PSA
Public Storage267.48
-4.90-1.8%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q4 '25)
No earnings call transcript available yet
Last Quarter (Q3 '25)
No earnings call transcript available
Key Stats
Market Cap
46.93BP/E (TTM)
27.78Basic EPS (TTM)
9.63Dividend Yield
0.04%Recent Filings
8-K
8-K
Public Storage Q3 earnings beat
Public Storage reported Q3 net income of $2.62 per diluted share, up 21.3% from last year, driven by a $71.5 million foreign currency gain and $21.7 million self-storage NOI growth from non-same store facilities. Acquisitions added 49 facilities totaling 3.4 million square feet for $511.4 million, while expansions contributed 0.3 million square feet at $60.4 million cost. Same store NOI held flat at 78.5% margin amid stable occupancy. Core FFO rose 2.6% to $4.31 per share. The company raised its 2025 Core FFO guidance to $16.70-$17.00, signaling confidence in NOI and acquisition momentum. Yet foreign exchange volatility persists as a key risk.
10-Q
Q3 FY2025 results
Public Storage posted solid Q3 momentum, with self-storage revenues up 2.6% y/y to $1.14B on stronger non-same store performance, while ancillary revenues climbed 9.8% y/y to $85.2M from reinsurance growth. Net income allocable to common shareholders jumped 21.2% y/y to $461.4M, or $2.62 diluted EPS, boosted by a $71.5M foreign currency gain yet tempered by higher depreciation and interest costs. Acquisitions drove the gains, adding 74 facilities (5.2M sq ft) for $814.6M in the first nine months, alongside $268.8M in developments yielding 1.1M sq ft; same store NOI held flat amid 0.6% rent gains offset by softer occupancy. Cash stood at $296.5M with $1.5B revolver availability and $10.0B debt at 3.0% weighted average rate, but foreign exchange volatility remains a key watch.
8-K
Public Storage prices €425M notes
Public Storage Operating Company, guaranteed by Public Storage, priced €425 million of 3.500% senior notes due January 20, 2034, at 99.447% of par on September 26, 2025, with closing expected October 3. Proceeds will repay €242 million of 2.175% notes due November 2025 and fund general corporate needs, including self-storage investments and debt reduction. This extends maturities while locking in fixed euro-denominated debt. Underwriters include BNP Paribas, Goldman Sachs, and Morgan Stanley.
8-K
Same-store dip, acquisitions surge
Public Storage released an operating update showing same-store occupancy dipped to 91.3% at August 31, 2025, from 91.6% a year earlier, while annual contract rent per occupied square foot edged down 0.1% to $22.79. Move-in rents fell 7.9% to $13.57 per square foot over two months, yet move-out losses narrowed 3.8%. The company has acquired or contracted for 74 facilities totaling 5.1 million square feet for $811.0 million year-to-date. Acquisitions expand footprint amid softening demand.
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