Public Storage Q3 earnings fall 35.5% to $1.69
Public Storage issued C$400 million in Canadian senior notes at 4.54%, maturing September 16, 2033.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
Public Storage (PSA) reported third-quarter 2026 diluted net income of $1.69 per share, down from $2.62 a year earlier, while Core FFO per share was $4.34 versus $4.31. It raised full-year 2026 Core FFO guidance by $0.10 to $16.90–$17.10 per share and increased its Same Store NOI growth outlook by 90 basis points, to (0.8)%–0.2%. Same Store revenue and NOI each increased 0.5% year over year; average occupancy was 92.2%, versus 91.9%.
Public Storage completed the NSA acquisition on July 22, 2026, in an all-stock transaction and completed the PS Canada acquisition on September 1, 2026, for US $1.2 billion, including assumed debt; sellers may receive up to 768,000 PS OP Units, contingent on achieving certain NOI performance targets. It expects approximately $110 million to $130 million in NSA run-rate synergies within three to four years. At September 30, 2026, indebtedness was $12.2 billion and liquidity was approximately $4.1 billion. Through October 26, 2026, forward sale agreements for 1,230,141 common shares were expected to generate approximately $399 million in future net proceeds upon settlement.
1 point · 1 major0 major · 1 point
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Major point. Forward-looking: it has not happened yet and may not happen.2026 Core FFO guidance increased by $0.10 per share.
Negative
- Moderate pointThird-quarter net income per share fell 35.5%.
Filing Explained
At September 30, 2026, the higher issued-share count reduces existing holders’ ownership percentages absent offsets, while $466.6 million remained for development and expansion projects.
At
At September 30, 2026, development and expansion projects had estimated aggregate costs of
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Net income per diluted common share: $1.69 per share
Core FFO per share: $4.34 per share
Same Store revenue growth: 0.5%
+5 more
8 metrics
Net income per diluted common share
$1.69 per share
Three months ended September 30, 2026; $2.62 in 2025
Core FFO per share
$4.34 per share
Three months ended September 30, 2026; $4.31 in 2025
Same Store revenue growth
0.5%
Three months ended September 30, 2026, compared with 2025
2026 Core FFO per-share guidance
$16.90 to $17.10 per share
Current full-year guidance; increased by $0.10
2026 Same Store NOI growth guidance
(0.8)% to 0.2%
Current full-year guidance; outlook increased by 90 basis points
PS Canada acquisition price
US $1.2 billion, including assumed debt
Acquisition completed September 1, 2026
Expected NSA run-rate synergies
Approximately $110 million to $130 million
Expected within three to four years
Expected future net proceeds
Approximately $399 million
Forward sale agreements, upon settlement
Key Terms
Core FFO, Same Store Facilities, run-rate synergies, forward sale agreements, +1 more
5 terms
Core FFO financial
"Core FFO per share for the quarter"
Core FFO (Core Funds From Operations) is a real estate industry measure of a property owner's recurring cash earnings calculated by starting with net income and removing non-cash accounting items and one-time gains or losses so the number reflects ongoing operating performance. Investors use it like a trimmed-down paycheck: it helps compare cash-generating ability across periods and companies by focusing on the stable, repeatable income rather than temporary or accounting-driven swings.
Same Store Facilities financial
"2,755 Same Store Facilities"
A measure of sales or activity at locations that have been open for a set period (typically at least a year), excluding results from newly opened or closed locations so performance is compared on an apples-to-apples basis. Investors use it to see whether established sites are actually growing or shrinking, rather than being boosted by store openings; it helps reveal underlying demand and the health of a company’s core operations, much like judging a restaurant chain by longtime branches only.
run-rate synergies financial
"approximately $110 million to $130 million of run-rate synergies"
Run-rate synergies are the estimated steady annual savings or additional revenue a company expects once cost cuts and revenue enhancements from a merger or restructuring are fully in place; think of it as the new normal speed after a car finishes accelerating. Investors care because these numbers quantify the deal’s payoff, influence future profit forecasts and valuation, and reveal how quickly and realistically the company can turn the combination into lasting financial benefit.
forward sale agreements financial
"entered into forward sale agreements under its ATM program"
A forward sale agreement is a deal where two parties agree today to sell and buy an asset at a set price on a future date. It’s like promising to sell your car to a friend next month at today's price, regardless of how the car's value changes. These agreements help businesses lock in prices and reduce uncertainty about future costs or income.
mezzanine loan financial
"provided a $237 million mezzanine loan to the PS-NSA JV"
A mezzanine loan is a type of financing that sits between a primary bank loan and equity ownership: it has a lower priority for repayment than the main loan but ranks above shareholders. Think of it as a bridge loan that fills the gap when a company needs extra cash for a buyout, expansion, or project, often carrying higher interest and sometimes a small equity stake. For investors, mezzanine debt offers higher returns but more risk than senior loans and can affect shareholder value if converted into ownership.
Earnings Snapshot
Net income per diluted common share: $1.69 · Guidance included
Third quarter 2026
Net income per diluted common share
$1.69
Down 35.5% from $2.62 in third quarter 2025
Core FFO per share
$4.34
Up 0.7% from $4.31 in third quarter 2025
Guidance
Full-year 2026 Core FFO per share: $16.90 to $17.10; Same Store net operating income growth: (0.8)% to 0.2%.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What is Public Storage's 2026 Core FFO guidance?
The current full-year 2026 Core FFO guidance range is $16.90 to $17.10 per share, an increase of $0.10. Public Storage does not provide GAAP net income per-share guidance or a reconciliation because it cannot reasonably predict certain items, including real estate sale gains or losses and foreign exchange.
How much of PSA's debt matures in the fourth quarter of 2026?
Public Storage reported that $650 million, or 5.3%, of its $12.2 billion in indebtedness would mature in the fourth quarter of 2026.
What were the terms of Public Storage's Canadian senior notes?
Public Storage issued C$400 million aggregate principal amount of senior notes at a fixed interest rate of 4.54%, maturing September 16, 2033.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________
FORM 8-K
____________________
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): October 26, 2026
____________________
(Exact Name of Registrant as Specified in its Charter)
____________________
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||
| (Address of Principal Executive Offices) | (Zip Code) | ||||
Registrant's telephone number, including area code (469 ) 649-9486
N/A
(Former name or former address, if changed since last report)
____________________
Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of Class | Trading Symbol | Name of each exchange on which registered | ||||||||||||
| Title of Class | Trading Symbol | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
The information in Item 2.02 of this Form 8-K and the Exhibit attached hereto pursuant to Item 9.01 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such filing.
