$PSA
Public Storage

2024 Q3 Form 10-Q Financial Statement

#000139331124000167 Filed on July 30, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2 2023 Q2
Revenue $1.188B $1.173B $1.120B
YoY Change 3.84% 4.77% 8.5%
Cost Of Revenue $321.7M $301.0M $279.9M
YoY Change 11.34% 7.56% 9.67%
Gross Profit $866.1M $872.2M $839.9M
YoY Change 1.31% 3.84% 8.12%
Gross Profit Margin 72.92% 74.34% 75.01%
Selling, General & Admin $26.21M $22.34M $24.24M
YoY Change -8.42% -7.83% -12.97%
% of Gross Profit 3.03% 2.56% 2.89%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $280.3M $283.3M $222.1M
YoY Change 17.42% 27.56% 1.57%
% of Gross Profit 32.37% 32.49% 26.45%
Operating Expenses $306.5M $305.7M $246.4M
YoY Change 14.65% 24.07% -0.08%
Operating Profit $559.5M $566.5M $593.5M
YoY Change -4.76% -4.56% 11.92%
Interest Expense $74.25M $73.24M -$11.16M
YoY Change 27.25% -756.35% -133.87%
% of Operating Profit 13.27% 12.93% -1.88%
Other Income/Expense, Net $2.945M $1.676M
YoY Change
Pretax Income $435.6M $523.3M $581.2M
YoY Change -29.35% -9.96% -11.53%
Income Tax $2.488M $2.075M $2.518M
% Of Pretax Income 0.57% 0.4% 0.43%
Net Earnings $430.3M $518.1M $528.3M
YoY Change -29.83% -1.92% -19.21%
Net Earnings / Revenue 36.23% 44.16% 47.18%
Basic Earnings Per Share $2.17 $2.67 $3.01
Diluted Earnings Per Share $2.16 $2.66 $3.00
COMMON SHARES
Basic Shares Outstanding 175.0M shares 175.7M shares 175.8M shares
Diluted Shares Outstanding 175.9M shares 176.0M shares 176.2M shares

Balance Sheet

Concept 2024 Q3 2024 Q2 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $599.0M $542.3M $651.7M
YoY Change -4.89% -16.79% -35.73%
Cash & Equivalents $599.0M $542.3M $651.7M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $599.0M $542.3M $651.7M
YoY Change -4.89% -16.79% -35.73%
LONG-TERM ASSETS
Property, Plant & Equipment $18.23B $18.27B $16.16B
YoY Change -0.18% 13.06% 3.98%
Goodwill $165.8M $165.8M $165.8M
YoY Change 0.0% 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments $397.5M $374.2M $276.8M
YoY Change 42.91% 35.18% -67.28%
Other Assets
YoY Change
Total Long-Term Assets $19.20B $19.25B $16.91B
YoY Change -0.22% 13.83% 0.35%
TOTAL ASSETS
Total Short-Term Assets $599.0M $542.3M $651.7M
Total Long-Term Assets $19.20B $19.25B $16.91B
Total Assets $19.80B $19.79B $17.56B
YoY Change -0.36% 12.69% -1.69%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $619.4M $584.6M $507.6M
YoY Change -3.85% 15.17% 7.18%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $619.4M $584.6M $507.6M
YoY Change -3.85% 15.17% 7.18%
LONG-TERM LIABILITIES
Long-Term Debt $9.474B $9.401B $6.894B
YoY Change 4.92% 36.35% -6.09%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $9.474B $9.401B $6.894B
YoY Change 4.92% 36.35% -6.09%
TOTAL LIABILITIES
Total Short-Term Liabilities $619.4M $584.6M $507.6M
Total Long-Term Liabilities $9.474B $9.401B $6.894B
Total Liabilities $10.09B $9.985B $7.494B
YoY Change 4.33% 33.23% -4.1%
SHAREHOLDERS EQUITY
Retained Earnings -$737.5M -$592.7M -$167.4M
YoY Change 464.75% 254.03% -8.13%
Common Stock $17.51M $17.50M $17.55M
YoY Change -0.22% -0.27% 0.14%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $9.610B $9.707B $10.07B
YoY Change
Total Liabilities & Shareholders Equity $19.80B $19.79B $17.56B
YoY Change -0.36% 12.69% -1.69%

Cashflow Statement

Concept 2024 Q3 2024 Q2 2023 Q2
OPERATING ACTIVITIES
Net Income $430.3M $518.1M $528.3M
YoY Change -29.83% -1.92% -19.21%
Depreciation, Depletion And Amortization $280.3M $283.3M $222.1M
YoY Change 17.42% 27.56% 1.57%
Cash From Operating Activities $798.8M $895.3M $882.4M
YoY Change -8.78% 1.46% 10.64%
INVESTING ACTIVITIES
Capital Expenditures $216.9M $204.4M $338.1M
YoY Change -32.84% -39.56% -208.44%
Acquisitions
YoY Change
Other Investing Activities $3.571M $13.31M $3.165M
YoY Change -100.16% 320.38% -30.24%
Cash From Investing Activities -$213.3M -$191.1M -$335.0M
YoY Change -91.47% -42.96% 9.01%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -559.9M -432.9M -591.1M
YoY Change -134.91% -26.76% 41.89%
NET CHANGE
Cash From Operating Activities 798.8M 895.3M 882.4M
Cash From Investing Activities -213.3M -191.1M -335.0M
Cash From Financing Activities -559.9M -432.9M -591.1M
Net Change In Cash 25.55M 271.3M -43.68M
YoY Change -217.54% -721.01% -159.32%
FREE CASH FLOW
Cash From Operating Activities $798.8M $895.3M $882.4M
Capital Expenditures $216.9M $204.4M $338.1M
Free Cash Flow $581.9M $690.9M $544.3M
YoY Change 5.27% 26.94% -50.94%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2024Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
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CY2024Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
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us-gaap Proceeds From Issuance Of Common Stock
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
