v3.26.3
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2026
Dec. 31, 2025
ASSETS    
Cash and equivalents $ 560,379 $ 318,095
Real estate facilities, at cost:    
Land 7,295,228 5,952,072
Buildings 29,830,275 24,126,185
Total land and buildings, at cost 37,125,503 30,078,257
Accumulated depreciation (12,321,755) (11,468,054)
Total land and buildings, net 24,803,748 18,610,203
Construction in process 322,290 194,355
Total real estate facilities, net 25,126,038 18,804,558
Investments in unconsolidated real estate entities 883,398 388,586
Goodwill and other intangible assets, net 1,355,953 251,613
Notes receivable, net 445,310 142,108
Real property held for sale 152,256 7,959
Other assets 474,279 295,685
Total assets 28,997,613 20,208,604
LIABILITIES AND EQUITY    
Notes payable 11,992,033 10,253,881
Unsecured credit facility and commercial paper 200,000 0
Dividends and distributions payable 583,263 1,898
Accrued and other liabilities 1,002,358 610,991
Total liabilities 13,777,654 10,866,770
Commitments and contingencies (Note 17)
Public Storage shareholders’ equity:    
Preferred Shares, $0.01 par value, 100,000,000 shares authorized, 174,000 shares issued (in series) and outstanding, (174,000 shares at December 31, 2024) at liquidation preference 4,719,878 4,350,000
Common Shares, $0.10 par value, 650,000,000 shares authorized, 175,462,847 shares issued (175,408,393 shares at December 31, 2024) 18,684 17,550
Paid-in capital 11,356,528 6,147,650
Accumulated deficit (1,594,578) (1,219,273)
Accumulated other comprehensive income (loss) 1,845 (47,799)
Total Public Storage shareholders’ equity 14,502,357 9,248,128
Noncontrolling interests 717,602 93,706
Total equity 15,219,959 9,341,834
Total liabilities and equity $ 28,997,613 $ 20,208,604