Earnings Releases·Oct 26, 2026, 4:11 PM ET

Public Storage — Third Quarter 2026 Earnings Summary

**Financial Performance:** Third-quarter diluted EPS declined 35.5% year-over-year to $1.69, while nine-month diluted EPS rose 7.8% to $6.92; Core FFO per share increased 0.7% for the quarter to $4.34 and 0.2% for the nine months to $12.74, with Same Store revenues up 0.5% in Q3 and flat for the nine months.
**Guidance Revision:** Management raised full-year 2026 guidance across all key metrics, including Same Store NOI growth (adjusted to -0.8% to 0.2%), Same Store Revenue (0% to 0.5%), and Core FFO per share ($16.90 to $17.10), citing improving industry fundamentals.
**Strategic Expansion:** The quarter concluded with the acquisition of Public Storage Canada for $1.2 billion and the prior completion of the National Storage Affiliates (NSA) acquisition, expanding the portfolio to over 4,764 facilities and 339 million square feet across North America.
**Capital Markets & Balance Sheet:** The company executed $6.2 billion in debt capital markets activity and $6.0 billion in equity issuance year-to-date, resulting in total indebtedness of $12.2 billion, a weighted average interest rate of 3.6%, and $4.1 billion in total liquidity.