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Public Storage raised its full-year earnings outlook after reporting third-quarter operating results that management said reflected improving occupancy, customer turnover and move-in trends, while the self-storage company absorbed two major acquisitions.
In its October 26 earnings announcement, Public Storage increased its 2026 core funds-from-operations guidance to $16.90–$17.10 per share, compared with a prior range of $16.75–$17.05. Third-quarter core FFO reached $4.34 per share, up from $4.31 a year earlier, a 0.7% gain. GAAP net income per share fell to $1.69 from $2.62.
Large Acquisitions Transform the Portfolio
Public Storage completed its acquisition of National Storage Affiliates on July 22 and its acquisition of Public Storage Canada on September 1. Together, the transactions added more than 1,100 facilities to its operating platform, the company said. These deals were previously announced and should not be confused with the new earnings disclosure.
Public Storage expects the NSA transaction to generate approximately $110 million–$130 million in annualized synergies over three to four years. The Canadian transaction was valued at approximately $1.2 billion, including assumed debt, with potential additional contingent consideration.
Beyond those transactions, Public Storage acquired 25 facilities totaling 1.7 million rentable square feet for $258.4 million during the quarter. It also raised its same-store net operating income growth guidance by 90 basis points at the midpoint. Its new full-year range is a decline of 0.8% to an increase of 0.2%, compared with a previous range of negative 2.0% to negative 0.3%.
That guidance improvement is meaningful but does not indicate rapid same-store growth: the updated range still straddles zero. The results offer a useful contrast to recent reports of falling advertised self-storage rents, which measure a different part of the market than Public Storage’s realized portfolio performance.
Source: Public Storage, third-quarter 2026 results, October 26.
