PUBLIC STORAGE (PSA) FY2025 Annual Statement of Cash Flows
2025-01-01 to 2025-12-31
Statement of Cash Flows
2025-01-01 to 2025-12-31
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Chart details
PUBLIC STORAGE cash flow reconciliation, Jan 1, 2025 through Dec 31, 2025
Cash flows for Jan 1, 2025 through Dec 31, 2025. Cash basis: Cash and cash equivalents. Beginning cash: Dec 31, 2024. Ending cash: Dec 31, 2025. Beginning and ending cash are dated balances. Positive cash flows add cash; negative cash flows reduce it.
- Beginning cash on Dec 31, 2024
- 447,416,000 US dollars. Beginning cash: Cash and cash equivalents
- Operating activities
- 3,186,449,000 US dollars. Net cash provided.
- Depreciation and amortization
- 1,151,840,000 US dollars
- Distributions from cumulative equity in earnings of unconsolidated real estate entity
- 1,823,000 US dollars
- Equity in earnings of unconsolidated real estate entity
- negative 9,604,000 US dollars
- Other assets
- negative 24,639,000 US dollars
- Share-based compensation expense
- 39,902,000 US dollars
- Impairment of real estate investments
- 4,348,000 US dollars
- Accrued and other liabilities
- 26,440,000 US dollars
- Net income
- 1,797,032,000 US dollars
- Other non-cash adjustments
- 4,902,000 US dollars
- Gain on sale of real estate
- negative 1,113,000 US dollars
- Unrealized foreign currency exchange (gain) loss
- 185,169,000 US dollars
- Amortization of debt issuance costs
- 10,349,000 US dollars
- Investing activities
- negative 1,685,089,000 US dollars. Net cash used.
- Capital expenditures to maintain real estate facilities
- negative 218,464,000 US dollars
- Capital expenditures for property enhancements
- 0 US dollars
- Capital expenditures for energy efficiencies (LED lighting, solar)
- negative 70,914,000 US dollars
- Development and expansion of real estate facilities
- negative 310,737,000 US dollars
- Acquisition of real estate facilities and intangible assets
- negative 945,585,000 US dollars
- Acquisition of BREIT Simply Storage LLC, net of cash acquired
- 0 US dollars
- Issuance of notes receivable
- negative 131,227,000 US dollars
- Distributions in excess of cumulative equity in earnings from unconsolidated real estate entity
- 0 US dollars
- Contributions to unconsolidated real estate entity
- 0 US dollars
- Proceeds from sale of real estate investments
- 8,151,000 US dollars
- Acquisition of non-operating real estate assets
- negative 16,313,000 US dollars
- Financing activities
- negative 1,630,681,000 US dollars. Net cash used.
- Issuance costs on amendment of credit facility
- 0 US dollars
- Repayments of notes payable
- negative 651,517,000 US dollars
- Issuance of notes payable, net of issuance costs
- 1,356,420,000 US dollars
- Issuance of common shares
- 0 US dollars
- Issuance of common shares in connection with share-based compensation
- 9,412,000 US dollars
- Taxes paid upon net share settlement of restricted share units
- negative 8,646,000 US dollars
- Repurchase of common shares
- 0 US dollars
- Acquisition of noncontrolling interests
- negative 9,864,000 US dollars
- Contributions by noncontrolling interests
- 4,588,000 US dollars
- Distributions paid to preferred shareholders, common shareholders, restricted share unitholders and unvested LTIP unitholders
- negative 2,303,381,000 US dollars
- Distributions paid to noncontrolling interests
- negative 27,693,000 US dollars
- Operating adjustment reconciliation
- 1,424,773,000 US dollars. Intermediate calculation joining the operating reconciliation branches. Its gross amount includes any portion of net income routed through this junction. It is not an additional cash source or use.
- financing gross reconciliation
- 3,001,101,000 US dollars. Gross amount at the activity's junction before offsetting its receipts and deductions. It is not an additional cash source or use.
- investing gross reconciliation
- 1,693,240,000 US dollars. Gross amount at the activity's junction before offsetting its receipts and deductions. It is not an additional cash source or use.
- Exchange-rate effect
- 0 US dollars
- Ending cash on Dec 31, 2025
- 318,095,000 US dollars. Ending cash: Cash and cash equivalents
- Cash sources and uses
- 3,633,865,000 US dollars. Opening cash plus net sources, equal to net uses plus ending cash.
- Net cash change
- negative 129,321,000 US dollars. Ending cash minus beginning cash.
- Cash flow / Net income
- 1.77×. Operating cash flow divided by reconciliation net income for the same period. Black from 0.90× through 1.10×; green above 1.10×; red below 0.90×. Color uses the unrounded ratio.
Chart connections
- Beginning cash plus operating, investing and financing cash flows plus the exchange-rate effect equals ending cash. Negative amounts reduce cash.
- Financing contributions meet at a reconciliation junction before connecting to the net cash total.
- Investing contributions meet at a reconciliation junction before connecting to the net cash total.
- Operating reconciliation adjustments are not all independent cash receipts.
- Net income enters operating cash directly in the reconciliation. The adjustment junction contributes the remaining $1.39B after reconciling the other positive and negative adjustments. These connections depict an accounting reconciliation, not traced cash receipts.
- Each activity has one net cash bar connected to the shared cash pool. Positive activity totals enter the pool; negative activity totals leave the pool to fund that activity's net payments. The central pool does not assign a particular funding source to a particular payment.
- The intermediate calculation bars include both sides of the displayed activity breakdowns; they are not additional cash flows.
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