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Sep 30, 2025
Public Storage Q3 2025 Earnings Report
Reported higher net income and Core FFO per share in Q3 2025, driven by growth in Non-Same Store NOI and increased acquisitions.
Key Takeaways
Public Storage delivered strong Q3 2025 results with net income of $461.4 million and Core FFO of $4.31 per share, supported by robust expansion activity and stabilization in industry fundamentals.
Net income reached $461.4 million, or $2.62 per diluted share.
Core FFO per share rose to $4.31, reflecting operational strength.
Revenues grew to $1.22 billion, driven by self-storage and ancillary services.
Acquired 49 facilities with 3.4M rentable sq. ft. for $511.4 million.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Public Storage raised its full-year 2025 outlook, reflecting better-than-expected performance in Core FFO and increased acquisition activity.
Positive Outlook
- Raised 2025 Core FFO per share guidance.
- Improved outlook for Non-Same Store net operating income.
- Positive acquisition momentum across multiple states.
- Stable industry supply dynamics boosting confidence.
- Strong development pipeline with 3.9M sq. ft. expected.
Challenges Ahead
- Same store revenue growth guided to a range of -0.3% to 0.3%.
- Expense growth expected between 1.8% and 2.8% for Same Store operations.
- Net operating income for Same Store projected to decline.
- Higher capital expenditures for maintenance and energy initiatives.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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