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CY2024Q2 us-gaap Profit Loss
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2023Q4 us-gaap Restricted Cash
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CY2022Q4 us-gaap Restricted Cash
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2023Q4 us-gaap Preferred Stock Shares Issued
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CY2023Q4 us-gaap Preferred Stock Shares Outstanding
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CY2024Q2 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
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CY2024Q2 us-gaap Stock Repurchased During Period Value
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CY2024Q2 us-gaap Noncontrolling Interest Increase From Subsidiary Equity Issuance
NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance
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CY2024Q2 us-gaap Dividends Preferred Stock
DividendsPreferredStock
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CY2024Q2 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
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CY2024Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
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CY2024Q2 psa Dividends Common Stock And Restricted Share Units
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us-gaap Noncontrolling Interest Increase From Subsidiary Equity Issuance
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us-gaap Profit Loss
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us-gaap Dividends Preferred Stock
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us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
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us-gaap Common Stock Dividends Per Share Declared
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psa Dividends Common Stock And Restricted Share Units
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us-gaap Other Comprehensive Income Loss Net Of Tax
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CY2024Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2022Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
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us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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us-gaap Noncontrolling Interest Increase From Subsidiary Equity Issuance
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us-gaap Profit Loss
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us-gaap Dividends Preferred Stock
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us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
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us-gaap Common Stock Dividends Per Share Declared
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psa Dividends Common Stock And Restricted Share Units
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us-gaap Other Comprehensive Income Loss Net Of Tax
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CY2023Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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us-gaap Profit Loss
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us-gaap Profit Loss
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us-gaap Gains Losses On Sales Of Investment Real Estate
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us-gaap Gains Losses On Sales Of Investment Real Estate
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us-gaap Depreciation Depletion And Amortization
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us-gaap Depreciation Depletion And Amortization
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us-gaap Income Loss From Equity Method Investments
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us-gaap Income Loss From Equity Method Investments
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us-gaap Equity Method Investment Dividends Or Distributions
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us-gaap Equity Method Investment Dividends Or Distributions
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us-gaap Foreign Currency Transaction Gain Loss Unrealized After Tax
ForeignCurrencyTransactionGainLossUnrealizedAfterTax
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us-gaap Foreign Currency Transaction Gain Loss Unrealized After Tax
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us-gaap Share Based Compensation
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us-gaap Share Based Compensation
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us-gaap Other Operating Activities Cash Flow Statement
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us-gaap Other Operating Activities Cash Flow Statement
