Public Storage (PSA) Balance Sheet
PSA balance sheet, 2025
December 31, 2025 · U.S. dollars$20.21B assets = $10.87B liabilities + $9.34B equity
Both columns are drawn to the same scale: what PSA owns equals what it owes plus shareholders’ equity. Hover a block for its value.
PSA financial health
Descriptive bands, not a rating. Fiscal 2025.
PSA balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $10.13B2016 | $20.21B2025 | +8.0%/yr | |
| Total liabilities | $688.7M2016 | $10.87B2025 | +35.9%/yr | |
| Shareholders’ equity | $9.44B2016 | $9.25B2025 | −0.2%/yr | |
| Cash & short-term investments | $183.7M2016 | $318.1M2025 | +6.3%/yr | |
| Total debt | $392.4M2016 | $10.25B2025 | +43.7%/yr | |
| Net cash (debt) | −$208.7M2016 | −$9.94B2025 | −$9.7B | |
| Working capital | −$114.2M2016 | −$152.7M2025 | −$38.4M | |
| Book value per share | $54.302016 | $52.582025 | −0.4%/yr | |
| Current ratio | 0.622016 | 0.752025 | +0.13 | |
| Debt / equity | 0.042016 | 1.112025 | +1.07 | |
| Shares outstanding | 173.9M2016 | 175.9M2025 | +0.1%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
PSA assets
PSA liabilities and equity
PSA debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
PSA balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $318.1M | $447.4M | $370.0M | $775.3M | $734.6M | $257.6M | $409.7M | $361.2M | $433.4M | $183.7M |
| Cash & equivalents | $318.1M | $447.4M | $370.0M | $775.3M | $734.6M | $257.6M | $409.7M | $361.2M | $433.4M | $183.7M |
| Short-term investments | — | — | — | — | $828.8M | — | — | — | $0 | $0 |
| Receivables | $142.1M | $0 | $0 | $0 | $0 | $0 | $7.5M | $0 | $0 | $0 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total current assets | $460.2M | $447.4M | $370.0M | $775.3M | $734.6M | $257.6M | $409.7M | $361.2M | $433.4M | $183.7M |
| Property, plant & equipment (net) | $194.4M | $308.1M | $345.5M | $373.0M | $272.5M | $188.1M | $141.9M | $285.3M | $264.4M | $230.3M |
| Goodwill & intangible assets | $251.6M | $282.2M | $387.3M | $232.5M | $302.9M | $204.7M | $205.9M | $209.9M | $215.0M | $212.7M |
| Long-term investments | $388.6M | $382.5M | $390.2M | $275.8M | $828.8M | $773.0M | $767.8M | $784.0M | $724.2M | $689.2M |
| Other non-current assets | $18.91B | $18.33B | $18.32B | $15.90B | $15.24B | $10.39B | $9.84B | $9.29B | $9.10B | $8.81B |
| Total assets | $20.21B | $19.75B | $19.81B | $17.55B | $17.38B | $11.82B | $11.37B | $10.93B | $10.73B | $10.13B |
| Liabilities | ||||||||||
| Accounts payable | — | — | — | $514.7M | $482.1M | $394.7M | $383.3M | $371.3M | $337.2M | $297.9M |
| Short-term debt | $0 | $651.5M | $810.5M | $8.3M | $502.5M | $1.9M | $2.0M | $1.9M | $11.2M | $1.7M |
| Total current liabilities | $612.9M | $588.2M | $599.0M | $514.7M | $482.1M | $394.7M | $383.3M | $371.3M | $337.2M | $297.9M |
| Long-term debt | $9.10B | $8.70B | $8.29B | $6.87B | $7.48B | $2.54B | $1.90B | $1.41B | $1.43B | $390.7M |
| Other long-term liabilities | $1.15B | $651.5M | $810.5M | $0 | $0 | $300.0M | $0 | $0 | $0 | $0 |
| Total liabilities | $10.87B | $9.94B | $9.70B | $7.39B | $7.96B | $3.24B | $2.29B | $1.78B | $1.77B | $688.7M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $17.6M | $17.5M | $17.6M | $17.5M | $17.5M | $17.5M | $17.4M | $17.4M | $5.67B | $5.63B |
| Retained earnings (deficit) | −$1.22B | −$699.1M | −$267.9M | −$110.2M | −$550.4M | −$914.8M | −$665.6M | −$577.4M | −$675.7M | −$487.6M |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | −$47.8M | −$72.0M | −$67.2M | −$80.3M | −$53.6M | −$43.4M | −$64.9M | −$64.1M | −$75.1M | −$95.1M |
