Public Storage reported its financial results for the fiscal year ending December 31, 2025, revealing a net income of $1.6 billion, or $9.01 per diluted share, a decrease from $1.9 billion, or $10.64 per diluted share, in 2024. The decline in profitability was attributed to a $317.8 million increase in foreign currency exchange losses, a $22.1 million rise in depreciation and amortization expenses, and a $17.1 million increase in interest expenses. However, the company did see a $53.1 million increase in self-storage net operating income, driven primarily by its Non-Same Store Facilities, which contributed significantly to revenue growth.
In terms of operational metrics, Public Storage managed a total of 3,171 self-storage facilities across 40 states, with a combined net rentable area of approximately 229 million square feet. The company acquired 273 facilities since the beginning of 2023, adding 19.9 million square feet for a total cost of $3.9 billion. The Newly Developed and Expanded Facilities segment also showed growth, with net operating income increasing by 25.6% compared to the previous year. The company’s Same Store Facilities, however, reported relatively unchanged revenues, reflecting a slight decrease in average occupancy rates.
Public Storage has been actively expanding its footprint, with significant investments in solar energy initiatives, having completed installations on 1,191 facilities by the end of 2025. The company plans to continue this trend, expecting to spend approximately $60 million on solar projects in 2026. Additionally, the company has implemented a bridge lending program, with a receivable balance of $142.1 million and unfunded commitments of $43.9 million as of December 31, 2025.
Looking ahead, Public Storage anticipates modest revenue declines for its Same Store Facilities in 2026, primarily due to ongoing macroeconomic uncertainties and potential changes in trade policy. The company remains committed to its growth strategy, focusing on acquisitions, expansions, and enhancing its ancillary business operations, including tenant reinsurance and third-party management services. The company’s strong financial profile, characterized by a low leverage ratio and high credit ratings, positions it well to navigate potential market challenges and capitalize on future opportunities.
About Public Storage
Public Storage is a leading REIT specializing in the ownership, development, and operation of self-storage facilities across the U.S. and Europe. It offers storage spaces for personal and business use, managed under a strong brand with advanced digital platforms. The company generates revenue through leasing, management services, tenant reinsurance, and bridge lending, leveraging scale, technology, and industry expertise for competitive advantage.
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