Public Storage reported third‑quarter 2025 results with net income of $461.4 million, or $2.62 per diluted share, up from $380.7 million ($2.16) in the same quarter a year earlier. Funds from operations rose to $4.33 per share, a 13.9% increase from $3.80, while Core FFO climbed to $4.31 per share, up 2.6% from $4.20.
Revenue for the quarter totaled $1.22 billion, with same‑store revenue growing 0.1% to $1.22 billion. Non‑same‑store NOI increased $21.5 million, reflecting strong acquisition activity and lease‑up of development properties. The company’s operating performance was further supported by a $21.7 million rise in self‑storage NOI, offset by a $10.0 million increase in depreciation and a $5.4 million rise in interest expense.
The $71.5 million foreign‑currency gain, primarily from Euro‑denominated debt, contributed to the net income increase, while the Core FFO metric excluded this one‑time gain to provide a clearer view of recurring earnings.
Public Storage acquired 49 self‑storage facilities totaling 3.4 million net rentable square feet for $511.4 million during the quarter. Year‑to‑date, the company has acquired or is under contract for 6.1 million net rentable square feet for approximately $934.5 million, underscoring its aggressive expansion strategy.
Management raised its 2025 Core FFO outlook for the second consecutive quarter, citing outperformance in NOI growth, acquisition activity, and Core FFO per share growth. A regular quarterly dividend of $3.00 per common share was declared, payable on December 30, 2025.
Nine‑month net income per diluted share fell to $6.42 from $7.43 in the same period in 2024, largely due to increased foreign‑currency exchange losses and a decline in equity earnings.
The self‑storage sector is stabilizing, with declining new competitive supply. Public Storage’s size, disciplined acquisition strategy, and focus on high‑quality assets position it well to continue generating incremental income in a resilient market.
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