US Market News
2月前
Public Storage Reports First Quarter 2026 ResultsApril 27, 2026 4:05 PM
Business Wire
Public Storage (the “Company”) (NYSE: PSA) announced today its results for the quarter ended March 31, 2026 and its updated outlook for full-year 2026. Net income and core funds from operations (“Core FFO”) per share for the quarter are presented below:
Three Months Ended March 31,
Change
Metric (per share)
2026
2025
$
%
Net Income
$2.71
$2.04
$0.67
32.8%
Core FFO
$4.22
$4.12
$0.10
2.4%
Highlights for the quarter:
Announced the pending acquisition of National Storage Affiliates Trust (NYSE: NSA) in an all-stock transaction valued at an enterprise value of approximately $10.5 billion.
Achieved 2.4% Core FFO growth and 2.6% Total Self-Storage growth during the first quarter of 2026.
Achieved a 77.1% Same Store net operating income margin, an expansion of 0.4% compared to the first quarter of 2025.
Tom Boyle appointed as Chief Executive Officer and a trustee of the Board effective April 1, 2026.
Shank Mitra appointed as Chairman of the Board effective April 1, 2026.
Development and expansion expected to add 3.5 million net rentable square feet at an estimated cost of $618.4 million primarily over the next 18 to 24 months.
Entered into a strategic data science partnership with Welltower to advance the application of AI in capital allocation.
Subsequent to quarter end, the Company completed a public offering of $500 million aggregate principal amount of senior notes at a fixed rate of 5.00% maturing on December 15, 2035.
“Public Storage’s first quarter results reflect differentiated strategies that continue to drive our performance,” said Tom Boyle, Chief Executive Officer. “We are excited about the announcement of our acquisition of National Storage Affiliates and its ability to drive per share earnings growth. The pending acquisition will build upon our leading platform, which we expect to enhance customer experience, unlock operating upside, and jump start our Value Creation Engine.”
2026 Guidance
Public Storage has reaffirmed its previously provided guidance for NOI Growth (Same Store and Non-Same Store) and Core FFO per share as included in the table below.
2026 Guidance
Low
High
(Dollar amounts in thousands, except per share data)
Same Store:
Revenue growth
(2.2)%
—%
Expense growth
1.5%
2.8%
Net operating income growth
(3.9)%
(0.5)%
Non-Same Store:
Non-Same Store net operating income
$335,000
$355,000
Core FFO per share:
$16.35
$17.00
*
Additional guidance assumptions can be found in the Company’s accompanying quarterly financial supplement.
*
As described in more detail in the Company’s accompanying quarterly financial supplement, consistent with applicable SEC rules, we do not provide guidance for GAAP net income per share, the most comparable GAAP financial measure, or a reconciliation of estimated 2026 Core FFO per share to estimated GAAP net income per share because we are unable to reasonably predict certain items that are included in GAAP net income, including gains or losses on sales of real estate investments.
Operating Results
“Occupancy and move-in rates were ahead of expectations through the first quarter, but the true standout was our ability to utilize our integrated PS Next Operating Platform to mitigate inflationary pressures on our direct cost of operations. This focus on digital transformation has allowed us to maintain superior margins even as we navigate a shifting market,” said Natalia Johnson, President, Chief Digital and Transformation Officer. “We are incredibly excited about the pending acquisition of National Storage Affiliates, as it provides a premier opportunity to demonstrate the scalability of our digital ecosystem as we onboard these assets and realize the benefits of our PS Next platform.”
The operating results of our 2,755 Same Store Facilities (192.1 million net rentable square feet), which represent approximately 84% of the net rentable square feet in our U.S. consolidated portfolio, are as follows:
Same Store Summary
Three Months Ended March 31,
2026
2025
Change (a)
(Dollar amounts in thousands, except for per square foot data)
Revenues
$
1,000,833
$
1,001,021
—%
Direct Cost of Operations
(229,288
)
(232,939
)
(1.6)%
Direct Net Operating Income (b)
771,545
768,082
0.5%
Indirect Cost of Operations
(32,145
)
(31,385
)
2.4%
Net Operating Income (b)
$
739,400
$
736,697
0.4%
Gross Margin (before indirect costs)
77.1
%
76.7
%
0.4%
Gross Margin (after indirect costs)
73.9
%
73.6
%
0.3%
Average Occupancy
91.5
%
91.1
%
0.4%
Realized annual rental income per (b):
Occupied square foot
$
22.00
$
22.06
(0.3)%
Available square foot
$
20.12
$
20.10
0.1%
(a)
Represents the absolute nominal change with respect to gross margin and square foot occupancy, and the percentage change with respect to all other items.
(b)
See Definitions for description of non-GAAP measures.
In addition to the Same Store Facilities, we have 421 primarily acquisition, development, and expansion facilities (37.7 million rentable square feet) in various stages of lease-up that represent the remaining 16% of the net rentable square feet in our portfolio. During the quarter, revenues and net operating income from this non-same store pool grew 24.8% and 27.5%, respectively, as compared to the same period in 2025.
Investment and Third-Party Management Activity
NSA Merger: On March 16, 2026, the Company announced that it had entered into a merger agreement to acquire National Storage Affiliates Trust (“NSA”), a Maryland real estate investment trust, listed on the New York Stock Exchange, in an all-stock transaction. NSA’s portfolio includes more than 1,000 properties, 69 million rentable square feet, and 550,000 units across 37 states and Puerto Rico. The merger is expected to add $0.35 to $0.50 to Core FFO Per Share at stabilization. In connection with the transaction, Public Storage and limited partners in NSA’s operating partnership will form a joint venture consisting of certain properties on NSA’s operating platform. The NSA operating partnership unitholders are expected to own approximately 80% of the joint venture at inception, with Public Storage holding the remaining interest. Public Storage will exclusively manage the joint venture portfolio and will earn customary property management, asset management and tenant reinsurance income. The merger transaction, which is expected to close in the third quarter of 2026, is subject to the approval of NSA equity holders and satisfaction of other customary closing conditions.
Acquisitions: During the quarter, we acquired three self-storage facilities with 0.2 million net rentable square feet for $20.8 million. For the three months ended March 31, 2026 and including activity subsequent to quarter end, we acquired or were under contract to acquire 18 facilities with 1.4 million net rentable square feet for $186.3 million.
New Developments and Expansions: During the quarter, we completed new developments and various expansion projects, which contributed 0.3 million net rentable square feet at a cost of $45.4 million.
At March 31, 2026, we had various facilities in development (2.5 million net rentable square feet) estimated to cost $449.8 million and various expansion projects (1.0 million net rentable square feet) estimated to cost $168.6 million. In total, these development and expansion projects are expected to deliver 3.5 million net rentable square feet at an aggregate cost of approximately $618.4 million. The remaining $415.7 million of development costs for these projects are expected to be incurred primarily in the next 18 to 24 months.
Lending: At March 31, 2026, we have total notes receivable of $142.5 million at an average annual interest rate of 7.9%.
Third-Party Management: During the quarter, we added 20 facilities to our third-party property management program. At March 31, 2026, we managed or were under contract to manage 441 facilities (35.1 million net rentable square feet) through the program including 68 facilities currently under construction.
Capital Markets Activity and Balance Sheet
The Company’s total indebtedness as of March 31, 2026 was $10.1 billion, with $650 million, or 6.4%, maturing in 2026. As of March 31, 2026, the Company had approximately $1.9 billion of liquidity through a combination of cash, undrawn capacity on its credit facility, and expected retained cash flow over the next twelve months. Subsequent to quarter end, we issued $500 million of senior notes, bearing interest at a fixed rate of 5.000% per year and maturing on December 15, 2035. We used a portion of these proceeds to repay the $325 million balance on our line of credit.
Selected balance sheet metrics as of March 31, 2026:
Three Months Ended March 31, 2026
Metric
2026
2025
Change (a)
Weighted Average Interest Rate
3.3%
3.1%
0.2%
Weighted Average Years to Maturity (b)
6.4
7.1
(0.7)
Debt to EBITDA
2.9x
2.8x
0.1x
Net Debt and Preferred Equity to EBITDA (c)
4.1x
4.0x
0.1x
EBITDA to Fixed Charges (c)
6.7x
6.8x
(0.1)x
Credit Ratings (Moody’s / S&P)
A2 / A
A2 / A
—
(a)
Represents the absolute nominal change.
(b)
The weighted average years to maturity does not include preferred stock.
(c)
Computations of EBITDA and Fixed Charges can be found in the Company’s accompanying quarterly financial supplement.
Supplemental Information
This press release, our Form 10-Q for the first quarter of 2026, the accompanying quarterly financial supplement, and additional information about Public Storage are available on our website, www.publicstorage.com.
Definitions (unaudited)
Annual contract rent: Represents the agreed upon monthly rate that is paid by our tenants in place at the time of measurement. Contract rates are initially set in the lease agreement upon move-in, and we adjust them from time to time with notice. Contract rent excludes other fees that are charged on a per-item basis, such as late charges and administrative fees, does not reflect the impact of promotional discounts, and does not reflect the impact of rents that are written off as uncollectible.
Funds Available for Distribution (“FAD”): FFO adjusted to exclude certain non-cash charges and to deduct recurring capital expenditures, which do not include capital expenditures for energy efficiencies including the installation of LED lighting, solar panels, and heat pumps; or capital expenditures for other property enhancements including acquisition rebrandings and commercial conversions. We utilize FAD in evaluating our ongoing cash flow available for investment, debt repayment, and common distributions. We believe investors and analysts utilize FAD in a similar manner. FAD is not a substitute for GAAP net cash flow in evaluating our liquidity or ability to pay dividends, because it excludes investing and financing activities presented on our statements of cash flows. In addition, other REITs may compute this measure differently, so comparisons among REITs may not be helpful.
