Public Storage (PSA) Q4 2025 earnings summary

Executive summary

• PS 4.0/PS4.0 strategy launched, marking a new era of leadership and strategic focus, with Tom Boyle promoted to CEO, Joe Fisher as President and CFO, and significant board changes including Shankh Mitra as Chairman and John Reyes retiring.

• Leadership and talent upgrades across digital, operations, HR, and acquisitions, with headquarters relocated to Frisco, Texas.

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

• PS4.0 strategy emphasizes organic growth, external opportunities, high-performance culture, and value creation.

• 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; full-year Core FFO reached $16.97, both up year-over-year and 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.

• Acquired 87 facilities (6.1 million sq ft) for $945.6 million in 2025; development pipeline at $610 million.

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

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 guidance ranges from -2.2% to 1.5%; NOI growth projected between -3.9% and -0.5%.

• Non-same-store NOI expected to grow 12.8% to 19.5% year-over-year, excluding future transactions.

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

• L.A. state of emergency expected to persist through 2026, dragging same-store revenue by 80 bps.