PSAPublic Storage

Real estate · REIT · NYSE

These forward-looking statements involve known and unknown risks and uncertainties, which may cause our actual results and performance to be materially different from those expressed or implied in the forward-looking statements. 10-K, Item 1

Employees: 5,770
Headquarters: Frisco, TX
Next results: around Feb 11, 2027

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PSA and 9 peers, year by year

The 9 Real estate companies closest to PSA in revenue over the last twelve months. Every number is from the 10-K and links to it in SEC's Inline XBRL viewer.

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Each company's latest fiscal year
Company	Year	Revenue	Sales growth	Gross margin	Operating margin	Net margin	FCF margin	Return on equity	Debt / equity
PSA Public Storage	FY2025	$4.8B	+2.7%	-	-	37.0%	-	19.3%	1.11
VICI Vici Properties	FY2025	$4.0B	+4.1%	-	-	69.3%	-	10.0%	0.60
CCI Crown Castle	FY2025	$4.3B	+12.0%	-	48.7%	10.4%	67.4%	n/m	n/m
O Realty Income	FY2025	$5.7B	+9.1%	-	-	18.4%	-	2.7%	0.01
HST Host Hotels & Resorts	FY2025	$6.1B	+7.6%	-	14.0%	12.5%	-	11.7%	0.19
DLR Digital Realty	FY2025	$6.1B	+10.0%	-	10.8%	21.4%	-	5.7%	-
CSGP CoStar Group	FY2025	$3.2B	+18.7%	78.9%	−2.2%	0.2%	3.8%	0.1%	0.02
BXP BXP, Inc.	FY2025	$3.5B	+2.2%	59.1%	-	7.9%	-	5.4%	0.15
EXR Extra Space Storage	FY2025	$3.4B	+7.1%	-	41.8%	28.8%	38.1%	7.3%	-
VTR Ventas	FY2025	$5.8B	+18.5%	-	-	4.3%	−22.0%	2.0%	1.04

Revenuepeer median $4.3B

Sales growthpeer median +9.1%

Gross margin

CSGP 78.9%
BXP 59.1%
PSA -
VICI -
CCI -
O -
HST -
DLR -
EXR -
VTR -

Operating marginpeer median 14.0%

CCI 48.7%
EXR 41.8%
HST 14.0%
DLR 10.8%
CSGP −2.2%
PSA -
VICI -
O -
BXP -
VTR -

Net marginpeer median 12.5%

FCF marginpeer median 21.0%

CCI 67.4%
EXR 38.1%
CSGP 3.8%
VTR −22.0%
PSA -
VICI -
O -
HST -
DLR -
BXP -

Return on equitypeer median 5.5%

PSA 19.3%
HST 11.7%
VICI 10.0%
EXR 7.3%
DLR 5.7%
BXP 5.4%
O 2.7%
VTR 2.0%
CSGP 0.1%
CCI n/m

Debt / equitypeer median 0.17

PSA 1.11
VTR 1.04
VICI 0.60
HST 0.19
BXP 0.15
CSGP 0.02
O 0.01
CCI n/m
DLR -
EXR -

RevenueSales growthGross marginOperating marginNet marginFree cash flowFCF marginReturn on equityDebt / equityEPS (diluted)

Revenue, FY2016 to FY2025

Revenue as reported in the 10-K.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
PSA Dec	$2.6B	$2.7B	$2.8B	$2.9B	$2.9B	$3.4B	$4.2B	$4.5B	$4.7B	$4.8B
VICI Dec	-	$187.6M	$898.0M	$894.8M	$1.2B	$1.5B	$2.6B	$3.6B	$3.8B	$4.0B
CCI Dec	$3.9B	$4.4B	$5.4B	$5.8B	$5.8B	$6.3B	$7.0B	$4.7B	$4.5B	$4.3B
O Dec	$1.1B	$1.2B	$1.3B	$1.5B	$1.6B	$2.1B	$3.3B	$4.1B	$5.3B	$5.7B
HST Dec	$5.4B	$5.4B	$5.5B	$5.5B	$1.6B	$2.9B	$4.9B	$5.3B	$5.7B	$6.1B
DLR Dec	$2.1B	$2.5B	$3.0B	$3.2B	$3.9B	$4.4B	$4.7B	$5.5B	$5.6B	$6.1B
CSGP Dec	$837.6M	$965.2M	$1.2B	$1.4B	$1.7B	$1.9B	$2.2B	$2.5B	$2.7B	$3.2B
BXP Dec	$2.6B	$2.6B	$2.7B	$3.0B	$2.8B	$2.9B	$3.1B	$3.3B	$3.4B	$3.5B
EXR Dec	$991.9M	$1.1B	$1.2B	$1.3B	$1.4B	$1.6B	$1.9B	$2.6B	$3.3B	$3.4B
VTR Dec	$3.4B	$3.6B	$3.7B	$3.9B	$3.8B	$3.8B	$4.1B	$4.5B	$4.9B	$5.8B
Peer median	$2.3B	$2.5B	$2.7B	$3.0B	$1.7B	$2.9B	$3.3B	$4.1B	$4.5B	$4.3B

