Public Storage (PSA) Q2 2025 Earnings
Reported Jul 30, 2025 at 4:22 PM ET · SEC Source
Q2 25 EPS
$1.76
MISS 31.09%
Est. $2.55
Q2 25 Revenue
$1.20B
BEAT +0.26%
Est. $1.20B
vs S&P Since Q2 25
-1.1%
TRAILING MARKET
PSA +16.9% vs S&P +18.0%
Market Reaction
Did PSA Beat Earnings? Q2 2025 Results
Public Storage delivered a sharply split second quarter, with a GAAP earnings miss that obscured more resilient underlying operations. The self-storage REIT posted earnings of $1.76 per diluted share for Q2 2025, falling 31.09% short of the $2.55 con… Read more Public Storage delivered a sharply split second quarter, with a GAAP earnings miss that obscured more resilient underlying operations. The self-storage REIT posted earnings of $1.76 per diluted share for Q2 2025, falling 31.09% short of the $2.55 consensus estimate, as a $146.07 million foreign currency exchange loss on Euro-denominated notes payable weighed heavily on reported income. Revenue of $1.20 billion edged up 2.4% year-over-year and essentially met estimates, while Core FFO, the metric most closely watched by REIT investors, rose 1.0% to $4.28 per diluted share, reflecting steadier operational footing. Same-store occupancy dipped 40 basis points to 92.6% and same-store NOI declined 0.6%, pressured by rising property taxes and marketing costs. Shares slid following the print, with the headline EPS miss drawing investor scrutiny. Looking ahead, management raised the low end of its full-year Core FFO guidance to a range of $16.45 to $17.00 per share, supported by an accelerating acquisition pipeline expected to exceed $1.10 billion in total 2025 investment activity.
Key Takeaways
- • Higher realized annual rent per occupied square foot up 0.6% to $22.50 for Same Store
- • Non-Same Store NOI increased $12.0 million from acquired facilities and lease-up activity
- • Same Store occupancy declined 40 basis points to 92.6%
- • Foreign currency exchange loss of $146.1 million impacted GAAP net income
- • Same Store cost of operations increased 2.1% driven by property taxes and marketing
- • Operating model transformation enhancing customer experience and profitability
PSA YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
PSA Revenue by Segment
With YoY comparisons, source: SEC Filings
“We are raising our outlook based on stabilizing operations and accelerated acquisition volume. Strategic initiatives across the company are distinguishing our performance. Public Storage's operating model transformation is enhancing the customer experience while bolstering our leading growth and profitability. Leveraging our platform strength, strong retained cash flow, reputation as a preferred acquirer, and unique in-house development team, we are executing on accretive acquisitions and development with more than $1.1 billion of investment anticipated this year.”
— Joe Russell, Q2 2025 Earnings Press Release
PSA Earnings Trends
PSA vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
PSA EPS Trend
Earnings per share: estimate vs actual
PSA Revenue Trend
Quarterly revenue: estimate vs actual
PSA Quarterly Results
4 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $2.42 | $4.22 | +74.47% | $1.22B | +0.58% |
| Q4 25 BEAT FY | $2.49 | $2.60 | +4.38% | $1.22B | +0.41% |
| FY Full Year | — | $9.01 | — | $4.82B | — |
| Q3 25 BEAT | $2.54 | $2.62 | +3.32% | $1.22B | +1.02% |
| Q2 25 MISS | $2.55 | $1.76 | -31.09% | $1.20B | +0.26% |