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us-gaap Increase Decrease In Other Operating Assets
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us-gaap Increase Decrease In Other Operating Assets
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us-gaap Increase Decrease In Other Accrued Liabilities
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us-gaap Increase Decrease In Other Accrued Liabilities
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Net Cash Provided By Used In Operating Activities
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psa Capital Expenditures To Maintain Real Estate Facilities
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psa Capital Expenditures To Maintain Real Estate Facilities
CapitalExpendituresToMaintainRealEstateFacilities
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psa Capital Expenditures For Property Enhancements
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psa Capital Expenditures For Property Enhancements
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psa Capital Expenditures For Energy Efficiencies
CapitalExpendituresForEnergyEfficiencies
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psa Capital Expenditures For Energy Efficiencies
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us-gaap Payments To Develop Real Estate Assets
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us-gaap Payments To Develop Real Estate Assets
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us-gaap Payments To Acquire Real Estate
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us-gaap Payments To Acquire Real Estate
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us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
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us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
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us-gaap Proceeds From Real Estate And Real Estate Joint Ventures
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us-gaap Proceeds From Real Estate And Real Estate Joint Ventures
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us-gaap Net Cash Provided By Used In Investing Activities
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psa Issuance Costs On Amendment Of Credit Facility
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psa Issuance Costs On Amendment Of Credit Facility
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us-gaap Repayments Of Notes Payable
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us-gaap Repayments Of Notes Payable
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us-gaap Proceeds From Issuance Of Unsecured Debt
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us-gaap Proceeds From Issuance Of Unsecured Debt
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us-gaap Proceeds From Issuance Of Common Stock
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Proceeds From Minority Shareholders
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us-gaap Proceeds From Minority Shareholders
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us-gaap Payments Of Capital Distribution
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us-gaap Payments Of Capital Distribution
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us-gaap Payments Of Dividends Minority Interest
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us-gaap Payments Of Dividends Minority Interest
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2024Q2 us-gaap Restricted Cash
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CY2023Q2 us-gaap Restricted Cash
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CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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psa Capital Expenditures To Maintain Real Estate Facilities Remaining Unpaid At Period End
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psa Capital Expenditures To Maintain Real Estate Facilities Remaining Unpaid At Period End
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psa Capital Expenditures For Property Enhancements Remaining Unpaid At Period End
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psa Capital Expenditures For Energy Efficiencies Remaining At Period End
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us-gaap Construction In Progress Expenditures Incurred But Not Yet Paid
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us-gaap Construction In Progress Expenditures Incurred But Not Yet Paid
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us-gaap Interest Paid Net
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us-gaap Interest Paid Net
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us-gaap Income Taxes Paid Net
