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Public Storage
F:PUP

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Public Storage
F:PUP
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Price: 246 EUR 0.53% Market Closed
Market Cap: €43.2B
Financial profile · Q2 FY2026

A scaled self-storage REIT funding expansion amid subdued same-store growth

Public Storage combines recurring rental revenue from a large real-estate base with durable operating cash generation and meaningful noncash depreciation. Its model is capital-intensive because acquisitions, developments, and property upgrades compete with shareholder distributions and debt funding.

What is developing

The June 30, 2026 results preserve the established pattern of consolidated growth being carried by acquisitions and newer facilities while same-store revenue remains pressured. The visible development is a larger external-growth and investment footprint, not a demonstrated change in the underlying operating model.

What matters next

Whether same-store revenue turns positive while acquisition and development spending remains supportable from operating cash flow.

USD
Metric FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
2.6B 2.7B 2.8B 2.9B 2.9B 3.4B 4.2B 4.5B 4.7B 4.8B
(669.1m) (708m) (757.1m) (813.2m) (867.5m) (920.6m) (1.1B) (1.1B) (1.3B) (1.3B)
1.9B 2B 2B 2B 2B 2.5B 3.1B 3.4B 3.4B 3.5B
(509.7m) (530.4m) (580.1m) (567.3m) (626.4m) (808.5m) (959.8m) (1.1B) (1.2B) (1.3B)
(76.4m) (75.9m) (96.5m) (54.5m) (73.2m) (101.3m) (71.7m) (80.6m) (106.7m) (106.7m)
(433.3m) (454.5m) (483.6m) (512.9m) (553.3m) (713.4m) (888.1m) (970.1m) (1.1B) (1.2B)
— — — — — 6.2m — — — —
1.4B 1.4B 1.4B 1.5B 1.4B 1.7B 2.2B 2.3B 2.2B 2.3B
85.3m 31.7m 113.6m 58.4m (51.4m) 265.4m 108.7m (147.3m) (116.3m) (475.1m)
4.2m 12.7m 32.5m 45.6m 56.3m 90.8m 136.3m 201.1m 287.4m 304.5m
(7.3m) (7m) 143.4m (7.7m) (10m) (6.2m) 2.1B (26.5m) (15.5m) (19.6m)
700k 1.4m 37.9m 300k 1.5m 13.7m 1.5m 17.2m 1.5m 1.1m
— (7.8m) — — — — 824k 8.4m 18.2m 27.7m
1.5B 1.4B 1.7B 1.5B 1.4B 2B 4.4B 2.2B 2.1B 1.8B
— — — — — — (14.3m) (10.8m) (4.7m) 7.2m
1.5B 1.4B 1.7B 1.5B 1.4B 2B 4.4B 2.2B 2.1B 1.8B
(6.9m) (6.2m) (6.2m) (5.1m) (4m) (6.4m) (17.1m) (11.8m) (12.4m) (12.7m)
1.2B 1.2B 1.5B 1.3B 1.1B 1.7B 4.1B 1.9B 1.9B 1.6B
6.81 6.73 8.54 7.29 6.29 9.87 23.50 11.06 10.64 9.01