Public Storage (PSA) Q4 2025 earnings summary

Executive summary

• Announced PS 4.0, a new era of leadership and strategy, with Tom Boyle promoted to CEO and Joe Fisher joining as President and CFO, while CEO Joe Russell will retire in March 2026 and a new Board Chair will take effect in April 2026.

• Significant board changes: Ron Havner steps down as Chairman, Shankh Mitra becomes Chairman, and John Reyes retires.

• PS4.0 strategy focuses on digital transformation, AI, customer experience, organic growth, external opportunities, and a high-performance culture.

• Headquarters relocated to Frisco, Texas, with continued presence in Glendale, CA.

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

Financial highlights

• Q4 Core FFO per share was $4.26 (up 1.2%); full-year Core FFO reached $16.97 (up 1.8%), at the high end of guidance.

• Q4 net income per share was $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% in Q4 and 16.5% for the year.

• Q4 revenues were $1.22 billion (up from $1.18 billion); full year revenues: $4.82 billion (up from $4.70 billion).

• Acquired 87 facilities (6.1 million sq ft) for $945.6 million in 2025.

Outlook and guidance

• 2026 Core FFO per share guidance is $16.35–$17.00, midpoint $16.68, a 1.7% year-over-year decline.

• Same-store revenue growth expected between -2.2% and 1.5%; NOI growth projected between -3.9% and -0.5%.

• Non-same-store NOI expected to grow 16% year-over-year, with guidance range of 12.8% to 19.5%.

• Move-in rents projected to remain negative mid-single digits but improve through the year.

• No additional acquisitions or lending included in guidance.