Greenland Capital Management LP lifted its holdings in Public Storage (NYSE:PSA – Free Report) by 300.0% during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 6,600 shares of the real estate investment trust’s stock after buying an additional 4,950 shares during the period. Greenland Capital Management LP’s holdings in Public Storage were worth $2,101,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Bayban purchased a new position in Public Storage in the fourth quarter valued at approximately $26,000. Harvest Fund Management Co. Ltd bought a new position in shares of Public Storage in the third quarter valued at approximately $27,000. Bruce G. Allen Investments LLC grew its position in shares of Public Storage by 89.6% during the 2nd quarter. Bruce G. Allen Investments LLC now owns 91 shares of the real estate investment trust’s stock valued at $29,000 after purchasing an additional 43 shares in the last quarter. Continuum Advisory LLC purchased a new position in Public Storage during the second quarter worth about $29,000. Finally, Wealth Watch Advisors INC purchased a new position in shares of Public Storage during the third quarter worth about $34,000. 78.79% of the stock is owned by hedge funds and other institutional investors.
Public Storage Stock Down 0.1% Public Storage stock opened at $301.83 on Monday. Public Storage has a 12 month low of $256.54 and a 12 month high of $335.55. The stock has a fifty day simple moving average of $320.62 and a two-hundred day simple moving average of $307.86. 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 firm has a market cap of $53.01 billion, a price-to-earnings ratio of 28.80, a PEG ratio of 4.11 and a beta of 0.95.
Public Storage (NYSE:PSA – Get Free Report) last posted its earnings results on Wednesday, July 29th. The real estate investment trust reported $4.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.53 by $1.64. The business had revenue of $1.23 billion for the quarter, compared to analysts’ expectations of $1.23 billion. Public Storage had a net margin of 41.80% and a return on equity of 40.98%. The business’s revenue for the quarter was down .5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $4.28 EPS. Public Storage has set its FY 2026 guidance at 16.750-17.050 EPS. Equities analysts predict that Public Storage will post 16.93 EPS for the current fiscal year. Public Storage Dividend Announcement The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 6th. Stockholders of record on Tuesday, September 15th will be paid a $3.00 dividend. This represents a $12.00 annualized dividend and a dividend yield of 4.0%. The ex-dividend date is Tuesday, September 15th. Public Storage’s dividend payout ratio is 114.50%.
Insiders Place Their Bets In other news, insider Nathaniel A. Vitan sold 1,414 shares of Public Storage stock in a transaction on Thursday, August 13th. The shares were sold at an average price of $327.53, for a total transaction of $463,127.42. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 11.10% of the company’s stock.
Analyst Upgrades and Downgrades A number of research analysts recently commented on the company. BMO Capital Markets increased 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. Evercore set a $316.00 price target on shares of Public Storage in a report on Monday, July 6th. BNP Paribas Exane upped their price target on Public Storage from $331.00 to $335.00 and gave the company an “outperform” rating in a research report on Friday, May 22nd. Royal Bank Of Canada raised their target price on shares of Public Storage from $305.00 to $318.00 and gave the stock a “sector perform” rating in a research report on Friday, July 31st. Finally, Truist Financial raised their target price on Public Storage from $302.00 to $338.00 and gave the company a “buy” rating in a research note on Tuesday, June 23rd. Seven research analysts have rated the stock with a Buy rating and fourteen have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $327.00.
Read Our Latest Report on PSA
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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B. Metzler seel. Sohn & Co. AG raised its position in Public Storage (NYSE:PSA – Free Report) by 26.5% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 9,085 shares of the real estate investment trust’s stock after purchasing an additional 1,902 shares during the period. B. Metzler seel. Sohn & Co. AG’s holdings in Public Storage were worth $2,892,000 as of its most recent filing with the SEC.
Other hedge funds also recently bought and sold shares of the company. BlackRock Inc. acquired a new stake in Public Storage during the 2nd quarter worth approximately $5,495,077,000. Norges Bank acquired a new stake in shares of Public Storage during the fourth quarter worth $1,163,751,000. Capital International Investors raised its holdings in shares of Public Storage by 821.4% during the fourth quarter. Capital International Investors now owns 4,134,996 shares of the real estate investment trust’s stock worth $1,073,032,000 after acquiring an additional 3,686,211 shares during the period. Geode Capital Management LLC lifted its position in Public Storage by 1.7% in the 4th quarter. Geode Capital Management LLC now owns 4,089,143 shares of the real estate investment trust’s stock valued at $1,056,976,000 after acquiring an additional 66,445 shares in the last quarter. Finally, Cohen & Steers Inc. lifted its position in Public Storage by 9.3% in the 4th quarter. Cohen & Steers Inc. now owns 3,993,623 shares of the real estate investment trust’s stock valued at $1,036,375,000 after acquiring an additional 339,882 shares in the last quarter. 78.79% of the stock is currently owned by institutional investors and hedge funds.
Public Storage Stock Performance NYSE:PSA opened at $301.83 on Friday. The stock has a market cap of $53.01 billion, a P/E ratio of 28.80, a PEG ratio of 4.16 and a beta of 0.95. The stock has a 50 day simple moving average of $320.62 and a 200 day simple moving average of $307.81. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 2.06. Public Storage has a 1-year low of $256.54 and a 1-year high of $335.55.
