HighGravityDataPublic Storage — Jul 30, 2025 release
Fiscal 2025 second-quarter results · 8-K Item 2.02 · Exhibit 99.1 · 0001393311-25-000119
Showing in the filing
Los Angeles County pricing limitation impact on Same Store revenue growth
“negative 1% estimated impact”
Period
FY2025
Measure
Company-defined measure
Source
Prose
All guidance in this release · 24
Investment for FY2025
“more than $1.1 billion”
Total acquisition and development investment for FY2025
“more than $1.1 billion”
Revenue growth (a)
“(1.3)%”
Expense growth (b)
“2.3%”
Net operating income growth (b)
“(2.6)%”
Non-Same Store net operating income
“$465,000”
Ancillary net operating income
“$200,000”
Core general and administrative expense (c)
“$91,000”
Interest expense for FY2025
“$304,000”
Interest expense
“$285,000”
Preferred dividends for FY2025
“$195,000”
Capital Activity: Development openings for FY2025
“$370,000”
Development openings
“$370,000”
Capital expenditures: Maintenance of real es… for FY2025
“$150,000”
Maintenance of real estate facilities
“$150,000”
Capital expenditures: Energy efficiencies for FY2025
“$50,000”
Energy efficiencies (d)
“$50,000”
Core FFO per share (a)
“$16.45”
Core FFO per share growth from 2024 Core FFO… for FY2024
“(1.3)%”
Incremental Non-Same Store NOI to stabilizat… for FY2026
“$110,000”
Incremental Non-Same Store NOI to stabilizat… for FY2026
“$110,000”
Los Angeles County pricing limitation impact… for FY2025
“negative 1% estimated impact”
Impact on the low-end and high-end of the es… for FY2025
“negative $0.23 per share”
Los Angeles County pricing limitation impact… for FY2025
“negative $0.23 per share impact on both the low-end and high-end”
Exhibit 99.1 · the passage around this item
… earlier in the release
2025 Guidance Current Guidance Prior Guidance Low High Low High (Dollar amounts in thousands, except per share data) Same Store: Revenue growth (a) (1.3)% 0.8% (1.3)% 0.8% Expense growth (b) 2.3% 3.0% 2.5% 4.0% Net operating income growth (b) (2.6)% 0.3% (2.9)% 0.2% Consolidated: Non-Same Store net operating income $465,000 $475,000 $444,000 $464,000 Ancillary net operating income $200,000 $205,000 $198,000 $203,000 Core general and administrative expense (c) $91,000 $97,000 $91,000 $97,000 Interest expense $304,000 $285,000 Preferred dividends $195,000 $195,000 Capital Activity: Development openings $370,000 $370,000 Capital expenditures: Maintenance of real estate facilities $150,000 $150,000 Energy efficiencies (d) $50,000 $50,000 Core FFO per share (a): $16.45 $17.00 $16.35 $17.00 Core FFO per share growth from 2024 Core FFO per share (1.3)% 2.0% (1.9)% 2.0% Non-Same Store Net Operating Income Beyond 2025: Incremental Non-Same Store NOI to stabilization (2026 and beyond) $110,000 $80,000 (a) Both the low-end and high-end of the expected revenue growth from our Same Store Facilities in 2025 include a negative 1% estimated impact from the self-storage facilities located in Los Angeles County, where a temporary governmental pricing limitation is in place under the “State of Emergency” declarations following the wildfires in Southern California in early 2025. This leads to a negative $0.23 per share impact on both the low-end and high-end of the estimated Core FFO per share for 2025. (b) Based on total same store cost of operations and net operating income (i.e., not direct), as reflected in the summary table for Same Store Facilities above. (c) Excludes any significant non-recurring general and administrative expense items. (d) Energy efficiency initiatives primarily include solar panel installation. 6 Second Quarter Conference Call A conference call is scheduled for July 31, 2025 at 9:00 a.m. (PT) to discuss the second quarter earnings results. The domestic dial-in number is (877) 407-9039, and the international dial-in number is (201) 689-8470. A simultaneous audio webcast may be accessed by using the link at www.publicstorage.com under “About Us, Investor Relations, News and Events, Event Calendar.” A replay of the conference call may be accessed through August 14, 2025 by calling (844) 512-2921 (domes
later in the release …
the item shown at left
other guidance in this release
Text is the filed exhibit, verbatim.