Adelante Capital Management ve 2. čtvrtletí otevřel novou pozici v Public Storage a koupil 245 064 akcií za zhruba 10,35 milionu USD. Akcie zároveň po otevření obchodování klesly o 1,7 %.
Adelante Capital Management LLC bought a new position in Public Storage (NYSE:PSA – Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 245,064 shares of the real estate investment trust’s stock, valued at approximately $10,347,000. Adelante Capital Management LLC owned 0.14% of Public Storage as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors also recently bought and sold shares of the business. Bayban purchased a new position in shares of Public Storage in the 4th quarter worth about $26,000. Harvest Fund Management Co. Ltd purchased a new position in Public Storage in the third quarter valued at approximately $27,000. Bruce G. Allen Investments LLC raised its holdings in Public Storage by 89.6% in the second quarter. Bruce G. Allen Investments LLC now owns 91 shares of the real estate investment trust’s stock valued at $29,000 after buying an additional 43 shares during the period. Wealth Watch Advisors INC acquired a new position in Public Storage during the third quarter valued at approximately $34,000. Finally, Meeder Asset Management Inc. purchased a new stake in Public Storage during the second quarter worth approximately $36,000. 78.79% of the stock is currently owned by institutional investors and hedge funds.
Insider Activity In other news, insider Nathaniel A. Vitan sold 1,414 shares of Public Storage stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $327.53, for a total value of $463,127.42. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 11.10% of the company’s stock.
Wall Street Analysts Forecast Growth Several equities research analysts have recently weighed in on PSA shares. Weiss Ratings raised Public Storage from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, June 12th. Mizuho boosted their target price on shares of Public Storage from $301.00 to $316.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 27th. Jefferies Financial Group raised their price target on shares of Public Storage from $350.00 to $355.00 and gave the company a “buy” rating in a report on Wednesday, May 20th. Evercore set a $316.00 price objective on shares of Public Storage in a report on Monday, July 6th. Finally, BMO Capital Markets raised their target price on Public Storage from $305.00 to $340.00 and gave the company a “market perform” rating in a research note on Monday, June 15th. Seven equities research analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $326.16. Get Our Latest Report on PSA
Public Storage Trading Down 1.7% Public Storage stock opened at $317.25 on Thursday. Public Storage has a 12-month low of $256.54 and a 12-month high of $335.55. The company has a debt-to-equity ratio of 2.06, a current ratio of 0.66 and a quick ratio of 0.66. The firm has a 50 day simple moving average of $322.57 and a 200-day simple moving average of $307.26. The stock has a market capitalization of $55.72 billion, a PE ratio of 30.27, a price-to-earnings-growth ratio of 3.80 and a beta of 0.96.
Public Storage (NYSE:PSA – Get Free Report) last issued its earnings results on Wednesday, July 29th. The real estate investment trust reported $4.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.53 by $1.64. Public Storage had a return on equity of 40.98% and a net margin of 41.80%.The business had revenue of $1.23 billion for the quarter, compared to analysts’ expectations of $1.23 billion. During the same period in the previous year, the firm posted $4.28 EPS. The company’s quarterly revenue was down .5% on a year-over-year basis. Public Storage has set its FY 2026 guidance at 16.750-17.050 EPS. As a group, equities research analysts expect that Public Storage will post 16.93 EPS for the current fiscal year.
Public Storage Dividend Announcement The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 6th. Shareholders of record on Tuesday, September 15th will be given a dividend of $3.00 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $12.00 dividend on an annualized basis and a yield of 3.8%. Public Storage’s dividend payout ratio is presently 114.50%.
About Public Storage (Free Report)
Public Storage (NYSE: PSA) is a real estate investment trust (REIT) that specializes in self-storage services. Headquartered in Glendale, California, the company was founded in the early 1970s and has grown through development and acquisitions to become one of the largest owner-operators of self-storage facilities in the United States. It is publicly traded on the New York Stock Exchange under the ticker PSA.
The company’s core business is the ownership, operation and management of self-storage properties that serve both residential and commercial customers.
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Public Storage po poslední výsledkové zprávě za poslední měsíc ztratila asi 2 %, ale za 2. čtvrtletí zvýšila výhled core FFO na 16,75–17,05 USD na akcii.
A month has gone by since the last earnings report for Public Storage (PSA - Free Report) . Shares have lost about 2% in that time frame, underperforming the S&P 500.
But investors have to be wondering, will the recent negative trend continue leading up to its next earnings release, or is Public Storage due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important catalysts.
