Public Storage (PSA) FY2019 results: revenue $2.9 billion, up 3.7% on the year
Public Storage (PSA) reported revenue of $2.9 billion for fiscal 2019, the year ended 31 December 2019, up 3.7% on the year before. Net income was $1.5 billion, down 11.1%, and diluted earnings per share $7.29. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2020.
Revenue
$2.9 billion
+3.7% on the year
FY2012FY2019
Operating margin
49.8%
50.0% a year earlier
FY2012FY2019
Net income
$1.5 billion
-11.1% on the year
FY2012FY2019
Diluted EPS
$7.29
-14.6% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
2,855
2,754
2,669
+3.7%
Cost of revenue
n/a
740
708
Gross profit
n/a
2,015
1,961
Gross margin
n/a
73.1%
73.5%
Operating income
1,421
1,376
1,423
+3.3%
Operating margin
49.8%
50.0%
53.3%
Interest expense
45.6
32.5
12.7
+40.3%
Income tax
n/a
n/a
0.0
Net income
1,521
1,711
1,442
-11.1%
Net margin
53.3%
62.1%
54.0%
Diluted EPS
$7.29
$8.54
$6.73
-14.6%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
2,068
2,062
1,976
+0.3%
Capital expenditure
187
141
121
+32.8%
Free cash flow
1,880
1,921
1,855
-2.1%
Free cash flow margin
65.9%
69.7%
69.5%
Cash from investing
-897
-516
-737
Cash from financing
-1,121
-1,620
-992
Depreciation and amortisation
513
484
455
+6.1%
Share-based compensation
25.8
69.9
37.5
-63.1%
Dividend per share
$8.00
$8.00
$8.00
0.0%
Diluted shares, weighted
175m
174m
174m
+0.1%
Shares outstanding at period end
174m
174m
174m
+0.2%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
9,063
9,119
8,940
-0.6%
Non-controlling interest
16.8
25.2
24.4
-33.6%
Redeemable equity
0.0
0.0
n/a
Debt
1,902
1,412
1,431
+34.7%
Other liabilities
383
371
337
+3.2%
Total liabilities and equity
11,365
10,928
10,733
+4.0%
Goodwill
175
175
175
0.0%
Intangible assets
12.5
16.5
21.5
-24.2%
Cash and equivalents
410
361
433
+13.4%
Other assets
10,769
10,376
10,103
+3.8%
Total assets
11,365
10,928
10,733
+4.0%
10-K for the year ended 31 December 2019, filed 25 February 2020: the filing.