Public Storage Beats Q3 Estimates and Raises 2026 Guidance

Public Storage reported third-quarter adjusted earnings per share of $4.34 and revenue of $1.37 billion, surpassing analyst consensus estimates. The self-storage REIT saw an 11.6% year-over-year revenue increase and an average occupancy rate of 92.2%.

Following these results, the company raised its full-year 2026 guidance. It increased its Core FFO per share outlook to a range of $16.90 to $17.10 and improved its same-store net operating income growth guidance to between -0.8% and 0.2%.

The company expanded its portfolio through three major moves during the quarter. It acquired National Storage Affiliates on July 22, 2026, and completed a $1.2 billion acquisition of Public Storage Canada on September 1, 2026. Additionally, the company purchased 25 facilities for $258.4 million.

Chief Executive Officer Tom Boyle stated that the third-quarter performance was better than expected and demonstrated the strength and scalability of the company's platform and improving industry fundamentals.