Public Storage Q2 FFO Misses on Same-Store NOI Decline, Revenues BeatPublic Storage reported second-quarter 2026 core FFO per share of $4.17, missing the Zacks Consensus Estimate by 1.9%. Core FFO declined 2.6% from the year-ago quarter.
Results reflected a decrease in same-store NOI by 2.2%. Growth from non-same-store properties and ancillary operations offset weaker same-store revenues. Average occupancy improved 20 basis points to 92.5%.
Quarterly revenues rose 2.6% year over year to $1.23 billion and surpassed the consensus estimate of $1.21 billion.
Public Storage's Same-Store Portfolio Faces PressureSame-store revenues decreased 0.6% year over year to $1.01 billion. Realized annual rental income per occupied square foot declined 0.8% to $21.89, while rental income per available square foot fell 0.6% to $20.24.
Direct operating costs increased 4.3% to $227.7 million, and indirect operating costs rose 5.7% to $32.5 million. Same-store NOI fell to $746.4 million from $763.3 million. The NOI margin contracted 120 basis points to 74.2%.
Public Storage's Lease-Up Assets Fuel GrowthThe non-same-store pool remained Public Storage's main operating growth engine. The portfolio included 441 acquisition, development and expansion properties totaling 39.3 million rentable square feet, representing 17% of its U.S. consolidated portfolio.
Revenues from these properties increased 25.6% during the quarter, while NOI advanced 21.5%. The gains helped counter pressure within the mature same-store portfolio and supported overall self-storage revenue growth.
Public Storage's Ancillary Operations Add SupportAncillary revenues increased 12.7% year over year to $92.9 million from $82.4 million. Ancillary operating costs rose 9% to $36.3 million, allowing the business to generate a wider contribution to consolidated operating results.
Total self-storage facility revenues improved 1.9% to $1.14 billion. However, self-storage operating costs climbed 8.1% to $307.8 million, reflecting the combination of higher same-store expenses and the expansion of the non-same-store portfolio.
Public Storage Expands Its Investment PipelineDuring the quarter, Public Storage acquired 20 self-storage facilities with 1.5 million rentable square feet for $222.5 million. Including activity after quarter-end, the company had acquired or agreed to acquire 44 facilities totaling 3.2 million square feet for $454.9 million.
Public Storage also opened three newly developed facilities and one expansion project during the first six months of 2026. These projects added 0.4 million rentable square feet at a cost of $57.3 million. Its development and expansion pipeline is expected to deliver 4 million square feet at an aggregate cost of $691.7 million.
Public Storage Strengthens Its Balance SheetPublic Storage ended June with $10.3 billion of total indebtedness and approximately $3.8 billion of liquidity. Net debt to EBITDA improved to 2.90X from 3.10X a year earlier, while the weighted average interest rate increased 30 basis points to 3.3%.
During the quarter, the company issued $500 million of 5% senior notes due in 2035. It also established a $3 billion revolving credit facility, a $500 million delayed-draw term loan and a $1 billion commercial paper program. Subsequent to quarter-end, Public Storageissued an additional $900 million of senior notes at an effective rate of 4.855%.
Public Storage Raises Its 2026 Core FFO OutlookPublic Storage raised its 2026 core FFO per share guidance to $16.75-$17.05 from $16.35-$17.00. The revised outlook includes 2 cents per share of expected accretion from financing the National Storage Affiliates Trust and Public Storage Canada transactions.
The company also improved its same-store assumptions. It now expects revenue growth between negative 0.7% and positive 0.3% compared with the prior range of negative 2.2% to flat. Same-store NOI is projected to decline 0.3%-2%, narrower than the earlier expected decrease of 0.5%-3.9%.
How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a upward trend in fresh estimates.
VGM ScoresCurrently, Public Storage has a subpar Growth Score of D, however its Momentum Score is doing a bit better with a C. Charting a somewhat similar path, the stock has a grade of D on the value side, putting it in the bottom 40% for this investment strategy.
Overall, the stock has an aggregate VGM Score of F. If you aren't focused on one strategy, this score is the one you should be interested in.
OutlookEstimates have been trending upward for the stock, and the magnitude of these revisions looks promising. Notably, Public Storage has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
Performance of an Industry PlayerPublic Storage is part of the Zacks REIT and Equity Trust - Other industry. Over the past month, Welltower (WELL - Free Report) , a stock from the same industry, has gained 1.7%. The company reported its results for the quarter ended June 2026 more than a month ago.
Welltower reported revenues of $3.54 billion in the last reported quarter, representing a year-over-year change of +39.1%. EPS of $0.61 for the same period compares with $1.28 a year ago.
