Public Storage raises 2026 outlook after closing NSA and PS Canada deals

Public Storage raised its 2026 outlook on Monday after what CEO Tom Boyle called a better-than-expected third quarter, its first since closing two large acquisitions.

Core funds from operations rose to $4.34 per share from $4.31 a year earlier, according to the self-storage REIT's earnings release filed with the SEC. Net income per share fell to $1.69 from $2.62.

"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," Boyle said in the release.

Guidance moves up

Public Storage raised its full-year Core FFO guidance to $16.90 to $17.10 per share, from $16.75 to $17.05, a 10-cent increase at the midpoint.

It also improved its same store outlook. Revenue growth is now expected at 0% to 0.5%, compared with a prior range of a 0.7% decline to 0.3% growth. Same store NOI is now expected to range from a 0.8% decline to 0.2% growth, compared with a prior range of a 2.0% to 0.3% decline.

Bigger footprint

During the quarter the company completed its acquisitions of National Storage Affiliates and Public Storage Canada. Together they add more than 1,100 stores to its operating platform.

Separately, it bought 25 self-storage facilities for $258.4 million in the quarter. Including deals after Sept. 30, it has acquired or agreed to acquire 65 facilities for $713.2 million this year, the release said.

The company also completed its first Canadian bond offering, C$400 million of senior notes at 4.54%, and a $900 million U.S. senior notes offering.

By the numbers

• Q3 Core FFO per share: $4.34, versus $4.31
• Q3 net income per share: $1.69, versus $2.62
• 2026 Core FFO guidance: $16.90 to $17.10, previously $16.75 to $17.05
• Stores added through the NSA and PS Canada deals: more than 1,100

Sources

1. Public Storage, Form 8-K with third quarter 2026 earnings release, filed Oct. 26, 2026 (accession 0001628280-26-067283)

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