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Public Storage

Public Storage (PSA) Q1 2026 Earnings

Reported Apr 27, 2026 at 4:00 PM ET · SEC Source

Q1 26 EPS

$4.22

BEAT +74.47%

Est. $2.42

Q1 26 Revenue

$1.22B

BEAT +0.58%

Est. $1.21B

vs S&P Since Q1 26

-0.2%

TRAILING MARKET

PSA +4.5% vs S&P +4.8%

Market Reaction

Did PSA Beat Earnings? Q1 2026 Results

Public Storage delivered a standout first quarter for fiscal 2026, with Core FFO per share of $4.22 clearing the $2.42 consensus estimate by 74.47%, while revenue of $1.22 billion edged ahead of expectations by 0.58% and grew 2.9% year over year. The… Read more Public Storage delivered a standout first quarter for fiscal 2026, with Core FFO per share of $4.22 clearing the $2.42 consensus estimate by 74.47%, while revenue of $1.22 billion edged ahead of expectations by 0.58% and grew 2.9% year over year. The headline beat was driven in large part by a $41.67 million foreign currency exchange gain, a sharp reversal from the $68.69 million loss recorded in the year-ago period, though the company's Non-Same Store portfolio also contributed meaningfully, posting 24.8% revenue growth and 27.5% NOI growth across its 421 properties. Same Store NOI margins expanded 40 basis points to 77.1%, supported by a 1.6% decline in direct operating costs and a modest improvement in average occupancy to 91.5%. The quarter unfolded against the backdrop of the company's pending all-stock acquisition of National Storage Affiliates Trust, a deal valued at roughly $10.50 billion in enterprise value that is expected to add $0.35 to $0.50 to Core FFO per share at stabilization. Analysts have lifted price targets following the results, and Public Storage reaffirmed full-year Core FFO guidance of $16.35 to $17.00 per share.

Key Takeaways

  • • Same Store NOI margin expanded 40 basis points to 77.1% through cost discipline
  • • Average Same Store occupancy improved to 91.5% from 91.1% year-over-year
  • • Direct cost of operations declined 1.6% year-over-year driven by lower property taxes, repairs, marketing, and utilities
  • • Non-Same Store facilities grew revenue 24.8% and NOI 27.5% year-over-year
  • • Foreign currency exchange gain of $41.7 million vs. loss of $68.7 million in prior year significantly boosted net income

PSA Forward Guidance & Outlook

Public Storage reaffirmed its full-year 2026 guidance: Same Store revenue growth of (2.2)% to 0%, Same Store expense growth of 1.5% to 2.8%, Same Store NOI growth of (3.9)% to (0.5)%, Non-Same Store NOI of $335 million to $355 million, and Core FFO per share of $16.35 to $17.00. The pending NSA acquisition is expected to add $0.35 to $0.50 to Core FFO per share at stabilization and close in Q3 2026. Development and expansion projects are expected to deliver 3.5 million net rentable square feet at approximately $618.4 million in cost primarily over the next 18 to 24 months.

24/7 Wall St

PSA YoY Financials

Q1 2026 vs Q1 2025, source: SEC Filings

24/7 Wall St

PSA Revenue by Segment

With YoY comparisons, source: SEC Filings

Q2 25 Q1 26

“Public Storage's first quarter results reflect differentiated strategies that continue to drive our performance. We are excited about the announcement of our acquisition of National Storage Affiliates and its ability to drive per share earnings growth. The pending acquisition will build upon our leading platform, which we expect to enhance customer experience, unlock operating upside, and jump start our Value Creation Engine.”

— Tom Boyle, Q1 2026 Earnings Press Release

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