Public Storage Q2 core FFO $4.28 (+1.2% YoY); net income down 34%; appoints new trustee

Public Storage

2025-Q2 EPS reported $3.79 revenue$2,384,278,000

Net income allocable to common shareholders of $309M ($1.76/diluted), down from $468M ($2.66) in Q2 2024, on $158.5M FX loss.
Core FFO per share of $4.28, up 1.2% YoY; Same Store NOI margin 78.8%, direct NOI down 0.3%.
Acquired 16 facilities ($162M) in Q2; post-quarter acquired/under contract 47 facilities ($482M).
Completed $875M public offering of unsecured senior notes in various tranches.
Appointed Luke Petherbridge (CEO of Link Logistics) as independent trustee, effective immediately.

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