Core FFO per Share

FY 2025

Reaffirmed guidance (no numerical detail provided) " "

Low end increased from $16.35 to $16.45 per share "

no prior guidance

Same-Store Revenue Growth

FY 2025

Expected a 100 basis point headwind (≈ -1.0%) " " "

Range maintained at -1.3% to 0.8% "

no change

Non-Same Store NOI

2026 and beyond

no prior guidance

Raised from $80 million to $110 million "

no prior guidance

Development Deliveries

FY 2025

no prior guidance

$370 million in development deliveries "

no prior guidance

Acquisition and Development Pipeline

Previously, Public Storage reported a robust acquisition activity with 14 properties acquired or under contract for $184 million in Q1 2025 " " , strong pipeline figures in Q4 2024 with identified volumes and NOI contributions " " , and signs of increased acquisition dialogue and contract activity in Q3 2024. " "

In Q2 2025, the focus is on accelerated portfolio growth with over $1.1B announced in acquisitions and development, a $648M development pipeline scheduled over two years, and substantial non-same-store NOI contributions and development deliveries. " " " "

Consistent focus with an upward scaling of growth initiatives as the company builds on strong acquisition activity and expands its development commitments. " " " " " "

Capital Deployment and Reinvestment Strategy

Earlier periods (Q1 2025 and Q4 2024) emphasized increased retained cash flow (rising from $400M to $600M), targeted use of stock repurchases, the initiation of an ATM program, and strategic reinvestments in acquisitions, development, and third-party management. " " " " "

In Q2 2025, the strategy is reinforced with accelerated portfolio growth driven by robust capital access, issuance of new unsecured bonds at attractive spreads, and continued emphasis on reinvesting generated cash flow into acquisitions, development, and exploring international opportunities. " " " "

Steady and disciplined capital allocation with a slight shift toward leveraging capital access and international opportunities, building on prior reinvestment practices. " " " " " "

Same-Store Performance and Operational Resilience

Q1 2025 saw first signs of positive same-store revenue growth, improved occupancy gaps, controlled expenses, and strong digital transformation efforts " " " ; Q4 2024 and Q3 2024 noted modest declines in same-store NOI (down 1.4% and 1.3% respectively) with concerns over regional impacts. " " "

Q2 2025 shows a turnaround with consecutive quarters of same-store revenue growth, notable improvements in occupancy gaps (down 40bp rather than 80bp), and strong market-specific performance (e.g., 2–4% growth in key West Coast markets) supported by operational efficiencies and technology investments. " " " "

A marked improvement in performance and resilience with a shift from prior modest declines to positive revenue trends, particularly in key markets, underpinned by operational enhancements. " " " " "

Dynamic Pricing, Discounting, and Revenue Optimization

In Q1 2025, Public Storage highlighted a dynamic and data‐driven approach to pricing with promotional sales and adjustments to move-in rates; Q4 2024 focused on variable promotions and flat occupancy with expected move-in rent declines; Q3 2024 presented testing of price elasticity and a strategic mix of promotions. " " " " "

Q2 2025 discussions focus on leveraging dynamic pricing tools, using targeted promotional discounts (with lower promotional intensity compared to last year) to drive move-in volumes, and anticipating improvement in street rates as demand recovers. " " " "

Consistent strategic focus on revenue optimization through dynamic pricing, with a refined balance in promotions and expectations of gradual recovery in rental rates across periods. " " " "

Digital Engagement and Technology-Driven Operational Optimization

Q1 2025 detailed high digital adoption (85% digital interactions) with AI-driven staffing and a 12% reduction in labor hours " " ; Q4 2024 emphasized mobile app success and AI integration; Q3 2024 showcased high digital leasing adoption (75% of move-ins) and robust PS app usage with enhanced analytics. " " " "

Q2 2025 reinforces the hybrid digital and in-person service mix, expanded use of analytics for optimally matching labor to demand, improved conversions from call centers and websites, and ongoing investments in solar and cost-saving initiatives. " " "

Steady commitment to digital transformation that further refines operational efficiency and customer engagement, building upon previous technological enhancements and adoption rates. " " " "