Welltower is expected to post earnings of $1.64 per share for the current quarter, representing a year-over-year change of +22.4%. Over the last 30 days, the Zacks Consensus Estimate has changed +1.1%.
Welltower has a Zacks Rank #2 (Buy) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of D.
Bank of New York Mellon Corp bought a new stake in Public Storage (NYSE:PSA – Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 1,010,960 shares of the real estate investment trust’s stock, valued at approximately $321,799,000. Bank of New York Mellon Corp owned about 0.58% of Public Storage as of its most recent SEC filing.
Other hedge funds have also recently bought and sold shares of the company. Norges Bank acquired a new position in Public Storage during the fourth quarter valued at approximately $1,163,751,000. Capital International Investors boosted its position in shares of Public Storage by 821.4% in the fourth quarter. Capital International Investors now owns 4,134,996 shares of the real estate investment trust’s stock valued at $1,073,032,000 after acquiring an additional 3,686,211 shares during the period. Vanguard Group Inc. boosted its position in shares of Public Storage by 9.9% in the fourth quarter. Vanguard Group Inc. now owns 25,343,098 shares of the real estate investment trust’s stock valued at $6,576,534,000 after acquiring an additional 2,274,397 shares during the period. First Trust Advisors LP grew its stake in shares of Public Storage by 287.7% in the fourth quarter. First Trust Advisors LP now owns 721,588 shares of the real estate investment trust’s stock worth $187,252,000 after acquiring an additional 535,465 shares during the last quarter. Finally, AQR Capital Management LLC grew its stake in shares of Public Storage by 498.7% in the second quarter. AQR Capital Management LLC now owns 578,491 shares of the real estate investment trust’s stock worth $166,970,000 after acquiring an additional 481,872 shares during the last quarter. 78.79% of the stock is owned by institutional investors and hedge funds.
Analyst Ratings Changes A number of research firms recently weighed in on PSA. The Goldman Sachs Group reissued a “buy” rating and set a $341.00 target price on shares of Public Storage in a research report on Wednesday, April 29th. BNP Paribas Exane boosted their price objective on Public Storage from $331.00 to $335.00 and gave the company an “outperform” rating in a research report on Friday, May 22nd. Scotiabank upped their target price on Public Storage from $345.00 to $346.00 and gave the company an “outperform” rating in a research note on Tuesday. Weiss Ratings upgraded shares of Public Storage from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, June 12th. Finally, Raymond James Financial assumed coverage on shares of Public Storage in a research note on Thursday, July 16th. They issued a “market perform” rating on the stock. Seven equities research analysts have rated the stock with a Buy rating and fourteen have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $326.16.
View Our Latest Research Report on Public Storage Insider Buying and Selling at Public Storage In related news, insider Nathaniel A. Vitan sold 1,414 shares of the stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of $327.53, for a total value of $463,127.42. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 11.10% of the stock is currently owned by company insiders.
Public Storage Trading Up 0.0% PSA opened at $322.76 on Friday. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 2.06. The stock has a market capitalization of $56.68 billion, a PE ratio of 30.80, a PEG ratio of 3.80 and a beta of 0.96. Public Storage has a 1-year low of $256.54 and a 1-year high of $335.55. The firm has a 50-day moving average price of $322.35 and a two-hundred day moving average price of $306.22.
Public Storage (NYSE:PSA – Get Free Report) last announced its earnings results on Wednesday, July 29th. The real estate investment trust reported $4.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.53 by $1.64. The company had revenue of $1.23 billion for the quarter, compared to analyst estimates of $1.23 billion. Public Storage had a net margin of 41.80% and a return on equity of 40.98%. Public Storage’s quarterly revenue was down .5% on a year-over-year basis. During the same period in the prior year, the business earned $4.28 earnings per share. Public Storage has set its FY 2026 guidance at 16.750-17.050 EPS. As a group, equities analysts anticipate that Public Storage will post 16.93 earnings per share for the current fiscal year.
Public Storage Announces Dividend The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 6th. Shareholders of record on Tuesday, September 15th will be given a dividend of $3.00 per share. The ex-dividend date is Tuesday, September 15th. This represents a $12.00 dividend on an annualized basis and a yield of 3.7%. Public Storage’s dividend payout ratio is presently 114.50%.
Public Storage Company Profile (Free Report)
Public Storage (NYSE: PSA) is a real estate investment trust (REIT) that specializes in self-storage services. Headquartered in Glendale, California, the company was founded in the early 1970s and has grown through development and acquisitions to become one of the largest owner-operators of self-storage facilities in the United States. It is publicly traded on the New York Stock Exchange under the ticker PSA.