Funds from Operations (“FFO”) and FFO per diluted common share (“FFO per share”): Non-GAAP measures defined by Nareit. We believe that FFO and FFO per share are useful to REIT investors and analysts in measuring our performance because Nareit’s definition of FFO excludes items included in net income that do not relate to or are not indicative of our operating and financial performance. FFO represents net income before real estate-related depreciation and amortization, which is excluded because it is based upon historical costs and assumes that building values diminish ratably over time, while we believe that real estate values fluctuate due to market conditions. FFO also excludes gains or losses on sale of real estate assets and real estate impairment charges, which are also based upon historical costs and are impacted by historical depreciation. FFO and FFO per share are not a substitute for net income or earnings per share. FFO is not a substitute for net cash flow in evaluating our liquidity or ability to pay dividends, because it excludes investing and financing activities presented on our consolidated statements of cash flows. In addition, other REITs may compute these measures differently, so comparisons among REITs may not be helpful.
We also present “Core FFO” and “Core FFO per share” non-GAAP measures that represent FFO and FFO per share excluding the impact of (i) foreign currency exchange gains and losses, (ii) charges related to the redemption of preferred securities, and (iii) certain other non-cash and/or nonrecurring income or expense items primarily representing, with respect to the periods presented below, the impact of corporate transformation costs, loss contingencies, due diligence costs incurred in pursuit of strategic transactions, realized or unrealized gain or loss on private equity investments and non-hedge designated derivative transactions, certain CEO transition-related costs, and amortization of acquired non real estate-related intangibles. We review Core FFO and Core FFO per share to evaluate our ongoing operating performance and we believe they are used by investors and REIT analysts in a similar manner. However, Core FFO and Core FFO per share are not substitutes for net income and net income per share. Because other REITs may not compute Core FFO or Core FFO per share in the same manner as we do, may not use the same terminology or may not present such measures, Core FFO and Core FFO per share may not be comparable among REITs.
Net operating income (“NOI”): Net operating income or “NOI” is a non-GAAP financial measure that excludes the impact of depreciation and amortization expense, which is based upon historical real estate costs and assumes that building values diminish ratably over time, while we believe that real estate values fluctuate due to market conditions. We utilize NOI in determining current property values, evaluating property performance, and evaluating property operating trends. We believe that investors and analysts utilize NOI in a similar manner. Direct net operating income (“Direct NOI”), a subtotal within NOI, is a non-GAAP financial measure that excludes the impact of supervisory payroll, centralized management costs, and share-based compensation in addition to depreciation and amortization expense. We utilize direct net operating income in evaluating property performance and in evaluating property operating trends as compared to our competitors. We believe that investors and analysts utilize NOI and Direct NOI in a similar manner. These measures are not a substitute for net income, operating cash flow, or other related financial measures, in evaluating our operating results. See Note 14 to our March 31, 2026 consolidated financial statements for a reconciliation of NOI to our total net income for all periods presented.
Realized annual rent per occupied square foot: Computed by dividing rental income, before late charges and administrative fees, by the weighted average occupied square feet for the period. This measure excludes late charges and administrative fees in order to provide a better measure of our ongoing level of revenue. Late charges are dependent upon the level of delinquency, and administrative fees are dependent upon the level of move-ins. In addition, the rates charged for late charges and administrative fees can vary independently from rental rates. This measure takes into consideration promotional discounts, which reduce rental income.
Realized annual rent per available square foot: Computed by dividing rental income, before late charges and administrative fees, by the total available net rentable square feet for the period. Similar to realized annual rent per occupied square foot, this measure excludes late charges and administrative fees, and takes into consideration promotional discounts, which reduce rental income.
Same Store Facilities: Consist of facilities we have owned and operated on a stabilized level of occupancy, revenues, and cost of operations since January 1, 2024. The composition of our Same Store Facilities allows us more effectively to evaluate the ongoing performance of our self-storage portfolio by excluding the impact of fill-up of unstabilized facilities, which can significantly affect operating trends. We believe investors and analysts use Same Store Facilities information in a similar manner. However, because other REITs may not compute Same Store Facilities in the same manner as we do, may not use the same terminology or may not present such a measure, Same Store Facilities may not be comparable among REITs.
First Quarter Conference Call
A conference call is scheduled for April 28, 2026 at 11:00 a.m. (CT) to discuss the first quarter earnings results. The domestic dial-in number is (877) 407-9039, and the international dial-in number is (201) 689-8470. A simultaneous audio webcast may be accessed by using the link at www.publicstorage.com under “About Us, Investor Relations, News and Events, Event Calendar.” A replay of the conference call may be accessed through May 12, 2026 by calling (844) 512-2921 (domestic), (412) 317-6671 (international) (access ID number for either domestic or international is 13760048) or by using the link at www.publicstorage.com under “About Us, Investor Relations, News and Events, Event Calendar.”
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements relating to our 2026 outlook and all underlying assumptions, our expected acquisition, disposition, development, and redevelopment activity, supply and demand for our self-storage facilities, information relating to operating trends in our markets, expectations regarding operating expenses, including property tax changes, expectations regarding the impacts from inflation and changes in macroeconomic conditions, our strategic priorities, expectations with respect to financing activities, rental rates, cap rates, and yields, leasing expectations, our credit ratings, our expectations with respect to the closing of our proposed acquisition of National Storage Affiliates and the future performance of the acquired facilities, and all other statements other than statements of historical fact. Such statements are based on management’s beliefs and assumptions made based on information currently available to management and may be identified by the use of the words “outlook,” “guidance,” “expects,” “believes,” “anticipates,” “should,” “estimates,” and similar expressions. These forward-looking statements involve known and unknown risks and uncertainties, which may cause our actual results and performance to be materially different from those expressed or implied in the forward-looking statements. Risks and uncertainties that may impact future results and performance include, but are not limited to those risks and uncertainties described in Part 1, Item 1A, “Risk Factors” in our most recent Annual Report on Form 10-K for the year ended December 31, 2025 filed with the Securities and Exchange Commission (the “SEC”) on February 12, 2026, under "Cautionary Statement Regarding Forward-Looking Statements" of our Current Report on Form 8-K filed with the SEC on March 17, 2026, and in our other filings with the SEC. These include changes in demand for our facilities, changes in macroeconomic conditions, changes in national self-storage facility development activity, impacts from our strategic corporate transformation initiative, impacts of natural disasters, adverse changes in laws and regulations including governing property tax, evictions, rental rates, minimum wage levels, and insurance, adverse economic effects from public health emergencies, international military conflicts, international trade disputes (including threatened or implemented tariffs imposed by the U.S. and threatened or implemented tariffs imposed by foreign countries in retaliation), or similar events impacting public health and/or economic activity, increases in the costs of our primary customer acquisition channels, adverse impacts to us and our customers from high interest rates, inflation, unfavorable foreign currency rate fluctuations, or changes in federal or state tax laws related to the taxation of REITs, security breaches, including ransomware, or a failure of our networks, systems, or technology. These forward-looking statements speak only as of the date of this press release or as of the dates indicated in the statements. All of our forward-looking statements, including those in this press release, are qualified in their entirety by this cautionary statement. We expressly disclaim any obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, new estimates, or other factors, events or circumstances after the date of these forward-looking statements, except when expressly required by law. Given these risks and uncertainties, you should not rely on any forward-looking statements in this press release, or which management may make orally or in writing from time to time, neither as predictions of future events nor guarantees of future performance.
About Public Storage
Public Storage, a member of the S&P 500, is a REIT that primarily acquires, develops, owns, and operates self-storage facilities. At March 31, 2026, we: (i) owned and/or operated 3,546 self-storage facilities located in 40 states with approximately 259 million net rentable square feet in the United States and (ii) owned a 35% common equity interest in Shurgard Self Storage Limited (Euronext Brussels: SHUR), which owned 333 self-storage facilities located in seven Western European countries with approximately 19 million net rentable square feet operated under the Shurgard® brand. Our headquarters are located in Frisco, Texas.
No Offer or Solicitation
This communication is for informational purposes only and is not intended to, and shall not, constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any offer, solicitation or sale of securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act.
Important Additional Information and Where to Find It
In connection with the proposed transaction between NSA and Public Storage, Public Storage intends to file with the SEC a registration statement on Form S-4 (the “Registration Statement”) that will include a proxy statement of NSA that also constitutes a prospectus of Public Storage (the “Proxy Statement/Prospectus”). A definitive Proxy Statement/Prospectus will be mailed to NSA’s shareholders seeking their approval of the proposed transaction and other related matters. Each of NSA and Public Storage may also file other relevant documents with the SEC regarding the proposed transaction. This communication is not a substitute for the Registration Statement, Proxy Statement/Prospectus or any other document that NSA or Public Storage (as applicable) may file with the SEC in connection with the proposed transaction. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, INVESTORS AND SECURITY HOLDERS OF NSA AND Public Storage ARE URGED TO READ CAREFULLY AND IN THEIR ENTIRETY THE REGISTRATION STATEMENT, THE PROXY STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS WHEN THEY BECOME AVAILABLE WITH THE SEC BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND RELATED MATTERS. Investors and security holders will be able to obtain free copies of the Registration Statement and the Proxy Statement/Prospectus (when they become available) and other documents filed with the SEC by NSA and/or Public Storage, which contain important information, through the website maintained by the SEC at www.sec.gov. Investors and security holders will be able to obtain free copies of the documents filed by NSA with the SEC on NSA’s website at https://ir.nsastorage.com/sec-filings/all-sec-filings or by contacting NSA Investor Relations at ghoglund@nsareit.net. Security holders will also be able to obtain free copies of the documents filed by Public Storage with the SEC on Public Storage’s website at https://investors.publicstorage.com/financial-reports/sec-filings or by contacting Public Storage Investor Relations at investorrelations@publicstorage.com.
