• Public Storage average gross margin for 2023 was 74.8%, a 0.75% decline from 2022.
• Public Storage average gross margin for 2022 was 74.24%, a 2.78% increase from 2021.
• Public Storage average gross margin for 2021 was 72.23%, a 2.64% increase from 2020.

Gross margin can be defined as a company's total sales revenue minus its cost of goods sold, divided by the total sales revenue, expressed as a percentage.