The company’s core business is the ownership, operation and management of self-storage properties that serve both residential and commercial customers.
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FRISCO, Texas--(BUSINESS WIRE)--Public Storage (NYSE: PSA) announced today that on August 4, 2026, our Board of Trustees declared a regular quarterly common dividend of $3.00 per common share. The Board also declared dividends with respect to our various series of preferred shares. The common dividends are payable on October 6, 2026 and the preferred dividends are payable on September 30, 2026, in each case to shareholders of record as of September 15, 2026.
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 June 30, 2026, we: (i) owned and/or operated 3,584 self-storage facilities located in 40 states with approximately 259 million net rentable square feet in the United States and (ii) owned a 35% common equity interest in Shurgard Self Storage Limited (Euronext Brussels: SHUR), which owned 335 self-storage facilities located in seven Western European countries with approximately 19 million net rentable square feet operated under the Shurgard® brand. On July 22, 2026, we completed our acquisition of National Storage Affiliates Trust, bringing our total owned and/or operated facilities to 4,647 with 329 million net rentable square feet across 41 states and Puerto Rico. Our headquarters are located in Frisco, Texas.
Public Storage zvýšila výhled na celý rok po zlepšení provozních trendů a dokončila akvizici National Storage Affiliates. Core FFO za 2. čtvrtletí dosáhl 4,17 USD na akcii.
REITs Set for a 2026 Rebound? 7 Top Picks as Rate Cuts ApproachPublic Storage NYSE: PSA said its second-quarter operating trends improved and raised its 2026 guidance, while highlighting the completed acquisition of National Storage Affiliates and a planned entry into Canada through the acquisition of Public Storage Canada.
Core funds from operations totaled $4.17 per share in the second quarter, down from a year earlier and sequentially, which President and CFO Joe Fisher attributed to higher financing costs and general and administrative expenses. Same-store revenue declined 0.6% year over year and same-store net operating income fell 2.2%, though both measures exceeded the company’s internal expectations.
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These 3 Defensive Stocks Could Help Portfolios Weather a 2026 DownturnThe company reported improving forward-looking operating indicators. Average move-in rents increased 1.6%, marking the first time since 2021 that both move-in rates and occupancy rose year over year, Fisher said. Occupancy was 92.5%, up 20 basis points from the prior year, while move-in rates rose 18% from the fourth quarter of 2025.
Guidance Raised as Operating Trends Improve Public Storage raised its full-year outlook across key metrics. The company now expects same-store revenue growth at a midpoint of negative 0.2% and same-store NOI growth at a midpoint of negative 1.1%, representing improvements of 90 basis points and 110 basis points, respectively, from its previous guidance.
What are specialty REITs? How to invest in themThe revised outlook assumes positive low-double-digit new move-in rate growth, compared with a prior expectation for mid-single-digit declines, and occupancy growth of 30 basis points year over year, versus a previous assumption of flat occupancy.
Core FFO guidance was increased to a range of $16.75 to $17.05 per share, with a midpoint of $16.90, a $0.22-per-share increase from the prior forecast. Fisher said the increase reflects stronger same-store trends, lower-than-expected interest expense, and contributions from non-same-store properties and ancillary businesses, partly offset by higher G&A expenses.
Public Storage expects same-store revenue growth to improve in the second half of the year and turn positive in the fourth quarter. Fisher said the company’s performance in Los Angeles, where pricing restrictions have expired, will contribute to that improvement but will not be the sole driver. Stronger coastal and Midwestern markets, along with improving Sun Belt conditions, are also expected to help.
CEO Tom Boyle said June move-in rents were up 4% year over year, aided by a more consistent year-over-year promotional strategy, and July trends remained positive. July occupancy was up about 30 basis points year over year, according to Boyle.
NSA Integration Begins Public Storage closed its acquisition of National Storage Affiliates on July 22 and transitioned the acquired portfolio of approximately 1,100 stores and 575,000 units to Public Storage systems overnight, Boyle said. The company also welcomed more than 1,300 former NSA employees.
On the first day after closing, Public Storage completed more than 1,500 reservations, transitioned 265,000 autopay accounts, began rent collections and started temporary rebranding efforts, according to Boyle.
Management said the integration has identified additional expansion opportunities. Boyle said the company found approximately 14,000 units that could be restored to inventory through repair-and-maintenance spending, creating incremental availability in the second half of 2026. The company has also identified opportunities to expand some existing NSA properties.
