By Elias Schisgall

$Public Storage(PSA-N)$ reported growing revenue in the fourth quarter as business in the self-storage industry stabilizes.

The self-storage real-estate investment trust on Thursday recorded a profit of $507.1 million, or $2.60 a share, compared with a profit of $614.6 million, or $3.21 a share, a year earlier.

Total revenue was $1.22 billion, up from $1.18 billion a year prior, and ahead of analysts' expectations of $1.21 billion, according to FactSet.

The company said same-store revenue grew 49% year-over-year. It reported core funds from operations of $4.26 a share, up from $4.21 a share a year earlier.

For the current year, Public Storage is expecting same-store revenue of down 2.2% to unchanged. It is projecting core funds from operations of between $16.35 and $17.00 a share for the year.

Chief Operating Officer Chris Sambar said the self-storage industry was showing signs of stabilization.

"Strong existing customer performance paired with solid execution from our team driving new move-ins resulted in quarter-end occupancy that was 0.5% better year-over-year," Sambar said. That represents the first occupancy increase in more than four years, further reinforcing the trend leading into 2026.

The company also said Thursday that it had appointed H. Thomas Boyle as chief executive, succeeding Joseph Russell, who will retire at the end of March.

Write to Elias Schisgall at elias.schisgall@wsj.com

(END) Dow Jones Newswires

February 12, 2026 16:24 ET (21:24 GMT)

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