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us-gaap Income Taxes Paid Net
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us-gaap Nature Of Operations
NatureOfOperations
<span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10.5pt;text-decoration:underline">Description of the Business</span><div style="margin-bottom:12pt;padding-left:18pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Public Storage (referred to herein as “the Company,” “we,” “us,” or “our”) is a Maryland real estate investment trust (“REIT”) engaged in the ownership and operation of self-storage facilities that offer storage spaces for lease, generally on a month-to-month basis, for personal and business use, ancillary activities such as tenant reinsurance, merchandise sales, and third party management, as well as the acquisition and development of additional self-storage space. </span></div><div style="margin-bottom:12pt;padding-left:18pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Effective August 14, 2023, we are structured as an umbrella partnership REIT, or UPREIT, under which substantially all of our business is conducted through Public Storage OP, L.P. (“PSA OP”), an operating partnership, and its subsidiaries including Public Storage Operating Company (“PSOC”). The primary assets of the parent entity, Public Storage, are general partner and limited partner interests in PSA OP, which holds all of the Company’s assets through its ownership of all of the equity interests in PSOC. As a limited partnership, PSA OP is a variable interest entity and is consolidated by the Company as its primary beneficiary. As of June 30, 2024, the Company owned all of the general partner interests and approximately 99.95% of the limited partnership interests of PSA OP, with the remaining 0.05% of limited partnership interests owned by certain trustees and officers of the Company.</span></div><div style="margin-bottom:12pt;padding-left:18pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At June 30, 2024, we owned interests in 3,049 self-storage facilities (with approximately 218.8 million net rentable square feet) located in 40 states in the United States (“U.S.”) operating under the Public Storage® name, and 1.1 million net rentable square feet of commercial and retail space. In addition, we managed 260 facilities for third parties at June 30, 2024.</span></div><div style="margin-bottom:12pt;padding-left:18pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At June 30, 2024, we owned a 35% common equity interest in Shurgard Self Storage Limited (“Shurgard”), a public company traded on the Euronext Brussels under the “SHUR” symbol, which owned 281 self-storage facilities (with approximately 16 million net rentable square feet) located in seven Western European countries, all operating under the Shurgard® name.</span></div>
CY2023Q2 psa Real Estate Acquisition And Development Expense
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psa Real Estate Acquisition And Development Expense
RealEstateAcquisitionAndDevelopmentExpense
8600000 usd
CY2023Q4 us-gaap Real Estate Investment Property At Cost
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psa Real Estate Investment Property At Cost Capital Expenditures To Maintain Real Estate Facilities
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112775000 usd
psa Real Estate Investment Property At Cost Capital Expenditures For Property Enhancements
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69290000 usd
psa Real Estate Investment Property At Cost Capital Expenditures For Energy Efficiencies
RealEstateInvestmentPropertyAtCostCapitalExpendituresForEnergyEfficiencies
27566000 usd
psa Real Estate Investment Property At Cost Acquisition Of Real Estate Facilities
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psa Real Estate Investment Property At Cost Disposition And Other Real Estate Activities
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1569000 usd
psa Real Estate Investment Property At Cost Newly Developed Facilities Opened For Operation
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CY2024Q2 us-gaap Real Estate Investment Property At Cost
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CY2023Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
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us-gaap Depreciation
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497227000 usd
CY2024Q2 us-gaap Real Estate Investment Property Accumulated Depreciation
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CY2023Q4 us-gaap Development In Process
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345453000 usd
psa Development In Process Costs Incurred
DevelopmentInProcessCostsIncurred
155826000 usd
psa Development In Process Write Off Of Cancelled Projects