Public Storage maintained its expectation that NSA and the planned Canadian transaction would be neutral to Core FFO in 2026 before financing effects. Fisher said the company now expects approximately $0.02 per share of positive Core FFO impact this year from financing benefits associated with the two transactions. The benefit is primarily tied to the ability to finance part of the NSA acquisition using lower-cost Canadian borrowing after the Canadian deal closes.
NSA generated year-to-date NOI growth of 2.4%, driven by occupancy improvement and expense controls, Fisher said. Its year-to-date Core FFO was $1.14 per share, which Public Storage said was ahead of consensus expectations.
Canadian Acquisition and Capital Deployment Public Storage expects to close its $1.2 billion acquisition of Public Storage Canada in the third quarter. The Canadian portfolio is the country’s third largest and is concentrated in Toronto and Vancouver, with properties in infill locations. Boyle said the Canadian self-storage market has per-capita supply of about 2.5, below U.S. levels.
The transaction is expected to be funded with about $900 million in operating partnership units and roughly $300 million in Canadian debt. The seller also may receive additional OP units through earn-out provisions tied to future NOI performance.
Fisher said the portfolio has 83% occupancy and 65% NOI margins, presenting potential upside through the company’s PS Next operating platform. The Canadian OP-unit issuance will allow Public Storage to finance an equivalent portion of the NSA acquisition at Canadian rates more than 100 basis points below the U.S. financing levels used in the original underwriting, he said.
Elsewhere, the company said it had acquired or placed under contract more than $450 million of properties year to date, with about 70% of that activity conducted off market. Management said it has increasingly targeted recently developed lease-up properties, which can be dilutive to near-term FFO but may offer higher stabilized returns.
Development pipeline: $692 million across 47 projects, with targeted stabilized yields of 8%. Remaining development funding: $432 million. Lending platform: $173 million outstanding, up $30 million from the prior quarter, at a current rate of about 7.6%. Third-party management: 22 net new properties added during the quarter, bringing the total to more than 460 properties. Balance Sheet and Customer Initiatives Public Storage reported approximately $12 billion in capital-markets activity completed or committed year to date. During and after the quarter, it announced $5.9 billion of debt-related activity, including $1.4 billion of unsecured issuance, an expanded and extended $3 billion revolving credit facility, a new $1 billion commercial paper program and a $500 million delayed-draw term loan.
The $1.4 billion of unsecured debt carried a weighted average effective rate below 5%, Fisher said. The company also entered forward-sale agreements for nearly 800,000 shares under its at-the-market program, expected to produce nearly $260 million in future net proceeds.
At quarter-end, Public Storage had $3.8 billion of available liquidity between cash and its revolving credit facility, plus about $600 million in annual free cash flow. Net debt to EBITDA stood at 2.9 times.
Boyle said customer-focused initiatives are contributing to lower churn and improved sentiment. The company now receives roughly 90,000 customer surveys a month, compared with 2,000 to 3,000 previously. It also continues to expand digital tools: nearly 90% of customers interact with Public Storage digitally during their rental journey, while three-quarters complete their leases entirely online. Its AI-powered customer service agent, Ellie, has handled more than 90,000 customer interactions in recent months, Boyle said.
About Public Storage (NYSE:PSA)Public Storage NYSE: PSA is a real estate investment trust (REIT) that specializes in self-storage services. Headquartered in Glendale, California, the company was founded in the early 1970s and has grown through development and acquisitions to become one of the largest owner-operators of self-storage facilities in the United States. It is publicly traded on the New York Stock Exchange under the ticker PSA.
The company's core business is the ownership, operation and management of self-storage properties that serve both residential and commercial customers.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
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Public Storage (PSA - Free Report) came out with quarterly funds from operations (FFO) of $4.17 per share, missing the Zacks Consensus Estimate of $4.25 per share. This compares to FFO of $4.28 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an FFO surprise of -1.88%. A quarter ago, it was expected that this self-storage facility real estate investment trust would post FFO of $4.13 per share when it actually produced FFO of $4.22, delivering a surprise of +2.18%.
Over the last four quarters, the company has surpassed consensus FFO estimates three times.
Public Storage, which belongs to the Zacks REIT and Equity Trust - Other industry, posted revenues of $1.23 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 1.59%. This compares to year-ago revenues of $1.2 billion. The company has topped consensus revenue estimates four times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future FFO expectations will mostly depend on management's commentary on the earnings call.
Public Storage shares have added about 27.4% since the beginning of the year versus the S&P 500's gain of 8.5%.
