Public Storage raised its full-year 2025 outlook for same-store revenue, same-store NOI, non-same-store NOI and core FFO per share after Q3 outperformance.
Same-store in-place rents increased 0.6%, expenses held flat, and non-same-store portfolio drove core FFO per share growth of 2.6% year-over-year (560 bps acceleration).
Operational enhancements including an 85% digital customer interaction rate and AI-driven field operations cut labor hours by over 30%, boosting margins.
Capital deployment included $1.3 billion of acquisitions and developments with a $650 million pipeline, targeting 5.25% going-in yields (stabilizing to 6%), and incremental non-same-store NOI of $130 million in 2026+.

Oct 30, 2025, 4:00 PM

Transcript

Public Storage reports Q3 2025 results

PSA

Earnings

M&A

Guidance Update

Public Storage reports Q3 2025 net income allocable to common shareholders of $461.4 million or $2.62 per diluted share, up from $380.7 million or $2.16 in Q3 2024.
Core FFO allocable to common shareholders of $4.31 per diluted share, up 2.6% year-over-year.
Same Store direct net operating income margin of 78.5%.
Acquired 49 facilities (3.4 million sq ft) for $511.4 million in Q3; year-to-date acquisitions total 6.1 million sq ft for $934.5 million.
Raised full-year 2025 Core FFO per share guidance to $16.70–$17.00.

Oct 29, 2025, 8:28 PM

8-K

Public Storage reports Q3 2025 results

PSA

Earnings

Guidance Update

Dividends

Net income allocable to common shareholders of $2.62 per diluted share, up from $2.16 in Q3 2024, and Core FFO of $4.31 per diluted share.
Achieved 78.5% Same Store direct NOI margin in Q3 2025.
Completed acquisition of 49 facilities (3.4 million net rentable sq ft) for $511.4 million; YTD acquisitions total 6.1 million sq ft for $934.5 million.
Declared a $3.00 per share quarterly dividend payable December 30, 2025.
Raised 2025 Core FFO per share guidance to $16.70–$17.00.

Oct 29, 2025, 8:05 PM

Press Release

Public Storage issues €425M 3.500% Senior Notes due 2034

PSA

Debt Issuance

On October 3, 2025, Public Storage Operating Company completed an offering of €425 million of 3.500% Senior Notes due January 20, 2034, guaranteed by Public Storage.
The Notes carry an annual coupon of 3.500%, payable each January 20 beginning January 20, 2026, and mature on January 20, 2034.
The issuer may redeem the Notes at a make-whole price prior to October 20, 2033 and at 100% thereafter; Notes are also redeemable at 100% plus accrued interest upon certain U.S. tax law changes.
The Indenture limits PSOC’s ability to incur secured and unsecured debt and requires maintaining total unencumbered assets ≥125% of total unsecured indebtedness.

Oct 3, 2025, 8:47 PM

8-K

Public Storage issues €425M senior notes due 2034

PSA

Debt Issuance

On September 26, 2025, Public Storage and its subsidiary Public Storage Operating Company entered into an underwriting agreement with BNP Paribas, Goldman Sachs & Co. LLC and Morgan Stanley & Co. International plc to sell €425 million aggregate principal amount of 3.500% Senior Notes due 2034, guaranteed by Public Storage.
The Notes will bear 3.500% interest per annum, issued at 99.447% of par, mature on January 20, 2034, with annual interest payments beginning January 20, 2026.
The offering is expected to close on October 3, 2025, subject to customary conditions. Net proceeds will repay €242 million of 2.175% senior notes due November 2025 and fund general corporate purposes.

Sep 29, 2025, 8:50 PM

8-K

Public Storage raises 2025 outlook after Q2 results

PSA

Earnings

Guidance Update

New Projects/Investments

2025 outlook raised as operations stabilize and $785 M of acquisitions closed or under contract YTD
Core FFO grew 1.2% in Q2 and the low end of 2025 core FFO guidance was lifted from $16.35 to $16.45 per share
Non–same store pool of 538 properties to generate approx. $470 M of NOI in 2025 and an additional $110 M in 2026
Capital position strengthened by 4.1× net debt/EBITDA leverage, ~$600 M retained cash flow, and issuance of unsecured bonds at the tightest REIT spread
Expanding internationally via SureGuard partnership in Europe and due diligence on a potential Australia/New Zealand platform

Jul 31, 2025, 11:15 PM

Public Storage issues $875 M of senior notes

PSA

Debt Issuance

On June 30, 2025, Public Storage Operating Company issued $475 million of 4.375% Senior Notes due 2030 and $400 million of 5.000% Senior Notes due 2035, each guaranteed by Public Storage.
The Notes accrue interest from June 30, 2025, payable semi-annually on January 1 and July 1 (beginning January 1, 2026) and mature on July 1, 2030 and July 1, 2035, respectively.
The Notes are direct, unsecured and unsubordinated obligations of PSOC, rank equally with its other unsecured debt, and include covenants limiting additional secured and unsecured indebtedness and requiring maintenance of unencumbered assets at least 125% of total unsecured debt.
PSOC may redeem the Notes at any time at the make-whole price specified in the indenture, or at 100% of principal plus accrued interest if redeemed on or after June 1, 2030 (2030 Notes) or April 1, 2035 (2035 Notes).

Jun 30, 2025, 12:00 AM

8-K

Public Storage issues $875 million senior notes

PSA

Debt Issuance

On June 26, 2025, Public Storage and its subsidiary Public Storage Operating Company entered an underwriting agreement to sell $875 million aggregate principal of senior notes in two tranches: $475 million 4.375% due 2030 and $400 million 5.000% due 2035, each guaranteed by Public Storage.
The 2030 notes will be issued at 99.707% of par and mature July 1, 2030; the 2035 notes will be issued at 99.557% of par and mature July 1, 2035, with interest paid semi-annually beginning January 1, 2026.
The offering is expected to close on June 30, 2025, and net proceeds will repay $400 million of floating-rate senior notes due 2025 and fund general corporate purposes, including acquisitions and other debt repayment.

Jun 27, 2025, 12:00 AM

8-K

Public Storage Investor Conference Presentation Update

PSA

M&A

Investor Presentation was posted on the Investor Relations website for use at an upcoming investor conference.
The presentation includes an operating update for the two months ended May 31, 2025, highlighting a square foot occupancy of 92.3% and annual contract rent per occupied square foot of $22.55.
It also noted the acquisition or contract agreement for 69 self-storage facilities covering 4.7 million net rentable square feet for $750.9 million since the beginning of the year.
The filing contains forward-looking statements that outline potential risks and uncertainties affecting future performance.

Jun 3, 2025, 12:00 AM

8-K

Public Storage Holds 2025 Shareholder Vote on Key Proposals

PSA

Proxy Vote Outcomes

Board Change

Executive Compensation

Form 8-K filed on May 7, 2025 confirms the company held its 2025 Annual Meeting of Shareholders and presented four proposals for shareholder vote.
The proposals addressed the election of 12 trustees, an advisory vote on executive compensation, the appointment of Ernst & Young LLP as independent auditors, and the amendment of the 2021 Equity and Performance-Based Incentive Compensation Plan.

May 8, 2025, 12:00 AM

8-K

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