Public Storage
Public Storage, a member of the S&P 500, is a REIT that primarily acquires, develops, owns, and operates self-storage facilities. At September 30, 2025, we: (i) owned and/or operated 3,491 self-storage facilities located in 40 states with approximately 254 million net rentable square feet in the United States and (ii) owned a 35% common equity interest in Shurgard Self Storage Limited (Euronext B… Read more
Public Storage (PSA) - Net Assets
Latest net assets as of December 2025: $9.34 Billion USD
Based on the latest financial reports, Public Storage (PSA) has net assets worth $9.34 Billion USD as of December 2025.
Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets ($20.21 Billion) and total liabilities ($10.87 Billion). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | $9.34 Billion |
| % of Total Assets | 46.23% |
| Annual Growth Rate | 13.86% |
| 5-Year Change | -0.87% |
| 10-Year Change | -1.06% |
| Growth Volatility | 34.16 |
Public Storage - Net Assets Trend (1983–2025)
This chart illustrates how Public Storage's net assets have evolved over time, based on quarterly financial data. Explore and compare other companies by net assets.
Annual Net Assets for Public Storage (1983–2025)
The table below shows the annual net assets of Public Storage from 1983 to 2025.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | $9.34 Billion | -4.81% |
| 2024-12-31 | $9.81 Billion | -2.90% |
| 2023-12-31 | $10.11 Billion | -0.59% |
| 2022-12-31 | $10.17 Billion | +7.89% |
| 2021-12-31 | $9.42 Billion | +9.87% |
| 2020-12-31 | $8.58 Billion | -5.54% |
| 2019-12-31 | $9.08 Billion | -0.71% |
| 2018-12-31 | $9.14 Billion | +2.01% |
| 2017-12-31 | $8.96 Billion | -5.06% |
| 2016-12-31 | $9.44 Billion | +2.65% |
| 2015-12-31 | $9.20 Billion | -3.26% |
| 2014-12-31 | $9.51 Billion | +7.81% |
| 2013-12-31 | $8.82 Billion | +8.57% |
| 2012-12-31 | $8.12 Billion | -2.41% |
| 2011-12-31 | $8.32 Billion | -4.56% |
| 2010-12-31 | $8.72 Billion | -3.89% |
| 2009-12-31 | $9.07 Billion | -0.06% |
| 2008-12-31 | $9.08 Billion | -2.05% |
| 2007-12-31 | $9.27 Billion | +6.38% |
| 2006-12-31 | $8.71 Billion | +71.84% |
| 2005-12-31 | $5.07 Billion | +4.37% |
| 2004-12-31 | $4.86 Billion | +4.58% |
| 2003-12-31 | $4.65 Billion | +1.03% |
| 2002-12-31 | $4.60 Billion | +5.37% |
| 2001-12-31 | $4.36 Billion | +2.52% |
| 2000-12-31 | $4.26 Billion | +9.84% |
| 1999-12-31 | $3.88 Billion | +18.94% |
| 1998-12-31 | $3.26 Billion | +3.86% |
| 1997-12-31 | $3.14 Billion | +29.53% |
| 1996-12-31 | $2.42 Billion | +38.66% |
| 1995-12-31 | $1.75 Billion | +139.62% |
| 1994-12-31 | $729.01 Million | +27.94% |
| 1993-12-31 | $569.80 Million | +67.44% |
| 1992-12-31 | $340.30 Million | +47.57% |
| 1991-12-31 | $230.60 Million | +22.08% |
| 1990-12-31 | $188.90 Million | +19.78% |
| 1989-12-31 | $157.70 Million | -2.59% |
| 1988-12-31 | $161.90 Million | -1.64% |
| 1987-12-31 | $164.60 Million | +3.72% |
| 1986-12-31 | $158.70 Million | +20.05% |
| 1985-12-31 | $132.20 Million | +154.23% |
| 1984-12-31 | $52.00 Million | +30.00% |
| 1983-12-31 | $40.00 Million | -- |
Equity Component Analysis
This analysis shows how different components contribute to Public Storage's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have decreased by 121727300000.0% over the analyzed period, potentially due to dividend distributions or operating losses.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Common Stock | $17.55 Million | 0.19% |
| Other Comprehensive Income | $-47.80 Million | -0.52% |
| Other Components | $10.50 Billion | 113.51% |
| Total Equity | $9.25 Billion | 100.00% |
Public Storage Competitors by Market Cap
The table below lists competitors of Public Storage ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Ciena Corp
NYSE:CIEN
|
$45.06 Billion |
|
3i Group plc
PINK:TGOPF
|
$45.13 Billion |
|
Diageo plc
PINK:DGEAF
|
$45.14 Billion |
|
COMPASS GROUP
F:XGR
|
$45.14 Billion |
|
Malayan Banking Berhad
PINK:MLYBY
|
$45.00 Billion |
|
Electronic Arts Inc
NASDAQ:EA
|
$44.98 Billion |
|
Carrier Global Corp
NYSE:CARR
|
$44.65 Billion |
|
Edwards Lifesciences Corp
NYSE:EW
|
$44.54 Billion |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Public Storage's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 9,712,606,000 to 9,248,128,000, a change of -464,478,000 (-4.8%).
