Public Storage Reports Q3 2026 Results and Raises Full-Year Guidance

Public Storage (NYSE: PSA) Q3 2026 Financial Results and Guidance Increase

Overview and Financial Highlights

Public Storage filed a Current Report on Form 8-K under Item 2.02 (Results of Operations and Financial Condition) announcing financial results for the quarter ended September 30, 2026, alongside an upward revision of its full-year 2026 guidance.

• Q3 2026 Core FFO per share: $4.34, representing an increase of $0.03 (+0.7%) compared to $4.31 for Q3 2025.
• Q3 2026 Net Income per share: $1.69, down 35.5% compared to $2.62 for Q3 2025.
• Nine-Month Core FFO per share: $12.74 compared to $12.71 in the prior-year period (+0.2%).
• Nine-Month Net Income per share: $6.92 compared to $6.42 in the prior-year period (+7.8%).

2026 Guidance Revision

Public Storage raised guidance across key operational metrics for the full year 2026:

• Same Store Revenue Growth: Raised midpoint by 0.5% (current range: 0.0% to 0.5%, up from prior range of -0.7% to 0.3%).
• Same Store Expense Growth: Lowered midpoint by 0.5% (current range: 1.5% to 2.5%, compared to prior 2.0% to 3.0%).
• Same Store Net Operating Income (NOI) Growth: Raised midpoint by 90 bps (current range: -0.8% to 0.2%, compared to prior -2.0% to -0.3%).
• Non-Same Store NOI: Raised by $9 million (current range: $355M to $363M, up from prior $343M to $357M).
• Core FFO per share: Raised by $0.10 at the midpoint.

Strategic & Capital Transactions

• Acquisitions: Completed the acquisitions of National Storage Affiliates (NSA) and Public Storage Canada, adding more than 1,100 self-storage locations to the PS Next™ operating platform.
• Additional Asset Purchases: Acquired 25 standalone facilities comprising 1.7 million net rentable square feet for $258.4 million during the quarter (excluding NSA and PS Canada).
• Financing & Liquidity: Executed forward equity sale agreements for 1.2 million shares under its ATM program generating approximately $399 million in proceeds; closed debt offerings including C$400 million at 4.54% and $900 million senior notes at an effective rate of 4.85%.