Public Storage Inc. (PSA) delivered robust financial performance in the third quarter of 2025, reporting same-store occupancy of 95.7% and annualized rental income of $2.8 billion. The company continues to strengthen its portfolio through targeted acquisitions and redevelopment initiatives.
- Same-store occupancy rate: 95.7% (up 120 bps YoY)
- Average monthly rent: $234.10 (+5.2% YoY)
- Same-store NOI growth: 7.3% YoY
- Total revenue: $870.2 million (+6.8% YoY)
- AFFO per share: $2.26 (above $2.21 consensus)
- 17 new properties acquired, adding 1.8 million sq. ft. of capacity
Public Storage Inc. (PSA) reported third-quarter 2025 results that exceeded expectations, driven by sustained demand for self-storage solutions across key U.S. markets. The company achieved a same-store occupancy rate of 95.7%, marking a 120 basis point improvement year-over-year and reflecting strong tenant retention. Average monthly rent per unit rose to $234.10, up 5.2% from the prior-year period, supported by effective pricing strategies and lease renewals. The company’s same-store net operating income (NOI) grew by 7.3% year-over-year, underpinned by operational efficiencies and continued investments in property improvements. Total revenue reached $870.2 million during the quarter, representing a 6.8% increase compared to Q3 2024. Adjusted funds from operations (AFFO) per share totaled $2.26, outpacing the consensus estimate of $2.21 by 2.3%. Public Storage advanced its expansion plans with the acquisition of 17 new properties across the Midwest and Southwest regions, adding 1.8 million square feet of storage capacity. These moves follow the company’s broader strategy to increase exposure to high-growth metropolitan areas while maintaining a conservative leverage profile. The total capital expenditures for the quarter amounted to $128 million, primarily allocated to renovations and technology upgrades. The market responded positively to the results, with PSA shares rising 2.4% in after-hours trading. Investors welcomed the company’s disciplined approach to growth and its ability to navigate macroeconomic headwinds. The stock remains a top pick among REITs focused on essential real estate infrastructure.