Public Storage Raises 2026 Core FFO Guidance; Q3 Core FFO Per Share $4.34

Public Storage (NYSE: PSA) reported third-quarter net income of $1.69 per diluted share, down 35.5% from $2.62 a year earlier, and Core FFO of $4.34 per share, up 0.7% from $4.31, in an 8-K filed Monday, Oct. 26, 2026. Third-quarter revenue was $1.37 billion, up from $1.22 billion a year earlier.

Acquisitions drive growth

Total revenue rose 11.6% from a year earlier, driven by self-storage facility revenue of $1.25 billion and ancillary operations revenue of $112.1 million. Depreciation and amortization rose to $412.6 million from $290.4 million, and the company booked $114.6 million of transaction and integration expense. The company closed its acquisitions of National Storage Affiliates on July 22 and Public Storage Canada on Sept. 1, adding over 1,100 stores.

Same Store revenue rose 0.5% to $1.02 billion, net operating income rose 0.5%, and average occupancy was 92.2%, up from 91.9%. Chief Executive Tom Boyle said third-quarter performance was better than expected.

Guidance raised

Public Storage raised its 2026 Core FFO per share guidance to $16.90 to $17.10, up $0.10 at the midpoint from the prior $16.75 to $17.05 range. Same Store net operating income growth guidance moved to a range of negative 0.8% to positive 0.2%, from negative 2.0% to negative 0.3%.

Capital and balance sheet

The company said it completed a C$400 million inaugural Canadian senior notes offering at 4.54% and a $900 million senior notes offering at an effective 4.85%. It reported total indebtedness of $12.2 billion and about $4.1 billion of liquidity as of Sept. 30. Forward sale agreements under its at-the-market program cover 1.2 million shares at a weighted price of $326.51, expected to generate about $399 million.

The last close before the filing was $306.97 on Oct. 26, 2026. A conference call is scheduled for Oct. 27 at 11:00 a.m. CT.