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Mar 31, 2025
Public Storage Q1 2025 Earnings Report
Public Storage reported stable Q1 results, with Core FFO slightly up despite foreign exchange losses.
Key Takeaways
Public Storage delivered a resilient performance in Q1 2025, supported by contributions from acquisitions and development projects, even as net income declined due to FX headwinds.
Core FFO per share increased 2.2% YoY to $4.12.
Net income declined to $358,230,000 due to foreign exchange losses.
Same Store net operating income remained flat with a 77.1% margin.
Acquired 9 facilities and opened 3 new ones, expanding capacity by 0.7 million sq ft.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Public Storage expects modest growth in Core FFO and continued expansion despite regulatory headwinds and inflationary pressure.
Positive Outlook
- Core FFO per share guidance between $16.35 and $17.00.
- Ongoing development expected to add 3.7 million sq ft.
- Strong balance sheet supports further acquisitions.
- New ancillary revenue growth opportunities.
- High cash retention enabling self-funded growth.
Challenges Ahead
- Los Angeles and Ventura County pricing limitations negatively impact revenue.
- Expense growth expected between 2.5% and 4.0%.
- FX volatility poses ongoing risk to earnings.
- Flat to negative same store NOI guidance.
- Higher interest expenses projected at $285,000,000.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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