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Inferra AI / Company / PSA

Public Storage

PSA · Real Estate

Last earnings Oct 26, 2026

Key results

Reported net incomequarter

$2.62

Highlights for the Three Months Ended September 30, 2025 Reported net income allocable to common shareholders of $2.62 per diluted share.

SEC original ↗Public Storage — Earnings release (8-K exhibit)EX-99Oct 29, 2025

Operating incomequarter

78.5%

Achieved 78.5% Same Store (as defined below) direct net operating income margin.

SEC original ↗Public Storage — Earnings release (8-K exhibit)EX-99Oct 29, 2025

Net incomequarter

$461.4 million

1 Operating Results for the Three Months Ended September 30, 2025 For the three months ended September 30, 2025, net income allocable to our common shareholders was $461.4 million or $2.62 per diluted common share, compared to $380.7 million or $2.16 per diluted common share for the same period in 2024, representing an increase of $80.7 million or $0.46 per diluted common share.

SEC original ↗Public Storage — Earnings release (8-K exhibit)EX-99Oct 29, 2025

The increase is due primarily to (i) a $71.5 million increase in foreign currency gain primarily associated with our Euro denominated notes payable and (ii) a $21.7 million increase in self-storage net operating income, partially offset by (iii) a $10.0 million increase in depreciation expense and (iv) a $5.4 million increase in interest expense.

SEC original ↗Public Storage — Earnings release (8-K exhibit)EX-99Oct 29, 2025

The $21.7 million increase in self-storage net operating income for the three months ended September 30, 2025 as compared to the same period in 2024 is a result of a $21.5 million increase attributable to our Non-Same Store Facilities (as defined below) reflecting the impact of newly acquired facilities and the lease-up of development expansion properties.

SEC original ↗Public Storage — Earnings release (8-K exhibit)EX-99Oct 29, 2025

Net incomeytd

$1.1 billion

Operating Results for the Nine Months Ended September 30, 2025 For the nine months ended September 30, 2025, net income allocable to our common shareholders was $1.1 billion or $6.42 per diluted common share, compared to $1.3 billion or $7.43 per diluted common share for the same period in 2024, representing a decrease of $179.7 million or $1.01 per diluted common share.

SEC original ↗Public Storage — Earnings release (8-K exhibit)EX-99Oct 29, 2025

Net incomeQ3 2025

$6.42

Operating Results for the Nine Months Ended September 30, 2025 For the nine months ended September 30, 2025, net income allocable to our common shareholders was $1.1 billion or $6.42 per diluted common share, compared to $1.3 billion or $7.43 per diluted common share for the same period in 2024, representing a decrease of $179.7 million or $1.01 per diluted common share.

SEC original ↗Public Storage — Earnings release (8-K exhibit)EX-99Oct 29, 2025

The decrease is due primarily to (i) a $193.3 million increase in foreign currency exchange losses primarily associated with our Euro denominated notes payable, and (ii) a $10.4 million decrease in equity in earnings of unconsolidated real estate entities partially offset by (iii) a $42.6 million increase in self-storage net operating income.

SEC original ↗Public Storage — Earnings release (8-K exhibit)EX-99Oct 29, 2025

Operating incomeytd

$42.6 million

The $42.6 million increase in self-storage net operating income in the nine months ended September 30, 2025 as compared to the same period in 2024 is a result of a $47.0 million increase attributable to our Non-Same Store Facilities, partially offset by a $4.4 million decrease attributable to our Same Store Facilities.

SEC original ↗Public Storage — Earnings release (8-K exhibit)EX-99Oct 29, 2025

AI analysis

Q3 2025 · reported Oct 29, 2025

Based on: Earnings release + parent 8-K + 10-Q — transcript not held

Diluted EPS · Q3 2025
$2.62
EX-99 · Oct 29, 2025
Net income · Q3 2025
$461.4M
EX-99 · Oct 29, 2025
Reported net income · Q3 2025
$2.62
EX-99 · Oct 29, 2025

Headline figures

MetricQ3 2025Prior qtrYear ago
Reported net income$2.62——
Operating income78.5%——
Net income$461.4 million——

EX-99 · Oct 29, 2025

Guidance · company-stated

Direction: raised

No guidance located in the held release

Stated figure2%

“2% Highlights for the quarter Increased outlook for the full-year 2026, including Same Store NOI by 90bps and Core FFO per share by $0.”

Next earningsNo verified date on fileNo date is estimated or imported

Capital allocation

Dividend$3.00

FFO is not a substitute for net cash flow in evaluating our liquidity or ability to pay dividends, because it excludes investing and financing activities presented on our consolidated statements of cash flows.

General educational research only — not investment advice.Every figure is as stated in the held documents; values marked “computed from stated figures” are arithmetic on those stated figures. Guidance shown is the company’s own stated guidance. No price targets, no recommendations, no consensus estimates.

Event summary

Public Storage Reports Results for the Three and Nine Months Ended September 30, 2025 GLENDALE , California Public Storage (NYSE PSA) announced today operating results for the three and nine months ended September 30, 2025

Based on: Earnings release + parent 8-K + 10-Q — transcript not held

Guidance & outlook

No guidance located in the held release

Capital allocation

FFO is not a substitute for net cash flow in evaluating our liquidity or ability to pay dividends, because it excludes investing and financing activities presented on our consolidated statements of cash flows.

