Public Storage (PSA) FY2022 results: revenue $4.2 billion, up 22.4% on the year

Public Storage (PSA) reported revenue of $4.2 billion for fiscal 2022, the year ended 31 December 2022, up 22.4% on the year before. Net income was $4.3 billion, up 122.7%, and diluted earnings per share $23.50. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2023.

Revenue

$4.2 billion

+22.4% on the year

FY2015FY2022

Operating margin

47.9%

46.9% a year earlier

FY2015FY2022

Net income

$4.3 billion

+122.7% on the year

FY2015FY2022

Diluted EPS

$23.50

+138.1% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	4,182	3,416	2,915	+22.4%
Operating income	2,004	1,602	1,355	+25.1%
Operating margin	47.9%	46.9%	46.5%
Interest expense	136	90.8	56.3	+50.2%
Pre-tax income	4,381	1,972	n/a	+122.1%
Income tax	14.3	12.4	n/a	+15.9%
Effective tax rate	0.3%	0.6%	n/a
Net income	4,349	1,953	1,357	+122.7%
Net margin	104.0%	57.2%	46.6%
Diluted EPS	$23.50	$9.87	$6.29	+138.1%

$ million except per share.

Free 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	FY2022	FY2021	FY2020	On the year
Operating cash flow	3,117	2,544	2,043	+22.6%
Capital expenditure	314	282	n/a	+11.2%
Free cash flow	2,804	2,262	n/a	+24.0%
Free cash flow margin	67.0%	66.2%	n/a
Cash from investing	1,120	-5,564	-1,118
Cash from financing	-4,193	3,498	-1,076
Depreciation and amortisation	888	713	553	+24.5%
Share-based compensation	56.7	59.8	33.4	-5.2%
Buybacks	0.0	n/a	n/a
Dividend per share	$21.15	$8.00	$8.00	+164.4%
Diluted shares, weighted	176m	176m	175m	+0.4%
Shares outstanding at period end	175m	175m	175m	+0.1%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	10,073	9,335	8,559	+7.9%
Non-controlling interest	93.4	20.1	18.0	+364.4%
Redeemable equity	0.0	68.2	0.0
Debt	6,871	7,475	2,545	-8.1%
Other liabilities	515	482	695	+6.8%
Total liabilities and equity	17,552	17,381	11,817	+1.0%
Goodwill	166	166	166	0.0%
Intangible assets	47.9	118	20.0	-59.5%
Cash and equivalents	775	735	258	+5.5%
Other assets	16,563	16,362	11,373	+1.2%
Total assets	17,552	17,381	11,817	+1.0%

10-K for the year ended 31 December 2022, filed 21 February 2023: the filing.