Public Storage (PSA) Q3 2025 Earnings
Reported Oct 29, 2025 at 4:28 PM ET · SEC Source
Q3 25 EPS
$2.62
BEAT +3.32%
Est. $2.54
Q3 25 Revenue
$1.22B
BEAT +1.02%
Est. $1.21B
vs S&P Since Q3 25
+4.1%
BEATING MARKET
PSA +13.8% vs S&P +9.7%
Market Reaction
Did PSA Beat Earnings? Q3 2025 Results
Public Storage delivered a solid third quarter, posting earnings per diluted share of $2.62 against a Wall Street consensus of $2.54, a beat of 3.32%, while revenue of $1.22 billion edged ahead of estimates by 1.02% and climbed 3.0% year over year. T… Read more Public Storage delivered a solid third quarter, posting earnings per diluted share of $2.62 against a Wall Street consensus of $2.54, a beat of 3.32%, while revenue of $1.22 billion edged ahead of estimates by 1.02% and climbed 3.0% year over year. The headline GAAP result was flattered by a $71.50 million swing in foreign currency gains tied to Euro-denominated notes payable, though the underlying business also showed genuine momentum, with Core FFO per share rising 2.6% to $4.31. The real growth engine was the non-same-store portfolio, where newly acquired and lease-up properties contributed a $21.50 million NOI increase, underpinned by an aggressive $511.40 million acquisition spree across 49 facilities in the quarter alone. Same-store operations were essentially flat, with occupancy slipping 50 basis points to 92.2% even as rent per occupied square foot nudged up 0.6%. Encouraged by the portfolio expansion, management raised full-year Core FFO guidance to $16.70 to $17.00 per share, with analysts beginning to weigh whether the market has fully priced in the company's accelerating growth trajectory.
Key Takeaways
- • Non-Same Store Facilities contributed $21.5 million NOI increase from newly acquired facilities and lease-up of development/expansion properties
- • Same Store direct net operating income margin of 78.5%
- • $71.5 million foreign currency gain swing on Euro-denominated notes payable
- • Realized annual rent per occupied square foot increased 0.6% to $22.67
- • Same Store revenues essentially flat year-over-year
- • Property tax expense increased 4.9% in Same Store, partially offset by declines in marketing (-5.3%), repairs/maintenance (-6.0%), and property manager payroll (-2.3%)
PSA YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
PSA Revenue by Segment
With YoY comparisons, source: SEC Filings
“Public Storage's third quarter results reflect differentiated strategies that continue to drive our performance. As industry fundamentals stabilize, new competitive supply declines, and acquisition market activity increases, we are well-positioned to continue advancing our compounding returns platform. We are raising our 2025 outlook for the second consecutive quarter based on outperformance in NOI growth, acquisition activity, and Core FFO per share growth.”
— Joe Russell, Q3 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% |