What's Next for Public Storage?While Public Storage has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's FFO outlook. Not only does this include current consensus FFO expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Public Storage was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus FFO estimate is $4.24 on $1.24 billion in revenues for the coming quarter and $16.94 on $4.93 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, REIT and Equity Trust - Other is currently in the top 25% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Another stock from the same industry, Cousins Properties (CUZ - Free Report) , has yet to report results for the quarter ended June 2026. The results are expected to be released on July 30.
This real estate company is expected to post quarterly earnings of $0.74 per share in its upcoming report, which represents a year-over-year change of +5.7%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Cousins Properties' revenues are expected to be $263.55 million, up 10.9% from the year-ago quarter.
Public Storage dokončila akvizici National Storage Affiliates, čímž přidala více než 1 000 nemovitostí a 550 000 jednotek. Firma očekává, že dohoda v příštích třech až čtyřech letech zvýší FFO na akcii díky ročním synergiím ve výši 110–130 milionů USD.
Key Takeaways Public Storage is expected to post higher Q2 revenues but lower core FFO per share year over year.PSA completed the National Storage Affiliates acquisition, adding 1,000 properties and 550,000 units.PSA expects the deal to lift FFO per share through annual synergies over the next three to four years. Public Storage (PSA - Free Report) is slated to release second-quarter 2026 results on July 29, after market close. The quarterly results are expected to reflect an increase in revenues but a dip in core funds from operations (FFO) per share.
In the last reported quarter, this self-storage real estate investment trust (REIT) reported a core FFO per share of $4.22, surpassing the Zacks Consensus Estimate of $4.13. Results were backed by stable same-store occupancy, providing a steady operating base as lease-up assets added incremental growth.
Over the last four quarters, Public Storage outpaced the Zacks Consensus Estimate on all occasions, the average surprise being 1.55%. The graph below depicts the surprise history of the company:
On July 22, 2026, Public Storage announced completion of the acquisition of National Storage Affiliates Trust, adding more than 1,000 properties and 550,000 storage units. NSA shareholders received 0.14 Public Storage shares for each NSA share.
Public Storage expects the deal to boost FFO per share within the first year and eventually add about $0.35-$0.50 per share through $110-$130 million in annual synergies over three to four years. A separate joint venture will hold 313 former NSA properties, with Public Storage retaining a minority stake and managing the portfolio.
Let's dive deep to get an understanding of the factors that may impact Public Storage’s second-quarter 2026 results.
Factors at Play and Projections for PSA’s Q2 ResultsPublic Storage’s Q2 2026 results are likely to benefit from its strong brand, scale and PS Next operating platform, which supports digital customer engagement, pricing and cost efficiency. Stable occupancy, lower churn and improving move-in rent trends should have provided some support, while non-same-store properties, acquisitions, development projects and ancillary income are likely to have remained important growth drivers.
The Zacks Consensus Estimate for second-quarter revenues from self-storage facilities is pegged at $1.14 billion. This suggests an increase from the $1.12 billion witnessed in the year-ago period. The consensus mark for quarterly revenues from ancillary operations stands at $90.8 million, up from the $82.4 million registered in the comparable period last year.
The Zacks Consensus Estimate for quarterly revenues is pegged at $1.21 billion. This indicates a 1% year-over-year increase.
However, same-store revenue growth may have softened as weaker rental trends from late 2025 flowed through year-over-year comparisons. Sun Belt supply pressure, the Los Angeles rent restrictions and the shift of certain property-tax benefits into the first quarter could also weigh on results.
PSA’s activities during the quarter under review were not adequate to gain analysts’ confidence. The Zacks Consensus Estimate for the second-quarter core FFO per share has remained unchanged at $4.25 over the past two months. It indicates a marginal decrease year over year.
Here Is What Our Quantitative Model Predicts for PSA:Our proven model does not conclusively predict a surprise in terms of FFO per share for Public Storage this season. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an FFO beat, which is not the case here.
Public Storage currently carries a Zacks Rank of 3 and has an Earnings ESP of -0.28%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Stocks That Warrant a LookHere are two stocks from the broader REIT sector — Digital Realty Trust (DLR - Free Report) and Cousins Properties (CUZ - Free Report) — you may want to consider, as our model shows that these have the right combination of elements to report an FFO beat this quarter.
Digital Realty is slated to report quarterly numbers on July 23. DLR has an Earnings ESP of +2.30% and a Zacks Rank of 3 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Cousins is slated to report quarterly numbers on July 30. CUZ has an Earnings ESP of +0.45% and a Zacks Rank of 3 at present.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.
