Summary
Public Storage (PSA) reported its financial results for the third quarter and the first nine months of fiscal year 2025. For the third quarter, net income allocable to common shareholders increased by 21.2% to $461.4 million, or $2.62 per diluted share, compared to the same period in 2024. This growth was primarily driven by a significant foreign currency gain and an increase in self-storage Net Operating Income (NOI). For the nine-month period, net income allocable to common shareholders decreased by 13.7% to $1.1 billion, or $6.42 per diluted share. This decrease was largely attributed to substantial foreign currency exchange losses, partially offset by an increase in self-storage NOI. The company continues to execute its growth strategy through acquisitions and development. During the first nine months of 2025, PSA acquired 74 self-storage facilities for $814.6 million. Furthermore, the company is progressing with its solar energy initiative and a corporate transformation program aimed at improving efficiency. Liquidity remains strong, supported by substantial cash on hand, operating cash flow, and an undrawn credit facility, providing ample resources to fund ongoing operations, capital expenditures, and shareholder distributions.
Financial Highlights
33 data points| Revenue | $1.22B |
| Operating Expenses | $732.53M |
| Interest Expense | $79.69M |
| Net Income | $511.06M |
| EPS (Basic) | $2.63 |
| EPS (Diluted) | $2.62 |
| Shares Outstanding (Basic) | 175.46M |
| Shares Outstanding (Diluted) | 175.88M |
Key Highlights
- 1Third-quarter net income allocable to common shareholders rose 21.2% year-over-year to $461.4 million, or $2.62 per diluted share, driven by foreign currency gains and increased self-storage NOI.
- 2Nine-month net income allocable to common shareholders decreased 13.7% to $1.1 billion, or $6.42 per diluted share, primarily due to foreign currency exchange losses.
- 3Total self-storage revenues increased by 2.6% for the third quarter and 2.0% for the nine-month period, driven by growth in non-same store facilities.
- 4The company acquired 74 self-storage facilities for $814.6 million in the first nine months of 2025, expanding its portfolio.
- 5Funds From Operations (FFO) per diluted share for the third quarter increased by 13.9% to $4.33, while Core FFO per diluted share saw a 2.6% increase to $4.31.
- 6Despite a decrease in Same Store Facilities revenue growth for the nine-month period (0.1%), occupancy remained high, with a slight decrease in average occupancy offset by an increase in realized rent per occupied square foot.
- 7Public Storage maintains a strong liquidity position with $296.5 million in cash and $1.48 billion available on its credit facility, sufficient to cover upcoming debt maturities and capital expenditures.