Item 2.02Results of Operations and Financial Condition and Exhibits
On October 26, 2026, Public Storage announced its financial results for the quarter ended September 30, 2026. The full text of the press release issued in connection with the announcement is included in Exhibit 99.1 to this Current Report on Form 8-K.
Item 9.01Financial Statements and Exhibits
(d) Exhibits
| Exhibit No. | Description | |||||||
| 99.1 | Public Storage Earnings Press Release dated October 26, 2026. | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| PUBLIC STORAGE | ||||||||
| By: | /s/ Joseph D. Fisher | |||||||
Date: October 26, 2026 | Joseph D. Fisher President and Chief Financial Officer (Principal Financial Officer) | |||||||
 | |||||||||||
PUBLIC STORAGE REPORTS THIRD QUARTER 2026 RESULTS AND RAISES GUIDANCE
FRISCO, Texas, October 26, 2026 — Public Storage (the “Company”) (NYSE: PSA) announced today its results for the quarter ended September 30, 2026, and its increased outlook for full-year 2026. Net income and core funds from operations (“Core FFO”) per share for the quarter are presented below:
Three Months Ended September 30, | Change | Nine Months Ended September 30, | Change | |||||||||||||||||||||||
Metric (per share) | 2026 | 2025 | $ | % | 2026 | 2025 | $ | % | ||||||||||||||||||
Net Income | $1.69 | $2.62 | $(0.93) | (35.5)% | $6.92 | $6.42 | $0.50 | 7.8% | ||||||||||||||||||
Core FFO | $4.34 | $4.31 | $0.03 | 0.7% | $12.74 | $12.71 | $0.03 | 0.2% | ||||||||||||||||||
Highlights for the quarter:
•Increased outlook for the full-year 2026, including Same Store NOI by 90bps and Core FFO per share by $0.10, following strong year-to-date performance and reaffirming optimism for the remainder of 2026.
•Closed the acquisitions of National Storage Affiliates and Public Storage Canada, adding over 1,100 stores to the PS Next™ operating platform as part of our PS4.0™ strategy to drive shareholder value.
•Acquired 25 self-storage facilities with 1.7 million net rentable square feet for $258.4 million, excluding the impacts of NSA and PS Canada. Year to date, including activity subsequent to September 30, 2026, the Company acquired or was under contract to acquire 65 self-storage facilities with 4.7 million net rentable square feet, for $713.2 million.
•Expanded the Company’s financial flexibility by executing forward sale agreements under its ATM program totaling 1.2 million shares (at a weighted price of $326.51 per share) during the year, securing approximately $399 million in future settlement proceeds, to further bolster its value creation engine.
•Completed inaugural Canadian public offering of C$400 million principal amount of senior notes, bearing interest at an interest rate of 4.54%.
•Completed a public offering of $900 million aggregate principal amount of senior notes at an interest rate of 4.85%, after giving effect to related derivative hedging activities.
•Published our annual Corporate Sustainability Report and earned the distinction of being named a Great Place to Work Certification™ for the 5th consecutive year.
“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,” said 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.”
1
2026 Guidance
Public Storage raised its previously provided guidance for net operating income growth (Same Store and Non-Same Store), and Core FFO per share as included in the table below.
Public Storage raised its previously provided guidance for net operating income growth (Same Store and Non-Same Store), and Core FFO per share as included in the table below.
2026 Guidance | |||||||||||||||||||||||
Current | Prior | Guidance Adjustment | |||||||||||||||||||||
Low | High | Low | High | ||||||||||||||||||||
(Dollar amounts in thousands, except per share data) | |||||||||||||||||||||||
Same Store: | |||||||||||||||||||||||
Revenue growth | —% | 0.5% | (0.7)% | 0.3% | 0.5% | ||||||||||||||||||
Expense growth | 1.5% | 2.5% | 2.0% | 3.0% | (0.5)% | ||||||||||||||||||
Net operating income growth | (0.8)% | 0.2% | (2.0)% | (0.3)% | 0.9% | ||||||||||||||||||
Non-Same Store: | |||||||||||||||||||||||
Non-Same Store net operating income | $355,000 | $363,000 | $343,000 | $357,000 | $9,000 | ||||||||||||||||||
Core FFO per share: | $16.90 | $17.10 | $16.75 | $17.05 | $0.10 | ||||||||||||||||||
*Additional guidance assumptions can be found in the Company’s accompanying quarterly financial supplement.
*As described in more detail in the accompanying quarterly financial supplement, consistent with applicable SEC rules, the Company does not provide guidance for GAAP net income per share, the most comparable GAAP financial measure, or a reconciliation of estimated 2026 Core FFO per share to estimated GAAP net income per share because it is unable to reasonably predict certain items that are included in GAAP net income, including gains or losses on sales of real estate investments and foreign exchange.
*Guidance adjustment column represents the absolute nominal change between midpoints of current and prior issued guidance.
*Non-Same Store net operating income excludes the impact of NSA and PS Canada.
Operating Results
“Our continued focus on enhancing the customer experience is driving encouraging momentum across the portfolio,” said 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.”
“Our continued focus on enhancing the customer experience is driving encouraging momentum across the portfolio,” said 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.”
