PSAPublic Storage
Earnings Recap
• Reported GAAP EPS of $2.60 down -19.25% YoY • Reported revenue of $1.22B up 3.26% YoY • Public Storage expects 2026 Same Store Facilities revenues to be modestly below 2025, with property tax expense growing. However, Public Storage anticipates retained cash flow of $605M and lower on-site property manager payroll expense.
Bullish
Public Storage demonstrated growth through strategic acquisitions and development, expanding its ancillary businesses, and leveraging technology investments for operational efficiencies and an enhanced customer experience.
Bearish
Public Storage's 2025 net income and FFO per share decreased, primarily due to foreign currency losses and softening demand impacting Same Store occupancy, alongside ongoing macroeconomic and regulatory risks.