Public Storage Reports Fourth Quarter and Full Year 2025 Results

FRISCO, Texas--( 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

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:

Highlights for the year:

“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:

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

—%

20.74

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,

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

—

(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

—%

20.74

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,

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

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

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