PUBLIC STORAGE REPORTS THIRD QUARTER 2026 RESULTS AND RAISES GUIDANCE
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:
• 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
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 —% 0.5% (0.7)% 0.3% 0.5% growth Expense 1.5% 2.5% 2.0% 3.0% (0.5)% growth Net operating (0.8)% 0.2% (2.0)% (0.3)% 0.9% income growth Non-Same Store: Non-Same Store net $355,000 $363,000 $343,000 $357,000 $9,000 operating income Core FFO $16.90 $17.10 $16.75 $17.05 $0.10 per share:
* 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.
“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:
(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.
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
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.
“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 3.6% 3.0% 0.6% Interest Rate Weighted Average Years 6.1 6.4 -0.3 to Maturity (b) Net Debt to EBITDA (c) 3.4x 3.0x 0.4x Net Debt and Preferred Equity to EBITDA 4.7x 4.2x 0.5x (c) EBITDA to Fixed Charges 6.3x 6.8x (0.5)x (c) Credit Ratings (Moody’s A2 / A A2 / A — / S&P)
(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
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.
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
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.”
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.
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.
(a) Revenues and cost of operations do not include tenant reinsurance and merchandise sales and expenses generated at the facilities.
(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.
(1) Includes adjustment to numerator for net income attributable to noncontrolling interest shares. 9
Reconciliation of Net Income to FFO and Core FFO and FFO to Funds Available for Distribution
Full text with the tables
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 Nine
Mont… Mont…
Ended Ended
Sept… Sept…
30, Chan… 30, Chan…
──────────────────────────────────────────────────────────────────────────────
Met…
(per 2026 2025 $ % 2026 2025 $ %
sha…
Net $1.69 $2.62 $(0.… (35.… $6.92 $6.42 $0.50 7.8%
Inc…
Core $4.34 $4.31 $0.03 0.7% $12.… $12.71 $0.03 0.2%
FFO
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.
2026
Guidance
Current Prior Guidance
Adjustment
Low High Low High
-Dollar
amounts in
thousands,
except per
share data
Same
Store:
Revenue —% 0.5% (0.7)% 0.3% 0.5%
growth
Expense 1.5% 2.5% 2.0% 3.0% (0.5)%
growth
Net
operating (0.8)% 0.2% (2.0)% (0.3)% 0.9%
income
growth
Non-Same
Store:
Non-Same
Store net $355,000 $363,000 $343,000 $357,000 $9,000
operating
income
Core FFO $16.90 $17.10 $16.75 $17.05 $0.10
per share:
* 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.”
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:
T…
M…
E…
S…
3…
2…
(…
a…
in
t…
e… …
f… …
p… …
… s… …
… f… C… … …
… d… … (… … 2… …
──────────────────────────────────────────────────────────────────────────────
… $ … $ 1… 0… $ 3… $ … …
…
… … ) (… ) 2… (… ) … ) …
…
…
…
…
… … 7… —% 2… … …
…
…
…
… … -… … % -… … -… %
…
…
…
… $ … $ 7… 0… $ 2… $ … …
…
…
…
…
… 7… … (… … 7… …
…
…
…
…
… 7… … —% … 7… …
…
…
… 9… … 0… … 9… …
…
…
…
…
…
…
…
…
…
…
… $ 2… $ … 0… $ … $ 2… …
…
…
… $ 2… $ … 0… $ … $ 2… …
…
(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 3.6% 3.0% 0.6%
Interest Rate
Weighted Average Years 6.1 6.4 -0.3
to Maturity (b)
Net Debt to EBITDA (c) 3.4x 3.0x 0.4x
Net Debt and Preferred
Equity to EBITDA 4.7x 4.2x 0.5x
(c)
EBITDA to Fixed Charges 6.3x 6.8x (0.5)x
(c)
Credit Ratings (Moody’s A2 / A A2 / A —
/ S&P)
(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)
T…
M…
E…
S…
3…
2…
