Companies /Real Estate

Public Storage.

NYSE: PSA Reit - Industrial
$302.01
▼ $3.72 (−1.22%) today
Markets closed · 6:17am ET

Q2 2026 Earnings

Reported Jul 29, 2026, 4:07pm ET · SEC source
$4.17
Beat +64.32%
EPS · est. $2.54
$1.2B
Beat +0.38%
Revenue · est. $1.2B
−6.7%
Trailing market
PSA vs S&P since report
4 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−3%0+3%Jul 29Jul 30report 4:07pm ETearnings+2.1%−2.2%
−3%0+3%Jul 29Jul 30earnings+2.1%−2.2%
PSA −2.2%S&P 500 +2.1%
−3%0+3%Jul 29Jul 30report 4:07pm ETearnings+4.0%−2.2%
−3%0+3%Jul 29Jul 30earnings+4.0%−2.2%
PSA −2.2%NASDAQ +4.0%
−4%0+4%Jul 28Aug 6report 4:07pm ETearnings+5.6%−1.0%
−4%0+4%Jul 28Aug 6earnings+5.6%−1.0%
PSA −1.0%S&P 500 +5.6%
−5%0+5%+10%Jul 28Aug 6report 4:07pm ETearnings+8.3%−1.0%
−5%0+5%+10%Jul 28Aug 6earnings+8.3%−1.0%
PSA −1.0%NASDAQ +8.3%
−3.64%
Day of report
+2.12%
Next session
+3.01%
One week
−3.30%
30 days

S&P 500 over the same 30 days: +3.42%.

Did PSA Beat Earnings? Q2 2026 Results

Public Storage delivered a strong second-quarter beat on Wednesday, posting Core FFO per share of $4.17 against a consensus estimate of $2.54, a 64.32% beat, even as that figure represented a 2.6% decline from $4.28 a year ago. Revenue rose 2.6% year-over-year to $1.23 billion, edging just above the $1.23 billion consensus estimate. The headline FFO beat was driven in part by robust non-same-store revenue growth of 25.6%, which offset softer performance in the core same-store pool, where revenues slipped 0.6% and NOI fell 2.2% amid a 0.8% decline in realized annual rent per occupied square foot. The quarter also marked a transformative moment for the company, as its $10.5 billion merger with National Storage Affiliates closed on July 22, expanding the portfolio to more than 4,500 locations. Management followed the results with a guidance raise, lifting the full-year Core FFO per share midpoint to $16.90, up from $16.68 previously, with same-store NOI growth expectations also improving by 110 basis points at the midpoint.

Key Takeaways
  • Non-same store revenue and NOI growth of 25.6% and 21.5% respectively during Q2
  • Same Store average occupancy improved to 92.5% from 92.3% year-over-year
  • Foreign currency exchange gain of $17.2M vs. loss of $146.1M in Q2 2025 boosted GAAP net income
  • Same Store direct cost of operations rose 4.3%, driven by 5.9% property tax increase and 6.3% marketing expense increase
  • Same Store revenue declined 0.6% driven by 0.8% decline in realized annual rent per occupied square foot

“Public Storage's second quarter results reflect the strength of our platform and the disciplined execution of our long-term strategy, allowing us to raise our outlook for the back half of the year.”

Public Storage CEO, on the earnings call

Forward Guidance & Outlook

Public Storage raised its full-year 2026 guidance. Core FFO per share is now expected at $16.75–$17.05, up from the prior range of $16.35–$17.00 (a $0.22 midpoint increase), including $0.02 of accretion from financing the NSA and PS Canada acquisitions. Same Store revenue growth guidance improved to (0.7)% to 0.3% from (2.2)% to 0.0%. Same Store NOI growth guidance was raised to (2.0)% to (0.3)% from (3.9)% to (0.5)%, a 1.1% midpoint improvement. Same Store expense growth is now expected at 2.0%–3.0%. Non-Same Store NOI guidance (excluding NSA and PS Canada) was raised to $343–$357 million from $335–$355 million. The NSA merger is expected to be accretive to FFO per share within the first year, with $110–$130 million of run-rate synergies expected within 3–4 years and approximately $0.35–$0.50 per share in annualized FFO accretion upon full realization.

PSA YoY Financials

Q2 2026 vs Q2 2025 · SEC filings Q2 2025 Q2 2026
$0$400.0M$800.0M$1.2B$1.2B$1.2BRevenue$575.2M$466.7MOperating Income$358.4M$502.9MNet Income
$0$400.0M$800.0M$1.2BRevenueOperating IncomeNet Income

PSA Revenue by Segment

Self-Storage Facilities
Same Store Facilities$1.0B−0.6%
Ancillary Operations$92.9M+12.7%
Acquired Facilities$78.9M+43.8%
Other Non-Same Store Facilities
Newly Developed and Expanded Facilities$51.3M+15.7%

Figures from SEC filings and company reports. Not investment advice.