Public Storage (PSA) Q4 2025 earnings summary

Executive summary

• Major leadership transitions include Tom Boyle as CEO, Joe Fisher as President and CFO, and a new Chairman, with a refreshed board and executive team to support strategic transformation.

• Launched PS 4.0, a new strategic era focused on digital transformation, customer experience, and value creation, emphasizing data science and a high-performance culture.

• Relocated headquarters to Frisco, Texas, reflecting the company's largest corporate presence and talent strategy.

• Industry leadership in operations, FFO growth, and shareholder returns has established a strong foundation for future performance.

• Net income per share declined 19.0% year-over-year for Q4 and 15.3% for the full year; Core FFO per share rose 1.2% for Q4 and 1.8% for the year.

Financial highlights

• Core FFO per share was $4.26 in Q4 and $16.97 for the year, up 1.2% and 1.8% respectively, at the high end of guidance.

• Q4 net income per share: $2.60 (down from $3.21); full year: $9.01 (down from $10.64).

• Same-store revenue and NOI growth for Q4 were -0.2% and -1.5%, respectively; non-same-store NOI grew 20% year-over-year.

• Acquired $953 million in new assets in 2025, with $409 million in development and expansion openings and a $610 million development pipeline.

• Lending platform grew to $142 million outstanding at a 7.9% rate.

Outlook and guidance

• Initial 2026 Core FFO guidance is $16.35–$17.00 per share, a midpoint decline of 1.7% year-over-year.

• Same-store revenue and NOI guidance for 2026 are -1.1% and -2.2% at the midpoint, with stable occupancy and improving move-in rents expected through the year.

• Non-same-store NOI expected to grow 16% year-over-year, with continued contributions from tenant insurance and third-party management.

• No additional acquisitions or lending factored into guidance, but capital deployment remains a focus.

• Same-store revenue growth expected between -2.2% and 1.5%; expense growth between -3.9% and 2.8%.