Public Storage (PSA) Q3 2025 10-Q Quarterly Report

Filed: Oct 29, 2025Period ending Sep 30, 2025

Financials

Real Estate Investment TrustsSEC EDGAR

Public Storage (PSA) 10-Q quarterly report for Q3 2025, filed with SEC EDGAR on Oct 29, 2025 for the fiscal period ending Sep 30, 2025. This page provides AI-powered analysis including management discussion & analysis (MD&A), risk factor updates, and key quarterly financial data such as revenue and net income extracted from XBRL.

Public Storage Q3 2025 10-Q Analysis

Management Discussion & Analysis

• Revenue $1.139B for Q3 2025, up 2.6% YoY; Same Store revenue flat at $949M, +0.1% for 9 months (≈$2.8M increase)
• Operating margin stable: Same Store NOI $717.1M Q3 2025 vs $716.9M Q3 2024 (~no change), gross margin ~75.6%
• Best segment: Acquired Facilities NOI up 48.6% Q3 2025 ($46.3M vs $31.2M), worst: Acquired Facilities net income loss reduced but negative ($-12.2M vs $-18.5M)
• Cash changes: $875M senior notes issued in June 2025; $425M Euro notes issued in Oct 2025; $49M spent on solar installations YTD
• Outlook: Anticipate 2025 Same Store revenue similar to 2024 due to Southern California wildfire impact (~10% of Same Store revenue) and macroeconomic uncertainties

Risk Factors

• No new risk factors added this quarter; risk profile unchanged since 2024 10-K filing
• No materially updated risk factors reported compared to the most recent 10-K
• No new or updated regulatory, legal, or compliance risks disclosed in this 10-Q
• Operational and market risks remain consistent with those in the 2024 10-K, no new near-term issues highlighted
• Financial risks including liquidity, debt maturity, and currency exposure unchanged from 2024 disclosure

Public Storage Q3 2025 Quarterly Financials
XBRL

Revenue

$1.2B

▲ +3.1% YoY▲ +1.9% QoQ

Net Income

$511M

▲ +18.8% YoY▲ +42.6% QoQ

Net Margin

41.8%

▲ +552bp YoY▲ +1191bp QoQ

Source: XBRL data from Public Storage Q3 2025 10-Q filing on SEC EDGAR. All figures in USD.

Other Public Storage Quarterly Reports

Q2 2025 10-Q

Q1 2025 10-Q

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