The operating results of our 2,755 Same Store Facilities (192.1 million net rentable square feet), which represent approximately 71% of the net rentable square feet in the U.S. consolidated portfolio, are as follows:
Same Store Summary | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||
2026 | 2025 | Change (a) | 2026 | 2025 | Change (a) | ||||||||||||||||||||||||||||||
(Dollar amounts in thousands, except for per square foot data) | |||||||||||||||||||||||||||||||||||
Revenues | $ | 1,021,947 | $ | 1,017,135 | 0.5% | $ | 3,029,329 | $ | 3,030,595 | —% | |||||||||||||||||||||||||
Direct Cost of Operations | (226,132 | ) | (221,685 | ) | 2.0% | (683,091 | ) | (672,982 | ) | 1.5% | |||||||||||||||||||||||||
Direct Net Operating Income (b) | 795,815 | 795,450 | —% | 2,346,238 | 2,357,613 | (0.5)% | |||||||||||||||||||||||||||||
Indirect Cost of Operations | (26,982) | (30,390) | (11.2) | % | (91,632) | (92,523) | (1.0) | % | |||||||||||||||||||||||||||
Net Operating Income (b) | $ | 768,833 | $ | 765,060 | 0.5% | $ | 2,254,606 | $ | 2,265,090 | (0.5)% | |||||||||||||||||||||||||
Gross Margin (before indirect costs) | 77.9% | 78.2% | (0.3)% | 77.5% | 77.8% | (0.3)% | |||||||||||||||||||||||||||||
Gross Margin (after indirect costs) | 75.2% | 75.2% | —% | 74.4% | 74.7% | (0.3)% | |||||||||||||||||||||||||||||
Average Occupancy | 92.2% | 91.9% | 0.3% | 92.0% | 91.8% | 0.2% | |||||||||||||||||||||||||||||
Realized annual rental income per square foot (b): | |||||||||||||||||||||||||||||||||||
Occupied square foot | $ | 22.29 | $ | 22.24 | 0.2% | $ | 22.06 | $ | 22.12 | (0.3)% | |||||||||||||||||||||||||
Available square foot | $ | 20.54 | $ | 20.44 | 0.5% | $ | 20.30 | $ | 20.30 | —% | |||||||||||||||||||||||||
(a)Represents the absolute nominal change with respect to gross margin and square foot occupancy, and the percentage change with respect to all other items.
(b)See Definitions for description of non-GAAP measures.
In addition to the Same Store Facilities, the Company has 1,017 primarily acquisition, development, and expansion facilities (78.3 million rentable square feet) in various stages of lease-up that represent the remaining 29% of the net rentable square feet in our portfolio. Revenues and net operating income from this non-same store pool grew 90.8% and 91.8%, respectively, during the quarter, and 49.4% and 49.2%, respectively, during the year.
2
Investment and Third-Party Management Activity
NSA Acquisition: On July 22, 2026, the Company completed the acquisition of NSA in an all-stock transaction (the "NSA Acquisition"), expanding the Public Storage portfolio to over 4,500 locations and more than 327 million operating square feet.
The NSA Acquisition presents a significant value creation opportunity by applying our industry-leading PS Next revenue and expense management capability to the NSA portfolio. The Company expects to generate approximately $110 million to $130 million of run-rate synergies within the next three to four years, driven by an enhanced customer experience, NOI opportunity, tenant reinsurance uplift, and G&A savings.
PS Canada: On September 1, 2026, the Company completed the acquisition of PS Canada for US $1.2 billion, including assumed debt, with an opportunity for the sellers to receive earn-out consideration of up to 768,000 PS OP Units, contingent on the achievement of certain NOI performance targets. The portfolio consists of 68 properties totaling 5.3 million square feet. The acquisition of PS Canada represents a strategic opportunity to expand the Public Storage platform into major Canadian markets with attractive long-term fundamentals. This portfolio includes high-quality real estate in key markets, carries the Public Storage brand, and offers meaningful upside through our PS Next™ operating platform.
Acquisitions: During the quarter, excluding NSA and PS Canada, the Company acquired 25 self-storage facilities with 1.7 million net rentable square feet for $258.4 million. For the nine months ended September 30, 2026, and including activity subsequent to quarter end, the Company acquired or was under contract to acquire 65 facilities with 4.7 million net rentable square feet for $713.2 million.
Developments and Expansions: For the nine months ended September 30, 2026, the Company opened four newly developed facilities and various expansion projects, which together contributed 0.5 million net rentable square feet at a cost of $84.1 million.
At September 30, 2026, the Company had various facilities in development (3.3 million net rentable square feet) estimated to cost $571.2 million and various expansion projects underway (1.3 million net rentable square feet) estimated to cost $217.8 million. Of the $788.9 million of aggregate development and expansion costs, $466.6 million remains to be incurred, primarily over the next 18 to 24 months.
Lending: During the quarter, the Company originated $34.0 million of bridge loan financing for third-party self-storage owners at an average rate of 7.7%. In connection with the NSA acquisition, the Company provided a $237 million mezzanine loan to the PS-NSA JV at an average interest rate of 10.22%. At September 30, 2026, the Company had total notes receivable of $445.3 million at an average annual interest rate of 9.0% and $23.1 million of unfunded loan commitments expected to close in the next twelve months.
Third-Party Management: During the quarter, the Company added a net 31 facilities to its third-party property management program. At September 30, 2026, the Company managed or was under contract to manage 493 facilities (35.4 million net rentable square feet) through the program, including 70 facilities currently under construction.
Capital Markets Activity and Balance Sheet
“We have executed a significant capital markets program in 2026, further strengthening Public Storage’s industry-leading balance sheet while funding substantial external growth,” said Joe Fisher, President and Chief Financial Officer. “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.”
The Company’s total indebtedness as of September 30, 2026 was $12.2 billion, with $650 million, or 5.3%, maturing in the fourth quarter of 2026. As of September 30, 2026, the Company had approximately $4.1 billion of liquidity through a combination of cash, undrawn capacity on its credit facility, and expected retained cash flow over the next twelve months. During the quarter, the Company completed its inaugural offering in the Canadian markets by issuing C$400 million aggregate principal amount of senior notes at a fixed rate of 4.54% maturing on September 16, 2033. Additionally, the Company issued $900 million aggregate principal amount of senior notes and settled interest rate swaps that reduced the effective interest rate on the issuance to 4.85%. As part of its acquisition of PS Canada the company entered into Canadian dollar cross-currency swaps that reduced the effective interest rate on $900 million of its existing debt from 4.64% to an effective rate of 3.43%. Lastly, through October 26, 2026, the Company has entered into forward sale agreements under its ATM program for a total of 1,230,141 common shares (at a weighted average price of $326.51 per share), which are expected to generate approximately $399 million of future net proceeds upon settlement.
3
Selected balance sheet metrics as of September 30, 2026:
Nine Months Ended September 30, | |||||||||||
Metric | 2026 | 2025 | Change (a) | ||||||||
Weighted Average Interest Rate | 3.6% | 3.0% | 0.6% | ||||||||
Weighted Average Years to Maturity (b) | 6.1 | 6.4 | (0.3) | ||||||||
Net Debt to EBITDA (c) | 3.4x | 3.0x | 0.4x | ||||||||
Net Debt and Preferred Equity to EBITDA (c) | 4.7x | 4.2x | 0.5x | ||||||||
EBITDA to Fixed Charges (c) | 6.3x | 6.8x | (0.5)x | ||||||||
Credit Ratings (Moody’s / S&P) | A2 / A | A2 / A | — | ||||||||
(a)Represents the absolute nominal change.
