Short answer
Public Storage (PSA) filed its fiscal 2025 10-K annual report with the SEC on Feb 12, 2026. It reported revenue of $4.8B (+2.7% year over year) and net income of $1.8B.
- Top risk flagged: No specific or timely regulatory, geopolitical, operational, competitive, or financial risks detailed in the provided text
FY2025 key financial metrics · XBRL
- Revenue
- $4.8B
- +2.7% YoY
- Net income
- $1.8B
- −13.9% YoY
- EPS (diluted)
- $9.01
- −15.3% YoY
- ROE
- 19.3%
- −2.0 pp YoY
- Operating cash flow
- $3.2B
- +1.9% YoY
Source: XBRL data from the Public Storage (PSA) FY2025 10-K on SEC EDGAR. USD.
Public Storage FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Ownership and operation of self-storage facilities generating majority of revenue and earnings
- Strategic emphasis on expanding management of third-party owned self-storage facilities for fees, many near existing stabilized properties
- Heightened risks this year from elevated interest rates affecting cost of capital, tenant financial health, and dividend yield attractiveness
- Notable operational risk from increased competition, including rising development fueled by influx of outside investment capital
- Increased exposure to property tax hikes, especially in California, and self-insurance for losses from natural disasters or tenant claims
Management Discussion & Analysis
- Revenue $4.49B in 2025, up 2.1% YoY from $4.40B in 2024; Same Store revenue stable at $3.76B
- Operating margin slightly declined; Same Store NOI down 0.5% to $2.83B, Non-Same Store NOI up 25.6% ($59.5M)
- Best performing segment: Acquired Facilities NOI +34.2% to $167.5M; Worst performing: Same Store Facilities NOI -0.5% to $2.83B
- Net income $1.59B in 2025, down 15.3% YoY; FFO per share $15.81, down 8.0%; Core FFO per share $16.97, up 1.8%
- Capital allocation: $3.9B acquisitions (273 facilities), $1.7B development/expansion costs, $71M solar program spend in 2025; $60M forecast 2026 spend
- Management notes demand softness, lower move-in rental rates, and occupancy decline; plan continued growth via acquisitions and solar installations
Risk Factors
- No specific or timely regulatory, geopolitical, operational, competitive, or financial risks detailed in the provided text
Generated from the filing text; verify against the original. How to read a 10-K
Other Public Storage annual reports
Ask about this 10-K
Compare years, dig into a risk factor or check the numbers against insider trades and fund holders.