Companies /Real Estate
Public Storage.
NYSE: PSA Reit - Industrial
$298.28
▼ $3.48 (−1.15%) today
Markets closed · 5:57pm ET

Public Storage (PSA) 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

How Did PSA Stock React to Q2 2026 Earnings?

% 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+5.5%−1.1%
−4%0+4%Jul 28Aug 6earnings+5.5%−1.1%
PSA −1.1%S&P 500 +5.5%
−5%0+5%+10%Jul 28Aug 6report 4:07pm ETearnings+8.3%−1.1%
−5%0+5%+10%Jul 28Aug 6earnings+8.3%−1.1%
PSA −1.1%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

Yes. Public Storage reported Q2 2026 earnings of $4.17 a share on Jul 29, 2026, beating the $2.54 consensus estimate by 64.1%. Revenue was $1.2B against a $1.2B estimate.

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

What Is Public Storage's 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 income statement, Q2 2026 versus Q2 2025
Metric Q2 2026 Q2 2025 Year over year
Revenue $1.2B $1.2B +2.7%
Operating Income $466.7M $575.2M −18.9%
Net Income $502.9M $358.4M +40.3%

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%

When Does Public Storage Report Next?

Expected report date
After the close
Release timing

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