Earnings summaries and quarterly performance for Public Storage.
Executive leadership at Public Storage.
Joseph D. Russell, Jr.
Detailed
President and Chief Executive Officer
CEO
CC
Chris C. Sambar
Detailed
Chief Operating Officer
HT
H. Thomas Boyle
Detailed
Chief Financial and Investment Officer
NN
Natalia N. Johnson
Detailed
Chief Administrative Officer
NA
Nathaniel A. Vitan
Detailed
Chief Legal Officer and Corporate Secretary
Board of directors at Public Storage.
AB
Avedick B. Poladian
Detailed
Independent Trustee
JR
John Reyes
Detailed
Independent Trustee
KM
Kristy M. Pipes
Detailed
Lead Independent Trustee
LP
Luke Petherbridge
Detailed
Independent Trustee
MR
Maria R. Hawthorne
Detailed
Independent Trustee
PS
Paul S. Williams
Detailed
Independent Trustee
RO
Rebecca Owen
Detailed
Independent Trustee
RL
Ronald L. Havner, Jr.
Detailed
Chairman of the Board
RP
Ronald P. Spogli
Detailed
Independent Trustee
SS
Shankh S. Mitra
Detailed
Independent Trustee
TH
Tamara Hughes Gustavson
Detailed
Independent Trustee
TM
Tariq M. Shaukat
Detailed
Independent Trustee
Research analysts who have asked questions during Public Storage earnings calls.
Juan Sanabria
BMO Capital Markets
6 questions for PSA
Also covers: AMH, BRX, CTRE +21 more
Michael Goldsmith
UBS
6 questions for PSA
Also covers: ADC, AHR, AMH +39 more
Todd Thomas
KeyBanc Capital Markets
6 questions for PSA
Also covers: AAT, AKR, BRX +21 more
Brendan Lynch
Barclays
5 questions for PSA
Also covers: AMT, BXP, CCI +24 more
Eric Wolfe
Citi
5 questions for PSA
Also covers: AMH, AVB, CPT +13 more
RK
Ronald Kamdem
Morgan Stanley
5 questions for PSA
Also covers: AAT, ADC, AHR +37 more
Eric Luebchow
Wells Fargo
4 questions for PSA
Also covers: AMT, CCI, CUBE +10 more
Jeffrey Spector
BofA Securities
4 questions for PSA
Also covers: AKR, AMH, AVB +25 more
KB
Ki Bin Kim
Truist Securities
4 questions for PSA
Also covers: ADC, AKR, BNL +20 more
Michael Griffin
Citigroup Inc.
4 questions for PSA
Also covers: AHR, ALX, ARE +35 more
MM
Michael Mueller
JPMorgan Chase & Co.
4 questions for PSA
Also covers: AKR, BRX, CBL +27 more
RV
Ravi Vaidya
Mizuho
4 questions for PSA
Also covers: AAT, CUBE, EPRT +11 more
Samir Khanal
Bank of America
4 questions for PSA
Also covers: AKR, BRX, COLD +18 more
CB
Caitlin Burrows
Goldman Sachs
3 questions for PSA
Also covers: ALX, BNL, BRX +19 more
OO
Omotayo Okusanya
Deutsche Bank AG
3 questions for PSA
Also covers: AMH, ARE, AVB +43 more
SA
Spenser Allaway
Green Street
3 questions for PSA
Also covers: ADC, BNL, CUBE +8 more
Brad Heffern
RBC Capital Markets
2 questions for PSA
Also covers: ADC, AMH, AVB +16 more
HZ
Hong Zhang
JPMorgan Chase & Co.
2 questions for PSA
Also covers: BRX, CUBE, CURB +7 more
Nicholas Yulico
Scotiabank
2 questions for PSA
Also covers: AHR, ALX, AVB +20 more
Nick Joseph
Citigroup Inc.
2 questions for PSA
Also covers: ADC, AIV, ARE +22 more
CS
Caitlin Szczupak
Goldman Sachs
1 question for PSA
Also covers: KRC, SPG
DT
Daniel Tricarico
Scotiabank
1 question for PSA
Also covers: AMH, CUBE, EQR +2 more
EL
Eric Lutcho
Wells Fargo & Company
1 question for PSA
Jenny Li
Morgan Stanley
1 question for PSA
Also covers: ADC, EXR, GLPI +1 more
Nicholas Joseph
Citigroup
1 question for PSA
Also covers: AMH, ARE, CUBE +13 more
SO
Samuel Ohayoma
Deutsche Bank AG
1 question for PSA
SG
Spencer Glimcher
Green Street Advisors
1 question for PSA
SG
Spencer Glitcher
Green Street
1 question for PSA
TO
Tayo Okusanya
M Science
1 question for PSA
Also covers: ADC, ARE, BRX
VF
Victor Fedyuk
Scotiabank
1 question for PSA
VF
Viktor Fedyon
Scotiabank
1 question for PSA
Recent press releases and 8-K filings for PSA.
