Public Storage, a member of the S&P 500 and FT Global 500, is a REIT that primarily acquires, develops, owns and operates self-storage facilities. At September 30, 2020, we had: (i) interests in 2,504 self-storage facilities located in 38 states with approximately 171 million net rentable square feet in the United States, (ii) an approximate 35% common equity interest in Shurgard Self Storage SA (Euronext Brussels:SHUR) which owned 239 self-storage facilities located in seven Western European nations with approximately 13 million net rentable square feet operated under the Shurgard brand and (iii) an approximate 42% common equity interest in PS Business Parks, Inc. (NYSE:PSB) which owned and operated approximately 28 million rentable square feet of commercial space at September 30, 2020. Our headquarters are located in Glendale, California.

Public Storage

Self-Storage Facilities

Self-Storage Facilities %Chg

Self-Storage Facilities Common Size

Ancillary Operations

Ancillary Operations %Chg

Ancillary Operations Common Size

Total Revenues

Total Revenues %Chg

Total Revenues Common Size

Self-Storage Cost of Operations

Self-Storage Cost of Operations %Chg

Self-Storage Cost of Operations Common Size

Ancillary Cost of Operations

Ancillary Cost of Operations %Chg

Ancillary Cost of Operations Common Size

Depreciation and Amortization

Depreciation and Amortization %Chg

Depreciation and Amortization Common Size

Real Estate Acquisition and Development Expense

Real Estate Acquisition and Development Expense %Chg

Real Estate Acquisition and Development Expense Common Size

General and Administrative

General and Administrative %Chg

General and Administrative Common Size

Interest Expense

Interest Expense %Chg

Interest Expense Common Size

Total Expenses

Total Expenses %Chg

Total Expenses Common Size

Operating Income

Operating Income %Chg

Operating Income Common Size

Interest and Other Income

Interest and Other Income %Chg

Interest and Other Income Common Size

Equity in Earnings of Unconsolidated Real Estate Entities

Equity in Earnings of Unconsolidated Real Estate Entities %Chg

Equity in Earnings of Unconsolidated Real Estate Entities Common Size

Foreign Currency Exchange Loss

Foreign Currency Exchange Loss %Chg

Foreign Currency Exchange Loss Common Size

Foreign Currency Exchange Gain

Foreign Currency Exchange Gain %Chg

Foreign Currency Exchange Gain Common Size

Casualty Loss

Casualty Loss %Chg

Casualty Loss Common Size

Gain on Sale of Real Estate

Gain on Sale of Real Estate %Chg

Gain on Sale of Real Estate Common Size

Gain Due to Shurgard Public Offering

Gain Due to Shurgard Public Offering %Chg

Gain Due to Shurgard Public Offering Common Size

Gain on Sale of Equity Investment in PS Business Parks, Inc.