| Minority interest | $93.7M | $101.0M | $93.8M | $93.4M | $20.1M | $18.0M | $16.8M | $25.2M | $24.4M | $29.7M |
| Total shareholders' equity | $9.25B | $9.71B | $10.01B | $10.17B | $9.42B | $8.58B | $9.08B | $9.14B | $8.96B | $9.44B |
| Key figures | ||||||||||
| Total debt | $10.25B | $9.35B | $9.10B | $6.88B | $7.98B | $2.55B | $1.90B | $1.41B | $1.44B | $392.4M |
| Net cash (debt) | −$9.94B | −$8.91B | −$8.73B | −$6.10B | −$7.24B | −$2.29B | −$1.49B | −$1.05B | −$1.01B | −$208.7M |
| Working capital | −$152.7M | −$140.8M | −$229.0M | $260.6M | $252.5M | −$137.1M | $26.5M | −$10.0M | $96.2M | −$114.2M |
| Tangible book value | $9.00B | $9.43B | $9.63B | $9.93B | $9.12B | $8.37B | $8.87B | $8.93B | $8.75B | $9.23B |
| Book value per share | $52.58 | $55.17 | $56.85 | $57.67 | $53.67 | $49.11 | $52.02 | $52.47 | $51.47 | $54.30 |
| Shares outstanding | 175.9M | 176.0M | 176.1M | 176.3M | 175.6M | 174.6M | 174.5M | 174.3M | 174.2M | 173.9M |
| Current ratio | 0.75 | 0.76 | 0.62 | 1.51 | 1.52 | 0.65 | 1.07 | 0.97 | 1.29 | 0.62 |
| Quick ratio | 0.75 | 0.76 | 0.62 | 1.51 | 1.52 | 0.65 | 1.09 | 0.97 | 1.29 | 0.62 |
| Debt / equity | 1.11 | 0.96 | 0.91 | 0.68 | 0.85 | 0.30 | 0.21 | 0.15 | 0.16 | 0.04 |
| Equity / assets | 45.8% | 49.2% | 50.5% | 57.9% | 54.2% | 72.6% | 79.9% | 83.7% | 83.5% | 93.2% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $259.9M | $134.6M | $318.1M | $296.5M | $1.10B | $287.2M | $447.4M | $599.0M | $542.3M | $271.6M | $370.0M | $629.8M |
| Cash & equivalents | $259.9M | $134.6M | $318.1M | $296.5M | $1.10B | $287.2M | $447.4M | $599.0M | $542.3M | $271.6M | $370.0M | $629.8M |
| Receivables | $173.3M | $142.5M | $142.1M | $93.7M | $78.5M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $1 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total current assets | $433.2M | $134.6M | $460.2M | $296.5M | $1.10B | $287.2M | $447.4M | $599.0M | $542.3M | $271.6M | $370.0M | $629.8M |
| Property, plant & equipment (net) | $18.75B | $18.68B | $194.4M | $267.8M | $257.3M | $240.7M | $308.1M | $310.5M | $380.7M | $389.3M | $345.5M | $457.1M |
| Goodwill & intangible assets | $393.8M | $399.1M | $251.6M | $269.6M | $253.5M | $263.2M | $282.2M | $294.5M | $320.8M | $351.5M | $387.3M | $414.3M |
| Long-term investments | $364.8M | $383.9M | $388.6M | $383.6M | $387.9M | $374.1M | $382.5M | $397.5M | $374.2M | $389.0M | $390.2M | $278.1M |
| Other non-current assets | $171.8M | $253.8M | $18.91B | $18.90B | $18.54B | $18.45B | $18.33B | $18.20B | $18.17B | $18.22B | $18.32B | $18.10B |
| Total assets | $20.12B | $19.85B | $20.21B | $20.11B | $20.54B | $19.62B | $19.75B | $19.80B | $19.79B | $19.62B | $19.81B | $19.88B |
| Liabilities | ||||||||||||
| Short-term debt | $650.1M | — | $0 | $284.1M | $684.3M | $0 | $0 | $31,000 | $62,000 | $808.0M | $810.5M | $30,000 |
| Total current liabilities | $650.1M | $498.4M | $612.9M | $664.4M | $624.8M | $520.5M | $588.2M | $619.4M | $584.6M | $504.2M | $599.0M | $644.2M |
| Long-term debt | $10.18B | $9.71B | $9.10B | $9.76B | $9.76B | $8.76B | $8.70B | $9.47B | $9.40B | $9.07B | $9.10B | $9.03B |
| Other long-term liabilities | $1.6M | $0 | $1.15B | $284.1M | $684.3M | $662.0M | $651.5M | $31,000 | $0 | $0 | $0 | $0 |
| Total liabilities | $10.83B | $10.53B | $10.87B | $10.71B | $11.07B | $9.95B | $9.94B | $10.09B | $9.99B | $9.57B | $9.70B | $9.67B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $17.6M | $17.6M | $17.6M | $17.5M | $17.5M | $17.5M | $17.5M | $17.5M | $17.5M | $17.6M | $17.6M | $17.6M |
