Increased 2025 Outlook
Public Storage raised its outlook for 2025 based on stabilizing operations and accelerated acquisitions, with $785 million closed or under contract year-to-date.
Strong Market Performance
West Coast markets, along with Washington, D.C. and Chicago, show same-store revenue growth in the 2% to 4% range.
Acquisition and Development Success
Public Storage announced over $1.1 billion in acquisitions and development for the year, with a $648 million development pipeline to be delivered over the next two years.
Non-Same-Store NOI Growth
The non-same-store pool is expected to generate $470 million of high-growth NOI in 2025, with an additional $110 million from stabilization in 2026 and beyond.
International Growth Potential
Public Storage is exploring international growth opportunities, notably a potential partnership in Australia and New Zealand.
Improved Financial Metrics
Core FFO increased by 1.2% in the quarter, with an acceleration of 240 basis points from the previous year.