(b)The weighted average years to maturity excludes preferred stock.
(c)EBITDA and Fixed Charges are non-GAAP measures. The EBITDA reconciliation and Fixed Charges computation can be found in the Company’s accompanying quarterly financial supplement.
4
Supplemental Information
This press release, the Company’s Form 10-Q for the third quarter of 2026, the accompanying quarterly financial supplement, and additional information about Public Storage are available on its website, www.publicstorage.com.
Definitions (unaudited)
Annual contract rent: Represents the agreed-upon monthly rate that is paid by tenants in place at the time of measurement. Contract rates are initially set in the lease agreement upon move-in, and the Company adjusts them from time to time with notice. Contract rent excludes other fees that are charged on a per-item basis, such as late charges and administrative fees, does not reflect the impact of promotional discounts, and does not reflect the impact of rents that are written off as uncollectible.
Earnings Before Interest, Taxes, Depreciation, and Amortization (“EBITDA”): EBITDA is defined as earnings before interest, taxes, depreciation and amortization. EBITDA is a non-GAAP financial measure and is used by us as a supplemental measure of performance. The Company believes investors and analysts utilize EBITDA in a similar manner. EBITDA is not a substitute for net income, operating cash flow, or other related financial measures, in evaluating our operating results. Other REITs may compute this measure differently, so comparisons among REITs may not be helpful.
Funds Available for Distribution (“FAD”): FFO adjusted to exclude certain non-cash charges and to deduct recurring capital expenditures, which do not include capital expenditures for energy efficiencies, including the installation of solar panels, heat pumps, and LED lighting; or capital expenditures for other property enhancements, including acquisition rebrandings and commercial conversions. The Company utilizes FAD in evaluating its ongoing cash flow available for investment, debt repayment, and common distributions. The Company believes investors and analysts utilize FAD in a similar manner. FAD is not a substitute for GAAP net cash flow in evaluating liquidity or ability to pay dividends, because it excludes investing and financing activities presented on our statements of cash flows. In addition, other REITs may compute this measure differently, so comparisons among REITs may not be helpful.
Funds from Operations (“FFO”) and FFO per diluted common share and unit (“FFO per share”): Non-GAAP measures defined by Nareit. The Company believes that FFO and FFO per share are useful to REIT investors and analysts in measuring our performance because Nareit’s definition of FFO excludes items included in net income that do not relate to or are not indicative of our operating and financial performance. FFO represents net income before real estate-related depreciation and amortization, which is excluded because it is based upon historical costs and assumes that building values diminish ratably over time, while the Company believes that real estate values fluctuate due to market conditions. FFO also excludes gains or losses on sale of real estate assets and real estate impairment charges, which are also based upon historical costs and are impacted by historical depreciation. FFO and FFO per share are not a substitute for net income or earnings per share. FFO is not a substitute for net cash flow in evaluating our liquidity or ability to pay dividends, because it excludes investing and financing activities presented on our consolidated statements of cash flows. In addition, other REITs may compute these measures differently, so comparisons among REITs may not be helpful.
The Company also present “Core FFO” and “Core FFO per share and unit” non-GAAP measures that represent FFO and FFO per share excluding the impact of (i) foreign currency exchange gains and losses, (ii) charges related to the redemption of preferred shares, (iii) transaction and integration costs related to the NSA acquisition and PS Canada acquisition, and (iv) certain other non-cash and/or nonrecurring income or expense items primarily representing, with respect to the periods presented below, the impact of corporate transformation costs, loss contingencies, due diligence costs incurred in pursuit of strategic transactions, cancelled project write-off, realized or unrealized gain or loss on private equity investments and non-hedge designated derivative transactions, income tax benefits from certain discrete items, certain CEO transition-related and executive severance costs, and amortization of assumed debt discounts and acquired non real estate-related intangibles, and (v) the income tax effect of each adjustment calculated by applying the tax rate of the applicable tax jurisdiction. The Company reviews Core FFO and Core FFO per share and unit to evaluate our ongoing operating performance, and believes they are used by investors and REIT analysts in a similar manner. However, Core FFO and Core FFO per share and unit are not substitutes for net income and net income per share. Because other REITs may not compute Core FFO or Core FFO per share and unit in the same manner as the Company does, may not use the same terminology, or may not present such measures, Core FFO and Core FFO per share may not be comparable among REITs.
Net operating income (“NOI”): Net operating income or “NOI” is a non-GAAP financial measure that excludes the impact of depreciation and amortization expense, which is based upon historical real estate costs and assumes that building values diminish ratably over time, while the Company believes that real estate values fluctuate due to market conditions. The Company utilizes NOI in determining current property values, evaluating property performance, and evaluating property operating trends. The Company believes that investors and analysts utilize NOI in a similar manner. Direct net operating income (“Direct NOI”), a subtotal within NOI, is a non-GAAP financial measure that excludes the impact of supervisory payroll, centralized management costs, and share-based compensation in addition to depreciation and amortization expense. The Company utilizes direct net operating income in evaluating property performance and in evaluating property operating trends as compared to our competitors. The Company believes that investors and analysts utilize NOI and Direct NOI in a similar manner. These measures are not a
5
substitute for net income, operating cash flow, or other related financial measures, in evaluating our operating results. See Note 16 to our September 30, 2026, consolidated financial statements for a reconciliation of NOI to our total net income for all periods presented.
Realized annual rent per occupied square foot: Computed by dividing rental income, before late charges and administrative fees, by the weighted average occupied square feet for the period. This measure excludes late charges and administrative fees in order to provide a better measure of the Company’s ongoing level of revenue. Late charges are dependent upon the level of delinquency, and administrative fees are dependent upon the level of move-ins. In addition, the rates charged for late charges and administrative fees can vary independently from rental rates. This measure takes into consideration promotional discounts, which reduce rental income.
Realized annual rent per available square foot: Computed by dividing rental income, before late charges and administrative fees, by the total available net rentable square feet for the period. Similar to realized annual rent per occupied square foot, this measure excludes late charges and administrative fees, and takes into consideration promotional discounts, which reduce rental income.
