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Jun 30
Public Storage Q2 2025 Earnings Report
Public Storage reported stable Q2 results, with modest gains in Core FFO and continued strategic investments.
Key Takeaways
Public Storage delivered steady performance in Q2 2025, with Core FFO inching up and over $1.1 billion in expected acquisition and development investments, despite foreign currency losses impacting GAAP net income.
Net income was $308,968,000, down from $468,366,000 due to foreign currency losses.
Core FFO per share increased to $4.28, while FFO per share declined to $3.44.
Revenue reached $1,201,094,000, driven by steady self-storage and ancillary operations.
Same store margin held strong at 78.8%, despite slight occupancy declines.
Public Storage
Public Storage
Public Storage Revenue by Segment
Public Storage Revenue by Geographic Location
Revenue by Segment
Self Storage Revenue
CapyFin.comAncillary Operations Revenue
CapyFin.comRevenue by Geographic Location
United States Revenue
CapyFin.com Forward Guidance
Public Storage maintained guidance for Core FFO per share in the range of $16.45 to $17.00, with a positive outlook for non-same store NOI and ongoing development activity.
Positive Outlook
- Raised Core FFO per share guidance midpoint to $16.73.
- Expected $370 million in development openings in 2025.
- Guided $465M–$475M in Non-Same Store NOI for the year.
- Positive momentum in acquisitions and platform transformation.
- Incremental $110 million NOI expected post-2025 from lease-ups.
Challenges Ahead
- Same store revenue growth guidance includes a -1% impact from LA price caps.
- Same store NOI expected to decline up to 2.6%.
- Foreign currency losses continue to pressure GAAP results.
- Expense growth for same store projected up to 3.0%.
- Challenging occupancy comps may continue into H2 2025.