Public Storage (PSA) FY2023 results: revenue $4.5 billion, up 8.0% on the year
Public Storage (PSA) reported revenue of $4.5 billion for fiscal 2023, the year ended 31 December 2023, up 8.0% on the year before. Net income was $2.1 billion, down 50.6%, and diluted earnings per share $11.06. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2024.
Revenue
$4.5 billion
+8.0% on the year
FY2016FY2023
Operating margin
46.3%
47.9% a year earlier
FY2016FY2023
Net income
$2.1 billion
-50.6% on the year
FY2016FY2023
Diluted EPS
$11.06
-52.9% on the year
FY2016FY2023
this yearthe year beforeHover a bar for its figure.
$ 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
FY2023
FY2022
FY2021
On the year
Last 8 years
Operating cash flow
3,247
3,117
2,544
+4.2%
Capital expenditure
364
314
282
+16.2%
Free cash flow
2,882
2,804
2,262
+2.8%
Free cash flow margin
63.8%
67.0%
66.2%
Cash from investing
-3,539
1,120
-5,564
Cash from financing
-113
-4,193
3,498
Depreciation and amortisation
970
888
713
+9.2%
Share-based compensation
41.6
56.7
59.8
-26.7%
Buybacks
0.0
0.0
n/a
Dividend per share
$12.00
$21.15
$8.00
-43.3%
Diluted shares, weighted
176m
176m
176m
-0.1%
Shares outstanding at period end
176m
175m
175m
+0.2%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
10,013
10,073
9,335
-0.6%
Non-controlling interest
93.8
93.4
20.1
+0.4%
Redeemable equity
0.0
0.0
68.2
Debt
9,103
6,871
7,475
+32.5%
Other liabilities
599
515
482
+16.4%
Total liabilities and equity
19,809
17,552
17,381
+12.9%
Goodwill
166
166
166
0.0%
Intangible assets
203
47.9
118
+323.4%
Cash and equivalents
370
775
735
-52.3%
Other assets
19,071
16,563
16,362
+15.1%
Total assets
19,809
17,552
17,381
+12.9%
10-K for the year ended 31 December 2023, filed 20 February 2024: the filing.