Same Store Facilities: Consist of facilities the Company has owned and operated on a stabilized level of occupancy, revenues, and cost of operations since January 1, 2024. The composition of the Company’s Same Store Facilities allows us more effectively to evaluate the ongoing performance of its self-storage portfolio by excluding the impact of fill-up of unstabilized facilities, which can significantly affect operating trends. The Company believes investors and analysts use Same Store Facilities information in a similar manner. However, because other REITs may not compute Same Store Facilities in the same manner as the Company does, may not use the same terminology or may not present such a measure, Same Store Facilities may not be comparable among REITs.
Strategic Acquisitions: A component of acquired facilities that represents the 550 facilities related to the Company’s acquisitions of NSA and PS Canada.
6
Third Quarter Conference Call
A conference call is scheduled for October 27, 2026, at 11:00 a.m. (CT) to discuss the third quarter earnings results. The domestic dial-in number is (877) 407-9039, and the international dial-in number is (201) 689-8470. A simultaneous audio webcast may be accessed by using the link at www.publicstorage.com under “About Us, Investor Relations, News and Events, Event Calendar.” A replay of the conference call may be accessed through November 10, 2026, by calling (844) 512-2921 (domestic), (412) 317-6671 (international) (access ID number for either domestic or international is 13763086) or by using the link at www.publicstorage.com under “About Us, Investor Relations, News and Events, Event Calendar.”
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements relating to our 2026 outlook and all underlying assumptions, our expected acquisition, disposition, development, and redevelopment activity, supply and demand for our self-storage facilities, information relating to operating trends in our markets, expectations regarding operating expenses, including property tax changes, expectations regarding the impacts from inflation and changes in macroeconomic conditions, our strategic priorities, expectations with respect to financing activities, rental rates, cap rates, and yields, leasing expectations, our credit ratings, our expectations with respect to the future performance of the facilities acquired in the NSA Acquisition, and all other statements other than statements of historical fact. Such statements are based on management’s beliefs and assumptions made based on information currently available to management and may be identified by the use of the words “outlook,” “guidance,” “expects,” “believes,” “anticipates,” “should,” “estimates,” and similar expressions. These forward-looking statements involve known and unknown risks and uncertainties, which may cause our actual results and performance to be materially different from those expressed or implied in the forward-looking statements. Risks and uncertainties that may impact future results and performance include, but are not limited to those risks and uncertainties described in Part 1, Item 1A, “Risk Factors” in our most recent Annual Report on Form 10-K for the year ended December 31, 2025 filed with the Securities and Exchange Commission (the “SEC”) on February 12, 2026 and our Quarterly Report on Form 10-Q for the quarter ended June 30, 2026 filed with the SEC on July 29, 2026, and in our other filings with the SEC. These include changes in demand for our facilities, changes in macroeconomic conditions, failure to realize the expected benefits of the NSA Acquisition, including the risk that NSA’s business will not be integrated successfully or that such integration may be more difficult, time-consuming or costly than expected, including our ability to retain and hire key personnel, changes in national self-storage facility development activity, impacts from our strategic corporate transformation initiative, impacts of natural disasters, adverse changes in laws and regulations including governing property tax, evictions, rental rates, minimum wage levels, and insurance, adverse economic effects from public health emergencies, international military conflicts, international trade disputes (including threatened or implemented tariffs imposed by the U.S. and threatened or implemented tariffs imposed by foreign countries in retaliation), or similar events impacting public health and/or economic activity, increases in the costs of our primary customer acquisition channels, adverse impacts to us and our customers from high interest rates, inflation, unfavorable foreign currency rate fluctuations, or changes in federal or state tax laws related to the taxation of REITs, security breaches, including ransomware, or a failure of our networks, systems, or technology. These forward-looking statements speak only as of the date of this press release or as of the dates indicated in the statements. All of our forward-looking statements, including those in this press release, are qualified in their entirety by this cautionary statement. The Company expressly disclaims any obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, new estimates, or other factors, events or circumstances after the date of these forward-looking statements, except when expressly required by law. Given these risks and uncertainties, you should not rely on any forward-looking statements in this press release, or which management may make orally or in writing from time to time, neither as predictions of future events nor guarantees of future performance.
About Public Storage
Public Storage, a member of the S&P 500, is a REIT that primarily acquires, develops, owns, and operates self-storage facilities. At September 30, 2026, we: (i) owned and/or operated 4,764 self-storage facilities with approximately 339 million net rentable square feet located in 42 states, Puerto Rico and Canada and (ii) owned a 35% common equity interest in Shurgard Self Storage Limited (Euronext Brussels: SHUR), which owned 338 self-storage facilities located in seven Western European countries with approximately 19 million net rentable square feet operated under the Shurgard® brand. Our headquarters are located in Frisco, Texas.