Gain on Sale of Equity Investment in PS Business Parks, Inc. %Chg

Gain on Sale of Equity Investment in PS Business Parks, Inc. Common Size

Income Before Income Tax Expense

Income Before Income Tax Expense %Chg

Income Before Income Tax Expense Common Size

Income Tax Expense

Income Tax Expense %Chg

Income Tax Expense Common Size

Net Income

Net Income %Chg

Net Income Common Size

Allocation to Noncontrolling Interests

Allocation to Noncontrolling Interests %Chg

Allocation to Noncontrolling Interests Common Size

Net Income Allocable to Public Storage Shareholders

Net Income Allocable to Public Storage Shareholders %Chg

Net Income Allocable to Public Storage Shareholders Common Size

Preferred Shareholders - Distributions

Preferred Shareholders - Distributions %Chg

Preferred Shareholders - Distributions Common Size

Preferred Shareholders

Preferred Shareholders %Chg

Preferred Shareholders Common Size

Preferred Shareholders - Redemptions

Preferred Shareholders - Redemptions %Chg

Preferred Shareholders - Redemptions Common Size

Restricted Share Units and Unvested LTIP Units

Restricted Share Units and Unvested LTIP Units %Chg

Restricted Share Units and Unvested LTIP Units Common Size

Net Income Allocable to Common Shareholders

Net Income Allocable to Common Shareholders %Chg

Net Income Allocable to Common Shareholders Common Size

Net Income per Common Share - Basic

Net Income per Common Share - Basic %Chg

Net Income per Common Share - Basic Common Size

Net Income per Common Share - Diluted

Net Income per Common Share - Diluted %Chg

Net Income per Common Share - Diluted Common Size

Basic Weighted Average Common Shares Outstanding

Basic Weighted Average Common Shares Outstanding %Chg

Basic Weighted Average Common Shares Outstanding Common Size

Diluted Weighted Average Common Shares Outstanding

Property Revenue

Property Revenue %Chg

Property Revenue Common Size

Service and Other Revenue

Service and Other Revenue %Chg

Service and Other Revenue Common Size

Property Expenses

Property Expenses %Chg

Property Expenses Common Size

Service and Other Expenses

Service and Other Expenses %Chg

Service and Other Expenses Common Size

Total Property Expenses

Total Property Expenses %Chg

Total Property Expenses Common Size

Gross Profit

Gross Profit %Chg

Gross Profit Common Size

Gross Profit Margin

Gross Profit Margin %Chg

Gross Profit Margin Common Size

Selling, General & Administrative Expenses

Selling, General & Administrative Expenses %Chg

Selling, General & Administrative Expenses Common Size

Depreciation & Amortization Expenses

Depreciation & Amortization Expenses %Chg

Depreciation & Amortization Expenses Common Size

Other Operating Expenses

Other Operating Expenses %Chg

Other Operating Expenses Common Size

Operating Profit

Operating Profit %Chg

Operating Profit Common Size

Operating Margin

Operating Margin %Chg

Operating Margin Common Size

Net Gains on Disposal of Properties

Net Gains on Disposal of Properties %Chg

Net Gains on Disposal of Properties Common Size

Interest and Investment Income

Interest and Investment Income %Chg

Interest and Investment Income Common Size

Non-Operating Income

Non-Operating Income %Chg

Non-Operating Income Common Size

Revenue

EBIT

EBITDA

CapEx

Net Interest Income

Assets

Adjusted EBITDA

Adjusted Net Income

Net Revenue

Average Assets

Adjusted EBIT

Adjusted Revenue

Adjusted EBT

Adjusted Funds From Operations

Income Statement	Jun '25	Dec '24	Jun '24	Dec '23	Jun '23	Dec '22
Property Revenue	2,221.7	2,210.2	2,185.8	2,171.3	2,088.3	2,055.7
Self-Storage Facilities
Service and Other Revenue	162.6	155	144.7	132.4	125.7	120.9
Ancillary Operations
Total Revenues	2,384.3	2,365.2	2,330.4	2,303.7	2,214	2,176.7
Total Revenues %Chg	2.3%	2.7%	5.3%	5.8%	10.4%	19.6%
Property Expenses	585.9	565.8	570.9	535.7	526.3	496.7
Self-Storage Cost of Operations
Service and Other Expenses	64	66.7	54.6	44.1	41.9	40
Ancillary Cost of Operations
Total Property Expenses	649.9	632.5	625.5	579.8	568.2	536.7
Gross Profit	1,734.4	1,732.7	1,704.9	1,723.9	1,645.8	1,640
Gross Profit Margin	72.7%	73.3%	73.2%	74.8%	74.3%	75.3%
Selling, General & Administrative Expenses	50.9	58.8	47.9	43.9	36.7	19.8
General and Administrative
Depreciation & Amortization Expenses	565.9	561.2	568.5	526.3	443.8	447.3
Depreciation and Amortization
Other Operating Expenses	10	8.9	6.6	17.8	8.6	28.7
Real Estate Acquisition and Development Expense
Operating Profit	1,107.6	1,103.8	1,081.8	1,135.9	1,156.7	1,144.1
Operating Margin	46.5%	46.7%	46.4%	49.3%	52.2%	52.6%
Net Gains on Disposal of Properties	0.2	0.7	0.9	17.2	—	1.5
Gain on Sale of Real Estate
Interest and Investment Income	27.4	42.2	44.8	60.8	52.6	41.9
Interest and Other Income
Equity in Earnings of Unconsolidated Real Estate Entities
Interest Expense	-143.6	-146.4	-141	-127	-74.2	-70.3
Interest Expense
Interest Expense
Non-Operating Income	214.8	152.2	-50	-51.2	-28	2,364.3
Foreign Currency Exchange Loss
Foreign Currency Exchange Gain
Casualty Loss
Gain Due to Shurgard Public Offering
Gain on Sale of Equity Investment in PS Business Parks, Inc.
Total Non-Operating Income	98.8	48.8	-145.3	-100.1	-49.5	2,337.5
Income Before Provision for Income Taxes	1,206.4	1,152.6	936.5	1,035.8	1,107.2	3,481.6
Provision for Income Taxes	4.7	1.1	3.6	5.2	5.6	14.3
Income Tax Expense
Consolidated Net Income	1,201.7	1,151.5	932.9	1,030.6	1,101.6	3,467.3
Net Income Attributable to Minority Interests and Other	7.7	9	8	8.3	8.4	21
Allocation to Noncontrolling Interests
Restricted Share Units and Unvested LTIP Units
Net Income Attributable to Preferred Dividends	97.4	97.4	97.4	97.4	97.4	97.4
Preferred Shareholders - Distributions
Preferred Shareholders
Preferred Shareholders - Redemptions
Net Income Attributable to Common Shareholders	667.2	945.1	927.6	952.9	995.8	3,074.8
Net Income Allocable to Common Shareholders
Basic EPS	3.8	5.4	5.3	5.4	5.7	17.6
Diluted EPS	3.8	5.4	5.3	5.4	5.7	17.5
Basic Weighted Average Shares Outstanding	175.4	175.1	175.6	175.5	175.4	175.3
Total Shares Outstanding	175.5	175.4	175	175.7	175.5	175.3
Diluted Weighted Average Shares Outstanding	175.9	175.9	176.2	176.1	176.2	176.2
EBITDA	1,673.6	1,665.1	1,650.4	1,662.2	1,600.5	1,591.5
Effective Tax Rate	0.4%	0.1%	0.4%	0.5%	0.5%	0.4%