- Net income of 1,797,032,000 contributed positively to equity growth.
- Dividend payments of 2,303,381,000 reduced retained earnings.
- New share issuances of 9,412,000 increased equity.
- Other comprehensive income increased equity by 24,166,000.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | $1.80 Billion | +19.43% |
| Dividends Paid | $2.30 Billion | -24.91% |
| Share Issuances | $9.41 Million | +0.1% |
| Other Comprehensive Income | $24.17 Million | +0.26% |
| Other Changes | $8.29 Million | +0.09% |
| Total Change | $- | -4.78% |
Book Value vs Market Value Analysis
This analysis compares Public Storage's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 5.44x
- The company is trading at a significant premium to its book value, suggesting the market values its earnings potential, brand, or other intangibles highly.
- The price-to-book ratio has decreased from 20.03x to 5.44x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 1983-12-31 | $14.29 | $286.13 | x |
| 1984-12-31 | $12.68 | $286.13 | x |
| 1985-12-31 | $52.88 | $286.13 | x |
| 1986-12-31 | $16.66 | $286.13 | x |
| 1987-12-31 | $15.68 | $286.13 | x |
| 1988-12-31 | $14.79 | $286.13 | x |
| 1989-12-31 | $14.35 | $286.13 | x |
| 1990-12-31 | $15.22 | $286.13 | x |
| 1991-12-31 | $12.70 | $286.13 | x |
| 1992-12-31 | $15.12 | $286.13 | x |
| 1993-12-31 | $20.83 | $286.13 | x |
| 1994-12-31 | $24.41 | $286.13 | x |
| 1995-12-31 | $39.70 | $286.13 | x |
| 1996-12-31 | $29.87 | $286.13 | x |
| 1997-12-31 | $28.74 | $286.13 | x |
| 1998-12-31 | $27.28 | $286.13 | x |
| 1999-12-31 | $29.12 | $286.13 | x |
| 2000-12-31 | $28.29 | $286.13 | x |
| 2001-12-31 | $31.64 | $286.13 | x |
| 2002-12-31 | $33.39 | $286.13 | x |
| 2003-12-31 | $33.35 | $286.13 | x |
| 2004-12-31 | $34.43 | $286.13 | x |
| 2005-12-31 | $37.39 | $286.13 | x |
| 2006-12-31 | $57.11 | $286.13 | x |
| 2007-12-31 | $51.50 | $286.13 | x |
| 2008-12-31 | $51.57 | $286.13 | x |
| 2009-12-31 | $52.90 | $286.13 | x |
| 2010-12-31 | $51.11 | $286.13 | x |
| 2011-12-31 | $48.54 | $286.13 | x |
| 2012-12-31 | $47.15 | $286.13 | x |
| 2013-12-31 | $50.91 | $286.13 | x |
| 2014-12-31 | $54.76 | $286.13 | x |
| 2015-12-31 | $52.85 | $286.13 | x |
| 2016-12-31 | $54.13 | $286.13 | x |
| 2017-12-31 | $51.33 | $286.13 | x |
| 2018-12-31 | $52.32 | $286.13 | x |
| 2019-12-31 | $51.93 | $286.13 | x |
| 2020-12-31 | $49.01 | $286.13 | x |
| 2021-12-31 | $53.17 | $286.13 | x |
| 2022-12-31 | $57.14 | $286.13 | x |
| 2023-12-31 | $56.85 | $286.13 | x |
| 2024-12-31 | $55.17 | $286.13 | x |
| 2025-12-31 | $52.58 | $286.13 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Public Storage utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 19.43%
- The company demonstrates strong efficiency in generating profits from shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 37.25%
- • Asset Turnover: 0.24x
- • Equity Multiplier: 2.19x
- Recent ROE (19.43%) is above the historical average (10.91%), indicating improving capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 1983 | 7.00% | 32.56% | 0.13x | 1.60x | $-1.20 Million |
| 1984 | 8.46% | 35.20% | 0.11x | 2.25x | $-800.00K |
| 1985 | 5.07% | 34.72% | 0.10x | 1.47x | $-6.52 Million |
| 1986 | 6.30% | 43.10% | 0.09x | 1.54x | $-5.87 Million |
| 1987 | 6.38% | 36.97% | 0.12x | 1.48x | $-5.96 Million |
| 1988 | 7.16% | 38.93% | 0.12x | 1.58x | $-4.59 Million |