Participants in the Solicitation
NSA, Public Storage, their respective trustees and certain of their respective executive officers may be deemed to be participants in the solicitation of proxies from NSA’s shareholders in respect of the proposed transaction. Information about the trustees and executive officers of NSA, including a description of their direct or indirect interests, by security holdings or otherwise, is set forth in NSA’s proxy statement for its 2025 Annual Meeting of Shareholders under the headings “Our Board,” “How We Are Paid,” “Compensation Discussion and Analysis,” “Summary Compensation and Other Tables,” “Severance and Change in Control Arrangements,” “Certain Relationships and Related Transactions” and “Shareholder Ownership Information,” which was filed with the SEC on March 28, 2025, and in NSA’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, which was filed with the SEC on February 26, 2026. To the extent holdings of NSA’s securities by its trustees or executive officers have changed since the amounts set forth in NSA’s definitive proxy statement for its 2025 Annual Meeting of Shareholders, such changes have been or will be reflected on an Initial Statement of Beneficial Ownership of Securities on Form 3, Statement of Changes in Beneficial Ownership on Form 4 or Annual Statement of Changes in Beneficial Ownership on Form 5, in each case filed with the SEC, and available on the SEC’s website at www.sec.gov. Information about the trustees and executive officers of Public Storage, including a description of their direct or indirect interests, by security holdings or otherwise, is set forth in Public Storage’s proxy statement for its 2026 Annual Meeting of Shareholders under the headings “2025 Trustee Compensation,” “Our Named Executive Officers,” “Compensation Discussion and Analysis,” “Executive Compensation Tables,” “Potential Payments Upon Termination or Change in Control,” “Outstanding Equity Awards at 2025 Fiscal Year End,” “Related Person Transactions” and “Share Ownership of Trustees and Management,” which was filed with the SEC on March 27, 2026, in Public Storage’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, which was filed with the SEC on February 12, 2026 and in Public Storage’s Form 8-K filed with the SEC on February 12, 2026. To the extent holdings of Public Storage’s securities by its trustees or executive officers have changed since the amounts set forth in Public Storage’s definitive proxy statement for its 2026 Annual Meeting of Shareholders, such changes have been or will be reflected on an Initial Statement of Beneficial Ownership of Securities on Form 3, Statement of Changes in Beneficial Ownership on Form 4, or Annual Statement of Changes in Beneficial Ownership on Form 5, in each case filed with the SEC and available on the SEC’s website at www.sec.gov. Other information regarding the participants in the proxy solicitations and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the Registration Statement, the Proxy Statement/Prospectus and other relevant materials to be filed with the SEC regarding the proposed transaction when such materials become available. Investors and security holders should read the Registration Statement and the Proxy Statement/Prospectus carefully when they become available before making any voting or investment decisions. You may obtain free copies of these documents from NSA or Public Storage using the sources indicated above.
PUBLIC STORAGE
SELECTED FINANCIAL DATA
Same Store Operating Performance
(Unaudited – amounts in thousands except per square foot data)
Three Months Ended March 31,
2026
2025
Change (c)
(Dollar amounts in thousands, except for per square foot data)
Revenues (a):
Rental income
$
966,713
$
965,525
0.1%
Late charges and administrative fees
34,120
35,496
(3.9)%
Total revenues
1,000,833
1,001,021
—%
Direct cost of operations (a):
Property taxes
106,123
107,225
(1.0)%
On-site property manager payroll
34,362
34,582
(0.6)%
Repairs and maintenance
22,607
24,010
(5.8)%
Utilities
15,456
15,963
(3.2)%
Marketing
22,596
23,650
(4.5)%
Other direct property costs
28,144
27,509
2.3%
Total direct cost of operations
229,288
232,939
(1.6)%
Direct net operating income (d)
771,545
768,082
0.5%
Indirect cost of operations (a)
(32,145)
(31,385)
2.4%
Net operating income (b) (d)
$
739,400
$
736,697
0.4%
Gross margin (before indirect costs)
77.1%
76.7%
0.4%
Gross margin (after indirect costs)
73.9%
73.6%
0.3%
Weighted average for the period:
Square foot occupancy
91.5%
91.1%
0.4%
Realized annual rental income per (d):
Occupied square foot
$
22.00
$
22.06
(0.3)%
Available square foot
$
20.12
$
20.10
0.1%
At March 31:
Square foot occupancy
91.3%
91.1%
0.2%
Annual contract rent per occupied square foot (d)
$
22.05
$
22.16
(0.5)%
(a)
Revenues and cost of operations do not include tenant reinsurance and merchandise sales and expenses generated at the facilities.
(b)
See reconciliation of self-storage NOI to net income provided below.
(c)
Represents the absolute nominal change with respect to gross margin and square foot occupancy, and the percentage change with respect to all other items.
(d)
See Definitions for description of non-GAAP measures.
PUBLIC STORAGE
SELECTED CONSOLIDATED INCOME STATEMENT DATA
(Unaudited – Amounts in thousands, except per share data)
Three Months Ended March 31,
2026
2025
Revenues:
Self-storage facilities
$
1,128,125
$
1,102,998
Ancillary operations
89,616
80,186
Total revenues
1,217,741
1,183,184
Expenses:
Self-storage cost of operations
305,679
301,154
Ancillary cost of operations
34,264
30,693
Depreciation and amortization
290,723
282,715
Real estate acquisition and development expense
2,428
7,423
General and administrative
30,351
25,184
Interest expense
80,018
72,009
Total expenses
743,463
719,178
Operating income
474,278
464,006
Other increases (decreases) to net income:
Interest and other income (expense)
7,778
13,234
Equity in earnings (loss) of unconsolidated real estate entity
6,836
3,627
Foreign currency exchange gain (loss)
41,673
(68,695
)
Gain (Loss) on sale of real estate
379
45
Income before income taxes
530,944
412,217
Income tax (provision) benefit
(1,569
)
(1,426
)
Net income
529,375
410,791
Allocation to noncontrolling interests
(3,102
)
(3,000
)
Net income allocable to Public Storage shareholders
526,273
407,791
Allocation of net income to:
Preferred shareholders
(48,678
)
(48,678
)
Restricted share units and unvested LTIP units
(807
)
(883
)
Net income allocable to common shareholders
$
476,788
$
358,230
Per common share:
Net income per common share – Basic
$
2.72
$
2.04
Net income per common share – Diluted
$
2.71
$
2.04
Weighted average common shares – Basic
175,519
175,419
Weighted average common shares – Diluted
175,928
175,942
PUBLIC STORAGE
SELECTED FINANCIAL DATA
Reconciliation of Net Income to FFO and Core FFO and FFO to Funds Available for Distribution
(Unaudited – amounts in thousands except per share data)
Three Months Ended March 31,
2026
2025
Percentage Change
Reconciliation of Net Income to FFO and Core FFO (a):
Net income allocable to common shareholders
$
476,788
$
358,230
33.1%
Eliminate items excluded from FFO:
Real estate-related depreciation and amortization
287,766
280,009
Real estate-related depreciation from unconsolidated real estate investment
11,277
13,275
Real estate-related depreciation allocated to noncontrolling interests, restricted share unitholders and unvested LTIP unitholders
(2,726
)
(2,114
)
Impairment write-down of real estate investments
—
3,827
Gains on sale of real estate investments, including our equity share from investment
(379
)
(45
)
FFO allocable to common shares (a)
$
772,726
$
653,182
18.3%
Eliminate items excluded from Core FFO:
Adjustments to G&A Expense:
Corporate transformation costs
2,694
789
CEO transition costs
2,567
—
Contingency reserve
—
545
Transaction costs
—
400
Other Non-Core Adjustments:
Foreign currency exchange (gain) loss
(41,673
)
68,695
Unrealized (gain) loss on private equity investments
474
873
Unrealized (gain) loss on interest rate derivatives
5,251
—
Other items
200
113
Core FFO allocable to common shares (a)
$
742,239
$
724,597
2.4%
Reconciliation of FFO to FAD:
FFO allocable to common shares
$
772,726
$
653,182
18.3%
Eliminate effect of items included in FFO but not FAD:
Share-based compensation expense in excess of cash paid
9,288
7,615
Foreign currency exchange (gain) loss
(41,673
)
68,695
Less:
Capital expenditures to maintain real estate facilities
(45,523
)
(36,194
)
FAD (a)
$
694,818
$
693,298
0.2%
Per diluted common share:
FFO per share (a)
$
4.39
$
3.71
18.3%
Core FFO per share (a)
$
4.22
$
4.12
2.4%
(a)
See Definitions for description of non-GAAP measures.
PUBLIC STORAGE
SELECTED FINANCIAL DATA
Reconciliation of Self-Storage Net Operating Income to Net Income
(Unaudited – amounts in thousands)
Three Months Ended March 31,
2026
2025
Self-storage revenues for:
Same Store Facilities
$
1,000,833
$
1,001,021
Acquired Facilities
75,004
55,405
Newly Developed and Expanded Facilities
48,883
42,429
Other Non-Same Store Facilities
3,405
4,143
Self-storage revenues
1,128,125
1,102,998
Self-storage cost of operations for:
Same Store Facilities
261,433
264,324
Acquired Facilities
25,788
20,533
Newly Developed and Expanded Facilities
17,102
14,771
Other Non-Same Store Facilities
1,356
1,526
Self-storage cost of operations
305,679
301,154
Self-storage NOI for:
Same Store Facilities
739,400
736,697
Acquired Facilities
49,216
34,872
Newly Developed and Expanded Facilities
31,781
27,658
Other Non-Same Store Facilities
2,049
2,617
Self-storage NOI (a)
822,446
801,844
Ancillary revenues
89,616
80,186
Ancillary cost of operations
(34,264
)
(30,693
)
Depreciation and amortization
(290,723
)
(282,715
)
Real estate acquisition and development expense
(2,428
)
(7,423
)
General and administrative expense
(30,351
)
(25,184
)
Interest and other income (expense)
7,778
13,234
Interest expense
(80,018
)
(72,009
)
Equity in earnings (loss) of unconsolidated real estate entity
6,836
3,627
Gain on sale of real estate
379
45
Foreign currency exchange gain (loss)
41,673
(68,695
)
Income tax (provision) benefit
(1,569
)
(1,426
)
Net income
$
529,375
$
410,791
(a)
See Definitions for description of non-GAAP measures.