SEC original ↗Public Storage — Earnings release (8-K exhibit)EX-99Oct 29, 2025

Distributions Declared On October 29, 2025, our Board of Trustees declared a regular common quarterly dividend of $3.00 per common share.

SEC original ↗Public Storage — Earnings release (8-K exhibit)EX-99Oct 29, 2025

The Board also declared dividends with respect to our various series of preferred shares.

SEC original ↗Public Storage — Earnings release (8-K exhibit)EX-99Oct 29, 2025

All the dividends are payable on December 30, 2025 to shareholders of record as of December 15, 2025.

SEC original ↗Public Storage — Earnings release (8-K exhibit)EX-99Oct 29, 2025

We utilize FAD in evaluating our ongoing cash flow available for investment, debt repayment, and common distributions.

SEC original ↗Public Storage — Earnings release (8-K exhibit)EX-99Oct 29, 2025

FAD is not a substitute for GAAP net cash flow in evaluating our liquidity or ability to pay dividends, because it excludes investing and financing activities presented on our statements of cash flows.

SEC original ↗Public Storage — Earnings release (8-K exhibit)EX-99Oct 29, 2025

Strategy & priorities

Public Storage s third quarter results reflect differentiated strategies that continue to drive our performance, said Joe Russell, President and Chief Executive Officer.

SEC original ↗Public Storage — Earnings release (8-K exhibit)EX-99Oct 29, 2025

Completed various expansion projects, which together added 0.3 million and 1.1 million net rentable square feet at a cost of $60.4 million and $268.8 million for the three and nine months ended September 30, 2025, respectively.

SEC original ↗Public Storage — Earnings release (8-K exhibit)EX-99Oct 29, 2025

At September 30, 2025, we had various facilities in development and expansion expected to add 3.9 million net rentable square feet at an estimated cost of $649.2 million.

SEC original ↗Public Storage — Earnings release (8-K exhibit)EX-99Oct 29, 2025

The $21.7 million increase in self-storage net operating income for the three months ended September 30, 2025 as compared to the same period in 2024 is a result of a $21.5 million increase attributable to our Non-Same Store Facilities (as defined below) reflecting the impact of newly acquired facilities and the lease-up of development expansion properties.

SEC original ↗Public Storage — Earnings release (8-K exhibit)EX-99Oct 29, 2025

The increase in net operating income of $47.0 million for the Non-Same Store Facilities is due primarily to the impact of newly acquired properties and the lease-up of development expansion properties.

SEC original ↗Public Storage — Earnings release (8-K exhibit)EX-99Oct 29, 2025

Risks & headwinds

These forward-looking statements involve known and unknown risks and uncertainties, which may cause our actual results and performance to be materially different from those expressed or implied in the forward-looking statements.

SEC original ↗Public Storage — Earnings release (8-K exhibit)EX-99Oct 29, 2025

Risks and uncertainties that may impact future results and performance include, but are not limited to those risks and uncertainties described in Part 1, Item 1A, Risk Factors in our most recent Annual Report on Form 10-K for the year ended December 31, 2024 filed with the Securities and Exchange Commission (the SEC ) on February 24, 2025 and in our other filings with the SEC.

SEC original ↗Public Storage — Earnings release (8-K exhibit)EX-99Oct 29, 2025

These include changes in demand for our facilities, changes in macroeconomic conditions, changes in national self-storage facility development activity, impacts from our strategic corporate transformation initiative, impacts of natural disasters, adverse changes in laws and regulations including governing property tax, evictions, rental rates, minimum wage levels, and insurance, adverse economic effects from public health emergencies, international military conflicts, international trade disputes (including threatened or implemented tariffs imposed by the U.

SEC original ↗Public Storage — Earnings release (8-K exhibit)EX-99Oct 29, 2025

and threatened or implemented tariffs imposed by foreign countries in retaliation), or similar events impacting public health and or economic activity, increases in the costs of our primary customer acquisition channels, adverse impacts to us and our customers from high interest rates, inflation, unfavorable foreign currency rate fluctuations, or changes in federal or state tax laws related to the taxation of REITs, security breaches, including ransomware, or a failure of our networks, systems, or technology.

SEC original ↗Public Storage — Earnings release (8-K exhibit)EX-99Oct 29, 2025

Given these risks and uncertainties, you should not rely on any forward-looking statements in this press release, or which management may make orally or in writing from time to time, neither as predictions of future events nor guarantees of future performance.

SEC original ↗Public Storage — Earnings release (8-K exhibit)EX-99Oct 29, 2025

Legal Proceedings 52 Item 1A.

SEC original ↗Public Storage — 10-Q Quarterly report10-QOct 26, 2026

Competitors

Competitors & peers

Same GICS sector — classification peers, not declared competitors

KE Holdings (BEKE) Real EstateInvitation Homes (INVH) Real EstateEquinix (EQIX) Real EstateAlexandria Real Estate Equities (ARE) Real EstateIron Mountain (IRM) Real EstateVici Properties (VICI) Real EstateMid-America Apartment Communities (MAA) Real EstateVivmark Residential (VMRK) Real Estate
Documents

Filings

63 documents

Earnings releases

20 documents

Presentations

0 documents

No presentations for Public Storage are held in this edition of the library.

Transcripts

0 documents

No transcripts for Public Storage are held in this edition of the library.

Mentioned by

7 companies

Other tracked companies whose held documents mention Public Storage by name or ticker. A mention is counted once per document, from the document text the library holds.

See also the earnings calendar for every tracked company’s next earnings date.