| 1989 | 7.04% | 37.37% | 0.12x | 1.53x | $-4.67 Million |
| 1990 | 6.83% | 34.78% | 0.13x | 1.54x | $-5.56 Million |
| 1991 | 6.38% | 24.00% | 0.16x | 1.70x | $-6.81 Million |
| 1992 | 5.95% | 21.57% | 0.17x | 1.58x | $-10.27 Million |
| 1993 | 7.44% | 24.41% | 0.17x | 1.77x | $-9.61 Million |
| 1994 | 7.17% | 28.61% | 0.18x | 1.40x | $-16.66 Million |
| 1995 | 4.31% | 33.10% | 0.11x | 1.19x | $-93.06 Million |
| 1996 | 6.66% | 45.28% | 0.13x | 1.12x | $-77.04 Million |
| 1997 | 6.27% | 38.07% | 0.14x | 1.16x | $-106.30 Million |
| 1998 | 7.28% | 41.00% | 0.16x | 1.09x | $-84.92 Million |
| 1999 | 7.80% | 45.05% | 0.15x | 1.14x | $-81.03 Million |
| 2000 | 7.98% | 42.07% | 0.16x | 1.21x | $-75.32 Million |
| 2001 | 8.29% | 40.71% | 0.17x | 1.18x | $-66.75 Million |
| 2002 | 7.66% | 37.48% | 0.18x | 1.16x | $-97.16 Million |
| 2003 | 7.98% | 37.70% | 0.18x | 1.18x | $-85.33 Million |
| 2004 | 8.27% | 38.22% | 0.18x | 1.17x | $-76.78 Million |
| 2005 | 9.47% | 43.06% | 0.19x | 1.15x | $-25.31 Million |
| 2006 | 3.83% | 22.74% | 0.12x | 1.36x | $-506.78 Million |
| 2007 | 5.22% | 34.15% | 0.13x | 1.21x | $-418.78 Million |
| 2008 | 10.73% | 67.99% | 0.14x | 1.14x | $63.63 Million |
| 2009 | 9.35% | 63.00% | 0.14x | 1.10x | $-58.22 Million |
| 2010 | 7.75% | 41.64% | 0.17x | 1.09x | $-195.62 Million |
| 2011 | 9.94% | 47.46% | 0.19x | 1.08x | $-4.98 Million |
| 2012 | 11.60% | 50.98% | 0.21x | 1.09x | $129.88 Million |
| 2013 | 11.97% | 53.56% | 0.20x | 1.12x | $173.28 Million |
| 2014 | 12.07% | 52.55% | 0.22x | 1.04x | $196.12 Million |
| 2015 | 14.30% | 55.06% | 0.24x | 1.07x | $394.18 Million |
| 2016 | 15.44% | 56.77% | 0.25x | 1.08x | $512.38 Million |
| 2017 | 16.13% | 54.05% | 0.25x | 1.20x | $548.22 Million |
| 2018 | 18.76% | 62.00% | 0.25x | 1.20x | $799.08 Million |
| 2019 | 16.78% | 53.26% | 0.25x | 1.25x | $614.24 Million |
| 2020 | 15.86% | 46.56% | 0.25x | 1.38x | $501.33 Million |
| 2021 | 20.92% | 57.18% | 0.20x | 1.86x | $1.02 Billion |
| 2022 | 43.17% | 103.99% | 0.24x | 1.74x | $3.34 Billion |
| 2023 | 21.45% | 47.55% | 0.23x | 1.98x | $1.15 Billion |
| 2024 | 21.33% | 44.13% | 0.24x | 2.03x | $1.10 Billion |
| 2025 | 19.43% | 37.25% | 0.24x | 2.19x | $872.22 Million |
Industry Comparison
This section compares Public Storage's net assets metrics with peer companies in the REIT - Industrial industry.
Industry Context
- Industry: REIT - Industrial
- Average net assets among peers: $8,215,186,800
- Average return on equity (ROE) among peers: 8.98%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Public Storage (PSA) | $9.34 Billion | 7.00% | 1.16x | $45.04 Billion |
| Ascendas Real Estate Investment Trust (ACDSF) | $10.31 Billion | 7.41% | 0.77x | $9.40 Billion |
| BWP Trust (BUNNF) | $2.84 Billion | 9.35% | 0.32x | $1.54 Billion |
| Big Yellow Group Plc (BYLOF) | $1.45 Billion | 18.24% | 0.27x | $2.16 Billion |
| Fibra Terrafina (CBAOF) | $24.78 Billion | 3.83% | 0.61x | $1.16 Billion |
| ESR-REIT (CGIUF) | $1.66 Billion | 0.37% | 0.95x | $119.59 Million |
| Americold Realty Trust (COLD) | $706.75 Million | 6.79% | 2.58x | $3.22 Billion |
| CubeSmart (CUBE) | $2.95 Billion | 13.24% | 1.16x | $8.79 Billion |
| FIBRA Macquarie México (DBMBF) | $36.33 Billion | 10.92% | 0.46x | $1.13 Billion |
| DHAWF (DHAWF) | $549.25 Million | 4.93% | 1.21x | $146.66 Million |
| Dream Industrial Real Estate Investment Trust (DREUF) | $570.82 Million | 14.71% | 1.79x | $2.10 Billion |