PUBLIC STORAGE
SELECTED CONSOLIDATED BALANCE SHEET DATA
(Unaudited – Amounts in thousands, except share and per share data)
March 31, 2026
December 31, 2025
ASSETS
Cash and equivalents
$
134,609
$
318,095
Real estate facilities, at cost:
Land
5,962,189
5,952,072
Buildings
24,251,342
24,126,185
Total land and buildings, at cost
30,213,531
30,078,257
Accumulated depreciation
(11,737,258
)
(11,468,054
)
Total land and buildings, net
18,476,273
18,610,203
Construction in process
202,742
194,355
Total real estate facilities, net
18,679,015
18,804,558
Investment in unconsolidated real estate entity
383,917
388,586
Goodwill and other intangible assets, net
233,207
251,613
Notes receivable, net
142,501
142,108
Other assets
277,160
303,644
Total assets
$
19,850,409
$
20,208,604
LIABILITIES AND EQUITY
Notes payable
$
9,707,266
$
10,253,881
Unsecured credit facility
325,000
—
Accrued and other liabilities
498,421
612,889
Total liabilities
10,530,687
10,866,770
Commitments and contingencies
Equity:
Public Storage shareholders’ equity:
Preferred Shares, $0.01 par value, 100,000,000 shares authorized, 174,000 shares issued (in series) and outstanding, (174,000 shares at December 31, 2025) at liquidation preference
4,350,000
4,350,000
Common Shares, $0.10 par value, 650,000,000 shares authorized, 175,544,909 shares issued (175,500,243 shares at December 31, 2025)
17,554
17,550
Paid-in capital
6,184,983
6,147,650
Accumulated deficit
(1,269,414
)
(1,219,273
)
Accumulated other comprehensive loss
(58,783
)
(47,799
)
Total Public Storage shareholders’ equity
9,224,340
9,248,128
Noncontrolling interests
95,382
93,706
Total equity
9,319,722
9,341,834
Total liabilities and equity
$
19,850,409
$
20,208,604
View source version on businesswire.com: https://www.businesswire.com/news/home/20260427140073/en/
Brandon Reagan
breagan@publicstorage.com
Original: Public Storage Reports First Quarter 2026 Results
US Market News
5月前
Public Storage Reports Fourth Quarter and Full Year 2025 ResultsFebruary 12, 2026 4:05 PM
Business Wire
Public Storage (the “Company”) (NYSE: PSA) announced today its results for the quarter and year ended December 31, 2025 and its outlook for full-year 2026. In addition, the Company posted a related Investor Presentation to its website here.
Net income and core funds from operations (“Core FFO”) per share for the quarter and year are presented below:
Three Months Ended
December 31,
Change
Year Ended
December 31,
Change
Metric (per share)
2025
2024
$
%
2025
2024
$
%
Net Income
$2.60
$3.21
$(0.61)
(19.0)%
$9.01
$10.64
$(1.63)
(15.3)%
Core FFO
$4.26
$4.21
$0.05
1.2%
$16.97
$16.67
$0.30
1.8%
Highlights for the quarter:
Achieved positive Same Store revenue growth in 56% of its markets (by revenues), increasing from 49% during the fourth quarter of 2024.
Achieved a 78.4% Same Store net operating income margin.
Acquired 13 self-storage facilities with 0.9 million net rentable square feet for $131.0 million.
Delivered new developments and completed expansion projects adding 1.0 million net rentable square feet at $140.1 million in cost.
Subsequent to year-end, the Company announced PS4.0TM, a generational leadership transition and strategic vision designed to accelerate long-term relative total shareholder return. Please see the accompanying press release here.
Highlights for the year:
Acquired 87 self-storage facilities with 6.1 million net rentable square feet for $945.6 million.
Delivered new developments and completed expansion projects adding 2.1 million net rentable square feet at $408.9 million in cost.
As of year-end, the Company had various facilities in development and expansion expected to add 3.5 million net rentable square feet at an estimated cost of $609.9 million primarily over the next 18 to 24 months.
The weighted average interest rate on the Company's total debt as of December 31, 2025 was 3.2%, with a weighted average term of 6.3 years.
“Public Storage’s fourth quarter results reflect differentiated strategies that continue to drive our performance,” said Joe Russell, President and Chief Executive Officer. “As industry fundamentals stabilize, new competitive supply declines, and acquisition market activity increases, we are well-positioned to capitalize on the opportunities ahead. With the launch of PS4.0, we are building on that foundation by elevating the customer and employee experience, accelerating value creation, and unlocking the next phase of long-term growth for Public Storage.”
2026 Guidance
Public Storage's guidance for NOI Growth (Same Store and Non-Same Store) and Core FFO per share is included in the table below, all of which are reconciled in our accompanying quarterly financial supplement.
2026 Guidance
Low
High
(Dollar amounts in thousands, except per share data)
Same Store:
Revenue growth
(2.2)%
—%
Expense growth
1.5%
2.8%
Net operating income growth
(3.9)%
(0.5)%
Non-Same Store:
Non-Same Store net operating income
$335,000
$355,000
Core FFO per share:
$16.35
$17.00
*
Additional guidance assumptions can be found in the Company’s accompanying quarterly financial supplement.
*
As described in more detail in the Company’s accompanying quarterly financial supplement, consistent with applicable SEC rules, we do not provide guidance for GAAP net income per share, the most comparable GAAP financial measure, or a reconciliation of estimated 2026 Core FFO per share to estimated GAAP net income per share because we are unable to reasonably predict certain items that are included in GAAP net income, including gains or losses on sales of real estate investments.
Operating Results
“Strong existing customer performance paired with solid execution from our team driving new move-ins resulted in quarter-end occupancy that was 0.5% better year-over-year. That represents the first occupancy increase in over four years further reinforcing the fundamental stabilization leading into 2026,” said Chris Sambar, Chief Operating Officer. “We are maximizing revenue and NOI as the industry operating environment stabilizes.”
The operating results of our 2,565 Same Store Facilities (175.3 million net rentable square feet), which represent approximately 76% of the net rentable square feet in our U.S. consolidated portfolio, are as follow:
Same Store Summary
Three Months Ended December 31,
Year Ended December 31,
2025
2024
Change (a)
2025
2024
Change (a)
(Dollar amounts in thousands, except for per square foot data)
Revenues
$
936,172
$
937,686
(0.2)%
$
3,764,833
$
3,763,553
—%
Direct Cost of Operations
202,585
195,505
3.6%
820,373
810,293
1.2%
Direct Net Operating Income (b)
733,587
742,181
(1.2)%
2,944,460
2,953,260
(0.3)%
Indirect Cost of Operations
(29,897
)
(27,571
)
8.4%
(115,545
)
(109,041
)
6.0%
Net Operating Income (b)
$
703,690
$
714,610
(1.5)%
$
2,828,915
$
2,844,219
(0.5)%
Gross Margin (before indirect costs)
78.4%
79.2%
(0.8)%
78.2%
78.5%
(0.3)%
Gross Margin (after indirect costs)
75.2%
76.2%
(1.0)%
75.1%
75.6%
(0.5)%
Average Occupancy
91.6%
91.8%
(0.2)%
92.0%
92.4%
(0.4)%
Realized annual rental income per (b):
Occupied square foot
$
22.53
$
22.49
0.2%
$
22.54
$
22.43
0.5%
Available square foot
$
20.64
$
20.64
—%
$
20.74
$
20.72
0.1%
(a)
Represents the absolute nominal change with respect to gross margin and square foot occupancy, and the percentage change with respect to all other items.
(b)
See Definitions for description of non-GAAP measures.
In addition to the Same Store Facilities, we have 606 primarily acquisition, development, and expansion facilities (54.1 million rentable square feet) in various stages of lease-up that represent the remaining 24% of the net rentable square feet in our portfolio. Revenues and net operating income from this non-same store pool grew 18.7% and 20.0%, respectively, during the quarter, and 14.6% and 16.5%, respectively, during the year.
Investment and Third-Party Management Activity
Acquisitions: During the quarter, we acquired 13 self-storage facilities with 0.9 million net rentable square feet for $131.0 million. For the year ended December 31, 2025 and including activity subsequent to year end, we acquired or were under contract to acquire 90 facilities with 6.3 million net rentable square feet for $966.3 million.
New Developments and Expansions: During the quarter, we completed new developments and various expansion projects, which contributed 1.0 million net rentable square feet at a cost of $140.1 million. For the year ended December 31, 2025, we opened 12 newly developed facilities and various expansion projects, which together contributed 2.1 million net rentable square feet at a cost of $408.9 million.
At December 31, 2025, we had various facilities in development (2.6 million net rentable square feet) estimated to cost $479.5 million and various expansion projects (0.9 million net rentable square feet) estimated to cost $130.4 million. In total, these development and expansion projects are expected to deliver 3.5 million net rentable square feet at an aggregate cost of approximately $609.9 million. The remaining $415.6 million of development costs for these projects are expected to be incurred primarily in the next 18 to 24 months.
