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Public Storage (PSA) FY2025 results: revenue $4.8 billion, up 2.7% on the year

Public Storage (PSA) reported revenue of $4.8 billion for fiscal 2025, the year ended 31 December 2025, up 2.7% on the year before. Net income was $1.8 billion, down 13.9%, and diluted earnings per share $9.01. The figures are the company's own, from the 10-K it filed with the SEC on 12 February 2026.

Revenue
$4.8 billion
+2.7% on the year
FY2018FY2025
Operating margin
40.0%
40.4% a year earlier
FY2018FY2025
Net income
$1.8 billion
-13.9% on the year
FY2018FY2025
Diluted EPS
$9.01
-15.3% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 5 new.

  • Core FFO per share rose 1.2%: Fourth-quarter Core FFO per share was $4.26 against $4.21 a year earlier, up 1.2%. Full-year Core FFO per share was $16.97, up 1.8% from $16.67.
  • Positive revenue growth in more markets: Positive Same Store revenue growth was reported in 56% of markets by revenue, up from 49% a year earlier.
  • Same Store NOI fell 1.5%: Same Store net operating income was $703.7 million in the quarter, down 1.5%, and $2,828.9 million for the year, down 0.5%.
  • Same Store gross margin slipped: Gross margin before indirect costs was 78.4% in the quarter, down from 79.2%, and 78.2% for the year, down from 78.5%.
  • Leverage rose to 4.2 times: Net debt and preferred equity to EBITDA was 4.2x, up from 3.9x a year earlier. EBITDA to fixed charges was 6.8x, down from 6.9x.
Read the Q4 FY2025 earnings call summary

From this 10-K

Public Storage owns, develops and operates self-storage facilities, which rent storage space month to month for personal and business use. Around that sit three related businesses: tenant reinsurance, managing facilities for other owners, and bridge lending to other self-storage owners. It is a Maryland REIT and the largest owner of self-storage facilities in the United States, with a presence in most major markets and 40 states.

Public Storage, the 10-K for 2025

Public Storage owns, develops and operates self-storage facilities, which rent storage space month to month for personal and business use. Around that sit three related businesses: tenant reinsurance, managing facilities for other owners, and bridge lending to other self-storage owners. It is a Maryland REIT and the largest owner of self-storage facilities in the United States, with a presence in most major markets and 40 states.

The portfolio

At the end of 2025 the company held interests in and consolidated 3,171 self-storage facilities, an aggregate of 229 million net rentable square feet, operating under the Public Storage name. Separately it managed 362 facilities for third parties, about 28.2 million net rentable square feet, and was under contract to manage 84 more, of which 78 were under construction.

It also holds a 35 percent interest in Shurgard Self Storage, a company listed on Euronext Brussels, which at the end of 2025 owned and operated 332 self-storage facilities, 18 million net rentable square feet, in seven countries in Western Europe under the Shurgard name.

How fragmented the industry is

The filing states that ownership and operation of self-storage facilities is highly fragmented. As the largest owner, the company states that it believes it owns approximately 9 percent of the self-storage square footage in the United States, that collectively the four largest owners own approximately 22 percent, and that the remaining 78 percent is owned by regional and local operators.

The structure

On 14 August 2023 the company reorganised so that it now holds its facilities through an operating partnership, Public Storage OP, and its subsidiaries including Public Storage Operating Company, which was organised in 1980. That is an umbrella partnership REIT, or UPREIT: after the reorganisation the parent entity's primary assets are general partner and limited partner interests in the operating partnership rather than the facilities themselves.

Bridge lending

The company implemented this lending programme in 2024, providing financing to third-party self-storage owners for operating properties that it also manages. The loans are collateralised by operating self-storage properties, generally run three or four years with two one-year extensions, and carry variable interest rates. At the end of 2025 the bridge loan receivable balance was $142.1 million, with $43.9 million of unfunded commitments subject to conditions.

How the facilities are grouped for reporting

The self-storage operations are analysed in four groups. Same Store Facilities are the 2,565 facilities owned and operated on a stabilised basis since 1 January 2023. Acquired Facilities are the 273 bought since that date. Newly Developed and Expanded Facilities are 111 that have been built or expanded, or had begun expansion, by the end of 2025. Other Non-Same Store Facilities are 222 that are otherwise not stabilised on occupancy or rental rates. The last three together are the Non-Same Store Facilities.

What the company says gives it an edge

Its scale, its brand name and its technology platform. It also points to brand awareness and to improvements it has made to the customer experience as advantages in acquiring and retaining customers relative to other operators.

What it flags as risks to that

Among the items the filing lists: changes in demand for its facilities, changes in national self-storage development activity, the impacts of its own strategic corporate transformation initiative, natural disasters, adverse changes in laws governing property tax, evictions, rental rates, minimum wage levels and insurance, increases in the cost of its primary customer acquisition channels, high interest rates and inflation, unfavourable currency movements, changes in the taxation of REITs, and security breaches including ransomware.

From Public Storage's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 12 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue4,8244,6964,518+2.7%
Operating income1,9321,8982,091+1.8%
Operating margin40.0%40.4%46.3%
Interest expense304287201+5.9%
Pre-tax income1,7902,0892,171-14.3%
Income tax-7.24.710.8
Effective tax rate-0.4%0.2%0.5%
Net income1,7842,0722,148-13.9%
Net margin37.0%44.1%47.6%
Diluted EPS$9.01$10.64$11.06-15.3%
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow3,1863,1283,247+1.9%
Capital expenditure311327364-4.9%
Free cash flow2,8762,8012,882+2.7%
Free cash flow margin59.6%59.7%63.8%
Cash from investing-1,685-1,003-3,539
Cash from financing-1,631-2,079-113
Depreciation and amortisation1,1521,130970+2.0%
Share-based compensation39.944.741.6-10.8%
Buybacks0.02000.0
Dividend per share$12.00$12.00$12.000.0%
Diluted shares, weighted176m176m176m-0.1%
Shares outstanding at period endn/an/a176m

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity9,2489,71310,013-4.8%
Non-controlling interest93.710193.8-7.3%
Redeemable equityn/a0.00.0
Debt10,2549,3539,103+9.6%
Other liabilities613588599+4.2%
Total liabilities and equity20,20919,75519,809+2.3%
Goodwill1661661660.0%
Intangible assets66.997.5203-31.4%
Cash and equivalents318447370-28.9%
Other assets19,65819,04419,071+3.2%
Total assets20,20919,75519,809+2.3%

10-K for the year ended 31 December 2025, filed 12 February 2026: the filing.