DevelopmentInProcessWriteOffOfCancelledProjects
606000 usd
psa Development In Process Developed Or Redeveloped Facilities Opened For Operation
DevelopmentInProcessDevelopedOrRedevelopedFacilitiesOpenedForOperation
119927000 usd
CY2024Q2 us-gaap Development In Process
DevelopmentInProcess
380746000 usd
CY2024Q2 us-gaap Real Estate Investment Property Net
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18274381000 usd
psa Aggregate Costs To Develop And Expand
AggregateCostsToDevelopAndExpand
119900000 usd
psa Net Rentable Area Developed Or Expanded
NetRentableAreaDevelopedOrExpanded
700000 sqft
us-gaap Proceeds From Real Estate And Real Estate Joint Ventures
ProceedsFromRealEstateAndRealEstateJointVentures
2400000 usd
CY2024Q2 us-gaap Foreign Currency Exchange Rate Translation1
ForeignCurrencyExchangeRateTranslation1
1.072
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-6800000 usd
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
5200000 usd
CY2024Q2 us-gaap Goodwill Gross
GoodwillGross
165843000 usd
CY2024Q2 us-gaap Goodwill
Goodwill
165843000 usd
CY2023Q4 us-gaap Goodwill Gross
GoodwillGross
165843000 usd
CY2023Q4 us-gaap Goodwill
Goodwill
165843000 usd
CY2024Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
995932000 usd
CY2024Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
859805000 usd
CY2024Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
136127000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
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CY2023Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
792978000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
202600000 usd
CY2024Q2 psa Intangible Assets Gross Including Goodwill
IntangibleAssetsGrossIncludingGoodwill
1180599000 usd
CY2024Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
859805000 usd
CY2024Q2 us-gaap Intangible Assets Net Including Goodwill
IntangibleAssetsNetIncludingGoodwill
320794000 usd
CY2023Q4 psa Intangible Assets Gross Including Goodwill
IntangibleAssetsGrossIncludingGoodwill
1180245000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
792978000 usd
CY2023Q4 us-gaap Intangible Assets Net Including Goodwill
IntangibleAssetsNetIncludingGoodwill
387267000 usd
CY2024Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
31000000.0 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
66800000 usd
CY2023Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
10800000 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
25400000 usd
us-gaap Increase Decrease In Intangible Assets Current
IncreaseDecreaseInIntangibleAssetsCurrent
400000 usd
CY2024Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
49786000 usd
CY2024Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
60545000 usd
CY2024Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
19129000 usd
CY2024Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
2797000 usd
CY2024Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
382000 usd
CY2024Q2 psa Finite Lived Intangible Asset Expected Amortization After Year Four
FiniteLivedIntangibleAssetExpectedAmortizationAfterYearFour
3488000 usd
CY2024Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
136127000 usd
CY2024Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
9457792000 usd
CY2024Q2 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
57272000 usd
CY2024Q2 us-gaap Long Term Debt
LongTermDebt
9400520000 usd
CY2024Q2 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
8724393000 usd
CY2023Q4 us-gaap Long Term Debt
LongTermDebt
9103277000 usd
CY2023Q4 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
8558601000 usd
CY2024Q2 psa Long Term Debt Gross Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtGrossMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
62000 usd
CY2024Q2 psa Long Term Debt Gross Maturities Repayments Of Principal Year One
LongTermDebtGrossMaturitiesRepaymentsOfPrincipalYearOne
659476000 usd
CY2024Q2 psa Long Term Debt Gross Maturities Repayments Of Principal In Year Two
LongTermDebtGrossMaturitiesRepaymentsOfPrincipalInYearTwo
1150138000 usd
CY2024Q2 psa Long Term Debt Gross Maturities Repayments Of Principal In Year Three
LongTermDebtGrossMaturitiesRepaymentsOfPrincipalInYearThree
1200146000 usd
CY2024Q2 psa Long Term Debt Gross Maturities Repayments Of Principal In Year Four
LongTermDebtGrossMaturitiesRepaymentsOfPrincipalInYearFour
1200129000 usd
CY2024Q2 psa Long Term Debt Gross Maturities Repayments Of Principal After Year Four
LongTermDebtGrossMaturitiesRepaymentsOfPrincipalAfterYearFour
5247841000 usd
CY2024Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
9457792000 usd
CY2024Q2 us-gaap Debt Weighted Average Interest Rate
DebtWeightedAverageInterestRate
0.032
us-gaap Interest Paid Capitalized
InterestPaidCapitalized
5200000 usd
