Public Storage: Beat — EPS $4.34, Revenue $1.37B
Earnings BeatQ3 2026 · After-market
Did Public Storage (PSA) beat earnings today?
Yes, Public Storage (PSA) beat Wall Street analyst expectations for Q3 2026, reporting higher-than-expected EPS and higher-than-expected revenue.
Earnings Per Share+1.88% surprise
$4.34Actual
Expected: $4.26
vs. year ago +0.7%
Total Revenue+4.29% surprise
$1.37BActual
Expected: $1.31B
vs. year ago +11.6%
Released Oct 26 · 4:05 PM ET
Earning Report
| Metric | Q3 2026 | Q3 2025 | YoY Change % |
|---|---|---|---|
| Revenue | $1.37B | $1.22B | +11.6% |
| Revenue detail — reported lines | |||
| └─Self-storage facilities | $1.25B | $1.14B | +10.1% |
| └─Ancillary operations | $112.08M | $85.21M | +31.5% |
| Net Income | $378.35M | $514.77M | -26.5% |
| GAAP Basic EPS | $1.70 | $2.63 | -35.4% |
| GAAP Diluted EPS | $1.69 | $2.62 | -35.5% |
| Core FFO per share | $4.34 | $4.31 | +0.7% |
Financial Outlook / Guidance
| Metric | Next Quarter Outlook | FY 2026 Outlook |
|---|---|---|
| Revenue growth | — | 0.5%-(0.7)% (prev. 0.3%-0.5%) |
| Expense growth | — | 1.5%-2.5% (prev. 2.0%-3.0%) |
| Net operating income growth | — | (0.8)%-0.2% (prev. (2.0)%-(0.3)%) |
| Non-Same Store net operating income | — | $355,000K-$363,000K (prev. $343,000K-$357,000K) |
| Core FFO per share | — | $16.90-$17.10 (prev. $16.75-$17.05) |
Business Highlights
- ➤Closed National Storage Affiliates and Public Storage Canada acquisitions, adding over 1,100 stores to PS Next™.
- ➤Acquired 25 self-storage facilities during the quarter, excluding NSA and PS Canada.
- ➤Expanded financial flexibility through ATM forward sale agreements executed during the year.
- ➤Completed inaugural Canadian public offering of senior notes.
- ➤Published the annual Corporate Sustainability Report.
- ➤Earned Great Place to Work Certification™ for the fifth consecutive year.
- ➤NSA acquisition expanded the portfolio to over 4,500 locations and more than 327 million operating square feet.
- ➤PS Canada acquisition expanded the platform into major Canadian markets.
- ➤Opened four newly developed facilities and expansion projects year to date.
- ➤Added a net 31 facilities to the third-party property management program.
Management Commentary
Tom Boyle, Chief Executive Officer
“Public Storage’s third quarter performance was better than expected and demonstrates the strength and scalability of our platform as well as improving industry fundamentals. We continue to post encouraging trends on churn, occupancy, and move-in rates, which drove positive Same Store revenue, NOI and Core FFO per share growth.”
Tom Boyle, Chief Executive Officer
“The successful completion of the National Storage Affiliates and Public Storage Canada acquisitions marks an important advancement of our PS4.0 strategy. We are moving quickly to integrate these portfolios, deploy the operational advantages of PS Next, and capture the significant value creation opportunities available across our broader North American footprint.”
Ayash Basu, Chief Revenue and Marketing Officer
“Our continued focus on enhancing the customer experience is driving encouraging momentum across the portfolio.”
Ayash Basu, Chief Revenue and Marketing Officer
“During the third quarter, we saw lower customer churn, higher occupancy and strong move-in rates, contributing to an improving same-store revenue growth trajectory and results ahead of our expectations. We are encouraged by the momentum entering the fourth quarter and remain optimistic about these trends through the remainder of the year.”
Joe Fisher, President and Chief Financial Officer
“We have executed a significant capital markets program in 2026, further strengthening Public Storage’s industry-leading balance sheet while funding substantial external growth. Year-to-date, we have completed $6.2 billion of debt capital markets activity and $6.0 billion of common share and partnership unit issuance or committed issuance. This activity has fully funded the acquisitions of NSA and Public Storage Canada, while enhancing our liquidity and financial flexibility and leaving us well positioned to pursue additional value-creating opportunities.”