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Public Storage

Public Storage (PSA) Q2 2026 Earnings

Reported Jul 29, 2026 at 4:07 PM ET · SEC Source

Q2 26 EPS

$4.17

BEAT +64.08%

Est. $2.54

Q2 26 Revenue

$1.23B

BEAT +0.38%

Est. $1.23B

vs S&P Since Q2 26

-6.0%

TRAILING MARKET

PSA -1.4% vs S&P +4.7%

Market Reaction

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… Read more 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

PSA 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.

24/7 Wall St

PSA YoY Financials

Q2 2026 vs Q2 2025, source: SEC Filings

24/7 Wall St

PSA Revenue by Segment

With YoY comparisons, source: SEC Filings

Q2 25 Q2 26

“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.”

— Tom Boyle, Q2 2026 Earnings Press Release

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