Public Storage earnings date and guidance
Public Storage's next results are due on October 26, 2026. Watch whether new properties and acquisitions offset weaker mature facilities without raising financing costs.
What has Public Storage guided for 2026?
Management’s guidance says mature properties may shrink even as Public Storage’s broader operating earnings rise.
| Period guided | Low | High | Date given | |
|---|---|---|---|---|
| Same Store: Revenue growth | Year to Dec 2026 | -0.7% | 0.3% | Jul 29, 2026 |
| Same Store: Expense growth | Year to Dec 2026 | 2.0% | 3.0% | Jul 29, 2026 |
| Same Store: Net operating income growth | Year to Dec 2026 | -2.0% | -0.3% | Jul 29, 2026 |
| Non-Same Store net operating income | Year to Dec 2026 | 343,000 | 357,000 | Jul 29, 2026 |
| Core FFO per share | Year to Dec 2026 | 16.75 | 17.05 | Jul 29, 2026 |
| Ancillary net operating income | Year to Dec 2026 | Jul 29, 2026 |
What this means. The forecast for core funds from operations per share includes a small benefit from financing two acquisitions, even though those acquired properties are left out of the non-same-store income forecast.
Has Public Storage kept its past promises?
In 2025, the cash incentive weighted Core FFO growth at 60%; strategic management goals carried 30%, with the remainder tied to net asset value growth. Public Storage reported Core FFO growth of 1.8% and NAV growth of 2.2%, both in line with budget, so those components paid at target.
What is Public Storage's last eight-quarter trend?
Revenue increased from the comparable quarter, while NOI was nearly flat. FFO per share rose sharply, but Core FFO per share declined. The difference was largely currency: PSA recorded a $17.2 million foreign-currency gain in Q2 2026 after a $146.1 million loss in Q2 2025. That comparison says more about euro debt than about the stores.
| Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,232,881 | 1,217,741 | 1,215,792 | 1,224,043 | 1,201,094 | 1,183,184 | 1,177,427 | 1,187,758 |
| Net operating income | 832,127 | 822,446 | 832,218 | 844,372 | 833,941 | 801,844 | 821,727 | 822,680 |
| FFO per share | 4.21 | 4.39 | 4.33 | 4.33 | 3.44 | 3.71 | 4.85 | 3.80 |
| Core FFO per share | 4.17 | 4.22 | 4.26 | 4.31 | 4.28 | 4.12 | 4.21 | 4.20 |
| Dividend per share | 3.00 | 3.00 | 3.00 | 3.00 | 3.00 | 3.00 | 3.00 | 3.00 |
| Occupancy | 91.1% | 89.9% | 89.0% | 90.6% | 89.6% | 89.7% |
What should I watch in Public Storage's next results?
The earnings release is scheduled for October 26, and the call for October 27. The central test is whether new properties and acquisitions are starting to offset weaker mature facilities without pushing borrowing and dilution beyond what future income can support.