Companies /Real Estate

Public Storage.

NYSE: PSA Reit - Industrial
$302.01
▼ $3.72 (−1.22%) today
Markets closed · 11:49am ET

Q3 2025 Earnings

Reported Oct 29, 2025, 4:28pm ET · SEC source
$2.62
Beat +3.32%
EPS · est. $2.54
$1.2B
Beat +1.02%
Revenue · est. $1.2B
−3.0%
Trailing market
PSA vs S&P since report
4 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−2%0+2%Oct 29Oct 30report 4:28pm ETearnings−0.6%−2.9%
−2%0+2%Oct 29Oct 30earnings−0.6%−2.9%
PSA −2.9%S&P 500 −0.6%
−2%0+2%Oct 29Oct 30report 4:28pm ETearnings−0.8%−2.9%
−2%0+2%Oct 29Oct 30earnings−0.8%−2.9%
PSA −2.9%NASDAQ −0.8%
−3%0+3%Oct 28Nov 6report 4:28pm ETearnings−2.1%−5.3%
−3%0+3%Oct 28Nov 6earnings−2.1%−5.3%
PSA −5.3%S&P 500 −2.1%
−3%0+3%Oct 28Nov 6report 4:28pm ETearnings−3.4%−5.3%
−3%0+3%Oct 28Nov 6earnings−3.4%−5.3%
PSA −5.3%NASDAQ −3.4%
−2.88%
Day of report
−0.82%
Next session
−2.46%
One week
−2.74%
30 days

S&P 500 over the same 30 days: +0.25%.

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. 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%)

“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.”

Public Storage CEO, on the earnings call

Forward Guidance & Outlook

Public Storage raised its 2025 full-year guidance for the second consecutive quarter. Core FFO per share is now expected at $16.70–$17.00, up from the prior range of $16.45–$17.00, representing 0.2%–2.0% growth from 2024 Core FFO per share. Same Store revenue growth is guided at (0.3)%–0.3% (narrowed from prior (1.3)%–0.8%), Same Store expense growth at 1.8%–2.8%, and Same Store NOI growth at (1.2)%–(0.2)%. Non-Same Store NOI guidance was increased to $475M–$485M from $465M–$475M. Ancillary NOI is expected at $195M–$200M. Core G&A expense is expected at $91M–$97M. Interest expense is guided at $305M, preferred dividends at $195M. Development openings are expected at $370M. Maintenance capital expenditures are expected at $175M (up from $150M prior) and energy efficiency capex at $75M (up from $50M). Incremental Non-Same Store NOI to stabilization beyond 2025 is expected at $130M (up from $110M prior).

PSA YoY Financials

Q3 2025 vs Q3 2024 · SEC filings Q3 2024 Q3 2025
$0$400.0M$800.0M$1.2B$1.2B$1.2BRevenue$430.3M$514.8MNet Income$559.5M$491.5MOperating Income
$0$400.0M$800.0M$1.2BRevenueNet IncomeOperating Income

PSA Revenue by Segment

Self-Storage Facilities$1.1B
Same Store Facilities
Ancillary Operations$85.2M
Acquired Facilities
Other Non-Same Store Facilities
Newly Developed and Expanded Facilities

Figures from SEC filings and company reports. Not investment advice.