| Retained earnings (deficit) | −$1.35B | −$1.27B | −$1.22B | −$1.15B | −$1.09B | −$867.4M | −$699.1M | −$737.5M | −$592.7M | −$336.0M | −$267.9M | −$130.6M |
| Accumulated other comprehensive income | −$45.8M | −$58.8M | −$47.8M | −$48.4M | −$41.5M | −$58.2M | −$72.0M | −$52.7M | −$74.1M | −$74.5M | −$67.2M | −$81.1M |
| Minority interest | $95.5M | $95.4M | $93.7M | $95.0M | $103.9M | — | — | — | — | — | — | — |
| Total shareholders' equity | $9.19B | $9.22B | $9.25B | $9.31B | $9.37B | $9.57B | $9.71B | $9.61B | $9.71B | $9.95B | $10.01B | $10.11B |
| Key figures | ||||||||||||
| Total debt | $10.18B | $9.71B | $10.25B | $10.04B | $10.44B | $9.42B | $9.35B | $9.47B | $9.40B | $9.07B | $9.10B | $9.03B |
| Net cash (debt) | −$9.92B | −$9.57B | −$9.94B | −$9.75B | −$9.34B | −$9.14B | −$8.91B | −$8.87B | −$8.86B | −$8.80B | −$8.73B | −$8.40B |
| Working capital | −$216.8M | −$363.8M | −$152.7M | −$367.9M | $479.8M | −$233.4M | −$140.8M | −$20.4M | −$42.3M | −$232.6M | −$229.0M | −$14.5M |
| Tangible book value | $8.80B | $8.83B | $9.00B | $9.04B | $9.12B | $9.30B | $9.43B | $9.32B | $9.39B | $9.60B | $9.63B | $9.69B |
| Book value per share | $52.07 | $52.43 | $52.59 | $52.94 | $53.28 | $54.37 | $55.21 | $54.64 | $55.15 | $56.41 | $57.00 | $57.38 |
| Shares outstanding | 176.5M | 175.9M | 175.9M | 175.9M | 175.9M | 175.9M | 175.9M | 175.9M | 176.0M | 176.3M | 175.7M | 176.2M |
| Current ratio | 0.67 | 0.27 | 0.75 | 0.45 | 1.77 | 0.55 | 0.76 | 0.97 | 0.93 | 0.54 | 0.62 | 0.98 |
| Quick ratio | 0.67 | 0.56 | 0.75 | 0.59 | 1.89 | 0.55 | 0.76 | 0.97 | 0.93 | 0.54 | 0.62 | 0.98 |
| Debt / equity | 1.11 | 1.05 | 1.11 | 1.08 | 1.11 | 0.99 | 0.96 | 0.99 | 0.97 | 0.91 | 0.91 | 0.89 |
| Equity / assets | 45.7% | 46.5% | 45.8% | 46.3% | 45.6% | 48.8% | 49.2% | 48.5% | 49.1% | 50.7% | 50.5% | 50.9% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 12, 2026); data from EODHD.
PSA financial position
At the end of fiscal 2025 (December 31, 2025), Public Storage had total assets of $20.2 billion (up 2.3% from a year earlier), total liabilities of $10.9 billion and shareholders' equity of $9.2 billion. It held $318.1 million in cash and short-term investments against $10.3 billion of debt, net debt of $9.9 billion. Its current ratio was 0.75. In the latest quarter (ended June 30, 2026) total assets were $20.1 billion and equity $9.2 billion.
Related: PSA income statement, PSA cash flow statement, PSA key metrics. See the PSA stock overview for the latest quote and news.
PSA balance sheet FAQ
What are Public Storage's total assets?
Public Storage reported total assets of $20.2 billion at the end of fiscal 2025 (December 31, 2025), compared with $19.8 billion a year earlier.
How much debt does Public Storage have?
Public Storage had $10.3 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 1.11.
How much cash does Public Storage have?
Public Storage held $318.1 million in cash and short-term investments at the end of fiscal 2025; with $10.3 billion of debt that is net debt of $9.9 billion.
What is Public Storage's book value?
Public Storage's shareholders' equity (book value) was $9.2 billion at the end of fiscal 2025, or $52.58 per share.
What is Public Storage's current ratio?
Public Storage had current assets of $460.2 million and current liabilities of $612.9 million, a current ratio of 0.75 (current liabilities exceed current assets).
How much goodwill does Public Storage have?
Public Storage carried $251.6 million of goodwill and intangible assets, 1.2% of total assets, at the end of fiscal 2025.