Investor Contact
InvestorRelations@publicstorage.com
7
PUBLIC STORAGE
SELECTED FINANCIAL DATA
Same Store Operating Performance
(Unaudited – amounts in thousands except per square foot data)
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
2026 | 2025 | Change (c) | 2026 | 2025 | Change (c) | ||||||||||||||||||||||||||||||
(Dollar amounts in thousands, except for per square foot data) | |||||||||||||||||||||||||||||||||||
Revenues (a): | |||||||||||||||||||||||||||||||||||
Rental income | $ | 987,155 | $ | 982,163 | 0.5 | % | $ | 2,926,608 | $ | 2,925,736 | — | % | |||||||||||||||||||||||
Late charges and administrative fees | 34,792 | 34,972 | (0.5) | % | 102,721 | 104,859 | (2.0) | % | |||||||||||||||||||||||||||
Total revenues | 1,021,947 | 1,017,135 | 0.5 | % | 3,029,329 | 3,030,595 | — | % | |||||||||||||||||||||||||||
Direct cost of operations (a): | |||||||||||||||||||||||||||||||||||
Property taxes | 101,988 | 102,793 | (0.8) | % | 319,473 | 315,204 | 1.4 | % | |||||||||||||||||||||||||||
On-site property manager payroll | 33,898 | 34,842 | (2.7) | % | 101,973 | 103,749 | (1.7) | % | |||||||||||||||||||||||||||
Repairs and maintenance | 23,178 | 19,747 | 17.4 | % | 66,609 | 63,929 | 4.2 | % | |||||||||||||||||||||||||||
Utilities | 14,788 | 14,607 | 1.2 | % | 42,132 | 42,076 | 0.1 | % | |||||||||||||||||||||||||||
Marketing | 25,820 | 22,950 | 12.5 | % | 70,445 | 67,332 | 4.6 | % | |||||||||||||||||||||||||||
Other direct property costs | 26,460 | 26,746 | (1.1) | % | 82,459 | 80,692 | 2.2 | % | |||||||||||||||||||||||||||
Total direct cost of operations | 226,132 | 221,685 | 2.0 | % | 683,091 | 672,982 | 1.5 | % | |||||||||||||||||||||||||||
Direct net operating income (d) | 795,815 | 795,450 | — | % | 2,346,238 | 2,357,613 | (0.5) | % | |||||||||||||||||||||||||||
Indirect cost of operations (a) | (26,982) | (30,390) | (11.2) | % | (91,632) | (92,523) | (1.0) | % | |||||||||||||||||||||||||||
Net operating income (b) (d) | $ | 768,833 | $ | 765,060 | 0.5 | % | $ | 2,254,606 | $ | 2,265,090 | (0.5) | % | |||||||||||||||||||||||
Gross margin (before indirect costs) | 77.9% | 78.2% | (0.3)% | 77.5% | 77.8% | (0.3)% | |||||||||||||||||||||||||||||
Gross margin (after indirect costs) | 75.2% | 75.2% | —% | 74.4% | 74.7% | (0.3)% | |||||||||||||||||||||||||||||
Weighted average for the period: | |||||||||||||||||||||||||||||||||||
Square foot occupancy | 92.2% | 91.9% | 0.3% | 92.0% | 91.8% | 0.2% | |||||||||||||||||||||||||||||
Realized annual rental income per (d): | |||||||||||||||||||||||||||||||||||
Occupied square foot | $ | 22.29 | $ | 22.24 | 0.2% | $ | 22.06 | $ | 22.12 | (0.3)% | |||||||||||||||||||||||||
Available square foot | $ | 20.54 | $ | 20.44 | 0.5% | $ | 20.30 | $ | 20.30 | —% | |||||||||||||||||||||||||
At September 30: | |||||||||||||||||||||||||||||||||||
Square foot occupancy | 90.4% | 90.3% | 0.1% | ||||||||||||||||||||||||||||||||
Annual contract rent per occupied square foot (d) | $ | 22.75 | $ | 22.48 | 1.2% | ||||||||||||||||||||||||||||||
(a)Revenues and cost of operations do not include tenant reinsurance and merchandise sales and expenses generated at the facilities.
(b)See reconciliation of self-storage NOI to net income provided below.
(c)Represents the absolute nominal change with respect to gross margin and square foot occupancy, and the percentage change with respect to all other items.
(d)See Definitions for description of non-GAAP measures.
8
PUBLIC STORAGE
SELECTED CONSOLIDATED INCOME STATEMENT DATA
(Unaudited – amounts in thousands, except per share data)
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Self-storage facilities | $ | 1,254,111 | $ | 1,138,837 | $ | 3,522,183 | $ | 3,360,493 | |||||||||||||||
Ancillary operations | 112,079 | 85,206 | 294,629 | 247,828 | |||||||||||||||||||
Total revenues | 1,366,190 | 1,224,043 | 3,816,812 | 3,608,321 | |||||||||||||||||||
Expenses: | |||||||||||||||||||||||
Self-storage cost of operations | 333,194 | 294,465 | 946,693 | 880,336 | |||||||||||||||||||
Ancillary cost of operations | 43,698 | 36,385 | 114,248 | 100,366 | |||||||||||||||||||
Depreciation and amortization | 412,614 | 290,364 | 991,094 | 856,295 | |||||||||||||||||||
Real estate acquisition and development expense | 4,291 | 2,837 | 11,906 | 12,798 | |||||||||||||||||||
General and administrative | 38,257 | 28,783 | 108,290 | 79,694 | |||||||||||||||||||
Transaction and integration expense | 114,642 | — | 119,329 | — | |||||||||||||||||||
Interest expense | 102,534 | 79,692 | 267,333 | 223,310 | |||||||||||||||||||
Total expenses | 1,049,230 | 732,526 | 2,558,893 | 2,152,799 | |||||||||||||||||||
Operating income | 316,960 | 491,517 | 1,257,919 | 1,455,522 | |||||||||||||||||||
Other increases (decreases) to net income: | |||||||||||||||||||||||
Interest and other income | 14,943 | 21,012 | 39,598 | 47,035 | |||||||||||||||||||
Equity in earnings (losses) of unconsolidated real estate entities | (5,470) | 3,674 | 6,310 | 5,071 | |||||||||||||||||||
Foreign currency exchange gain (loss) | 9,868 | 899 | 68,728 | (213,866) | |||||||||||||||||||
Gain on sale of real estate | 27,011 | 502 | 27,355 | 710 | |||||||||||||||||||
Income before income taxes | 363,312 | 517,604 | 1,399,910 | 1,294,472 | |||||||||||||||||||
Income tax (provision) benefit | 15,036 | (2,831) | 10,751 | (7,497) | |||||||||||||||||||
Net income | 378,348 | 514,773 | 1,410,661 | 1,286,975 | |||||||||||||||||||
Allocation to noncontrolling interests | (11,422) | (3,710) | (17,502) | (9,702) | |||||||||||||||||||
Net income allocable to Public Storage shareholders | 366,926 | 511,063 | 1,393,159 | 1,277,273 | |||||||||||||||||||
Allocation of net income to: | |||||||||||||||||||||||
Preferred shareholders | (54,050) | (48,678) | (151,406) | (146,029) | |||||||||||||||||||
Restricted share units and unvested LTIP units | (595) | (977) | (2,426) | (2,638) | |||||||||||||||||||
Net income allocable to common shareholders | $ | 312,281 | $ | 461,408 | $ | 1,239,327 | $ | 1,128,606 | |||||||||||||||
Per common share: | |||||||||||||||||||||||
Net income per common share – Basic | $ | 1.70 | $ | 2.63 | $ | 6.95 | $ | 6.43 | |||||||||||||||
Net income per common share – Diluted(1) | $ | 1.69 | $ | 2.62 | $ | 6.92 | $ | 6.42 | |||||||||||||||
Weighted average common shares – Basic | 184,159 | 175,456 | 178,444 | 175,439 | |||||||||||||||||||
Weighted average common shares – Diluted | 185,110 | 175,884 | 179,371 | 175,916 | |||||||||||||||||||
(1) Includes adjustment to numerator for net income attributable to noncontrolling interest shares.