(…
a…
in
t…
e… …
f… …
p… …
s… …
… f… C… … …
… d… … (… … 2… …
──────────────────────────────────────────────────────────────────────────────
… $ … $ 9… … % $ 2… $ … — %
…
…
…
… … 3… … % 1… … -… %
…
…
… … 1… … % 3… … — %
…
…
…
…
…
…
… … 1… … % 3… … 1… %
…
…
… … 3… … % 1… … -… %
…
…
…
… … 1… … % 6… … 4… %
…
… … 1… … % 4… … 0… %
… … 2… … % 7… … 4… %
…
… … 2… … % 8… … 2… %
…
…
…
…
… … 2… … % 6… … 1… %
…
…
…
…
… … 7… — % 2… … -… %
…
…
…
…
… … -… … % -… … -… %
…
…
…
…
… $ … $ 7… … % $ 2… $ … -… %
…
…
…
…
… 7… … (… … 7… …
…
…
…
…
… 7… … —% … 7… …
…
…
…
…
…
…
…
…
… 9… … 0… … 9… …
…
…
…
…
…
…
…
…
… $ 2… $ … 0… $ … $ 2… …
…
…
… $ 2… $ … 0… $ … $ 2… …
…
…
…
…
…
… … 9… …
…
…
…
…
… $ … $ 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 Nine
Months Months
Ended Ended
Septem… Septe…
30, 30,
Reve… 2026 2025 2026 2025
──────────────────────────────────────────────────────────────────────────────
Self… $ 1,254… $ 1,138,… $ 3,522,… $ 3,360…
faci…
Anci… 112,0… 85,206 294,629 247,8…
oper…
Total 1,366… 1,224,… 3,816,… 3,608…
reve…
Expe…
Self…
cost 333,1… 294,465 946,693 880,3…
of
oper…
Anci…
cost 43,698 36,385 114,248 100,3…
of
oper…
Depr…
and 412,6… 290,364 991,094 856,2…
amor…
Real
esta…
acqu… 4,291 2,837 11,906 12,798
and
deve…
expe…
Gene…
and 38,257 28,783 108,290 79,694
admi…
Tran…
and 114,6… — 119,329 —
inte…
expe…
Inte… 102,5… 79,692 267,333 223,3…
expe…
Total 1,049… 732,526 2,558,… 2,152…
expe…
Oper… 316,9… 491,517 1,257,… 1,455…
inco…
Other
incr…
(dec…
to
net
inco…
Inte…
and 14,943 21,012 39,598 47,035
other
inco…
Equi…
in
earn…
(los…
of -5,470 3,674 6,310 5,071
unco…
real
esta…
enti…
Fore…
curr…
exch… 9,868 899 68,728 -213,…
gain
(los…
Gain
on
sale 27,011 502 27,355 710
of
real
esta…
Inco…
befo… 363,3… 517,604 1,399,… 1,294…
inco…
taxes
Inco…
tax 15,036 -2,831 10,751 -7,497
(pro…
bene…
Net 378,3… 514,773 1,410,… 1,286…
inco…
Allo…
to -11,4… -3,710 -17,502 -9,702
nonc…
inte…
Net
inco…
allo…
to 366,9… 511,063 1,393,… 1,277…
Publ…
Stor…
shar…
Allo…
of
net
inco…
to:
Pref… -54,0… -48,678 -151,4… -146,…
shar…
Rest…
share
units
and -595 -977 -2,426 -2,638
unve…
LTIP
units
Net
inco…
allo… $ 312,2… $ 461,408 $ 1,239,… $ 1,128…
to
comm…
shar…
Per
comm…
shar…
Net
inco…
per
comm… $ 1.70 $ 2.63 $ 6.95 $ 6.43
share
–
Basic
Net
inco…
per
comm… $ 1.69 $ 2.62 $ 6.92 $ 6.42
share
–
Dilu…
Weig…
aver…
comm… 184,1… 175,456 178,444 175,4…
shar…
–
Basic
Weig…
aver…
comm… 185,1… 175,884 179,371 175,9…
shar…
–
Dilu…
(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)
R…
of
N…
I…
to Th… N…
F… Mo… M…
a… En… E…
C… Se… S…
F… 30, P… 3… P…
(… 20… 20… C… 2… 2… C…
──────────────────────────────────────────────────────────────────────────────
N…
i…
a… $ 31… $ 46… -3… % $ 1,… $ 1,… 9.8 %
to
c…
s…
E…
i…
e…
f…
F…
R…
e…
d… 40… 28… 97… 84…
a…
a…
R…
e…
d…
f… 28… 14… 51… 45…
u…
r…
e…
i…
R…
e…
d…
a…
to
n…
i… -1… -1… -2… -4…
r…
s…
u…
a…
u…
L…
u…
I…
(…
w…
of 15 119 -1… 3,…
r…
e…
i…
G…
on
s…
of
r…
e…
i… -2… -5… -2… -7…
i…
o…
e…
s…
f…
i…
I…
a…
to
O… 8,… 871 11… 2,…
P…
n…
i…
F…
a…
to
c… $ 72… $ 76… -5… % $ 2,… $ 2,… 11… %
s…
a…
u…
(…
E…
i…
e…
f…
C…
F…
A…
to
G…
E…
L…
r… 1,… — 100 290
a…
r…
C…
t… 1,… 1,… 8,… 3,…
c…
E…
s…
a… 7,… — 15… —
C…
t…
c…
O…
N…
A…
T…
a… 11… — 11… —
i…
e…
F…
c…
e… -9… -8… -6… 21…
(…
l…
U…
(…
l…
on -5… -6… -3… -4…
p…
e…
i…
U…
(…
l…
on — — 5,… —
i…
r…
d…
A…
of
n… 8,… 113 8,… 338
e…
i…
I…
t… -2… — -2… —
p…
(…
O… -1… 3,… 1,… 3,…
i…
C…
F…
a…
to
c… $ 82… $ 76… 8.2 % $ 2,… $ 2,… 3.1 %
s…
a…
u…
(…
D…
w…
a…
n… 18… 17… 17… 17…
of
c…
s…
o…
W…
a…
n…
of 4,… 343 1,… 322
O…
L…
o…
D…
w…
a…
c… 18… 17… 18… 17…
s…
a…
u…
o…
…
…
…
…
…
──────────────────────────────────────────────────────────────────────────────
…
…
…