Lending: During the quarter, we originated $48.4 million of bridge loan financing for third-party self-storage owners at an average rate of 7.7%. At year end, we have total notes receivable of $142.1 million at an average annual interest rate of 7.9%.
Third-Party Management: During the quarter, we added 28 facilities to our third-party property management program. At December 31, 2025, we managed 362 facilities (28.2 million net rentable square feet) through the program, and were under contract to manage 84 additional facilities (7.1 million net rentable square feet), including 78 facilities currently under construction.
Capital Markets Activity and Balance Sheet
The Company’s total indebtedness as of December 31, 2025 was $10.3 billion, with $1.15 billion, or 11.2%, maturing in 2026. As of December 31, 2025, the Company had approximately $2.4 billion of liquidity through a combination of cash, undrawn capacity on its credit facility, and expected retained cash flow over the next twelve months.
Selected balance sheet metrics as of December 31, 2025:
Year Ended December 31,
Metric
2025
2024
Change (a)
Weighted Average Interest Rate
3.2%
3.1%
0.1%
Weighted Average Years to Maturity
6.3
6.7
(0.4)
Net Debt and Preferred Equity to EBITDA (b)
4.2x
3.9x
0.3x
EBITDA to Fixed Charges (b)
6.8x
6.9x
(0.1)x
Credit Ratings (Moody’s / S&P)
A2 / A
A2 / A
—
(a)
Represents the absolute nominal change.
(b)
Computations of EBITDA and Fixed Charges can be found in the Company’s accompanying quarterly financial supplement.
PS4.0 - A New Era of Leadership and Growth
Public Storage today unveiled PS4.0, a generational leadership transition and strategic vision designed to accelerate long-term relative total shareholder return through elevating the customer and employee experience, expanding margins and performance of its industry leading operating platform, and capturing the portfolio growth opportunity across a highly fragmented sector. As part of this strategic announcement, the Company announced that Joe Russell the Company’s President, Chief Executive Officer and a trustee, notified the Board of his decision to retire from the Company and our Board effective March 31, 2026. Tom Boyle, the Company's current Chief Financial and Investment Officer, has been appointed to Chief Executive Officer and a trustee, effective on April 1, 2026. In addition, Joe Fisher has joined the Company and has been appointed President, Chief Financial Officer effective February 16, 2026. Lastly, Ron Havner will be transitioning the Chairman of the Board role to Shankh Mitra effective April 1, 2026. The announcement, including all leadership and Board of Trustee transitions, can be found here.
Supplemental Information
This press release, our Form 10-K for the year ended December 31, 2025, the accompanying quarterly financial supplement, and additional information about Public Storage are available on our website, www.publicstorage.com.
Definitions (unaudited)
Annual contract rent: Represents the agreed upon monthly rate that is paid by our tenants in place at the time of measurement. Contract rates are initially set in the lease agreement upon move-in, and we adjust them from time to time with notice. Contract rent excludes other fees that are charged on a per-item basis, such as late charges and administrative fees, does not reflect the impact of promotional discounts, and does not reflect the impact of rents that are written off as uncollectible.
Funds Available for Distribution (“FAD”): FFO adjusted to exclude certain non-cash charges and to deduct recurring capital expenditures, which do not include capital expenditures for energy efficiencies including LED lighting and solar panel installation. We utilize FAD in evaluating our ongoing cash flow available for investment, debt repayment, and common distributions. We believe investors and analysts utilize FAD in a similar manner. FAD is not a substitute for GAAP net cash flow in evaluating our liquidity or ability to pay dividends, because it excludes investing and financing activities presented on our statements of cash flows. In addition, other REITs may compute this measure differently, so comparisons among REITs may not be helpful.
Funds from Operations (“FFO”) and FFO per diluted common share (“FFO per share”): Non-GAAP measures defined by Nareit. We believe that FFO and FFO per share are useful to REIT investors and analysts in measuring our performance because Nareit’s definition of FFO excludes items included in net income that do not relate to or are not indicative of our operating and financial performance. FFO represents net income before real estate-related depreciation and amortization, which is excluded because it is based upon historical costs and assumes that building values diminish ratably over time, while we believe that real estate values fluctuate due to market conditions. FFO also excludes gains or losses on sale of real estate assets and real estate impairment charges, which are also based upon historical costs and are impacted by historical depreciation. FFO and FFO per share are not a substitute for net income or earnings per share. FFO is not a substitute for net cash flow in evaluating our liquidity or ability to pay dividends, because it excludes investing and financing activities presented on our consolidated statements of cash flows. In addition, other REITs may compute these measures differently, so comparisons among REITs may not be helpful.
We also present “Core FFO” and “Core FFO per share” non-GAAP measures that represent FFO and FFO per share excluding the impact of (i) foreign currency exchange gains and losses, (ii) charges related to the redemption of preferred securities, and (iii) certain other non-cash and/or nonrecurring income or expense items primarily representing, with respect to the periods presented below, the impact of corporate transformation costs, loss contingencies, due diligence costs incurred in pursuit of strategic transactions, realized or unrealized gain or loss on private equity investments, income tax benefits from the sale of solar tax credits, a cash and stock hiring bonus for a new senior executive and amortization of acquired non real estate-related intangibles. We review Core FFO and Core FFO per share to evaluate our ongoing operating performance and we believe they are used by investors and REIT analysts in a similar manner. However, Core FFO and Core FFO per share are not substitutes for net income and net income per share. Because other REITs may not compute Core FFO or Core FFO per share in the same manner as we do, may not use the same terminology or may not present such measures, Core FFO and Core FFO per share may not be comparable among REITs.
Net operating income (“NOI”): Net operating income or “NOI” is a non-GAAP financial measure that excludes the impact of depreciation and amortization expense, which is based upon historical real estate costs and assumes that building values diminish ratably over time, while we believe that real estate values fluctuate due to market conditions. We utilize NOI in determining current property values, evaluating property performance, and evaluating property operating trends. We believe that investors and analysts utilize NOI in a similar manner. Direct net operating income (“Direct NOI”), a subtotal within NOI, is a non-GAAP financial measure that excludes the impact of supervisory payroll, centralized management costs, and share-based compensation in addition to depreciation and amortization expense. We utilize direct net operating income in evaluating property performance and in evaluating property operating trends as compared to our competitors. We believe that investors and analysts utilize NOI and Direct NOI in a similar manner. These measures are not a substitute for net income, operating cash flow, or other related financial measures, in evaluating our operating results. See Note 15 to our December 31, 2025 consolidated financial statements for a reconciliation of NOI to our total net income for all periods presented.
Realized annual rent per occupied square foot: Computed by dividing rental income, before late charges and administrative fees, by the weighted average occupied square feet for the period. This measure excludes late charges and administrative fees in order to provide a better measure of our ongoing level of revenue. Late charges are dependent upon the level of delinquency, and administrative fees are dependent upon the level of move-ins. In addition, the rates charged for late charges and administrative fees can vary independently from rental rates. This measure takes into consideration promotional discounts, which reduce rental income.
Realized annual rent per available square foot: Computed by dividing rental income, before late charges and administrative fees, by the total available net rentable square feet for the period. Similar to realized annual rent per occupied square foot, this measure excludes late charges and administrative fees, and takes into consideration promotional discounts, which reduce rental income.
Retained Cash Flow: Non-GAAP financial measure that we believe is helpful as a supplemental measure in assessing the Company's liquidity. This metric is computed by reducing Operating Cash flows by Distributions and Capital Expenditures.
Same Store Facilities: Consist of facilities we have owned and operated on a stabilized level of occupancy, revenues, and cost of operations since January 1, 2023. The composition of our Same Store Facilities allows us more effectively to evaluate the ongoing performance of our self-storage portfolio by excluding the impact of fill-up of unstabilized facilities, which can significantly affect operating trends. We believe investors and analysts use Same Store Facilities information in a similar manner. However, because other REITs may not compute Same Store Facilities in the same manner as we do, may not use the same terminology or may not present such a measure, Same Store Facilities may not be comparable among REITs.
Fourth Quarter Conference Call
A conference call is scheduled for February 13, 2026 at 9:00 a.m. (PT) to discuss the fourth quarter earnings results. The domestic dial-in number is (877) 407-9039, and the international dial-in number is (201) 689-8470. A simultaneous audio webcast may be accessed by using the link at www.publicstorage.com under “About Us, Investor Relations, News and Events, Event Calendar.” A replay of the conference call may be accessed through February 27, 2026 by calling (844) 512-2921 (domestic), (412) 317-6671 (international) (access ID number for either domestic or international is 13758108) or by using the link at www.publicstorage.com under “About Us, Investor Relations, News and Events, Event Calendar.”
