Global Finance News
14 Feb 2026, 09:57
Public Storage Reports Q4 and Full-Year 2025 Results, Issues 2026 Outlook
Public Storage (NYSE: PSA) reported fourth-quarter 2025 net income of $2.60 per share, down from $3.21 a year earlier, while core funds from operations (Core FFO) rose slightly to $4.26 per share from $4.21. For full-year 2025, net income was $9.01 per share versus $10.64 in 2024, and Core FFO increased to $16.97 per share from $16.67.
Operationally, the company said it achieved positive same-store revenue growth in 56% of its markets and posted a 78.4% same-store net operating income (NOI) margin in the quarter. Same-store average occupancy was 91.6% for the quarter, and management noted quarter-end occupancy was 0.5 percentage points higher year over year, marking the first year-over-year occupancy increase in more than four years. Same-store revenue was essentially flat year over year in Q4 at about $936.2 million, while same-store NOI declined 1.5% to $703.7 million.
On capital allocation, Public Storage acquired 13 facilities in the quarter for $131.0 million and 87 facilities during 2025 for $945.6 million. It also delivered new developments and expansions adding 1.0 million net rentable square feet in Q4 and 2.1 million for the full year. As of year-end, projects in development and expansion are expected to add 3.5 million net rentable square feet at an estimated cost of $609.9 million over the next 18 to 24 months.
For 2026, Public Storage guided to same-store revenue growth of (2.2)% to 0%, expense growth of 1.5% to 2.8%, and same-store NOI growth of (3.9)% to (0.5)%. The company also forecast Core FFO per share of $16.35 to $17.00. It ended 2025 with total debt of $10.3 billion, a weighted average interest rate of 3.2%, and approximately $2.4 billion of liquidity.
Separately, the company highlighted PS4.0, a leadership transition and strategic initiative aimed at accelerating long-term shareholder returns. CEO Joe Russell plans to retire effective March 31, 2026, with CFO and chief investment officer Tom Boyle set to become CEO effective April 1, 2026.
Business Wire
Public Storage (NYSE: PSA) reported fourth-quarter 2025 net income of $2.60 per share, down from $3.21 a year earlier, while core funds from operations (Core FFO) rose slightly to $4.26 per share from $4.21. For full-year 2025, net income was $9.01 per share versus $10.64 in 2024, and Core FFO increased to $16.97 per share from $16.67.
Operationally, the company said it achieved positive same-store revenue growth in 56% of its markets and posted a 78.4% same-store net operating income (NOI) margin in the quarter. Same-store average occupancy was 91.6% for the quarter, and management noted quarter-end occupancy was 0.5 percentage points higher year over year, marking the first year-over-year occupancy increase in more than four years. Same-store revenue was essentially flat year over year in Q4 at about $936.2 million, while same-store NOI declined 1.5% to $703.7 million.
On capital allocation, Public Storage acquired 13 facilities in the quarter for $131.0 million and 87 facilities during 2025 for $945.6 million. It also delivered new developments and expansions adding 1.0 million net rentable square feet in Q4 and 2.1 million for the full year. As of year-end, projects in development and expansion are expected to add 3.5 million net rentable square feet at an estimated cost of $609.9 million over the next 18 to 24 months.
For 2026, Public Storage guided to same-store revenue growth of (2.2)% to 0%, expense growth of 1.5% to 2.8%, and same-store NOI growth of (3.9)% to (0.5)%. The company also forecast Core FFO per share of $16.35 to $17.00. It ended 2025 with total debt of $10.3 billion, a weighted average interest rate of 3.2%, and approximately $2.4 billion of liquidity.
Separately, the company highlighted PS4.0, a leadership transition and strategic initiative aimed at accelerating long-term shareholder returns. CEO Joe Russell plans to retire effective March 31, 2026, with CFO and chief investment officer Tom Boyle set to become CEO effective April 1, 2026.
Business Wire
