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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
Outperformance in Q3 2025 was driven by differentiated strategies, operational stabilization, digital transformation, and increased acquisition activity, with net income rising to $461.4M ($2.62/diluted share), up from $380.7M year-over-year, supported by foreign currency gains and higher self-storage NOI.
Core FFO per share rose to $4.31, up 2.6% year-over-year, and FFO per share increased 13.9% to $4.33 for Q3 2025.
Industry leadership is supported by highest revenue per square foot, profitable operations, robust portfolio expansion, and a digital transformation that reduced labor hours by over 30% and increased digital customer interactions to 85%.
The company operates 3,491 properties across 40 states, with 254M rentable square feet and 2.1M customers in place as of 9/30/25.
Raised 2025 outlook for Core FFO per share and NOI growth based on strong performance and acquisition volume.
Financial highlights
Q3 2025 total revenues were $1.22B, up 2.6% year-over-year, with net income allocable to common shareholders at $461.4M ($2.62/share), and Core FFO per share at $4.31.
Same Store revenue growth for Q3 2025 was 1.5%, with NOI growth at 0.9%, and gross margin at 78.5%.
Acquired Facilities revenue rose 44.7% in Q3, with NOI up 48.6%, and newly developed/expanded facilities saw Q3 revenue up 12.8%.
Free cash flow conversion reached 87% for the twelve months ended 9/30/25.
Distribution payout ratio for Q3 was 73.4%.
Outlook and guidance
2025 Core FFO per share guidance raised to $16.70–$17.00, with Same Store revenue growth expected between -0.3% and 0.3%, and NOI growth between 0.2% and 2.0%.
Non-Same Store NOI guidance is $475M–$485M, with 23% of the portfolio in the high-growth lease-up pool representing $130M of NOI upside beyond 2025.
Retained cash flow projected at $650M for 2025, expected to fund growth.
Fourth quarter guidance includes tough comps for property tax refunds and continued impact from Los Angeles rent restrictions.
Maintenance capex expected at $130M; energy efficiency investments at $110M.
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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