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements relating to our 2026 outlook and all underlying assumptions, our expected acquisition, disposition, development, and redevelopment activity, supply and demand for our self-storage facilities, information relating to operating trends in our markets, expectations regarding operating expenses, including property tax changes, expectations regarding the impacts from inflation and changes in macroeconomic conditions, our strategic priorities, expectations with respect to financing activities, rental rates, cap rates, and yields, leasing expectations, our credit ratings, and all other statements other than statements of historical fact. Such statements are based on management’s beliefs and assumptions made based on information currently available to management and may be identified by the use of the words “outlook,” “guidance,” “expects,” “believes,” “anticipates,” “should,” “estimates,” and similar expressions. These forward-looking statements involve known and unknown risks and uncertainties, which may cause our actual results and performance to be materially different from those expressed or implied in the forward-looking statements. Risks and uncertainties that may impact future results and performance include, but are not limited to those risks and uncertainties described in Part 1, Item 1A, “Risk Factors” in our most recent Annual Report on Form 10-K for the year ended December 31, 2025 filed with the Securities and Exchange Commission (the “SEC”) on February 12, 2026 and in our other filings with the SEC. These include changes in demand for our facilities, changes in macroeconomic conditions, changes in national self-storage facility development activity, impacts from our strategic corporate transformation initiative, impacts of natural disasters, adverse changes in laws and regulations including governing property tax, evictions, rental rates, minimum wage levels, and insurance, adverse economic effects from public health emergencies, international military conflicts, international trade disputes (including threatened or implemented tariffs imposed by the U.S. and threatened or implemented tariffs imposed by foreign countries in retaliation), or similar events impacting public health and/or economic activity, increases in the costs of our primary customer acquisition channels, adverse impacts to us and our customers from high interest rates, inflation, unfavorable foreign currency rate fluctuations, or changes in federal or state tax laws related to the taxation of REITs, security breaches, including ransomware, or a failure of our networks, systems, or technology. These forward-looking statements speak only as of the date of this press release or as of the dates indicated in the statements. All of our forward-looking statements, including those in this press release, are qualified in their entirety by this cautionary statement. We expressly disclaim any obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, new estimates, or other factors, events or circumstances after the date of these forward-looking statements, except when expressly required by law. Given these risks and uncertainties, you should not rely on any forward-looking statements in this press release, or which management may make orally or in writing from time to time, neither as predictions of future events nor guarantees of future performance.
About Public Storage
Public Storage, a member of the S&P 500, is a REIT that primarily acquires, develops, owns, and operates self-storage facilities. At December 31, 2025, we: (i) owned and/or operated 3,533 self-storage facilities located in 40 states with approximately 258 million net rentable square feet in the United States and (ii) owned a 35% common equity interest in Shurgard Self Storage Limited (Euronext Brussels: SHUR), which owned 332 self-storage facilities located in seven Western European countries with approximately 18 million net rentable square feet operated under the Shurgard® brand. Our headquarters are located in Frisco, Texas.
PUBLIC STORAGE
SELECTED FINANCIAL DATA
Same Store Operating Performance
(Unaudited – amounts in thousands except per square foot data)
Three Months Ended December 31,
Year Ended December 31,
2025
2024
Change (c)
2025
2024
Change (c)
(Dollar amounts in thousands, except for per square foot data)
Revenues (a):
Rental income
$
904,478
$
904,923
—%
$
3,636,192
$
3,633,672
0.1%
Late charges and administrative fees
31,694
32,763
(3.3)%
128,641
129,881
(1.0)%
Total revenues
936,172
937,686
(0.2)%
3,764,833
3,763,553
—%
Direct cost of operations (a):
Property taxes
90,763
84,197
7.8%
378,266
359,212
5.3%
On-site property manager payroll
33,510
34,156
(1.9)%
129,254
136,124
(5.0)%
Repairs and maintenance
19,208
18,634
3.1%
78,046
77,000
1.4%
Utilities
11,579
11,546
0.3%
49,633
49,144
1.0%
Marketing
20,972
22,117
(5.2)%
83,285
87,088
(4.4)%
Other direct property costs
26,553
24,855
6.8%
101,889
101,725
0.2%
Total direct cost of operations
202,585
195,505
3.6%
820,373
810,293
1.2%
Direct net operating income (d)
733,587
742,181
(1.2)%
2,944,460
2,953,260
(0.3)%
Indirect cost of operations (a)
(29,897
)
(27,571
)
8.4%
(115,545
)
(109,041
)
6.0%
Net operating income (b) (d)
$
703,690
$
714,610
(1.5)%
$
2,828,915
$
2,844,219
(0.5)%
Gross margin (before indirect costs)
78.4%
79.2%
(0.8)%
78.2%
78.5%
(0.3)%
Gross margin (after indirect costs)
75.2%
76.2%
(1.0)%
75.1%
75.6%
(0.5)%
Weighted average for the period:
Square foot occupancy
91.6%
91.8%
(0.2)%
92.0%
92.4%
(0.4)%
Realized annual rental income per (d):
Occupied square foot
$
22.53
$
22.49
0.2%
$
22.54
$
22.43
0.5%
Available square foot
$
20.64
$
20.64
—%
$
20.74
$
20.72
0.1%
At December 31:
Square foot occupancy
91.0%
90.5%
0.5%
Annual contract rent per occupied square foot (d)
$
22.55
$
22.72
(0.7)%
(a)
Revenues and cost of operations do not include tenant reinsurance and merchandise sales and expenses generated at the facilities.
(b)
See reconciliation of self-storage NOI to net income provided below.
(c)
Represents the absolute nominal change with respect to gross margin and square foot occupancy, and the percentage change with respect to all other items.
(d)
See Definitions for description of non-GAAP measures.
PUBLIC STORAGE
SELECTED CONSOLIDATED INCOME STATEMENT DATA
(Unaudited – Amounts in thousands, except per share data)
Three Months Ended December 31,
Year Ended December 31,
2025
2024
2025
2024
Revenues:
Self-storage facilities
$
1,128,920
$
1,100,097
$
4,489,413
$
4,395,993
Ancillary operations
86,872
77,330
334,700
299,623
Total revenues
1,215,792
1,177,427
4,824,113
4,695,616
Expenses:
Self-storage cost of operations
296,702
278,370
1,177,038
1,136,720
Ancillary cost of operations
32,571
32,404
132,937
121,281
Depreciation and amortization
295,545
280,891
1,151,840
1,129,766
Real estate acquisition and development expense
6,752
6,352
19,550
15,506
General and administrative
26,988
32,547
106,682
106,677
Interest expense
81,185
72,135
304,495
287,401
Total expenses
739,743
702,699
2,892,542
2,797,351
Other increases (decreases) to net income:
Interest and other income
16,064
14,964
63,099
67,212
Equity in earnings (loss) of unconsolidated real estate
4,533
4,363
9,604
19,821
Foreign currency exchange gain (loss)
(1,717
)
122,824
(215,583
)
102,244
Gain (Loss) on sale of real estate
403
109
1,113
1,537
Income before income taxes
495,332
616,988
1,789,804
2,089,079
Income tax (provision) benefit
14,725
1,373
7,228
(4,669
)
Net income
510,057
618,361
1,797,032
2,084,410
Allocation to noncontrolling interests
(2,982
)
(3,754
)
(12,684
)
(12,399
)
Net income allocable to Public Storage shareholders
507,075
614,607
1,784,348
2,072,011
Allocation of net income to:
Preferred shareholders
(48,674
)
(48,674
)
(194,703
)
(194,703
)
Restricted share units and unvested LTIP units
(1,422
)
(1,535
)
(4,060
)
(4,623
)
Net income allocable to common shareholders
$
456,979
$
564,398
$
1,585,585
$
1,872,685
Per common share:
Net income per common share – Basic
$
2.60
$
3.22
$
9.04
$
10.68
Net income per common share – Diluted
$
2.60
$
3.21
$
9.01
$
10.64
Weighted average common shares – Basic
175,468
175,198
175,447
175,351
Weighted average common shares – Diluted
175,859
175,934
175,902
176,038
PUBLIC STORAGE
SELECTED FINANCIAL DATA
Reconciliation of Net Income to FFO and Core FFO and FFO to Funds Available for Distribution
(Unaudited – amounts in thousands except per share data)
Three Months Ended December 31,
Year Ended December 31,
2025
2024
Percentage
Change
2025
2024
Percentage
Change
Reconciliation of Net Income to FFO and Core FFO (a):
Net income allocable to common shareholders
$
456,979
$
564,398
(19.0)%
$
1,585,585
$
1,872,685
(15.3)%
Eliminate items excluded from FFO:
Real estate-related depreciation and amortization
292,675
278,003
1,140,377
1,117,752
Real estate-related depreciation from unconsolidated real estate investment
13,806
12,650
59,470
44,181
Real estate-related depreciation allocated to noncontrolling interests, restricted share unitholders and unvested LTIP unitholders
(1,878
)
(1,263
)
(8,216
)
(7,167
)
Impairment write-down of real estate investments
402
—
4,348
—
Gains on sale of real estate investments, including our equity share from investment
(403
)
(109
)
(1,113
)
(1,537
)
FFO allocable to common shares (a)
$
761,581
$
853,679
(10.8)%
$
2,780,451
$
3,025,914
(8.1)%
Eliminate items excluded from Core FFO (a):
Adjustments to G&A Expense:
Contingency reserve
—
—
290
3,300
Corporate transformation costs
1,697
—
4,875
—
Transaction costs
—
—
3,146
—
Hiring bonus for a new senior executive
—
3,507
—
3,507
Other Non-Core Adjustments:
Foreign currency exchange (gain) loss
1,717
(122,824
)
215,583
(102,244
)
Unrealized (gain) loss on private equity investments
501
385
(3,859
)
(4,355
)
Income tax provision (benefit)
(15,847
)
—
(15,847
)
—
Other items
204
6,215
850
8,946
Core FFO allocable to common shares (a)
$
749,853
$
740,962
1.2%
$
2,985,489
$
2,935,068
1.7%
Reconciliation of FFO to FAD:
FFO allocable to common shares
$
761,581
$
853,679
(10.8)%
$
2,780,451
$
3,025,914
(8.1)%
Eliminate effect of items included in FFO but not FAD:
Share-based compensation expense in excess of cash paid
4,368
6,274
31,256
32,080
Foreign currency exchange (gain) loss
1,717
(122,824
)
215,583
(102,244
)
Less:
Capital expenditures to maintain real estate facilities
(80,559
)
(60,857
)
(218,763
)
(234,541
)
Capital expenditures for property enhancements
—
(17,004
)
—
(126,324
)
FAD (a)
$
687,107
$
659,268
4.2%
$
2,808,527
$
2,594,885
8.2%
Per diluted common share:
FFO per share (a)
$
4.33
$
4.85
(10.7)%
$
15.81
$
17.19
(8.0)%
Core FFO per share (a)
$
4.26
$
4.21
1.2%
$
16.97
$
16.67
1.8%
(a)
See Definitions for description of non-GAAP measures.
