Public Storage (PSA) Q2 2026 earnings summary

Executive summary

• Net income per share rose 44.9% year-over-year to $2.55 for Q2 2026, driven by foreign currency gains and higher equity earnings from Shurgard, despite increased interest and G&A expenses.

• Closed the NSA merger, expanding the portfolio to over 4,500 locations and 327 million square feet, and announced the $1.2 billion acquisition of Public Storage Canada, expected to close in Q3 2026.

• Raised 2026 guidance for Core FFO per share and net operating income, reflecting strong first-half performance, improved move-in rates, and positive occupancy trends.

• PS Next operating platform and digital/AI initiatives are driving improved customer experience, lower churn, and operational efficiency.

• Strong balance sheet with $3.8 billion liquidity, net debt to EBITDA at 2.9x, and A/A2 credit ratings.

Financial highlights

• Q2 2026 net income allocable to common shareholders was $450.3 million ($2.55/share), up 45.7% year-over-year.

• Core FFO per share for Q2 was $4.17, down 2.6% year-over-year; FFO per share was $4.21, up 22.4%.

• Same Store revenues declined 0.6% and Same Store NOI fell 2.2% year-over-year, both outperforming internal forecasts.

• Non-Same Store NOI grew 21.5%–34.8% and ancillary business revenues increased 12.7%–15% year-over-year.

• Weighted average occupancy for Same Store facilities was 92.5%, up 0.2 percentage points year-over-year; average move-in rents turned positive at +1.6%.

Outlook and guidance

• Raised 2026 guidance for Core FFO per share to $16.75–$17.05, up $0.22 at the midpoint from prior guidance.

• Same Store NOI growth now guided at 0.9%–2.0% for 2026; Non-Same Store NOI guidance increased to $343–$357 million.

• Fourth quarter expected to exit with positive revenue growth; L.A. County restrictions expiration provides a tailwind.

• Guidance does not include the impact of NSA and PS Canada acquisitions.

• Financing benefits from NSA and PS Canada expected to add $0.02 per share to Core FFO in 2026.