Public Storage
As of Fiscal Year 2025 (ended December 31, 2025)
Key KPIs at a Glance
| Metric | Value |
|---|---|
| Total revenue (FY2025) | $4.824 billion, up 2.7% year-over-year (vs. $4.696B in FY2024) |
| Net income (FY2025) | $1.797 billion, or $9.01 per diluted share, down 15.3% YoY (FY2024 benefited from larger one-time/casualty gains) |
| Core FFO per share (FY2025) | $16.97, up 1.8% year-over-year |
| Reported FFO per share (FY2025) | $15.81, down 8.0% year-over-year |
| Same-store revenue growth (FY2025) | ~flat (0.0%) across 2,565 same-store facilities / 175.3 million sq ft; Q4 2025 was -0.2% |
| Same-store NOI growth (FY2025) | -0.5%; same-store occupancy was 91.0% at year-end vs. 90.5% a year earlier |
| Total portfolio size (as of 12/31/2025) | 3,533 self-storage facilities across 40 U.S. states, 258 million net rentable square feet |
| Non-same-store growth (FY2025) | Revenue +14.6% and NOI +16.5% across 606 lease-up/recently acquired facilities (54.1 million sq ft) |
| Total debt (12/31/2025) | $10.3 billion at a 3.2% weighted-average interest rate and 6.3-year average maturity; Net Debt/EBITDA of 4.2x |
| Credit ratings | A2 (Moody's) / A (S&P) - among the highest-rated REITs in the U.S. |
| Dividend | $3.00 per share quarterly ($12.00 annualized), unchanged since being raised in 2022 |
| Shurgard (Europe) stake | 35% common equity interest in Shurgard Self Storage (Euronext Brussels: SHUR); 332 facilities across 7 Western European countries, ~18 million sq ft |
| FY2026 guidance | Core FFO per share of $16.35-$17.00; same-store revenue growth of -2.2% to 0% |
| Estimated U.S. self-storage market share (third-party estimate) | ~11.3% of total U.S. self-storage square footage, per a RentCafe/Yardi Matrix analysis of the 100 largest operators - not a company-disclosed figure |
Sources: Figures are company-disclosed unless noted. Revenue, net income, FFO, same-store, non-same-store, portfolio and balance-sheet figures are from Public Storage's Q4/FY2025 earnings release (filed with the SEC as an 8-K exhibit, reported February 2026) and prior-year releases (FY2021-FY2024) for the historical Core FFO/revenue series. Core FFO per share is Public Storage's standard non-GAAP REIT profitability measure (FFO adjusted for items like debt-extinguishment and casualty/condemnation gains); reported FFO per share is also shown in the table for comparison. The only third-party estimate used is the U.S. self-storage market-share figure, sourced from a RentCafe/Yardi Matrix analysis of the 100 largest U.S. self-storage operators and clearly labeled as such; it is not a company disclosure.