Public Storage Raises FY2025 FFO Guidance from $16.45-$17.00 to $16.70-$17.00 vs $16.85 Est
Author: Benzinga Newsdesk | October 29, 2025 03:24pm
Outlook for the Year Ending December 31, 2025
| | 2025 Guidance |
| | Current Guidance | Prior Guidance |
| | Low | High | Low | High |
| | (Dollar amounts in thousands, except per share data) |
| Same Store: | | | | |
| Revenue growth | (0.3)% | 0.3% | (1.3)% | 0.8% |
| Expense growth (a) | 1.8% | 2.8% | 2.3% | 3.0% |
| Net operating income growth (a) | (1.2)% | (0.2)% | (2.6)% | 0.3% |
| | | | | |
| Consolidated: | | | | |
| Non-Same Store net operating income | $475,000 | $485,000 | $465,000 | $475,000 |
| Ancillary net operating income | $195,000 | $200,000 | $200,000 | $205,000 |
| Core general and administrative expense (b) | $91,000 | $97,000 | $91,000 | $97,000 |
| Interest expense | $305,000 | $304,000 |
| Preferred dividends | $195,000 | $195,000 |
| | | | | |
| Capital Activity: | | | | |
| Development openings | $370,000 | $370,000 |
| | | | | |
| Capital expenditures: | | | | |
| Maintenance of real estate facilities | $175,000 | $150,000 |
| Energy efficiencies (c) | $75,000 | $50,000 |
| | | | | |
| Core FFO per share (a): | $16.70 | $17.00 | $16.45 | $17.00 |
| Core FFO per share growth from 2024 Core FFO per share | 0.2% | 2.0% | (1.3)% | 2.0% |
| | | | | |
| Non-Same Store Net Operating Income Beyond 2025: | | | | |
| Incremental Non-Same Store NOI to stabilization (2026 and beyond) | $130,000 | $110,000 |
Posted In: PSA
