Public Storage (PSA) FY2020 results: revenue $2.9 billion, up 2.1% on the year
Public Storage (PSA) reported revenue of $2.9 billion for fiscal 2020, the year ended 31 December 2020, up 2.1% on the year before. Net income was $1.4 billion, down 10.7%, and diluted earnings per share $6.29. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2021.
Revenue
$2.9 billion
+2.1% on the year
FY2013FY2020
Operating margin
46.5%
49.8% a year earlier
FY2013FY2020
Net income
$1.4 billion
-10.7% on the year
FY2013FY2020
Diluted EPS
$6.29
-13.7% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
2,915
2,855
2,754
+2.1%
Cost of revenue
n/a
n/a
740
Gross profit
n/a
n/a
2,015
Gross margin
n/a
n/a
73.1%
Operating income
1,355
1,421
1,376
-4.7%
Operating margin
46.5%
49.8%
50.0%
Interest expense
56.3
45.6
32.5
+23.3%
Net income
1,357
1,521
1,711
-10.7%
Net margin
46.6%
53.3%
62.1%
Diluted EPS
$6.29
$7.29
$8.54
-13.7%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
2,043
2,068
2,062
-1.2%
Capital expenditure
n/a
187
141
Free cash flow
n/a
1,880
1,921
Free cash flow margin
n/a
65.9%
69.7%
Cash from investing
-1,118
-897
-516
Cash from financing
-1,076
-1,121
-1,620
Depreciation and amortisation
553
513
484
+7.9%
Share-based compensation
33.4
25.8
69.9
+29.1%
Dividend per share
$8.00
$8.00
$8.00
0.0%
Diluted shares, weighted
175m
175m
174m
+0.1%
Shares outstanding at period end
175m
174m
174m
+0.1%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
8,559
9,063
9,119
-5.6%
Non-controlling interest
18.0
16.8
25.2
+7.6%
Redeemable equity
0.0
0.0
0.0
Debt
2,545
1,902
1,412
+33.8%
Other liabilities
695
383
371
+81.2%
Total liabilities and equity
11,817
11,365
10,928
+4.0%
Goodwill
166
175
175
-5.0%
Intangible assets
20.0
12.5
16.5
+59.9%
Cash and equivalents
258
410
361
-37.1%
Other assets
11,373
10,769
10,376
+5.6%
Total assets
11,817
11,365
10,928
+4.0%
10-K for the year ended 31 December 2020, filed 24 February 2021: the filing.