The Investor
29 Oct 2025, 20:40
Public Storage Q3 2025: Raises Full-Year Outlook as NOI and Core FFO Outperform
Public Storage (NYSE: PSA) reported strong third-quarter 2025 results, supported by continued growth in net operating income (NOI) and portfolio expansion. Net income allocable to common shareholders was $2.62 per diluted share, while core funds from operations (Core FFO) reached $4.31 per share. The company achieved a Same Store direct NOI margin of 78.5%, reflecting robust operational efficiency and stable industry fundamentals.
During the quarter, Public Storage acquired 49 self-storage facilities totaling 3.4 million net rentable square feet for $511.4 million. After the quarter’s end, it acquired or agreed to acquire 12 additional facilities encompassing 0.9 million net rentable square feet for $119.9 million. Year-to-date, total acquisitions and facilities under contract reached 6.1 million net rentable square feet for an aggregate investment of about $934.5 million.
The company also completed expansion projects adding 0.3 million square feet in Q3 and 1.1 million year-to-date, with total costs of $60.4 million and $268.8 million, respectively. As of September 30, 2025, Public Storage had 3.9 million square feet under development or expansion, representing an estimated investment of $649.2 million.
CEO Joe Russell said the company’s “differentiated strategies” and improved market dynamics, including stabilizing industry fundamentals and reduced new supply, are driving performance. Citing outperformance in NOI growth, acquisition activity, and Core FFO per share, Public Storage raised its 2025 outlook for the second consecutive quarter, reinforcing its confidence in sustained long-term value creation.
Public Storage (NYSE: PSA) reported strong third-quarter 2025 results, supported by continued growth in net operating income (NOI) and portfolio expansion. Net income allocable to common shareholders was $2.62 per diluted share, while core funds from operations (Core FFO) reached $4.31 per share. The company achieved a Same Store direct NOI margin of 78.5%, reflecting robust operational efficiency and stable industry fundamentals.
During the quarter, Public Storage acquired 49 self-storage facilities totaling 3.4 million net rentable square feet for $511.4 million. After the quarter’s end, it acquired or agreed to acquire 12 additional facilities encompassing 0.9 million net rentable square feet for $119.9 million. Year-to-date, total acquisitions and facilities under contract reached 6.1 million net rentable square feet for an aggregate investment of about $934.5 million.
The company also completed expansion projects adding 0.3 million square feet in Q3 and 1.1 million year-to-date, with total costs of $60.4 million and $268.8 million, respectively. As of September 30, 2025, Public Storage had 3.9 million square feet under development or expansion, representing an estimated investment of $649.2 million.
CEO Joe Russell said the company’s “differentiated strategies” and improved market dynamics, including stabilizing industry fundamentals and reduced new supply, are driving performance. Citing outperformance in NOI growth, acquisition activity, and Core FFO per share, Public Storage raised its 2025 outlook for the second consecutive quarter, reinforcing its confidence in sustained long-term value creation.