Sales growth, FY2016 to FY2025

Revenue against the fiscal year before.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
PSA Dec	+7.5%	+4.2%	+3.2%	+3.5%	+2.1%	+17.2%	+22.4%	+8.0%	+3.9%	+2.7%
VICI Dec	-	-	+379%	−0.4%	+37.0%	+23.2%	+72.3%	+38.9%	+6.6%	+4.1%
CCI Dec	+7.0%	−0.1%	+10.2%	+16.7%	−22.4%	+19.4%	+12.2%	−35.6%	−54.4%	+12.0%
O Dec	-	+10.2%	+9.2%	+12.3%	+10.7%	+26.3%	+60.7%	+22.0%	+29.2%	+9.1%
HST Dec	+1.5%	−0.8%	+2.5%	−1.0%	−70.4%	+78.4%	+69.8%	+8.2%	+7.0%	+7.6%
DLR Dec	+21.5%	+14.7%	+23.9%	+5.3%	+21.6%	+13.4%	+6.0%	+16.7%	+1.4%	+10.0%
CSGP Dec	+17.7%	+15.2%	+23.5%	+17.4%	+18.5%	+17.2%	+12.3%	+12.5%	+11.4%	+18.7%
BXP Dec	+2.4%	+2.0%	+4.4%	+9.0%	−6.6%	+4.4%	+7.6%	+5.3%	+4.1%	+2.2%
EXR Dec	+26.8%	−1.2%	+6.0%	+19.5%	+4.5%	+27.1%	+26.6%	+21.6%	+18.5%	+7.1%
VTR Dec	+4.8%	+3.8%	+4.8%	+3.4%	−2.0%	+0.9%	+7.9%	+8.9%	+9.5%	+18.5%
Peer median	+7.0%	+2.9%	+9.2%	+9.0%	+4.5%	+19.4%	+12.3%	+12.5%	+7.0%	+9.1%

Gross margin, FY2016 to FY2025

Gross profit / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
PSA Dec	73.9%	73.5%	73.0%	-	-	-	-	-	-	-
VICI Dec	-	-	-	-	-	-	-	-	-	-
CCI Dec	-	-	-	-	-	-	-	-	-	-
O Dec	-	-	-	-	-	-	-	-	-	-
HST Dec	-	-	-	-	-	-	-	-	-	-
DLR Dec	-	-	-	-	-	-	-	-	-	-
CSGP Dec	79.2%	77.2%	77.4%	79.3%	81.4%	81.6%	81.0%	80.0%	79.6%	78.9%
BXP Dec	-	61.7%	60.7%	61.7%	61.3%	62.8%	62.1%	61.1%	59.9%	59.1%
EXR Dec	-	-	-	-	-	-	-	-	-	-
VTR Dec	-	-	-	-	-	-	-	-	-	-
Peer median	-	-	-	-	-	-	-	-	-	-

Operating margin, FY2016 to FY2025

Operating income / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
PSA Dec	53.7%	53.3%	-	-	-	-	-	-	-	-
VICI Dec	-	76.9%	15.6%	5.8%	26.2%	-	-	-	-	-
CCI Dec	24.2%	22.2%	25.8%	27.1%	31.9%	31.6%	34.7%	44.3%	47.5%	48.7%
O Dec	-	-	-	-	-	-	-	-	-	-
HST Dec	12.6%	12.5%	9.6%	14.6%	−58.8%	−8.7%	15.8%	15.6%	15.4%	14.0%
DLR Dec	23.2%	18.4%	18.0%	18.5%	14.3%	15.7%	12.6%	9.6%	8.5%	10.8%
CSGP Dec	17.3%	18.0%	23.0%	26.0%	17.4%	22.2%	20.7%	11.5%	0.2%	−2.2%
BXP Dec	32.4%	34.9%	-	-	-	-	-	-	-	-
EXR Dec	46.2%	59.2%	51.8%	48.5%	49.1%	61.9%	54.6%	45.7%	40.6%	41.8%
VTR Dec	-	-	-	-	-	-	-	-	-	-
Peer median	23.7%	22.2%	20.5%	22.2%	21.8%	22.2%	20.7%	15.6%	15.4%	14.0%

