Public Storage (PSA) Q1 2026 Financial Results Summary

Release Date: April 27, 2026

Public Storage (NYSE: PSA) announced its financial results for the first quarter ended March 31, 2026. Below is a summary of the key metrics and highlights from the report:

Financial Performance Metrics

• Net Income:
  • 2026: $2.71 per share
  • 2025: $2.04 per share
  • Change: +32.8%
• Core Funds from Operations (Core FFO):
  • 2026: $4.22 per share
  • 2025: $4.12 per share
  • Change: +2.4%

Quarterly Highlights

• Acquisition Announcement:
  • Pending acquisition of National Storage Affiliates Trust (NSA) in an all-stock transaction valued at approximately $10.5 billion.
• Growth Metrics:
  • Core FFO growth: 2.4%
  • Total Self-storage growth: 2.6%
  • Same Store net operating income margin expanded to 77.1%, an increase of 0.4% compared to Q1 2025.
• Leadership Changes:
  • Tom Boyle appointed as CEO and board trustee effective April 1, 2026.
  • Shank Mitra appointed as Chairman of the Board effective April 1, 2026.
• Development and Expansion:
  • Expected to add 3.5 million net rentable square feet at an estimated cost of $618.4 million over the next 18 to 24 months.
• Strategic Partnership:
  • Entered into a partnership with Welltower to advance AI applications in capital allocation.
• Subsequent Financing:
  • Completed a public offering of $500 million of senior notes at a fixed rate of 5.00%, maturing December 15, 2035.

2026 Guidance

• Same Store Revenue Growth:
  • Projected between -2.2% to 0%.
• Expense Growth:
  • Expected to range from 1.5% to 2.8%.
• Net Operating Income Growth:
  • Projected between -3.9% to -0.5%.
• Non-Same Store Net Operating Income:
  • Expected between $335,000 and $355,000.
• Core FFO per Share:
  • Estimated between $16.35 and $17.00.

Operating Results

• Occupancy Rates:
  • Occupancy rates for Same Store facilities reached 91.5%, up 0.4% from 2025.
• Same Store Revenue:
  • Total Self-Storage revenue remained stable at $1,000,833, with a negligible change of 0%.
• Direct Costs:
  • Decreased by 1.6% to $229,288 for Same Store facilities.

Investment Activity

• Mergers and Acquisitions:
  • Acquired three self-storage facilities for $20.8 million.
  • A total of 18 facilities under contract for acquisition, totaling 1.4 million net rentable square feet valued at $186.3 million.
• New Developments and Expansions:
  • Contributed 0.3 million net rentable square feet at a cost of $45.4 million.
  • Ongoing projects estimated to add 3.5 million net rentable square feet at an aggregate cost of $618.4 million.

Capital Markets and Balance Sheet

• Indebtedness:
  • Total indebtedness stood at $10.1 billion, with $650 million maturing in 2026.
• Liquidity:
  • Approximately $1.9 billion in liquidity, including cash and undrawn capacity.
• Weighted Average Interest Rate:
  • Increased to 3.3% from 3.1% the previous year.

Dividends and Share Repurchase

No quarterly dividend or share repurchase activity was mentioned in the release.

Conclusion

Public Storage's first quarter of 2026 showcases substantial growth in net income and Core FFO, along with strategic moves including a significant acquisition and ongoing development projects, indicating a focus on future expansion and enhancement of operational efficiency.

Note: The amounts in the following tables are in thousands, except per share data.

SELECTED CONSOLIDATED INCOME STATEMENT DATA

(Unaudited)

Revenues:	Three Months Ended March	31,	2026	2025
Self-storage facilities			$1,128,125	$1,102,998
Ancillary operations			89,616	80,186
Total revenues			$1,217,741	$1,183,184
Expenses:
Self-storage cost of operations			305,679	301,154
Ancillary cost of operations			34,264	30,693
Depreciation and amortization			290,723	282,715
Real estate acquisition and development expense			2,428	7,423
General and administrative			30,351	25,184
Interest expense			80,018	72,009
Total expenses			$743,463	$719,178
Operating income			474,278	464,006
Other increases (decreases) to net income:
Interest and other income (expense)			7,778	13,234
Equity in earnings (loss) of			6,836	3,627
unconsolidated real estate entity
Foreign currency exchange gain (loss)			41,673	-68,695
Gain (Loss) on sale of real estate			379	45
Income before income taxes			530,944	412,217
Income tax (provision) benefit			-1,569	-1,426
Net income			529,375	410,791
Allocation to noncontrolling interests			-3,102	-3,000
Net income allocable to Public Storage			526,273	407,791
shareholders
Allocation of net income to:
Preferred shareholders			-48,678	-48,678
Restricted share units and unvested LTIP units			-807	-883
Net income allocable to common shareholders			$476,788	$358,230
Per common share:
Net income per common share – Basic			$2.72	$2.04
Net income per common share – Diluted			$2.71	$2.04
Weighted average common shares – Basic			175,519	175,419
Weighted average common shares – Diluted			175,928	175,942

SELECTED CONSOLIDATED BALANCE SHEET DATA

(Unaudited)

ASSETS	March 31, 2026	December 31, 2025
Cash and equivalents	$134,609	$318,095
Real estate facilities, at cost:
Land	5,962,189	5,952,072
Buildings	24,251,342	24,126,185
Total land and buildings, at cost	30,213,531	30,078,257
Accumulated depreciation	-11,737,258	-11,468,054
Total land and buildings, net	18,476,273	18,610,203
Construction in process	202,742	194,355
Total real estate facilities, net	18,679,015	18,804,558
Investment in unconsolidated real estate entity	383,917	388,586
Goodwill and other intangible assets, net	233,207	251,613
Notes receivable, net	142,501	142,108
Other assets	277,160	303,644
Total assets	$19,850,409	$20,208,604
LIABILITIES AND EQUITY
Notes payable	$9,707,266	$10,253,881
Unsecured credit facility	325,000
Accrued and other liabilities	498,421	612,889
Total liabilities	10,530,687	10,866,770
Commitments and contingencies
Equity:
Public Storage shareholders’ equity:
Preferred Shares, $0.01 par value, 100,000,000 shares authorized, 174,000 shares issued (in series) and outstanding, (174,000 shares at December 31, 2025) at liquidation preference	4,350,000	4,350,000
Common Shares, $0.10 par value, 650,000,000 shares authorized, 175,544,909 shares issued (175,500,243 shares at December 31, 2025)	17,554	17,550
Paid-in capital	6,184,983	6,147,650
Accumulated deficit	-1,269,414	-1,219,273
Accumulated other comprehensive loss	-58,783	-47,799
Total Public Storage shareholders’ equity	9,224,340	9,248,128
Noncontrolling interests	95,382	93,706
Total equity	9,319,722	9,341,834
Total liabilities and equity	$19,850,409	$20,208,604

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