Public Storage Q4 net income $2.60/share (-19% YoY); CEO Joe Russell retiring, Tom Boyle named successor

Public Storage

Q4 net income $2.60 per share vs $3.21 YoY; Core FFO $4.26 vs $4.21 (+1.2%).
Full-year 2025 net income $9.01 per share (-15.3%); Core FFO $16.97 (+1.8%).
Same Store NOI margin 78.4% Q4; guidance 2026 Core FFO $16.35-$17.00 per share.
Acquired 13 facilities for $131M in Q4; 87 facilities for $945.6M in FY2025.
Leadership transition: CEO Joe Russell retires March 31, 2026; Tom Boyle (CFIO) becomes CEO April 1; Joe Fisher named President/CFO.

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