital Expenditure	-682.1	-294.3	-265.5	-404.1	-216.9	-204.4
Costs Incurred During the Period
Costs Incurred in Previous Periods
Costs Incurred During the Period
Costs Incurred in Previous Periods
Capital Expenditures to Maintain Real Estate Facilities
Capital Expenditures for Property Enhancements
Capital Expenditures for Energy Efficiencies (LED Lighting, Solar)
Development and Expansion of Real Estate Facilities
Acquisition of Real Estate Facilities and Intangible Assets
Proceeds from Sale of Property, Plant & Equipment	1.1	0.3	2.6	2.4	3.6	0
Proceeds from Sale of Real Estate Investments
Proceeds from Sale of Investments	—	—	—	—	—	—
Proceeds from Sale of Equity Investment in PS Business Parks, Inc.
Payments for Business Acquisitions	—	—	—	—	—	—
Acquisition of BREIT Simply Storage LLC, Net of Cash Acquired
Other Investing Activities	-15	-44.2	-23.6	-10	-5	13.3
Real Estate Deposits and Costs for Pending Acquisitions
Issuance of Notes Receivable
Distributions in Excess of Cumulative Equity in Earnings from Unconsolidated Real Estate Entities
Repayments of Loans Receivable from Unconsolidated Real Estate Entities
Contributions to Unconsolidated Real Estate Entities
Other Investing Activities
Cash from Investing Activities	-696	-338.3	-286.5	-411.6	-213.3	-191.1
Net Cash Flows Provided by Investing Activities

Financing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Issuance of Short-Term Debt	—	—	—	—	—	—
Borrowings on Bank Credit Facility
Net Issuance / (Repayments) of Short-Term Debt	—	—	—	—	—	—
Issuance of Long-Term Debt	—	866.5	—	—	—	1,151
Issuance of Notes Payable, Net of Issuance Costs
Repayments of Long-Term Debt	-400	-0	-0	-0	-0	-808.4
Repayments of Notes Payable
Net Issuance / (Repayments) of Long-Term Debt	-400	866.5	-0	-0	-0	342.6
Issuance of Common Shares	1.7	4.6	3.2	76.7	50.7	2.6
Issuance of Common Shares
Issuance of Common Shares in Connection with Share-Based Compensation
Repurchases of Common Shares	-0.4	-0.4	-2.7	-6.4	-0.7	-200.3
Taxes Paid Upon Net Share Settlement of Restricted Share Units
Repurchase of Common Shares
Net Issuance / (Repurchases) of Common Shares	1.3	4.2	0.5	70.3	50	-197.7
Issuance of Preferred Shares	—	—	—	—	—	—
Issuance of Preferred Shares
Repurchases of Preferred Shares	—	—	—	—	—	—
Redemption of Preferred Shares
Net Issuance / (Repurchases) of Preferred Shares	—	—	—	—	—	—
Common Share Dividends Paid	-575.9	-575.8	-575.8	-575.7	-574.9	-574.6
Distributions Paid to Preferred Shareholders, Common Shareholders, Restricted Share Unitholders and Unvested LTIP Unitholders
Other Financing Activities	-12.6	-11.9	-3.4	-3.2	-4.9	-3.2
Issuance Costs on Amendment of Credit Facility
Acquisition of Noncontrolling Interests
Contributions by Noncontrolling Interests
Distributions Paid to Noncontrolling Interests
Cash from Financing Activities	-987.3	283	-578.8	-508.6	-559.9	-432.9
Net Cash Flows Provided by Financing Activities

Free Cash Flow	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Free Cash Flow	193	578.4	439.6	364.6	581.9	690.9
NOPAT	568.1	568.8	534.6	548	553.8	557
Levered Free Cash Flow	-269	1,228.8	304.7	421.3	447.4	977.1
Unlevered Free Cash Flow	237.7	622.2	481.2	404.9	620.5	723.2
Net Change in Cash	-808.1	817.4	-160.2	-151.6	25.5	271.3