9
PUBLIC STORAGE
SELECTED FINANCIAL DATA
Reconciliation of Net Income to FFO and Core FFO and FFO to Funds Available for Distribution
(Unaudited – amounts in thousands except per share data)
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
2026 | 2025 | Percentage Change | 2026 | 2025 | Percentage Change | ||||||||||||||||||||||||||||||
Reconciliation of Net Income to FFO and Core FFO (a): | |||||||||||||||||||||||||||||||||||
Net income allocable to common shareholders | $ | 312,281 | $ | 461,408 | (32.3) | % | $ | 1,239,327 | $ | 1,128,606 | 9.8 | % | |||||||||||||||||||||||
Eliminate items excluded from FFO: | |||||||||||||||||||||||||||||||||||
Real estate-related depreciation and amortization | 400,849 | 287,472 | 973,344 | 847,702 | |||||||||||||||||||||||||||||||
Real estate-related depreciation from unconsolidated real estate investment | 28,926 | 14,706 | 51,087 | 45,664 | |||||||||||||||||||||||||||||||
Real estate-related depreciation allocated to noncontrolling interests, restricted share unitholders, and unvested LTIP unitholders | (1,045) | (1,417) | (2,963) | (4,677) | |||||||||||||||||||||||||||||||
Impairment (recovery) write-down of real estate investments | 15 | 119 | (195) | 3,946 | |||||||||||||||||||||||||||||||
Gains on sale of real estate investments, including our equity share from investment | (27,011) | (502) | (27,355) | (710) | |||||||||||||||||||||||||||||||
Income allocated to Operating Partnership noncontrolling interest | 8,197 | 871 | 11,808 | 2,039 | |||||||||||||||||||||||||||||||
FFO allocable to common shares and units (a) | $ | 722,212 | $ | 762,657 | (5.3) | % | $ | 2,245,053 | $ | 2,022,570 | 11.0 | % | |||||||||||||||||||||||
Eliminate items excluded from Core FFO: | |||||||||||||||||||||||||||||||||||
Adjustments to G&A Expense: | |||||||||||||||||||||||||||||||||||
Legal reserves and recoveries | 1,800 | — | 100 | 290 | |||||||||||||||||||||||||||||||
Corporate transformation costs | 1,100 | 1,376 | 8,032 | 3,178 | |||||||||||||||||||||||||||||||
Executive severance and CEO transition costs | 7,539 | — | 15,201 | — | |||||||||||||||||||||||||||||||
Other Non-Core Adjustments: | |||||||||||||||||||||||||||||||||||
Transaction and integration expense | 114,642 | — | 119,329 | — | |||||||||||||||||||||||||||||||
Foreign currency exchange (gain) loss | (9,868) | (899) | (68,728) | 213,866 | |||||||||||||||||||||||||||||||
Unrealized (gain) loss on private equity investments | (539) | (6,148) | (3,844) | (4,360) | |||||||||||||||||||||||||||||||
Unrealized (gain) loss on interest rate derivatives | — | — | 5,857 | — | |||||||||||||||||||||||||||||||
Amortization of non-real estate intangibles | 8,743 | 113 | 8,968 | 338 | |||||||||||||||||||||||||||||||
Income tax provision (benefit) | (22,752) | — | (22,752) | — | |||||||||||||||||||||||||||||||
Other items | (119) | 3,055 | 1,029 | 3,454 | |||||||||||||||||||||||||||||||
Core FFO allocable to common shares and units (a) | $ | 822,758 | $ | 760,154 | 8.2 | % | $ | 2,308,245 | $ | 2,239,336 | 3.1 | % | |||||||||||||||||||||||
Diluted weighted average number of common shares outstanding | 185,110 | 175,884 | 179,371 | 175,916 | |||||||||||||||||||||||||||||||
Weighted average number of OP/Vested LTIPs outstanding | 4,509 | 343 | 1,776 | 322 | |||||||||||||||||||||||||||||||
Diluted weighted average common shares and units outstanding | 189,619 | 176,227 | 181,147 | 176,238 | |||||||||||||||||||||||||||||||
Reconciliation of FFO to FAD: | |||||||||||||||||||||||||||||||||||
FFO allocable to common shareholders and unitholders | $ | 722,212 | $ | 762,657 | (5.3) | % | $ | 2,245,053 | $ | 2,022,570 | 11.0 | % | |||||||||||||||||||||||
Eliminate effect of items included in FFO but not FAD: | |||||||||||||||||||||||||||||||||||
Share-based compensation expense in excess of cash paid | 10,493 | 9,025 | 32,311 | 26,888 | |||||||||||||||||||||||||||||||
Foreign currency exchange (gain) loss | (9,868) | (899) | (68,728) | 213,866 | |||||||||||||||||||||||||||||||
Less: | |||||||||||||||||||||||||||||||||||
Capital expenditures to maintain real estate facilities | (34,216) | (52,649) | (123,124) | (138,204) | |||||||||||||||||||||||||||||||
FAD (a) | $ | 688,621 | $ | 718,134 | (4.1) | % | $ | 2,085,512 | $ | 2,125,120 | (1.9) | % | |||||||||||||||||||||||
Per diluted common share and unit: | |||||||||||||||||||||||||||||||||||
FFO per share and unit (a) | $ | 3.81 | $ | 4.33 | (12.0)% | $ | 12.39 | $ | 11.48 | 7.9% | |||||||||||||||||||||||||
Core FFO per share and unit (a) | $ | 4.34 | $ | 4.31 | 0.7% | $ | 12.74 | $ | 12.71 | 0.2% | |||||||||||||||||||||||||
(a)See Definitions for description of non-GAAP measures.
