Public Storage Reports 21.3% Increase in Earnings Per Share for Q3 2025

Public Storage reported its financial results for the third quarter of 2025, revealing a net income of $514.8 million, or $2.62 per diluted share, compared to $433.1 million, or $2.16 per diluted share, in the same period last year. This represents a 21.3% increase in earnings per share, driven primarily by a $71.5 million increase in foreign currency gains and a $21.7 million rise in self-storage net operating income. For the nine months ended September 30, 2025, net income allocable to common shareholders was $1.3 billion, or $6.42 per diluted share, down from $1.5 billion, or $7.43 per diluted share, in the prior year, largely due to increased foreign currency exchange losses.

The company experienced a 2.6% increase in total revenues for the third quarter, reaching $1.2 billion, compared to $1.2 billion in the same quarter of 2024. Self-storage facility revenues increased to $1.1 billion, up from $1.1 billion, while ancillary operations also saw growth, contributing $85.2 million, up from $77.6 million. Public Storage's Same Store Facilities reported a slight revenue increase of 0.1% for the nine months ended September 30, 2025, reflecting stable demand despite a 0.5% decrease in average occupancy.

In terms of strategic developments, Public Storage acquired 74 self-storage facilities during the nine months ended September 30, 2025, adding 5.2 million net rentable square feet for a total cost of $814.6 million. The company also completed development and redevelopment activities costing $268.8 million, contributing an additional 1.1 million net rentable square feet. As of September 30, 2025, Public Storage owned interests in 3,152 self-storage facilities across 40 states, with a total of approximately 227.7 million net rentable square feet.

Operationally, the company reported a total of 175,463,014 outstanding common shares as of October 22, 2025. The average occupancy rate for Same Store Facilities was 92.2%, with realized annual rent per occupied square foot increasing by 0.6%. Public Storage's total assets increased to $20.1 billion, up from $19.8 billion at the end of 2024, while total liabilities rose to $10.7 billion, compared to $9.9 billion at the end of the previous fiscal year.

Looking ahead, Public Storage anticipates continued growth in demand for self-storage facilities, although it acknowledges potential challenges from macroeconomic conditions and regulatory changes. The company expects to maintain its focus on acquisitions and development, with a robust pipeline of projects and a commitment to enhancing operational efficiency through its corporate transformation initiative.