Net margin, FY2016 to FY2025

Net income / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
PSA Dec	56.8%	54.0%	62.0%	53.3%	46.6%	57.2%	104.0%	47.6%	44.1%	37.0%
VICI Dec	-	23.7%	58.3%	61.0%	72.8%	67.2%	43.0%	69.6%	69.6%	69.3%
CCI Dec	9.1%	10.2%	9.5%	13.0%	17.1%	17.3%	24.0%	31.7%	−87.5%	10.4%
O Dec	28.6%	26.2%	27.4%	29.3%	24.0%	17.3%	26.0%	21.4%	16.3%	18.4%
HST Dec	14.0%	10.5%	19.7%	16.8%	−45.2%	−0.4%	12.9%	13.9%	12.3%	12.5%
DLR Dec	19.9%	10.1%	10.9%	18.1%	9.1%	38.6%	8.0%	17.3%	10.8%	21.4%
CSGP Dec	10.2%	12.7%	20.0%	22.5%	13.7%	15.1%	16.9%	15.3%	5.1%	0.2%
BXP Dec	20.1%	17.8%	21.5%	17.6%	31.6%	17.5%	27.3%	5.8%	0.4%	7.9%
EXR Dec	36.9%	43.3%	34.7%	32.1%	35.5%	52.5%	44.7%	31.4%	26.2%	28.8%
VTR Dec	18.9%	38.0%	10.9%	11.2%	11.6%	1.3%	−1.1%	−0.9%	1.6%	4.3%
Peer median	19.4%	17.8%	20.0%	18.1%	17.1%	17.3%	24.0%	17.3%	10.8%	12.5%

Free cash flow, FY2016 to FY2025

Cash from operations minus capital spending.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
PSA Dec	-	-	-	-	-	-	-	-	-	-
VICI Dec	-	-	$503.2M	$679.4M	-	-	-	-	-	-
CCI Dec	$913.0M	$3.2B	$761.0M	$641.0M	$1.4B	$1.6B	$1.6B	$2.9B	$2.8B	$2.9B
O Dec	-	-	-	-	-	-	-	-	-	-
HST Dec	$1.0B	$1.0B	$1.0B	-	-	-	-	-	-	-
DLR Dec	-	-	-	-	-	-	-	-	-	-
CSGP Dec	$181.9M	$210.2M	$305.8M	$457.8M	$486.1M	$346.0M	$443.5M	$372.0M	−$186.0M	$123.0M
BXP Dec	-	-	-	-	-	-	-	-	-	-
EXR Dec	-	-	-	-	-	-	$44.9M	$1.3B	$1.4B	$1.3B
VTR Dec	$1.2B	$1.3B	$1.2B	$1.3B	$842.9M	−$775.9M	$219.5M	$470.4M	−$1.2B	−$1.3B
Peer median	$961.0M	$1.2B	$761.0M	$660.2M	$842.9M	$346.0M	$331.5M	$868.6M	$611.2M	$705.7M

FCF margin, FY2016 to FY2025

Free cash flow / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
PSA Dec	-	-	-	-	-	-	-	-	-	-
VICI Dec	-	-	56.0%	75.9%	-	-	-	-	-	-
CCI Dec	23.3%	74.6%	14.2%	11.1%	24.5%	24.6%	22.4%	60.9%	62.0%	67.4%
O Dec	-	-	-	-	-	-	-	-	-	-
HST Dec	18.6%	19.0%	18.6%	-	-	-	-	-	-	-
DLR Dec	-	-	-	-	-	-	-	-	-	-
CSGP Dec	21.7%	21.8%	25.7%	32.7%	29.3%	17.8%	20.3%	15.2%	−6.8%	3.8%
BXP Dec	-	-	-	-	-	-	-	-	-	-
EXR Dec	-	-	-	-	-	-	2.3%	49.5%	43.2%	38.1%
VTR Dec	35.9%	36.3%	33.4%	33.1%	22.2%	−20.3%	5.3%	10.5%	−24.4%	−22.0%
Peer median	22.5%	29.0%	25.7%	32.9%	24.5%	17.8%	12.8%	32.3%	18.2%	21.0%