Public Storage reports Q4 2025 results and unveils PS 4.0 strategy
PSA
Earnings
CEO Change
Guidance Update
- Leadership transition: Tom Boyle promoted to CEO and trustee; Joe Fisher appointed President and CFO; Shankh Mitra named Chairman following Ron Havner’s and John Reyes’s board departures.
- PS 4.0 strategic vision introduced, centered on three pillars: the PS Next digital-first operating platform; a value creation engine for disciplined capital allocation; and an “own it” culture to drive enhanced performance.
- Financial performance: Q4 core FFO of $4.26 per share and full-year core FFO of $16.97 at the high end of guidance; Q4 same-store revenue -0.2% and NOI -1.5%; in-place rents +20 bps, occupancy -20 bps; expense growth at 4.2%.
- Capital deployment: 2025 acquisitions totaled $953 million, development openings of $409 million, lending platform funded $131 million; year-end liquidity of $1.8 billion plus ~$600 million annual free cash flow; leverage at 4.2× debt + pref/EBITDA.
- 2026 guidance: core FFO of $16.35–17.00 per share (midpoint $16.68, -1.7% YoY); same-store revenue/NOI guidance of -1.1%/-2.2%; stable occupancy; non-same-store NOI +16% expected.
Feb 13, 2026, 5:00 PM
Public Storage unveils PS 4.0 strategy and leadership changes
PSA
CEO Change
Board Change
Guidance Update
- Public Storage launches PS 4.0, anchored on three pillars—PS Next digital platform, a value-creation engine across acquisitions/development, and an “Own It” culture with revamped incentive structures.
- Tom Boyle is promoted to CEO and trustee; Joe Fisher joins as President and CFO; Shankh Mitra succeeds Ron Havner as board chairman, with both Mitra and Havner acquiring sizable ten-year options to signal confidence.
- 2026 guidance set at Core FFO of $16.35–$17.00 (midpoint $16.68, down 1.7% YoY); same-store revenue/NOI projected at -1.1% and -2.2%; occupancy stable; move-in rents mid-single-digit negative but expected to improve over the year.
- Strategic investments highlighted include a $600 million Property of Tomorrow modernization across 3,400+ properties and $12 billion deployed for 763 new assets, alongside a digital ecosystem engaging over 85% of customers via AI-enabled self-service.
Feb 13, 2026, 5:00 PM
Public Storage unveils PS 4.0 and reports Q4 2025 results
PSA
Earnings
Management Change
Guidance Update
- Tom Boyle promoted to CEO and trustee; Joe Fisher joins as President and CFO; Ron Havner steps down as Chairman and Shankh Mitra appointed Chairman.
- Launched PS 4.0 strategy built on three pillars: the PS Next omni-channel digital platform, a value-creation engine for accretive growth, and an “own it” culture with redesigned incentives.
- Provided 2026 guidance of Core FFO $16.35–$17.00 (midpoint $16.68, –1.7% y/y), with same-store revenue and NOI expected to decline 1.1% and 2.2%, respectively.
- Highlighted operational advances: 85% of customers using self-help digital tools, completion of a $600 million Property of Tomorrow modernization, and $12 billion in portfolio investments over 2023–2025.
Feb 13, 2026, 5:00 PM
Public Storage reports Q4 2025 results and announces leadership changes
PSA
Earnings
CEO Change
CFO Change
Guidance Update
- Public Storage reported Q4 core FFO per share of $4.26 and FY 2025 core FFO per share of $16.97; same-store revenue was flat for the year and down 0.2% in Q4, with NOI declines of 0.5% for FY and 1.5% in Q4.
- Average occupancy was 92.0% for FY 2025 (-0.4% year-over-year) and 91.6% in Q4 (-0.2%), while non-same-store NOI grew 16.5% for the year and 20.0% in the quarter.
- 2026 guidance calls for core FFO per share of $16.35–$17.00 (midpoint $16.68, ‑1.7% growth), same-store revenue down 1.1%, and same-store NOI down 2.2% at the midpoint.
- CEO Joe Russell will retire March 31, succeeded by Tom Boyle on April 1; Joe Fisher steps in as President & CFO effective February 16.