us-gaap Interest Paid Capitalized
InterestPaidCapitalized
3800000 usd
CY2024Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
174000 shares
CY2024Q2 us-gaap Preferred Stock Liquidation Preference Value
PreferredStockLiquidationPreferenceValue
4350000000 usd
CY2023Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
174000 shares
CY2023Q4 us-gaap Preferred Stock Liquidation Preference Value
PreferredStockLiquidationPreferenceValue
4350000000 usd
psa Cumulative Arrearage Of Quarterly Dividends
CumulativeArrearageOfQuarterlyDividends
6 dividend
psa Number Of Additional Members Right To Elect
NumberOfAdditionalMembersRightToElect
2 board_member
us-gaap Preferred Stock Amount Of Preferred Dividends In Arrears
PreferredStockAmountOfPreferredDividendsInArrears
0 usd
psa Affirmative Vote Of Outstanding Shares Of Series Of Preferred Shares Required For Any Material And Adverse Amendment To Terms Of Series Percent
AffirmativeVoteOfOutstandingSharesOfSeriesOfPreferredSharesRequiredForAnyMaterialAndAdverseAmendmentToTermsOfSeriesPercent
0.6667
psa Affirmative Vote Of Outstanding Shares Of All Preferred Shares Voting As Single Class Required To Issue Shares Ranking Senior To Preferred Shares Percent
AffirmativeVoteOfOutstandingSharesOfAllPreferredSharesVotingAsSingleClassRequiredToIssueSharesRankingSeniorToPreferredSharesPercent
0.6667
CY2024Q2 us-gaap Preferred Stock Redemption Price Per Share
PreferredStockRedemptionPricePerShare
25.00
CY2024Q2 srt Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased
35000000 shares
CY2024Q2 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
726865 shares
us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
726865 shares
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
200000000 usd
CY2024Q2 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
200000000 usd
CY2024Q2 us-gaap Stock Repurchase Program Remaining Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramRemainingNumberOfSharesAuthorizedToBeRepurchased
10551219 shares
CY2024Q2 psa Dividends And Distributions Common Stock And Share Based Payment Arrangement Cash
DividendsAndDistributionsCommonStockAndShareBasedPaymentArrangementCash
525900000 usd
CY2024Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
3.00
CY2023Q2 psa Dividends And Distributions Common Stock And Share Based Payment Arrangement Cash
DividendsAndDistributionsCommonStockAndShareBasedPaymentArrangementCash
527600000 usd
CY2023Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
3.00
psa Dividends And Distributions Common Stock And Share Based Payment Arrangement Cash
DividendsAndDistributionsCommonStockAndShareBasedPaymentArrangementCash
1050000000.00 usd
us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
6.00
psa Dividends And Distributions Common Stock And Share Based Payment Arrangement Cash
DividendsAndDistributionsCommonStockAndShareBasedPaymentArrangementCash
1060000000.00 usd
us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
6.00
CY2024Q2 psa Dividends And Distributions Accrued
DividendsAndDistributionsAccrued
300000 usd
CY2023Q2 psa Dividends And Distributions Accrued
DividendsAndDistributionsAccrued
200000 usd
psa Dividends And Distributions Accrued
DividendsAndDistributionsAccrued
500000 usd
psa Dividends And Distributions Accrued
DividendsAndDistributionsAccrued
400000 usd
CY2024Q2 us-gaap Dividends Preferred Stock Cash
DividendsPreferredStockCash
48700000 usd
CY2023Q2 us-gaap Dividends Preferred Stock Cash
DividendsPreferredStockCash
48700000 usd
us-gaap Dividends Preferred Stock Cash
DividendsPreferredStockCash
97400000 usd
us-gaap Dividends Preferred Stock Cash
DividendsPreferredStockCash
97400000 usd
us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
1100000 usd
us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
1100000 usd
psa Rs Us Substituted By Ltip Units
RSUsSubstitutedByLTIPUnits
156632 shares
psa Stock Options Substituted By Aoltip Units
StockOptionsSubstitutedByAOLTIPUnits
2238874 shares
CY2024Q2 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
1200000 usd
us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
1800000 usd
CY2023Q2 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
600000 usd
us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
1300000 usd
CY2024Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
10827000 usd
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
11949000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
21174000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
21794000 usd
CY2024Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
81400000 usd
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P3Y
psa Share Based Compensation Arrangement By Share Based Payment Award Common Shares Issued From Vesting
ShareBasedCompensationArrangementByShareBasedPaymentAwardCommonSharesIssuedFromVesting