10
PUBLIC STORAGE
SELECTED FINANCIAL DATA
Reconciliation of Self-Storage Net Operating Income to Net Income
(Unaudited – amounts in thousands)
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
Self-storage revenues for: | |||||||||||||||||||||||
Same Store Facilities | $ | 1,021,947 | $ | 1,017,135 | $ | 3,029,329 | $ | 3,030,595 | |||||||||||||||
Acquired Facilities | 174,162 | 70,815 | 328,037 | 183,781 | |||||||||||||||||||
Newly Developed and Expanded Facilities | 54,708 | 46,616 | 154,905 | 133,427 | |||||||||||||||||||
Other Non-Same Store Facilities | 3,294 | 4,271 | 9,912 | 12,690 | |||||||||||||||||||
Self-storage revenues | 1,254,111 | 1,138,837 | 3,522,183 | 3,360,493 | |||||||||||||||||||
Self-storage cost of operations for: | |||||||||||||||||||||||
Same Store Facilities | 253,114 | 252,075 | 774,723 | 765,505 | |||||||||||||||||||
Acquired Facilities | 60,475 | 24,998 | 114,229 | 65,328 | |||||||||||||||||||
Newly Developed and Expanded Facilities | 18,372 | 15,744 | 54,010 | 44,818 | |||||||||||||||||||
Other Non-Same Store Facilities | 1,233 | 1,648 | 3,731 | 4,685 | |||||||||||||||||||
Self-storage cost of operations | 333,194 | 294,465 | 946,693 | 880,336 | |||||||||||||||||||
Self-storage NOI for: | |||||||||||||||||||||||
Same Store Facilities | 768,833 | 765,060 | 2,254,606 | 2,265,090 | |||||||||||||||||||
Acquired Facilities | 113,687 | 45,817 | 213,808 | 118,453 | |||||||||||||||||||
Newly Developed and Expanded Facilities | 36,336 | 30,872 | 100,895 | 88,609 | |||||||||||||||||||
Other Non-Same Store Facilities | 2,061 | 2,623 | 6,181 | 8,005 | |||||||||||||||||||
Self-storage NOI (a) | 920,917 | 844,372 | 2,575,490 | 2,480,157 | |||||||||||||||||||
Ancillary revenues | 112,079 | 85,206 | 294,629 | 247,828 | |||||||||||||||||||
Ancillary cost of operations | (43,698) | (36,385) | (114,248) | (100,366) | |||||||||||||||||||
Depreciation and amortization | (412,614) | (290,364) | (991,094) | (856,295) | |||||||||||||||||||
Real estate acquisition and development expense | (4,291) | (2,837) | (11,906) | (12,798) | |||||||||||||||||||
General and administrative expense | (38,257) | (28,783) | (108,290) | (79,694) | |||||||||||||||||||
Transaction and integration expense | (114,642) | — | (119,329) | — | |||||||||||||||||||
Interest and other income (expense) | 14,943 | 21,012 | 39,598 | 47,035 | |||||||||||||||||||
Interest expense | (102,534) | (79,692) | (267,333) | (223,310) | |||||||||||||||||||
Equity in earnings (losses) of unconsolidated real estate entities | (5,470) | 3,674 | 6,310 | 5,071 | |||||||||||||||||||
Gain (Loss) on sale of real estate | 27,011 | 502 | 27,355 | 710 | |||||||||||||||||||
Foreign currency exchange gain (loss) | 9,868 | 899 | 68,728 | (213,866) | |||||||||||||||||||
Income tax (provision) benefit | 15,036 | (2,831) | 10,751 | (7,497) | |||||||||||||||||||
Net income | $ | 378,348 | $ | 514,773 | $ | 1,410,661 | $ | 1,286,975 | |||||||||||||||
(a)See Definitions for description of non-GAAP measures.
11
PUBLIC STORAGE
SELECTED CONSOLIDATED BALANCE SHEET DATA
(Unaudited – amounts in thousands, except share and per share data)
September 30, 2026 | December 31, 2025 | ||||||||||
ASSETS | |||||||||||
Cash and equivalents | $ | 560,379 | $ | 318,095 | |||||||
Real estate facilities, at cost: | |||||||||||
Land | 7,295,228 | 5,952,072 | |||||||||
Buildings | 29,830,275 | 24,126,185 | |||||||||
Total land and buildings, at cost | 37,125,503 | 30,078,257 | |||||||||
Accumulated depreciation | (12,321,755) | (11,468,054) | |||||||||
Total land and buildings, net | 24,803,748 | 18,610,203 | |||||||||
Construction in process | 322,290 | 194,355 | |||||||||
Total real estate facilities, net | 25,126,038 | 18,804,558 | |||||||||
Investments in unconsolidated real estate entities | 883,398 | 388,586 | |||||||||
Goodwill and other intangible assets, net | 1,355,953 | 251,613 | |||||||||
Notes receivable, net | 445,310 | 142,108 | |||||||||
Real property held for sale | 152,256 | 7,959 | |||||||||
Other assets | 474,279 | 295,685 | |||||||||
Total assets | $ | 28,997,613 | $ | 20,208,604 | |||||||
LIABILITIES AND EQUITY | |||||||||||
Notes payable | $ | 11,992,033 | $ | 10,253,881 | |||||||
Unsecured credit facility and commercial paper | 200,000 | — | |||||||||
Dividends and distributions payable | 583,263 | 1,898 | |||||||||
Accrued and other liabilities | 1,002,358 | 610,991 | |||||||||
Total liabilities | 13,777,654 | 10,866,770 | |||||||||
Commitments and contingencies | |||||||||||
Equity: | |||||||||||
Public Storage shareholders’ equity: | |||||||||||
Preferred Shares, $0.01 par value, 100,000,000 shares authorized, 189,238 shares issued (in series) and outstanding, (174,000 shares at December 31, 2025) | 4,719,878 | 4,350,000 | |||||||||
Common Shares, $0.10 par value, 650,000,000 shares authorized, 186,843,230 shares issued (175,500,243 shares at December 31, 2025) | 18,684 | 17,550 | |||||||||
Paid-in capital | 11,356,528 | 6,147,650 | |||||||||
Accumulated deficit | (1,594,578) | (1,219,273) | |||||||||
Accumulated other comprehensive income (loss) | 1,845 | (47,799) | |||||||||
Total Public Storage shareholders’ equity | 14,502,357 | 9,248,128 | |||||||||
Noncontrolling interests | 717,602 | 93,706 | |||||||||
Total equity | 15,219,959 | 9,341,834 | |||||||||
Total liabilities and equity | $ | 28,997,613 | $ | 20,208,604 | |||||||
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