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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 Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary30 Oct, 2025
Executive summary
Q3 2025 outperformance was driven by differentiated strategies, operational stabilization, lower new supply, increased acquisition activity, and foreign currency gains, resulting in net income of $461.4M ($2.62/diluted share), up from $380.7M ($2.16/diluted share) in Q3 2024.
For the nine months ended September 30, 2025, net income was $1.13B ($6.42/diluted share), down from $1.31B ($7.43/diluted share) in 2024, mainly due to foreign currency losses.
Core FFO per share rose to $4.31 in Q3 2025, up 2.6% year-over-year, and FFO per share increased 13.9% to $4.33.
Raised 2025 outlook for the second consecutive quarter due to strong Same Store and Non-Same Store NOI growth, acquisition volume, and core FFO per share growth.
Digital transformation and AI have modernized operations, reduced labor hours by over 30%, and increased employee engagement.
Financial highlights
Total revenues for Q3 2025 were $1.22B, up 2.6% year-over-year; nine-month revenues were $3.61B, up 2.6%.
Same Store revenue growth exceeded expectations, led by strong in-place customer behavior and a 0.6% increase in in-place rents, offset by lower occupancy.
Same Store NOI growth surpassed forecasts due to effective expense control and reductions in property, payroll, and utilities.
Acquired Facilities revenue rose 44.7% in Q3 and 27.3% for the nine months; NOI from these facilities increased 48.6% and 29.4%, respectively.
Tenant reinsurance premium revenue grew 10.2% in Q3 and 10.3% for the nine months.
Outlook and guidance
Raised outlooks for Same Store revenue, Same Store NOI, Non-Same Store NOI, and Core FFO per share, with 2025 Core FFO per share guidance at $16.70–$17.00.
Expect continued performance driven by differentiated strategies and compounding returns platform.
Fourth quarter guidance includes tough comps for property tax refunds and continued impact from Los Angeles rent restrictions.
Non-Same Store pool expected to accelerate due to recent capital allocation.
Corporate transformation costs projected at $15–$20M over three years, with annual savings of $3–$5M starting in 2026.
Explain Same Store occupancy vs. rent trends
Future NOI from development pipeline?
What are the key drivers for the raised outlook?
What is the long-term impact of AI on staffing?
How do unstabilized acquisitions create value?
PSA's development advantage: returns vs. risk?
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Next Public Storage earnings date
Q4 202520 Feb, 2026
Next Public Storage earnings date
Q4 202520 Feb, 2026
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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.
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