Public Storage (PSA) Operating Expenses (2009 - 2026)

On a trailing twelve-month basis, Public Storage's Operating Expenses was $2.98 billion through Jun 30, 2026, up 5.4% year-over-year; for FY2025, it came in at $2.89 billion, up 3.4% from FY2024.

• Operating Expenses has now increased for 13 consecutive years, with a five-year compound annual growth rate of 13.1% (FY2020 to FY2025).
• In earlier years, Operating Expenses was $2.8 billion in FY2024 (+15.3%), $2.43 billion in FY2023 (+11.4%), $2.18 billion in FY2022 (+20.1%) and $1.81 billion in FY2021 (+16.2%).
• The Q2 2026 figure marks the highest quarterly Operating Expenses in data going back to Q1 2009.
• Compared with a year earlier, Operating Expenses has increased for 41 straight quarters, with growth averaging 5.5% over the last eight quarters.
• Over the past five years, the year-over-year growth in Operating Expenses ranged from 2.0% (Q2 2025) to 31.5% (Q1 2022).
• Per Business Quant data, PSA's Operating Expenses in the three quarters before Q2 2026 was $743.46 million (Q1 2026), $739.74 million (Q4 2025) and $732.53 million (Q3 2025).