Public Storage

Latest Results (19.10.2025):

Public Storage reports its financial results for the second quarter of 2025, highlighting a decrease in net income primarily due to increased foreign currency losses. Despite this, the company has made significant progress in acquisitions and development projects, positioning itself for future growth and enhanced profitability.

Net Income Decline

For the three months ended June 30, 2025, Public Storage reported a net income of $1.76 per diluted share, down from $2.66 per diluted share in the same period last year. The decline of $0.90 per share was primarily driven by a $158.5 million increase in foreign currency losses related to Euro-denominated notes payable.

Core Funds from Operations

Core FFO allocable to common shareholders was $4.28 per diluted share for the three months ended June 30, 2025, compared to $5.26 per diluted share in the same period in 2024. This represents a decrease of approximately 20% year-over-year.

Strong Same Store NOI Margin

Public Storage achieved a 78.8% Same Store net operating income margin for the three months ended June 30, 2025. This metric underscores the company's efficiency in managing its existing properties.

Active Acquisitions

During the quarter, Public Storage acquired sixteen self-storage facilities totaling 1.1 million net rentable square feet for $162.3 million. Additionally, they were under contract to acquire 47 facilities with 3.1 million net rentable square feet for $481.9 million shortly after June 30, 2025.

Development and Expansion

The company opened two newly developed facilities and completed expansion projects adding 0.2 million net rentable square feet at a cost of $64.0 million. Ongoing developments are expected to add 3.8 million net rentable square feet at an estimated cost of $648.2 million.

Capital Raising

Public Storage successfully completed a public offering of $875 million in aggregate principal amount of unsecured senior notes, reinforcing its financial position to support strategic initiatives.