Summary
Public Storage (PSA) has released its 2025 Annual Report, detailing its performance and strategic initiatives. The company continues to lead the self-storage industry with a vast portfolio of 3,171 facilities across 40 states, representing 229 million net rentable square feet. Key financial highlights indicate a net income of $1.6 billion or $9.01 per diluted common share for 2025, a decrease from the previous year, primarily influenced by foreign currency exchange losses and increased depreciation and amortization. Despite this, the company has seen growth in its ancillary businesses, including tenant reinsurance and third-party property management. Strategic priorities for PSA include enhancing operational performance of existing facilities, pursuing acquisitions and development, and growing its ancillary services. The company reported significant activity in property acquisitions, adding 273 facilities since the beginning of 2023. Public Storage is also making substantial investments in technology to improve customer experience and operational efficiency, including its eRental® process and mobile app. The company remains committed to its REIT status and maintaining a strong financial position, with ample liquidity and access to capital markets to fund its growth plans.
Financial Highlights
35 data points| Revenue | $4.82B |
| Operating Expenses | $2.89B |
| Interest Expense | $304.50M |
| Net Income | $1.78B |
| EPS (Basic) | $9.04 |
| EPS (Diluted) | $9.01 |
| Shares Outstanding (Basic) | 175.45M |
| Shares Outstanding (Diluted) | 175.90M |
Key Highlights
- 1Public Storage (PSA) operates a substantial portfolio of 3,171 self-storage facilities totaling 229 million net rentable square feet across 40 U.S. states.
- 2The company reported a net income of $1.6 billion ($9.01 per diluted common share) for 2025, a decrease from $1.9 billion ($10.64 per diluted common share) in 2024, attributed to foreign currency losses and higher depreciation.
- 3Self-storage revenues remained relatively unchanged year-over-year for Same Store Facilities, with a slight increase in rental rates per occupied square foot offset by a decrease in average occupancy.
- 4Acquired and newly developed/expanded facilities showed strong net operating income growth (25.6% increase in 2025), contributing significantly to overall portfolio performance.
- 5PSA is actively pursuing growth through acquisitions, having acquired 273 facilities since the beginning of 2023 for $3.9 billion.
- 6The company is investing in technology, including its eRental® process (used for nearly three-quarters of new rentals in 2025) and a mobile app, to enhance customer experience.
- 7Ancillary operations, such as tenant reinsurance and third-party property management, demonstrated revenue growth, with tenant reinsurance revenue increasing by 10.6%.