… $ 7… $ 7… -… % $ 2… $ 2… 1… %
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
… 1… 9… 3… 2…
…
…
…
…
…
…
… -… -… -… 2…
…
…
…
…
…
…
… -… -… -… -…
…
…
…
… $ 6… $ 7… -… % $ 2… $ 2… -… %
…
…
…
…
…
…
…
…
…
… $ 3… $ 4… (… $ 12… $ 11… 7.…
…
…
…
…
…
…
… $ 4… $ 4… 0… $ 12… $ 12… 0.…
…
…
…
(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 Nine
Months Months
Ended Ended
Self… Septem… Septe…
reve… 30, 30,
for: 2026 2025 2026 2025
──────────────────────────────────────────────────────────────────────────────
Same
Store $ 1,021… $ 1,017,… $ 3,029,… $ 3,030…
Faci…
Acqu… 174,1… 70,815 328,037 183,7…
Faci…
Newly
Deve…
and 54,708 46,616 154,905 133,4…
Expa…
Faci…
Other
Non-… 3,294 4,271 9,912 12,690
Store
Faci…
Self… 1,254… 1,138,… 3,522,… 3,360…
reve…
Self…
cost
of
oper…
for:
Same
Store 253,1… 252,075 774,723 765,5…
Faci…
Acqu… 60,475 24,998 114,229 65,328
Faci…
Newly
Deve…
and 18,372 15,744 54,010 44,818
Expa…
Faci…
Other
Non-… 1,233 1,648 3,731 4,685
Store
Faci…
Self…
cost 333,1… 294,465 946,693 880,3…
of
oper…
Self…
NOI
for:
Same
Store 768,8… 765,060 2,254,… 2,265…
Faci…
Acqu… 113,6… 45,817 213,808 118,4…
Faci…
Newly
Deve…
and 36,336 30,872 100,895 88,609
Expa…
Faci…
Other
Non-… 2,061 2,623 6,181 8,005
Store
Faci…
Self…
NOI 920,9… 844,372 2,575,… 2,480…
(a)
Anci… 112,0… 85,206 294,629 247,8…
reve…
Anci…
cost -43,6… -36,385 -114,2… -100,…
of
oper…
Depr…
and -412,… -290,3… -991,0… -856,…
amor…
Real
esta…
acqu… -4,291 -2,837 -11,906 -12,7…
and
deve…
expe…
Gene…
and -38,2… -28,783 -108,2… -79,6…
admi…
expe…
Tran…
and -114,… — -119,3… —
inte…
expe…
Inte…
and
other 14,943 21,012 39,598 47,035
inco…
(exp…
Inte… -102,… -79,692 -267,3… -223,…
expe…
Equi…
in
earn…
(los…
of -5,470 3,674 6,310 5,071
unco…
real
esta…
enti…
Gain
(Los…
on
sale 27,011 502 27,355 710
of
real
esta…
Fore…
curr…
exch… 9,868 899 68,728 -213,…
gain
(los…
Inco…
tax 15,036 -2,831 10,751 -7,497
(pro…
bene…
Net $ 378,3… $ 514,773 $ 1,410,… $ 1,286…
inco…
(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 December
ASSETS 30,2026 31,2025
──────────────────────────────────────────────────────────────────────────────
Cash and $ 560,379 $ 318,095
equivalents
Real estate
facilities,
at cost:
Land 7,295,228 5,952,072
Buildings 29,830,275 24,126,185
Total land
and 37,125,503 30,078,257
buildings, at
cost
Accumulated -12,321,755 -11,468,054
depreciation
Total land
and 24,803,748 18,610,203
buildings,
net
Construction 322,290 194,355
in process
Total real
estate 25,126,038 18,804,558
facilities,
net
Investments
in
unconsolidat… 883,398 388,586
real
estate
entities
Goodwill and
other
intangible 1,355,953 251,613
assets,
net
Notes
receivable, 445,310 142,108
net
Real property 152,256 7,959
held for sale
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 200,000 —
commercial
paper
Dividends and
distributions 583,263 1,898
payable
Accrued and
other 1,002,358 610,991
liabilities
Total 13,777,654 10,866,770
liabilities
Commitments
and
contingencies
Equity:
Public
Storage
shareholders’
equity:
Preferred
Shares, $0.01
par value,
100,000,000
shares
authorized,
189,238
shares issued 4,719,878 4,350,000
(in series)
and
outstanding,
(174,000
shares at
December
31, 2025)
Common
Shares, $0.10
par value,
650,000,000
shares
authorized, 18,684 17,550
186,843,230
shares issued
(175,500,243
shares at
December 31,
2025)
Paid-in 11,356,528 6,147,650
capital
Accumulated -1,594,578 -1,219,273
deficit
Accumulated
other
comprehensive 1,845 -47,799
income
(loss)
Total Public
Storage 14,502,357 9,248,128
shareholders’
equity
Noncontrolli… 717,602 93,706
interests
Total equity 15,219,959 9,341,834
Total
liabilities $ 28,997,613 $ 20,208,604
and equity
12