Public Storage uzavřela novou nezajištěnou revolvingovou úvěrovou linku v objemu 3,0 miliardy USD, termínovaný úvěr za 500 milionů USD a program komerčních papírů za 1,0 miliardy USD. Nahrazuje tím dosavadní linku ve výši 1,5 miliardy USD.
FRISCO, Texas--(BUSINESS WIRE)--Public Storage (NYSE:PSA) (“Public Storage” or the “Company”) announced today that it has closed a new $3.0 billion unsecured revolving credit facility (the “Revolver”), plus a $500 million delayed draw term loan facility (the “Term Loan”), and established a $1.0 billion unsecured commercial paper program (the “Commercial Paper Program”). The Revolver replaces in its entirety the Company’s $1.5 billion revolving credit facility that was scheduled to mature June 12, 2027.
“The successful closing of our new credit facilities and the establishment of our Commercial Paper Program further strengthens Public Storage’s fortress balance sheet, enhances our liquidity, lowers our effective cost of capital, and expands our financial flexibility,” said Joe Fisher, President and Chief Financial Officer of Public Storage. “These actions are fully aligned with our PS4.0 strategy and reinforce the capability of our value creation engine — giving us efficient, scalable access to capital to fund accretive acquisitions, development and redevelopment, lending, and other high-return opportunities, while continuing to support the long-term per share growth of the business. We appreciate the continued confidence and support of our banking partners.”
The Revolver has total commitments of $3.0 billion available for borrowings in US dollars and certain foreign currencies and matures on June 25, 2030, with extension options available through June 25, 2031. The Term Loan is available to be drawn in up to four advances on or prior to December 22, 2026 and matures on June 25, 2031. The credit facility documentation also includes an accordion feature that permits Public Storage to increase total commitments under the Revolver or incur additional term loans by up to $2 billion, subject to obtaining additional lender commitments. Borrowings under the Revolver bear interest at SOFR plus 0.650% based on the Company’s current credit ratings, a reduction of 15 basis points as compared to the prior facility. Once drawn, the Term Loan will bear interest at SOFR plus 0.700% based on the Company’s current credit ratings. The spread applicable to both the Revolver and the Term Loan may increase or decrease in the future based on any change to Public Storage’s credit ratings.
Commercial paper notes issued under the Commercial Paper Program will rank pari passu with all of Public Storage’s other senior unsecured debt and will be fully and unconditionally guaranteed by Public Storage.
Wells Fargo Bank, National Association is serving as Agent for the Credit Facility. Wells Fargo Securities, LLC, BofA Securities, Inc., and JPMorgan Chase Bank, N.A. acted as joint bookrunners.
Commercial paper notes to be offered under the commercial paper program have not been and will not be registered under the Securities Act of 1933, as amended, or state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. The information contained in this news release shall not constitute an offer to sell or the solicitation of an offer to buy the notes under the commercial paper program, nor shall there be any sale of the notes in any jurisdiction in which such offer, solicitation or sale would be unlawful.
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 March 31, 2026, we: (i) owned and/or operated 3,546 self-storage facilities located in 40 states with approximately 259 million net rentable square feet in the United States and (ii) owned a 35% common equity interest in Shurgard Self Storage Limited (Euronext Brussels: SHUR), which owned 333 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.
Public Storage koupí Public Storage Canada za zhruba 1,2 miliardy USD a vstoupí na kanadský trh self-storage. Portfolio tvoří 68 nemovitostí o celkové ploše 5,3 milionu čtverečních stop v klíčových městech Kanady.
Strategic acquisition of 3rd largest self-storage platform in Canada expected to create long-term internal and external growth opportunities
Transaction valued at $1.2 billion and primarily funded with Public Storage Operating Partnership Units (“OPUs”)
Acquisition to provide attractive going-in NOI yield in the high-5’s, significant operational upside on 83% occupied portfolio, and double-digit IRR potential
FRISCO, Texas--(BUSINESS WIRE)--Public Storage (NYSE: PSA) (“Public Storage” or the “Company”), the largest owner of self-storage facilities, today announced that its operating partnership, Public Storage OP, L.P. (“Public Storage OP”), and Public Storage Operating Company (“PSOC”) have entered into an agreement to acquire Public Storage Canada (“PS Canada”) in a transaction valued at approximately $1.2 billion USD ($1.67 billion CAD). The PS Canada platform was built by industry visionary and Public Storage founder Wayne Hughes and has been independently owned and operated by the Hughes family under the Public Storage® brand for decades. The acquisition is expected to expand Public Storage’s platform in major Canadian markets with long-term growth driven by high household incomes, strong relative population growth, and low supply per capita compared to the U.S.
