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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenues:      
Revenues $ 4,824,113 $ 4,695,616 $ 4,517,690
Expenses:      
Depreciation and amortization 1,151,840 1,129,766 970,056
Real estate acquisition and development expense 19,550 15,506 26,451
General and administrative 106,682 106,677 80,632
Interest expense 304,495 287,401 201,132
Total expenses 2,892,542 2,797,351 2,426,217
Other increases (decreases) to net income:      
Interest and other income 63,099 67,212 85,590
Equity in earnings (loss) of unconsolidated real estate entity 9,604 19,821 27,897
Foreign currency exchange gain (loss) (215,583) 102,244 (51,197)
Gain (Loss) on sale of real estate 1,113 1,537 17,178
Income before income taxes 1,789,804 2,089,079 2,170,941
Income tax (provision) benefit 7,228 (4,669) (10,821)
Net income 1,797,032 2,084,410 2,160,120
Allocation to noncontrolling interests (12,684) (12,399) (11,793)
Net income allocable to Public Storage shareholders 1,784,348 2,072,011 2,148,327
Allocation of net income to:      
Preferred shareholders (194,703) (194,703) (194,703)
Restricted share units and unvested LTIP units (4,060) (4,623) (4,883)
Net income allocable to common shareholders $ 1,585,585 $ 1,872,685 $ 1,948,741
Net income per common share:      
Basic (in USD per share) $ 9.04 $ 10.68 $ 11.11
Diluted (in USD per share) $ 9.01 $ 10.64 $ 11.06
Basic weighted average common shares outstanding (in shares) 175,447 175,351 175,472
Diluted weighted average common shares outstanding (in shares) 175,902 176,038 176,143
Self-storage facilities      
Revenues:      
Revenues $ 4,489,413 $ 4,395,993 $ 4,259,613
Expenses:      
Self-storage cost of operations 1,177,038 1,136,720 1,061,950
Ancillary operations      
Revenues:      
Revenues 334,700 299,623 258,077
Expenses:      
Ancillary cost of operations $ 132,937 $ 121,281 $ 85,996