Public Storage published the transcript of its Fourth Quarter 2025 earnings call held on February 13, 2026. The call was hosted by Director of Investor Relations Brandon Reagan and featured management participants Joseph Russell, Jr. (President and CEO), Thomas Boyle (CEO effective April 1), and Joseph Fisher (President and CFO). Analysts from firms including Citi, Green Street Advisors, BMO Capital Markets, Bank of America, Morgan Stanley, Scotiabank, UBS, KeyBanc, RBC Capital Markets, Mizuho Securities, J.P. Morgan, Barclays, Wells Fargo, and Deutsche Bank asked questions. A central focus was the company’s launch of “PS4.0,” described as a new leadership era and strategy anchored by three pillars: the PS Next operating platform, a value creation engine for external growth, and an “Own It Culture” focused on accountability and incentives. “We’re unveiling PS4.0, the next era of $Public Storage(PSA-N)$ leadership and strategy,” Russell said, while Boyle added, “This is PS4.0.” Management also detailed leadership and governance changes, including Boyle’s promotion to CEO and Trustee, Fisher joining as President and CFO, and Shankh Mitra (CEO of Welltower) becoming Chairman, with an added emphasis on capital allocation oversight through a new board investment committee. Russell said, “I’m excited to announce that Shankh Mitra…will now take the role of Chairman.” The company also highlighted insider alignment, noting that “Shankh Mitra and Ron Havner have purchased $25 million and $5 million, respectively, of out-of-the-money, 10-year options with a six-year lockout,” according to Russell. On results and outlook, Fisher reported fourth-quarter core FFO of $4.26 per share and full-year 2025 core FFO of $16.97 per share, while same-store revenue and NOI declined modestly in the quarter. For 2026, the company guided to core FFO of $16.35 to $17.00 per share (midpoint $16.68), with same-store revenue and NOI expected to be down at the midpoint. Fisher also flagged Los Angeles as a headwind, saying the company assumes “the state of emergency staying in place for all of 2026 resulting in a drag on same-store revenue of approximately 80 basis points.” The call included updates on acquisitions, development and lending. Fisher said the company acquired $131 million in the quarter and $953 million during 2025 at “stabilized yields in the high sixes,” while the development pipeline ended the year at $610 million with “stabilized yields targeting 8%.” He also cited strong liquidity and leverage metrics, including “available liquidity of $1.8 billion” and debt plus preferred equity to EBITDA of 4.2x. Boyle emphasized that the company is looking to improve execution using data science and AI across pricing, marketing, and customer experience, stating PS Next will “combine the industry’s leading owned property portfolio with the only scaled, omni-channel, digital-first platform, advanced data science, and exceptional property managers and care center agents.” The full transcript can be accessed through the link below.
Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Public Storage published the original content used to generate this news brief on March 01, 2026, and is solely responsible for the information contained therein.
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