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Dec 31, 2025
Public Storage Q4 2025 Earnings Report
Public Storage reported lower net income in the fourth quarter of 2025, while total revenues increased modestly and Same Store margins remained strong.
Key Takeaways
In Q4 2025, Public Storage generated $1,215,792,000 in total revenues, up year-over-year, while net income allocable to common shareholders declined to $456,979,000. Same Store revenues were slightly down 0.2%, with a Same Store net operating income margin of 78.4%.
Total revenues increased to $1,215,792,000 driven by growth in self-storage and ancillary operations.
Net income allocable to common shareholders declined to $456,979,000 from the prior year.
Same Store net operating income margin remained strong at 78.4%.
Core FFO per share increased 1.2% year-over-year to $4.26.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
For full year 2026, Public Storage expects Same Store revenue growth between (2.2)% and 0%, NOI growth between (3.9)% and (0.5)%, and Core FFO per share between $16.35 and $17.00.
Positive Outlook
- Core FFO per share guidance of $16.35 to $17.00 for 2026.
- Non-Same Store NOI expected between $335,000,000 and $355,000,000.
- Stabilizing industry fundamentals entering 2026.
- Declining new competitive supply.
- Strategic PS4.0 initiative aimed at accelerating long-term shareholder returns.
Challenges Ahead
- Same Store revenue growth expected between (2.2)% and 0%.
- Same Store NOI projected to decline between (3.9)% and (0.5)%.
- Expense growth guidance of 1.5% to 2.8%.
- Macroeconomic uncertainties impacting demand.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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