Feb 13, 2026, 5:00 PM
Public Storage reports Q4 2025 results, lowers 2026 guidance
PSA
Earnings
Guidance Update
New Projects/Investments
- Q4 Core FFO of $4.26 per share and $1.22 billion revenue, modestly above expectations; full-year 2025 Core FFO rose 1.8% to $16.97
- 2026 Core FFO guidance cut to $16.35–$17.00, below consensus of ~$17.36; same-store NOI down 0.5–3.9%, revenue down 0–2.2%, expense growth 1.5–2.8%
- 87 facility acquisitions (6.1 million sq ft) for $945.6 million and 2.1 million sq ft of completed development in 2025
- Shares up ~13.2% year-to-date, outpacing the S&P 500’s 1.4% gain
Feb 12, 2026, 11:38 PM
Public Storage reports Q4 and full-year 2025 results and issues 2026 guidance
PSA
Earnings
Guidance Update
Management Change
- Q4 2025 net income per diluted share $2.60 vs $3.21 prior-year; Core FFO per share $4.26 vs $4.21, up 1.2%
- Full-year 2025 net income per diluted share $9.01 vs $10.64 prior-year; Core FFO per share $16.97 vs $16.67, up 1.8%
- 2026 guidance: same-store revenue growth (2.2)% to 0%, NOI growth (3.9)% to (0.5)%, non-same-store NOI $335 M–$355 M, Core FFO per share $16.35–$17.00
- Portfolio expansion: Q4 acquisitions of 13 facilities (0.9 M sq ft for $131 M) and developments adding 1.0 M sq ft ($140.1 M); full-year acquisitions of 87 facilities (6.1 M sq ft for $945.6 M)
- Management change under “PS4.0”: CEO Joe Russell to retire March 31, 2026; Tom Boyle named CEO April 1, 2026; Joe Fisher appointed President & CFO February 16, 2026
Feb 12, 2026, 9:14 PM
Public Storage reports Q4 and full-year 2025 results
PSA
Earnings
Guidance Update
- Net income per diluted share was $2.60 in Q4 2025 (–19.0% YoY) and $9.01 for FY 2025 (–15.3%), while Core FFO per share was $4.26 in Q4 (up 1.2% YoY) and $16.97 for the year (up 1.8%).
- Same-store performance: 56% of markets achieved revenue growth in Q4 and the same-store NOI margin was 78.4%.
- Acquisitions and development: in Q4 acquired 13 facilities (0.9 M sq ft) for $131.0 M and completed 1.0 M sq ft of new/ex expansions at $140.1 M; in 2025 acquired 87 facilities (6.1 M sq ft) for $945.6 M and added 2.1 M sq ft at $408.9 M.
- Balance sheet and liquidity: total debt of $10.3 B (11.2% maturing in 2026), weighted average interest rate of 3.2%, and liquidity of ~$2.4 B as of year-end.
- 2026 guidance: same-store revenue growth of –2.2% to 0%, expense growth of 1.5%–2.8%, and Core FFO per share of $16.35–$17.00.
Feb 12, 2026, 9:05 PM
Public Storage announces PS4.0 and leadership changes
PSA
CEO Change
CFO Change
Board Change
- Public Storage unveiled PS4.0, its fourth-generation leadership transition and strategic vision centered on the PS Next operating platform and long-term value creation engine.
- Tom Boyle will succeed Joe Russell as CEO effective April 1, 2026; Joe Russell retires March 31, 2026 and will provide transition consulting through March 31, 2027.
- Joe Fisher appointed President and CFO effective February 16, 2026; Natalia Johnson promoted to President, Chief Digital & Transformation Officer; Chris Sambar promoted to President, Chief Operating Officer.
- Board changes include Shankh Mitra as non-executive Chairman effective April 1, 2026, and the relocation of Public Storage’s headquarters to Frisco, Texas.
Feb 12, 2026, 9:00 PM
Public Storage provides Q4 and FY 2025 operating update
PSA
New Projects/Investments
- Public Storage shared a Same-Store Facilities update for Q4 and FY 2025 in an investor presentation posted January 7, 2026.
- Q4 2025 same-store occupancy improved to 91.0% from 90.5% a year earlier; annual contract rent per occupied square foot was $22.55 (-0.7% YoY).
- In Q4 2025, contract rents gained from move-ins were $88.44 M (-8.4% YoY) with average rent $11.60/sq ft (-10.6% YoY), and rents lost from move-outs were $151.12 M (-4.5% YoY) with average rent $20.12/sq ft (-0.3% YoY).
- For the full year 2025, rents gained from move-ins totaled $1.592 B (-6.2% YoY) and rents lost from move-outs were $2.508 B (-2.6% YoY).
- During 2025, the company acquired 87 self-storage facilities (6.1 M net rentable sq ft) for $942.2 M.
Jan 7, 2026, 9:05 PM
Public Storage provides same-store operating update and acquisition activity
PSA
New Projects/Investments
- Public Storage posted an investor presentation on its website on December 8, 2025 for use at an upcoming investor conference.
- Same-store facilities saw move-in contract rents gained of $41.0 M for the two months ended November 30, 2025, down 7.4% year-over-year, with average move-in contract rent per sq ft at $11.55 (–10.0%).
- For the eleven months ended November 30, 2025, move-in contract rents totalled $1.36 B (–5.9% YoY), with average contract rent per sq ft at $12.88 (–6.2%).
- Occupancy remained steady at 91.2%, and annual contract rent per occupied sq ft was $22.59, a 0.3% decline.
- Through December 8, 2025, the company acquired or contracted to acquire 88 facilities (6.1 M net rentable sq ft) for $949.4 M year-to-date.
Dec 8, 2025, 9:11 PM
Quarterly earnings call transcripts for Public Storage.
Ask Fintool AI Agent
Get instant answers from SEC filings, earnings calls & more