)
Investing22 Dec 2023
A Crash Course in REITs
There are several reasons an investor might choose to invest in a REIT rather than in physical real estate.
Public Storage (PSA) investor relations material
Public Storage Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary31 Jul, 2025
Executive summary
Raised 2025 outlook due to stabilizing operations and over $1.1B in acquisitions closed or under contract year to date.
Net income allocable to common shareholders was $309.0M ($1.76/share) for Q2 2025, down from $468.4M ($2.66/share) in Q2 2024, mainly due to higher foreign currency losses.
Industry leadership shown by highest revenue per square foot, efficient operations, and strong acquisition/development teams.
Ancillary businesses (tenant insurance, third-party management, lending) expanding; international growth pursued in Europe and Australia/NZ.
Appointed Luke Petherbridge as a new independent trustee, bringing significant real estate and corporate finance experience.
Financial highlights
Q2 2025 total revenues: $1.20B, up 2.4% year-over-year; H1 2025: $2.38B, up 2.3%.
Core FFO per share was $4.28 for Q2 2025, up 1.2% year-over-year; FFO per share was $3.44, down 20%.
Same Store direct net operating income margin was 78.8% for Q2 2025.
Funds available for distribution (FAD) for Q2 2025 was $719.4M, with a payout ratio of 73.2%.
Rental rates up 0.6% year-over-year, offsetting slightly lower occupancy; occupancy gap improved to down 40 bps from 80 bps at start of year.
Outlook and guidance
2025 Core FFO per share guidance raised to $16.45–$17.00, reflecting (1.3)% to 2.0% growth from 2024.
Same Store revenue growth guidance range remains wide (-1.3% to 0.8%), with high end driven by higher occupancy and narrowing move-in rent declines.
Guidance includes a negative $0.23 per share impact from temporary pricing limitations in Los Angeles County due to wildfires.
Performance year to date is trending above revised midpoint; second half guidance reflects expected deceleration due to LA fire-related restrictions.
Property tax expense projected to grow 5% in 2025.
Assess impact of LA pricing limits on 2025.
Explain the Simply Storage acquisition impact.
Detail capital allocation for development vs. acquisitions.
How will Australia partnership enhance customer experience?
What's driving the non-same-store pool guidance increase?
How quickly can LA recapture lost revenue after restrictions?
Partial view of Summaries dataset, powered by Quartr API
Research faster. Power your platform.
Next Public Storage earnings date
Q3 202530 Oct, 2025
Next Public Storage earnings date
Q3 202530 Oct, 2025
The essential earnings season companion
The #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Live calls and transcripts
Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.
Find what you need faster
Search for any keyword across all transcripts simultaneously.
Easily store key findings
Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Your watchlist. Your dashboard.
Follow the companies that matter to you. Get a personalized feed with real-time updates.
Be the first to know
Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.
Consensus estimates
Access analyst consensus estimates, valuation multiples, and revenue segments splits.
All IR material in one place
The easiest way to stay updated during earnings season.
Global coverage
All events from public companies. Live and recorded.
Just click and listen
No webcast links. No manual registrations.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
I can't remember the last time an app had such a positive impact on my investment process.
)
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
I can't remember the last time an app had such a positive impact on my investment process.
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
Related articles
)
Edge3 Oct 2025
Epiroc: A Culture of Moving Mountains
From automation to electrification, Swedish industrial giant Epiroc is leading a transformation in how the world mines.
)
Company Research22 Sep 2025
Moody's: Shaping Global Credit
Explore Moody's evolution from publishing manuals to becoming a giant in credit ratings, guiding issuers, investors, and regulators worldwide.
Frequently asked questions
Self Storage Giant
Public Storage, founded in 1972, is a leading self-storage company with operations primarily in the U.S. and parts of Europe. The firm specializes in providing storage spaces for personal and business use, ranging from small units for household items to larger spaces for vehicles and commercial goods. As a Real Estate Investment Trust, Public Storage has grown its portfolio to include thousands of facilities. This expansive network, along with its emphasis on security and convenience, has made it a trusted name in the storage industry.
The History
In the early 1970s, B. Wayne Hughes, a real estate developer from Southern California, recognized the potential of the self-storage industry during a visit to Texas. Witnessing the success of mini-storage facilities near Dallas and Houston, Hughes was inspired to introduce the concept in California. Collaborating with Kenneth Volk, the duo founded Public Storage in August 1972, initially naming it "Private Storage Spaces Inc." with a modest $50,000 investment. Their first facility was erected in El Cajon, California, that same year. Due to confusion over its name suggesting exclusivity, it was soon rebranded to "Public Storage", aligning with its "PS" acronym. While the founders initially viewed the venture as a short-term income stream, it evolved into a major self-storage enterprise.
The Locations and Storage Offerings
The Company provides a variety of storage units that cater to both personal and business requirements. These range from basic units to climate-controlled spaces designed for items that need to be protected against heat and cold. The company also offers specialized storage for vehicles, such as cars, boats, and RVs. For businesses, there are tailored options for storing inventory and documents. To access one’s unit customers have access to a mobile app that makes opening and closing gates and locks convenient, and customers can also use it to pay their bills.
Operating as a REIT
A Real Estate Investment Trust (REIT) is a company that owns, operates, or finances income-producing real estate across a range of property sectors. Designed to provide investors with regular income streams, capital appreciation, and tax benefits, REITs offer shares to the public, which can be traded on major stock exchanges. By law, they must distribute at least 90% of their taxable income to shareholders in the form of dividends. Public Storage operates as a REIT, which is nothing unique for this type of business. Other large self-storage operators like Extra Space Storage, CubeSmart, and Life Storage, as well as a number of others, also operate as REITs.
Quartr provides global coverage of all investor relation material from public companies.
Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.
Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.
Yes, the Quartr mobile app is free on both iOS and Android.
Yes. Quartr provides global, industry-leading live coverage of company events such as regular earnings calls, capital markets days, M&A announcements, and investor conferences. Live with zero delays. Just click and listen.
Yes, capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Yes. Follow the companies that matter to you. Get a personalized feed with real-time updates, a tailored earnings calendar, and instant alerts when earnings calls go live.
Yes. Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned, regardless of who's talking.
Explore our global coverage