Regulatory and Fire-Related Restrictions

Q1 2025 reported state of emergency declarations affecting both new and existing customer pricing (100bps impact expected) " " " , while Q4 2024 disclosed a 10% pricing cap stemming from these restrictions, and Q3 2024 did not mention this topic. " " "

Q2 2025 maintains focus on fire-related restrictions in Los Angeles which are limiting rental rate increases, with anticipated negative 6% same-store revenue growth in the latter half; however, there is confidence in a post-restriction rebound. " " " "

Ongoing concern with regulatory constraints that consistently affect LA markets, though the narrative remains that the restrictions are temporary and market recovery is expected post-expiration. " " " " " "

Regional Market Variability and Uneven Recovery

Q1 2025 highlighted strong recovery in Florida and broad-based demand without significant urban/suburban differentiation " " " ; Q4 2024 described differences between Sunbelt and coastal markets with mixed performance; Q3 2024 noted improvements in markets like Seattle and stabilization amid challenges in Atlanta and hurricane-impacted areas. " " "

In Q2 2025, the discussion emphasizes robust performance in West Coast markets (2–4% growth) even with LA challenges, while Sunbelt markets remain in a normalization phase; overall, demand is rebounding with supply dynamics playing a key role. " " " "

A persistent theme with uneven recovery where strong regions (especially on the West Coast) contrast with markets still normalizing, leading to a nuanced, regional outlook that is steadily improving overall. " " " " " "

International Expansion Opportunities

No discussion was noted in Q3/Q4 2024; however, Q1 2025 introduced experiences with Shurgard in Europe and a proposal for the Australian/New Zealand market via Abacus Storage King. " " "

Q2 2025 builds on these insights by highlighting the success of the SureGuard partnership in Europe and further due diligence on potential partnerships in Australia and New Zealand, signaling a growing focus on leveraging international markets. "

An emerging focus on international growth that builds upon newly introduced global initiatives in Q1 2025 and is further detailed in Q2 2025, providing a potentially large future impact. " " " "

Market Supply Dynamics and Competitive Pressures

Q1 2025 mentioned a decline in development completions and fewer competitors entering the market " ; Q4 2024 discussed a decline in new supply percentage and competitive pricing pressures with targeted promotional efforts " " " ; Q3 2024 provided market-specific observations regarding supply easing and continued competitive actions. " " "

In Q2 2025, the narrative emphasizes a continued decline in new competitive supply supporting the operating environment, while competitive pressures remain in play with lower move-in rents (down about 5%) countered by data-driven pricing and promotional tactics. " " "

A consistently favorable supply trend is noted with diminishing new supply, although competitive pricing pressures persist; the focus remains on managing these dynamics effectively through pricing strategies. " " " " "

Delayed Transaction Activity and Growth Impediments

Q3 2024 acknowledged delayed transactions due to timing – with some acquisitions expected to spill into early 2025 – and noted challenges with move-in rent declines and modest revenue stabilization " " " " ; Q4 2024 highlighted a multiyear low in large portfolio transactions with a slight uptick into early 2025. "

In Q2 2025, transaction delays are noted with larger portfolios still scarce, while growth impediments such as higher component and financing costs are acknowledged; however, the company remains committed to unlocking opportunities through strong relationships and focused development. " "

A recurring challenge with delayed transactions that is slowly transitioning as more opportunities are unlocked in early 2025, even as operational impediments such as cost pressures remain a concern. " " " " "

Storm and Natural Disaster Impacts

Q3 2024 mentioned significant hurricane impacts in Florida with an estimated $7M financial effect and increased move-in activity related to rebuilding " " ; Q1 2025 detailed fire-related state of emergencies in Los Angeles impacting pricing. " " "

Q2 2025 continues to discuss fire-related pricing restrictions in Los Angeles as a result of state of emergency measures, impacting rental rate increases and contributing to a deceleration in LA revenue, while anticipating a rebound post-restrictions. " " " "

A consistently disruptive factor where both storm events and fire-related emergencies affect performance regionally, though the company expects recovery once restrictions expire and rebuilding progresses. " " " " " "