Research · Sep 3, 2026
[PSA] Public Storage Thesis 2026: Self-Storage Demand Resets After Post-Pandemic Trough
Public Storage FY25 (Dec 31, 2025) at $4.82B revenue (+3%). NI $1.78B; EPS $9.01 (-15%). Core FFO $16.97/share (high end of guidance). Q4 same-store revenue -0.2%, NOI -1.5%. Major C-suite transition: Tom Boyle CEO + Joe Fisher President/CFO + Shankh Mitra Chairman. PS4.0 framework unveiled. FY26: core FFO $16.68 midpoint (-1.7%); SS revenue -1.1% / NOI -2.2%.