Public Storage

Public Storage is a real estate investment trust (REIT) based in Frisco, Texas, and the largest owner and operator of self-storage facilities in the United States. Customers rent storage units, usually by the month. After it bought National Storage Affiliates (NSA) in July 2026, it operates more than 4,500 locations with more than 327 million square feet under the Public Storage brand.

On September 1, 2026, it also bought PS Canada, which owns 68 facilities in Canada. Public Storage also earns money from tenant insurance and storage products.

The market prices Public Storage for weak rent growth in self-storage. In Q2 2026, same store revenue fell 0.6% and same store net operating income fell 2.2%, because realized rent per occupied square foot fell 0.8% while costs rose. Its 2026 guidance for same store revenue is a range from a 0.7% decline to a 0.3% gain.

Public Storage also grows by purchase: it bought NSA in an all-stock deal and PS Canada for about $1.2 billion, which add debt, new shares and integration work. For the gap to close, same store revenue must return to growth in 2027. Public Storage must reach its raised 2026 Core FFO guidance of $16.75 to $17.05 per share, and its operating platform must raise the margins of the NSA properties, as management expects.

Public Storage reports Q3 2026 results on October 26, 2026, which is the next test. If these checks pass, the gap can close over the next four to six quarters. The main reason it may not close is a longer period of flat or falling rents.

1. Oct 26, 2026Pending

   Q3 2026 earnings: same store revenueSame store revenue near flat or better and Core FFO on track for the $16.75 to $17.05 guidance pass; a guidance cut fails.
2. Feb 2027 · est.Pending

   Q4 2026 results and the 2027 outlookA 2027 outlook with same store revenue growth and a gain in Core FFO from NSA passes; an outlook for another year of falling same store revenue fails.

Every passed and failed checkpoint across all picks

Public Storage funds itself mostly with unsecured notes, preferred shares and common equity. At June 30, 2026, notes payable were $10.18 billion and cash was $260 million. Read more

• Same store rents fell in 2026. If rents stay weak in 2027, same store revenue and net operating income keep falling while costs rise.
• The NSA and PS Canada purchases add many properties, a joint venture and a new country. Integration problems or weaker results can make the deals add less to Core FFO than planned.
• Interest expense rose 18% in Q2 2026, and Public Storage added more debt after the quarter. Higher interest rates make new debt more costly.

• October 5, 2026Public Storage said that it will report Q3 2026 results after the market closes on October 26, 2026, with a conference call on October 27.
• September 16, 2026PS Canada Finance, a subsidiary, issued C$400 million of 4.540% senior notes due 2033, guaranteed by Public Storage. The money replaces cash used for the PS Canada purchase.
• September 1, 2026Public Storage completed its purchase of PS Canada, which owns 68 self-storage facilities with about 5.3 million net rentable square feet in Canada. The price was about $1.2 billion: about $900 million in operating partnership units and about $310 million in cash. The sellers can receive up to 768,000 more units if the business reaches profit targets. Public Storage fully drew its $500 million term loan on August 31, 2026.