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Investing22 Dec 2023
A Crash Course in REITs
There are several reasons an investor might choose to invest in a REIT rather than in physical real estate.
Public Storage (PSA) investor relations material
Public Storage Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary30 Oct, 2025
Executive summary
Q3 2025 outperformance was driven by differentiated strategies, operational stabilization, increased acquisition activity, and higher self-storage NOI, with net income for common shareholders rising to $461.4M ($2.62/diluted share), up from $380.7M ($2.16/diluted share) in Q3 2024, supported by foreign currency gains.
Core FFO per share rose to $4.31, up 2.6% year-over-year, and FFO per share increased 13.9% to $4.33 for the quarter.
Raised 2025 outlook for the second consecutive quarter, with higher guidance for Core FFO per share and NOI growth, supported by strong same store and non-same store performance.
Industry leadership is underpinned by the highest revenue per square foot, robust digital transformation with 85% of customer interactions now digital, and AI initiatives reducing labor hours by over 30%.
Year-to-date acquisitions/commitments total over $1.3B, with 6.1M sq ft acquired or committed.
Financial highlights
Total Q3 2025 revenues were $1.22B, up 2.6% year-over-year, with self-storage NOI increasing by $21.7M in Q3, driven by acquisitions and development.
Same store revenue growth exceeded expectations, led by strong in-place customer behavior and a 0.6% increase in in-place rents, though average occupancy decreased 0.5% year-over-year to 92.2%.
Acquired Facilities revenue rose 44.7% in Q3, with NOI from these facilities up 48.6%.
Same store expenses held flat for the quarter, with reductions in property, payroll, and utilities.
Tenant reinsurance premium revenue grew 10.2% in Q3.
Outlook and guidance
Full-year guidance was raised, with increased outlooks for same store revenue, same store NOI, non-same store NOI, and Core FFO per share, now guided at $16.70–$17.00.
Same store revenue growth expected between -0.3% and 0.3%; NOI growth between 0.2% and 2.0%.
Fourth quarter expected to face tough comps in property tax refunds and continued impact from Los Angeles rent restrictions, though LA revenue growth is now expected to be down 1%-2%, better than previous guidance.
Property tax expense is expected to grow ~5.5% in 2025; on-site payroll expense is expected to decrease moderately.
Corporate transformation costs are projected at $15–$20M over three years, with anticipated annual savings of $3–$5M starting in 2026.
Explain Same Store occupancy vs. rent trends
Future NOI from development pipeline?
What are the key drivers for the raised outlook?
What is the long-term impact of AI on staffing?
How do unstabilized acquisitions create value?
PSA's development advantage: returns vs. risk?
Next phase of tech/AI impact on margins?
Appetite for large strategic acquisitions?
LA rent control expiration impact?
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Next Public Storage earnings date
Q4 202520 Feb, 2026
Next Public Storage earnings date
Q4 202520 Feb, 2026
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Frequently asked questions
Self Storage Giant
Public Storage, founded in 1972, is a leading self-storage company with operations primarily in the U.S. and parts of Europe. The firm specializes in providing storage spaces for personal and business use, ranging from small units for household items to larger spaces for vehicles and commercial goods. As a Real Estate Investment Trust, Public Storage has grown its portfolio to include thousands of facilities. This expansive network, along with its emphasis on security and convenience, has made it a trusted name in the storage industry.
The History
In the early 1970s, B. Wayne Hughes, a real estate developer from Southern California, recognized the potential of the self-storage industry during a visit to Texas. Witnessing the success of mini-storage facilities near Dallas and Houston, Hughes was inspired to introduce the concept in California. Collaborating with Kenneth Volk, the duo founded Public Storage in August 1972, initially naming it "Private Storage Spaces Inc." with a modest $50,000 investment. Their first facility was erected in El Cajon, California, that same year. Due to confusion over its name suggesting exclusivity, it was soon rebranded to "Public Storage", aligning with its "PS" acronym. While the founders initially viewed the venture as a short-term income stream, it evolved into a major self-storage enterprise.
The Locations and Storage Offerings
The Company provides a variety of storage units that cater to both personal and business requirements. These range from basic units to climate-controlled spaces designed for items that need to be protected against heat and cold. The company also offers specialized storage for vehicles, such as cars, boats, and RVs. For businesses, there are tailored options for storing inventory and documents. To access one’s unit customers have access to a mobile app that makes opening and closing gates and locks convenient, and customers can also use it to pay their bills.
Operating as a REIT
A Real Estate Investment Trust (REIT) is a company that owns, operates, or finances income-producing real estate across a range of property sectors. Designed to provide investors with regular income streams, capital appreciation, and tax benefits, REITs offer shares to the public, which can be traded on major stock exchanges. By law, they must distribute at least 90% of their taxable income to shareholders in the form of dividends. Public Storage operates as a REIT, which is nothing unique for this type of business. Other large self-storage operators like Extra Space Storage, CubeSmart, and Life Storage, as well as a number of others, also operate as REITs.
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