18813 shares
us-gaap Stock Issued During Period Shares Share Based Compensation
StockIssuedDuringPeriodSharesShareBasedCompensation
47110 shares
CY2024Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
433226 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
433226 shares
CY2023Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
321070 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
321070 shares
CY2024Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
468366000 usd
CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
528259000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
927575000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
995847000 usd
CY2024Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
175469000 shares
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
175484000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
175585000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
175428000 shares
CY2024Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
540000 shares
CY2023Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
728000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
595000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
753000 shares
CY2024Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
176009000 shares
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
176212000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
176180000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
176181000 shares
CY2024Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.67
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
3.01
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
5.28
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
5.68
CY2024Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.66
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
3.00
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
5.26
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
5.65
CY2024Q2 us-gaap Profit Loss
ProfitLoss
521209000 usd
CY2023Q2 us-gaap Profit Loss
ProfitLoss
581165000 usd
us-gaap Profit Loss
ProfitLoss
1032906000 usd
us-gaap Profit Loss
ProfitLoss
1101580000 usd
CY2024Q2 psa Deductible For General Liability
DeductibleForGeneralLiability
2000000.0 usd
CY2024Q2 psa Deductible For Property Loss
DeductibleForPropertyLoss
25000000.0 usd
CY2024Q2 psa Reduced Deductible For Property Loss
ReducedDeductibleForPropertyLoss
5000000.0 usd
CY2024Q2 psa Aggregate Loss Threshold For Reduced Deductible For Property Loss
AggregateLossThresholdForReducedDeductibleForPropertyLoss
35000000.0 usd
CY2024Q2 psa Minimum Loss Per Occurrence To Reach Aggregate Loss Threshold For Reduced Deductible For Property Loss
MinimumLossPerOccurrenceToReachAggregateLossThresholdForReducedDeductibleForPropertyLoss
5000000.0 usd
CY2024Q2 psa Aggregate Limit Property Loss Coverage
AggregateLimitPropertyLossCoverage
75000000.0 usd
CY2024Q2 psa Aggregate Limit General Liability Coverage
AggregateLimitGeneralLiabilityCoverage
102000000.0 usd
CY2024Q2 psa Tenant Individual Insurance Limit Maximum
TenantIndividualInsuranceLimitMaximum
5000 usd
CY2024Q2 psa Third Party Insurance Coverage For Claims Paid Exceeding Amount For Individual Event
ThirdPartyInsuranceCoverageForClaimsPaidExceedingAmountForIndividualEvent
15000000.0 usd
CY2024Q2 psa Third Party Insurance Coverage For Claims Paid For Individual Event Limit
ThirdPartyInsuranceCoverageForClaimsPaidForIndividualEventLimit
5000000.0 usd
CY2024Q2 psa Tenant Certificate Holders Participating Individual Insurance Program
TenantCertificateHoldersParticipatingIndividualInsuranceProgram
1400000 certificate
CY2024Q2 psa Aggregate Coverage Of Tenants Participating
AggregateCoverageOfTenantsParticipating
6800000000 usd
CY2024Q2 us-gaap Contractual Obligation
ContractualObligation
158000000.0 usd
CY2024Q2 us-gaap Contractual Obligation Future Minimum Payments Due Remainder Of Fiscal Year
ContractualObligationFutureMinimumPaymentsDueRemainderOfFiscalYear
79900000 usd
CY2024Q2 us-gaap Contractual Obligation Due In Next Twelve Months
ContractualObligationDueInNextTwelveMonths
75900000 usd
CY2024Q2 us-gaap Contractual Obligation Due In Second Year
ContractualObligationDueInSecondYear
2200000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
63400000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1900000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
4100000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
4000000.0 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
2600000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
2500000 usd
CY2024Q2 psa Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
48300000 usd
CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false

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