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Sankey diagram of Public Storage. A complete text table follows the diagram.
A high-margin same-store base funds acquisitions and development, whose lower occupancy creates the next layer of embedded growth
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The diagram is a property-cohort operating map and stops at self-storage NOI. It excludes $55.352M of ancillary NOI and all depreciation, corporate, financing, tax, and foreign-exchange items. Core FFO and dividend figures appear only in annotations and are not mixed into the property-level flow.
Labels and narrative explain the filing. A category marked “arithmetic bridge” or “residual” is calculated from reported totals, rather than a separately reported line.
| Category | Stage | Value | Notes |
|---|---|---|---|
| Mature same-store facilities | 1 | $1.0B | 2,755 facilities; revenue flat |
| Acquired facilities | 1 | $75M | 286 facilities; revenue +35% |
| Developed & expanded facilities | 1 | $48.9M | 120 facilities; revenue +15% |
| Other non-same-store | 1 | $3.4M | 15 facilities |
| Same-store NOI | 2 | $739M | 73.9% NOI margin |
| Same-store operating cost | 2 | $261M | Taxes, managers, repairs, utilities and marketing |
| Acquired-facility NOI | 2 | $49.2M | 65.6% margin; NOI +41% |
| Acquired-facility operating cost | 2 | $25.8M | Costs before full occupancy maturation |
| Development NOI | 2 | $31.8M | 65.0% margin; NOI +15% |
| Development operating cost | 2 | $17.1M | Lease-up and property operations |
| Other cohort NOI | 2 | $2M | Small residual cohort |
| Other cohort operating cost | 2 | $1.4M | Reported property cost |
| Self-storage NOI engine | 3 | $822M | 72.9% of self-storage revenue |
| From | To | Value |
|---|---|---|
| Mature same-store facilities | Same-store NOI | $739M |
| Mature same-store facilities | Same-store operating cost | $261M |
| Acquired facilities | Acquired-facility NOI | $49.2M |
| Acquired facilities | Acquired-facility operating cost | $25.8M |
| Developed & expanded facilities | Development NOI | $31.8M |
| Developed & expanded facilities | Development operating cost | $17.1M |
| Other non-same-store | Other cohort NOI | $2M |
| Other non-same-store | Other cohort operating cost | $1.4M |
| Same-store NOI | Self-storage NOI engine | $739M |
| Acquired-facility NOI | Self-storage NOI engine | $49.2M |
| Development NOI | Self-storage NOI engine | $31.8M |
| Other cohort NOI | Self-storage NOI engine | $2M |