PUBLIC STORAGE
SELECTED FINANCIAL DATA
Reconciliation of Self-Storage Net Operating Income to Net Income
(Unaudited – amounts in thousands)
Three Months Ended December 31,
Year Ended December 31,
2025
2024
2025
2024
Self-storage revenues for:
Same Store Facilities
$
936,172
$
937,686
$
3,764,833
$
3,763,553
Acquired Facilities
70,756
47,788
246,669
185,924
Newly Developed and Expanded Facilities
48,740
43,154
183,022
160,615
Other Non-Same Store Facilities
73,252
71,469
294,889
285,901
Self-storage revenues
1,128,920
1,100,097
4,489,413
4,395,993
Self-storage cost of operations for:
Same Store Facilities
232,482
223,076
935,918
919,334
Acquired Facilities
22,962
15,407
79,167
61,068
Newly Developed and Expanded Facilities
14,959
14,341
58,383
52,810
Other Non-Same Store Facilities
26,299
25,546
103,570
103,508
Self-storage cost of operations
296,702
278,370
1,177,038
1,136,720
Self-storage NOI for:
Same Store Facilities
703,690
714,610
2,828,915
2,844,219
Acquired Facilities
47,794
32,381
167,502
124,856
Newly Developed and Expanded Facilities
33,781
28,813
124,639
107,805
Other Non-Same Store Facilities
46,953
45,923
191,319
182,393
Self-storage NOI (a)
832,218
821,727
3,312,375
3,259,273
Ancillary revenues
86,872
77,330
334,700
299,623
Ancillary cost of operations
(32,571
)
(32,404
)
(132,937
)
(121,281
)
Depreciation and amortization
(295,545
)
(280,891
)
(1,151,840
)
(1,129,766
)
Real estate acquisition and development expense
(6,752
)
(6,352
)
(19,550
)
(15,506
)
General and administrative expense
(26,988
)
(32,547
)
(106,682
)
(106,677
)
Interest and other income
16,064
14,964
63,099
67,212
Interest expense
(81,185
)
(72,135
)
(304,495
)
(287,401
)
Equity in earnings (loss) of unconsolidated real estate entity
4,533
4,363
9,604
19,821
Gain on sale of real estate
403
109
1,113
1,537
Foreign currency exchange gain (loss)
(1,717
)
122,824
(215,583
)
102,244
Income tax (provision) benefit
14,725
1,373
7,228
(4,669
)
Net income
$
510,057
$
618,361
$
1,797,032
$
2,084,410
(a)
See Definitions for description of non-GAAP measures.
PUBLIC STORAGE
SELECTED CONSOLIDATED BALANCE SHEET DATA
(Unaudited – Amounts in thousands, except share and per share data)
December 31,
December 31,
2025
2024
ASSETS
Cash and equivalents
$
318,095
$
447,416
Real estate facilities, at cost:
Land
5,952,072
5,711,685
Buildings
24,126,185
22,767,053
Total land and buildings, at cost
30,078,257
28,478,738
Accumulated depreciation
(11,468,054
)
(10,426,186
)
Total land and buildings, net
18,610,203
18,052,552
Construction in process
194,355
308,101
Total real estate facilities, net
18,804,558
18,360,653
Investment in unconsolidated real estate entity
388,586
382,490
Goodwill and other intangible assets, net
251,613
282,187
Notes receivable
142,108
9,976
Other assets
303,644
272,212
Total assets
$
20,208,604
$
19,754,934
LIABILITIES AND EQUITY
Notes payable
$
10,253,881
$
9,353,034
Accrued and other liabilities
612,889
588,248
Total liabilities
10,866,770
9,941,282
Commitments and contingencies
Equity:
Public Storage shareholders’ equity:
Preferred Shares, $0.01 par value, 100,000,000 shares authorized, 174,000 shares issued (in series) and outstanding, (174,000 shares at December 31, 2024) at liquidation preference
4,350,000
4,350,000
Common Shares, $0.10 par value, 650,000,000 shares authorized, 175,500,243 shares issued (175,408,393 shares at December 31, 2024)
17,550
17,541
Paid-in capital
6,147,650
6,116,113
Accumulated deficit
(1,219,273
)
(699,083
)
Accumulated other comprehensive loss
(47,799
)
(71,965
)
Total Public Storage shareholders’ equity
9,248,128
9,712,606
Noncontrolling interests
93,706
101,046
Total equity
9,341,834
9,813,652
Total liabilities and equity
$
20,208,604
$
19,754,934
View source version on businesswire.com: https://www.businesswire.com/news/home/20260212066179/en/
Joe Fisher
joefisher@publicstorage.com
Original: Public Storage Reports Fourth Quarter and Full Year 2025 Results
US Market News
5月前
Public Storage Announces PS4.0™ — A New Era of Leadership, Growth and Value CreationFebruary 12, 2026 4:05 PM
Business Wire
Public Storage’s Fourth Era of Leadership, PS4.0, Set to Launch PS Next™ Operating Platform, Value Creation Engine and Own It Culture with Strategic Alignment to Long-Term Value Creation
Tom Boyle to Succeed Joe Russell as Chief Executive Officer Effective April 1, 2026
Shankh Mitra to Succeed Ron Havner as non-executive Chairman of the Board Effective April 1, 2026
Shankh Mitra Invested $25 million and Ron Havner Invested $5 million in 10 Year Out-of-the-Money Options Demonstrating Their Confidence in and Commitment to the New Leadership Team
Joe Fisher to Join Public Storage as President, Chief Financial Officer
Natalia Johnson Promoted to President, Chief Digital and Transformation Officer
Chris Sambar Promoted to President, Chief Operating Officer
Public Storage to Relocate Corporate Headquarters to Frisco, Texas in the Dallas Metropolitan Area
Public Storage (NYSE: PSA, the “Company”), the world’s largest owner of self-storage facilities, today unveiled PS4.0, a generational leadership transition and strategic vision designed to accelerate long-term relative total shareholder return through elevating the customer and employee experience, expanding margins and performance of its industry leading operating platform, and capturing the portfolio growth opportunity across a highly fragmented sector.
Leadership Transitions
Public Storage announced key leadership appointments to drive the PS4.0 vision and execution:
Tom Boyle, the Company's current Chief Financial and Investment Officer, has been appointed to Chief Executive Officer, effective April 1, 2026
Joe Russell will be retiring from his roles as President and Chief Executive Officer on March 31, 2026, and will provide consulting services to the Company through March 31, 2027, to support the transition
Joe Fisher has been appointed President, Chief Financial Officer, effective February 16, 2026. He was most recently the President, Chief Financial and Investment Officer at UDR, an S&P 500 multifamily REIT
Natalia Johnson, the Company's current Chief Administrative Officer, is being promoted to President, Chief Digital and Transformation Officer
Chris Sambar is being promoted to President, Chief Operating Officer and will now also oversee our PS Advantage third-party management platform
Ayash Basu has joined as Chief Revenue and Marketing Officer. He most recently served as a Managing Director & Partner at the Boston Consulting Group
“It has been an honor to lead Public Storage through a decade of transformation, accretive growth and shareholder returns,” said Joe Russell. “Tom has been a valued partner and an exceptional leader in his dual role as CFO and CIO, helping create the foundation that has driven our improved capital allocation, superior operations, and relative shareholder returns in recent years. The Board, the senior leadership team and I are excited to see Tom and his team lead Public Storage into PS4.0, our powerful next era of growth.”
“I am deeply grateful to the Board for the trust they have placed in me, and I want to sincerely thank Joe Russell for his strong leadership of Public Storage and mentorship to me and the executive team,” said Tom Boyle. “Joe built a strong foundation for us to launch into PS4.0 with a focus on our people, our customers, our Brand, our industry-leading operating platform, and our ability to scale in a fragmented sector. Our single most important focus going forward will be per share earnings and cash flow growth resulting in accelerated shareholder returns. I believe the path to achieving that goal will be through superior customer experience and capital allocation.”
“I am joining Public Storage from the outside because the platform and industry opportunity are extraordinary,” said Joe Fisher. “Public Storage has assembled one of the most competitive, mission-driven, and high-integrity leadership groups in real estate today — a team built on a shared ownership and fiduciary mindset, operational and capital allocation excellence, and a commitment to drive shareholder value.“
Board Transitions
Public Storage also announced key Board of Trustee transitions to support the PS4.0 leadership transition:
Shankh Mitra, current Chief Executive Officer of Welltower and Public Storage independent Trustee, has been elected to the role of non-executive Chairman of the Board effective April 1, 2026
Ron Havner will continue to serve as a Trustee
John Reyes will not stand for re-election at the upcoming annual meeting
Joe Russell will retire from the Board upon his retirement as President and CEO on March 31, 2026
Tom Boyle will join the Board of Trustees effective April 1, 2026
A new Investment Committee of the Board of Trustees will be chaired by Ron Spogli, founder and Chairman of Freeman Spogli & Co.
The Board of Trustees is incredibly thankful for the many years of leadership and partnership displayed by Ron Havner, Joe Russell and John Reyes, who have a combined 99 years in service to the shareholders of Public Storage. Ron Havner stated, "We have accomplished significant industry changing objectives over the past 40 years since I first joined Public Storage. Public Storage has an unmatched brand, operating platform, and balance sheet. John Reyes has been a leader and Trustee with uncommon financial discipline, sound judgement and a deep understanding of the business. His contributions to Public Storage's success have been invaluable, and we thank him for his years of dedicated service. I especially want to thank Joe Russell for his decade of leadership resulting in leading self-storage shareholder returns over the last 1-, 3-, and 5-year periods. This transition is the culmination of several years of thoughtful succession planning at the Board level, and we're excited for Shankh, Tom and the executive team to build from here."