Return on equity, FY2016 to FY2025

Net income / shareholders' equity at the year end.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
PSA Dec	15.4%	16.1%	18.8%	16.8%	15.9%	20.9%	43.2%	21.5%	21.3%	19.3%
VICI Dec	-	0.9%	7.7%	6.9%	9.5%	8.4%	5.1%	10.0%	10.1%	10.0%
CCI Dec	4.9%	3.7%	4.4%	7.1%	10.6%	13.3%	22.5%	23.5%	n/m	n/m
O Dec	4.7%	4.3%	4.5%	4.5%	3.6%	1.4%	3.0%	2.6%	2.2%	2.7%
HST Dec	10.9%	8.1%	14.5%	12.6%	−11.6%	−0.2%	9.4%	11.2%	10.5%	11.7%
DLR Dec	8.4%	2.4%	3.4%	5.9%	2.0%	9.5%	2.1%	5.0%	2.8%	5.7%
CSGP Dec	5.1%	4.6%	7.9%	9.2%	4.2%	5.1%	5.4%	5.1%	1.8%	0.1%
BXP Dec	8.9%	8.0%	9.9%	9.2%	14.6%	8.7%	13.8%	3.2%	0.3%	5.4%
EXR Dec	16.3%	20.4%	17.2%	16.5%	18.9%	26.6%	26.4%	5.6%	6.1%	7.3%
VTR Dec	6.2%	12.5%	4.0%	4.1%	4.3%	0.5%	−0.5%	−0.4%	0.8%	2.0%
Peer median	7.3%	4.6%	7.7%	7.1%	4.3%	8.4%	5.4%	5.1%	2.5%	5.5%

Debt / equity, FY2016 to FY2025

Total debt / shareholders' equity at the year end.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
PSA Dec	0.04	0.16	0.15	0.21	0.30	0.80	0.68	0.91	0.96	1.11
VICI Dec	-	0.88	0.60	0.60	0.72	0.39	0.63	0.66	0.63	0.60
CCI Dec	1.70	1.36	1.45	1.74	2.05	2.51	3.03	3.72	n/m	n/m
O Dec	0.59	-	-	-	0.00	0.04	0.02	0.02	0.00	0.01
HST Dec	0.17	0.21	0.06	0.06	0.07	0.07	0.11	0.11	0.14	0.19
DLR Dec	-	-	-	-	-	-	-	-	-	-
CSGP Dec	0.20	0.00	0.00	0.00	0.19	0.18	0.15	0.14	0.13	0.02
BXP Dec	0.35	0.52	0.51	0.52	0.49	0.57	-	0.00	0.09	0.15
EXR Dec	-	0.26	-	-	-	-	-	-	0.04	-
VTR Dec	1.06	1.04	1.05	1.22	1.17	1.13	1.25	1.42	1.26	1.04
Peer median	0.47	0.52	0.56	0.56	0.49	0.39	0.39	0.14	0.13	0.17

EPS (diluted), FY2016 to FY2025

Diluted earnings per share, on today's share count after splits.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
PSA Dec	$6.81	$6.73	$8.54	$7.29	$6.29	$9.87	$23.50	$11.06	$10.64	$9.01
VICI Dec	-	-	$1.43	$1.24	$1.75	$1.76	$1.27	$2.47	$2.56	$2.61
CCI Dec	$0.95	$0.80	$1.23	$1.79	$2.35	$2.53	$3.86	$3.46	−$8.98	$1.01
O Dec	$1.13	$1.10	$1.26	$1.38	$1.14	$0.87	$1.42	$1.26	$0.98	$1.17
HST Dec	$1.02	$0.76	$1.47	$1.26	−$1.04	−$0.02	$0.88	$1.04	$0.99	$1.10
DLR Dec	$2.20	$0.99	$1.21	$2.35	$1.00	$5.94	$1.11	$2.88	$1.61	$3.58
CSGP Dec	$0.26	$0.37	$0.65	$0.86	$0.59	$0.74	$0.93	$0.92	$0.34	$0.02
BXP Dec	$3.26	$2.93	$3.70	$3.30	$5.54	$3.17	$5.40	$1.21	$0.09	$1.74
EXR Dec	$2.91	$3.76	$3.27	$3.24	$3.71	$6.19	$6.41	$4.74	$4.03	$4.59
VTR Dec	$1.86	$3.78	$1.14	$1.17	$1.17	$0.13	−$0.12	−$0.10	$0.19	$0.54
Peer median	$1.50	$1.04	$1.26	$1.38	$1.17	$1.76	$1.27	$1.26	$0.98	$1.17

Fiscal years are lined up as each company's 10-K names them; the month next to a ticker is when its year ends. Hover a number for the XBRL line items and the filing; click it to open the filing on sec.gov. "n/m" means not meaningful: equity below zero, or a base so close to zero that the ratio says nothing. The peer median leaves out PSA and needs at least three peers with the number. P/E, P/S and P/FCF at each year end appear here once the site has daily prices. What the same companies write about AI, tariffs and more →

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