Under the terms of the transaction, PSOC will pay consideration worth approximately $1.2 billion at closing, consisting of approximately $889 million of Public Storage OP units (2.76 million OPUs, valuing each such unit at $321.98 per unit) and approximately $310 million in cash, subject to customary purchase price adjustments. The transaction will also include an opportunity for the sellers to receive earn-out consideration of up to $288 million in Public Storage OP units priced at $375 per unit, contingent on the achievement of certain NOI performance targets. All values are represented in USD. The transaction was entered into with Tamara Hughes Gustavson and family pursuant to the Company’s existing Right-of-First-Offer (“ROFO”) and Right-of-First-Refusal (“ROFR”), providing attractive pricing due to off-market purchase.
Strategic Rationale
Public Storage believes the acquisition offers compelling strategic benefits, including:
gaining exposure to a growing Canadian self-storage industry with low supply ratios; revenue and operational upside through the PS Next™ operating platform; a platform opportunity in major Canadian markets, including expanded acquisition, new development, expansion, and lending opportunities; an existing Public Storage®-branded portfolio that reduces upfront capital expenditures and minimizes customer disruption; and allows for low-cost CAD-denominated borrowing to fund recently announced external growth. Portfolio Highlights
The portfolio consists of 68 properties totaling 5.3M square feet. PS Canada had Q1 2026 same-store occupancy of 83.1% with same store rents of $23.24 (USD) per occupied square foot. The portfolio is located in the key Canadian markets of Toronto, Vancouver, Montreal, Calgary, and Ottawa. These markets benefit from low supply per capita (well below the U.S. average) and the portfolio features robust 3-mile trade area populations and household incomes.
Financial Highlights
Public Storage expects the acquisition to provide:
an attractive going-in NOI yield in the high-5’s; high-single-digit compounding NOI growth near-term as synergies and operational upside are realized, driven by implementation of the PS NextTM operating platform with key areas of focus on customer experience, rental revenue, operating expense efficiencies, and tenant reinsurance; accretive to long-term portfolio IRR, NOI growth, and FFO per share growth given attractive basis and cash flow upside; and leverage-neutral OP unit funding that retains balance sheet strength for future opportunities. The transaction is expected to close in the second half of 2026, subject to the satisfaction of customary closing conditions.
Tom Boyle, CEO, said, “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. Together with our previously announced National Storage Affiliates Trust transaction, this acquisition demonstrates the momentum of our value creation engine and the opportunity to deploy capital into highly strategic external growth opportunities. We are grateful to Tamara Hughes Gustavson and family for the opportunity to acquire this exceptional portfolio, which was thoughtfully built and operated for many decades. We are humbled by their continued confidence in the Company through a meaningful further investment as part of this transaction.”
Advisors
Scotiabank is serving as the financial advisor to Public Storage. Wachtell, Lipton, Rosen & Katz and Torys LLP are serving as legal advisors, and Kekst CNC is serving as strategic communications advisor to Public Storage. Eastdil Secured is serving as financial advisor, and Allen Matkins Leck Gamble Mallory & Natsis LLP and Osler, Hoskin & Harcourt LLP are serving as legal advisors to the sellers.
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 March 31, 2026, the Company: (i) owned and/or operated 3,546 self-storage facilities located in 40 states with approximately 259 million net rentable square feet in the United States and (ii) owned a 35% common equity interest in Shurgard Self Storage Limited (Euronext Brussels: SHUR), which owned 333 self-storage facilities located in seven Western European countries with approximately 19 million net rentable square feet operated under the Shurgard® brand. Public Storage is headquartered in Frisco, Texas.
Forward-Looking Statements
This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements in this communication, other than statements of historical fact, are forward-looking statements, which 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 actual events to be materially different from those expressed or implied in the forward-looking statements. Factors and risks that may impact future results and performance include, but are not limited to, risks relating to the Transaction, including the ability to realize the anticipated benefits of the Transaction and the parties’ ability to satisfy the closing conditions to consummating the Transaction, including required regulatory approvals, and complete the Transaction on the proposed terms or on the anticipated timeline, if at all. Additional factors that could affect future results of the Company can be found in the Company’s 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, in the Company’s Quarterly Report on Form 10-Q for the period ended March 31, 2026, filed with the SEC on April 27, 2026, and in the Company’s other filings with the SEC. Public Storage does not undertake any obligation to publicly update or review any forward-looking statement except as required by law, whether as a result of new information, future developments or otherwise.