Shankh Mitra, who first joined the Board of Trustees in 2020, will assume the role of non-executive Chairman of the Board on April 1, 2026. He currently serves as the Chief Executive Officer of Welltower (NYSE: WELL), where he has driven a vision, strategy, and team that have materially outperformed the REIT industry and broader equity indices. Shankh Mitra stated, “I am humbled and deeply grateful for the trust the Board has placed in me. That trust carries profound responsibility — to our shareholders, our customers, our teammates, and the communities we serve. I am delighted by the opportunity to mentor Tom and the team in matters of capital allocation, culture and incentive design going forward. We are building an exceptional team that is energized and will show up to win each day. In addition to the team, we have designed a new incentive system for Public Storage driven by relative and absolute shareholder returns. I am thankful for Ron’s mentorship through my entire business career and look forward to working with him as a Trustee on the Board. We are thankful for Joe’s leadership, and we strongly believe Tom is the right leader to take the Company into its next phase of growth, PS4.0, and deliver outsized relative shareholder returns.”
Turning from leadership to the broader market landscape, Mr. Mitra shared his perspective on how the Company can best position itself to create long-term value. "My indirect observations suggest there is too much focus on near-term fundamentals and their inflection points." Mr. Mitra continued, "However, often during the periods of unremarkable growth, great capital allocation opportunities are found. Tom and team will focus on those opportunities, be it external growth, technological advancements or talent upgrades to build the Company for the long term."
Shankh Mitra has purchased $25 million and Ron Havner has purchased $5 million of 10-year options with a $350 per share strike price and a 6-year lock-out demonstrating their long-term commitment to and confidence in what PS4.0 will deliver to shareholders.
PS4.0: A Leadership Transition and Strategic Acceleration
Public Storage announced today its vision and strategy for the future, known as "PS4.0", to reflect the fourth generation of leadership since its founding in 1972 by founder and industry visionary, B. Wayne Hughes. This leadership transition into PS4.0 arrives at a uniquely advantageous moment for the self-storage sector:
Customer adoption of self-storage continues to grow and is paired with less competitive new supply
The industry remains fragmented with significant external growth opportunities ahead
The consumer has strongly adopted digital customer experiences and is now embracing AI-led change in customer interaction at a rapidly growing pace
These components create an opportunity for Public Storage to advance into a new era supported by three core pillars:
1) PS Next Operating Platform – Win the Customer and Drive Organic Growth
Customer expectations have fundamentally changed. Today’s customers expect fast, seamless, and quality experiences. To meet and exceed these expectations, Public Storage is launching PS Next, the Company’s next-generation operating platform. PS Next combines the industry’s leading owned-property portfolio with the only scaled omnichannel digital-first platform, advanced data science, and exceptional in-store property managers and customer care agents, which together deliver exactly what customers need, when they need it.
As President and Chief Operating Officer, Chris Sambar leads the in-store customer experience and asset management execution, including in-store operations and security, integration of new assets, and PS Advantage™, the Company's third-party management platform – ensuring an easy, convenient, and quality customer experience, operational excellence, and scale across the portfolio.
As President, Chief Digital and Transformation Officer, Natalia Johnson drives the industry-leading digital platform and virtual customer engagement, AI and technology, data science that drives optimized decisioning platforms, human capital, and enterprise transformation – powering growth, efficiency, and organizational performance.
In addition, our executive team has taken another bold step forward with the addition of Ayash Basu, our Chief Revenue and Marketing Officer. Ayash comes to Public Storage with deep experience in energizing brands through clarity, creativity, and customer obsession, and a proven track record of delivering revenue growth and strong customer loyalty with data-driven excellence. Ayash will lead PS Next into our next-level pricing and marketing environment.
Over the past 3 years, Public Storage has outperformed the self-storage sector by 2.7% in NOI growth with an industry-leading 78.4% direct operating margin. At the launch of PS4.0, these three leaders will work together to deliver 1) elevated and consistent customer experience supported by our iconic orange Public Storage® brand, 2) data science and AI-enabled digital marketing and revenue management, and 3) a transformative PS Next operating model. The execution of these initiatives targets compounding operational outperformance building on our recent performance track record.
2) Value Creation Engine – Capture the External Growth Opportunity
The self-storage industry is entering its next phase of evolution with expectations for increased transaction activity. That activity will be driven by generational estate planning transactions for many of the industry’s operating platforms founders and accelerated by increased participation and trading by institutional capital participants. Public Storage will allocate its capital aggressively and intelligently to capture these opportunities relying on data and increasingly AI-driven underwriting and site selection leveraging the industry’s largest data sets. The platform is built to invest across four primary value creators: acquisitions, developments, expansions and lending.
The Company has deployed over $12 billion of capital over the past 5 years with stores placed onto our operating platform generating more cashflow and higher returns given our industry leading revenue and margin enhancement capabilities. The PS4.0 objective is to accelerate the addition of new assets to solidify our portfolio and reinforce scale-driven operating competitive advantages for PS Next.
Paul Spittle, our SVP of Acquisitions, has been elevated to lead our best-in-class acquisitions team, which has acquired $10 billion through accretive private transactions over the past 5 years. Paul is tripling his deal sourcing teams, reducing transaction timelines and infusing our processes with AI- and data-driven insights.
Alongside acquisitions is our unique development and expansions platform which delivers our strongest returns while allowing us to place new stores where demand and customer growth is emerging.
As President and Chief Financial Officer, Joe Fisher will finance these acquisition, development, expansion and lending activities with our fortress balance sheet and retained cashflow engine, which are a distinct competitive advantage for compounding growth. In addition, Joe will oversee investment underwriting, our growing lending business and tenant reinsurance.
3) Own It Culture – A High-Performance Leadership and Talent Platform Built to Win
At the core of PS4.0 is a significant step forward in culture – one defined by accountability, collaboration, and long-term value creation. As Public Storage advances its strategy, aligned and empowered leaders will drive success. Alongside Chief Executive Officer Tom Boyle, the Company's Presidents and senior leadership team – proven operators and strategic leaders accountable for enterprise-wide results – will drive PS4.0 execution forward.
We have designed a new incentive program for the executive officers beginning in 2026 that is driven by relative and absolute shareholder returns. This significant incentive redesign will be cascaded through the Company to align our teams toward our primary objective of shareholder outperformance. This represents an important cultural shift spurring urgency and execution obsession.
In addition to the incentive program, the people strategy will infuse new capabilities and talent complementing our strong teams and raise the bar for performance with clear accountability. To support our people strategy, Gwen Montgomery has joined as Chief Human Resources Officer, most recently from Gates Corporation.
In addition, Public Storage will relocate its corporate headquarters to North Dallas (Frisco), Texas, benefiting from the depth of talent and innovation in that market, while maintaining a long-term presence in Glendale, California. Together, this leadership and talent platform positions Public Storage to execute PS4.0 and deliver sustained growth and long-term shareholder value.
Conclusion
In closing, Tom Boyle commented, “The opportunity ahead for Public Storage has never been stronger. This Company has a proven ability to outperform through cycles, deliver industry-leading margins driven by digital and AI advancement, and scale accretively in a fragmented landscape. The target is clear: enhanced customer experience, winning employee culture, accelerated value creation and compounding shareholder outperformance. I am energized by the leadership and platform that we are building within Public Storage to lead our industry’s next era.”
About Public Storage
Public Storage, a member of the S&P 500, is a REIT that primarily acquires, develops, owns, and operates self-storage facilities. At December 31, 2025, we: (i) owned and/or operated 3,533 self-storage facilities located in 40 states with approximately 258 million net rentable square feet in the United States and (ii) owned a 35% common equity interest in Shurgard Self Storage Limited (Euronext Brussels: SHUR), which owned 332 self-storage facilities located in seven Western European countries with approximately 18 million net rentable square feet operated under the Shurgard® brand. Our headquarters are located in Frisco, Texas.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements relating to PS4.0, PS Next, our goals, strategies, initiatives, vision, expectations, and outlook associated with PS4.0, PS Next, and our leadership transitions, including as related to customer acquisitions and experience, the optimization, growth, and efficiency of our platforms, facility acquisitions and developments, shareholder returns and Company operating performance, and all other statements other than statements of historical fact. Such statements are based on management’s beliefs and assumptions made based on information currently available to management and may be identified by the use of the words “outlook,” “guidance,” “expects,” “believes,” “anticipates,” “should,” “estimates,” and similar expressions. These forward-looking statements involve known and unknown risks and uncertainties, which may cause our actual results and performance to be materially different from those expressed or implied in the forward-looking statements. Risks and uncertainties that may impact future results and performance include, but are not limited to our ability to successfully execute our leadership succession and strategies with respect to PS4.0 and PS Next and those risks and uncertainties described in Part 1, Item 1A, “Risk Factors” in our most recent Annual Report on Form 10-K for the year ended December 31, 2025 filed with the Securities and Exchange Commission (the “SEC”) on February 12, 2026 and in our other filings with the SEC. These forward-looking statements speak only as of the date of this press release or as of the dates indicated in the statements. All of our forward-looking statements, including those in this press release, are qualified in their entirety by this cautionary statement. We expressly disclaim any obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, new estimates, or other factors, events or circumstances after the date of these forward-looking statements, except when expressly required by law. Given these risks and uncertainties, you should not rely on any forward-looking statements in this press release, or which management may make orally or in writing from time to time, neither as predictions of future events nor guarantees of future performance.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260212724470/en/Joe Fisher
joefisher@publicstorage.com
Original: Public Storage Announces PS4.0™ — A New Era of Leadership, Growth and Value Creation
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