Public Storage (NYSE:PSA – Get Free Report) last issued its quarterly earnings data on Wednesday, July 29th. The real estate investment trust reported $4.17 EPS for the quarter, beating 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 firm had revenue of $1.23 billion for the quarter, compared to analyst estimates of $1.23 billion. During the same period in the prior year, the firm posted $4.28 EPS. The company’s revenue for the quarter was down .5% on a year-over-year basis. Public Storage has set its FY 2026 guidance at 16.750-17.050 EPS. Research analysts anticipate that Public Storage will post 16.93 earnings per share for the current year. Public Storage Dividend Announcement The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 6th. Investors of record on Tuesday, September 15th will be given a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a yield of 4.0%. The ex-dividend date of this dividend is Tuesday, September 15th. Public Storage’s dividend payout ratio (DPR) is currently 114.50%.
Insider Buying and Selling In other Public Storage news, insider Nathaniel A. Vitan sold 1,414 shares of Public Storage stock in a transaction dated 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 legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 11.10% of the company’s stock.
Wall Street Analysts Forecast Growth A number of research firms have issued reports on PSA. Evercore set a $316.00 target price on Public Storage in a report on Monday, July 6th. Wells Fargo & Company set a $311.00 price target on Public Storage in a report on Tuesday. Raymond James Financial assumed coverage on Public Storage in a report on Thursday, July 16th. They set a “market perform” rating for the company. BNP Paribas Exane boosted their target price on Public Storage from $331.00 to $335.00 and gave the company an “outperform” rating in a research note on Friday, May 22nd. Finally, JPMorgan Chase & Co. raised their price target on shares of Public Storage from $291.00 to $338.00 and gave the stock a “neutral” rating in a research note on Thursday, June 11th. Seven analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $327.00.
Read Our Latest Stock Analysis on Public Storage
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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IRVINE, Calif.--(BUSINESS WIRE)-- #CA--American Healthcare REIT, Inc. (NYSE: AHR) (the “Company” or “AHR”) today announced that Aric Chang has been appointed Chief Financial Officer, effective October 1, 2026. Chang succeeds Brian Peay, who is retiring after 10 years as Chief Financial Officer. Peay will continue to serve in the role through September 30, 2026.Chang joins AHR from Public Storage (NYSE: PSA), an S&P 500 real estate company, where he serves as Chief Financial Officer, Real Estate. A.
FRISCO, Texas--(BUSINESS WIRE)--Public Storage (NYSE: PSA, the “Company”), the leading owner and operator of self-storage facilities, today announced that the Company completed its acquisition of Public Storage Canada (“PS Canada”). Under the terms of the transaction, the Company paid consideration worth approximately $1.2 billion at closing, consisting of approximately $900 million of Public Storage OP units (2.76 million units, valuing each such unit at $321.98 per unit) and approximately $31.
Callan Family Office LLC bought a new position in shares of Public Storage (NYSE:PSA – Free Report) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 2,784 shares of the real estate investment trust’s stock, valued at approximately $886,000.
Several other hedge funds have also modified their holdings of PSA. Bayban purchased a new position in Public Storage in the 4th quarter worth about $26,000. Harvest Fund Management Co. Ltd purchased a new stake in Public Storage during the third quarter valued at about $27,000. Bruce G. Allen Investments LLC lifted its stake in Public Storage by 89.6% during 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 in the last quarter. Wealth Watch Advisors INC acquired a new position in shares of Public Storage in the third quarter worth about $34,000. Finally, Meeder Asset Management Inc. acquired a new position in shares of Public Storage in the second quarter worth about $36,000. 78.79% of the stock is owned by hedge funds and other institutional investors.
Public Storage Price Performance Shares of PSA opened at $324.95 on Tuesday. The business’s 50-day moving average is $322.42 and its 200-day moving average is $306.78. 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 company has a market capitalization of $57.07 billion, a price-to-earnings ratio of 31.01, a P/E/G ratio of 3.80 and a beta of 0.96. Public Storage has a fifty-two week low of $256.54 and a fifty-two week high of $335.55.
Public Storage (NYSE:PSA – Get Free Report) last posted its quarterly earnings results on Wednesday, July 29th. The real estate investment trust reported $4.17 EPS for the quarter, topping the consensus estimate of $2.53 by $1.64. Public Storage had a net margin of 41.80% and a return on equity of 40.98%. The business had revenue of $1.23 billion during the quarter, compared to analysts’ expectations of $1.23 billion. During the same period last year, the company posted $4.28 earnings per share. The firm’s quarterly revenue was down .5% compared to the same quarter last year. Public Storage has set its FY 2026 guidance at 16.750-17.050 EPS. 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 $3.00 dividend. 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%.
Insider Transactions at Public Storage In other Public Storage news, insider Nathaniel A. Vitan sold 1,414 shares of Public Storage stock in a transaction on Thursday, August 13th. The shares were sold at an average price of $327.53, for a total transaction of $463,127.42. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 11.10% of the stock is currently owned by insiders.
Analyst Upgrades and Downgrades Several research analysts have recently weighed in on PSA shares. Wall Street Zen raised shares of Public Storage from a “sell” rating to a “hold” rating in a research report on Saturday, May 2nd. The Goldman Sachs Group restated a “buy” rating and issued a $341.00 price target on shares of Public Storage in a research report on Wednesday, April 29th. JPMorgan Chase & Co. raised their price objective on shares of Public Storage from $291.00 to $338.00 and gave the stock a “neutral” rating in a research note on Thursday, June 11th. UBS Group boosted their target price on shares of Public Storage from $314.00 to $326.00 and gave the company a “neutral” rating in a research note on Friday, July 10th. Finally, Truist Financial raised their target price on Public Storage from $302.00 to $338.00 and gave the stock a “buy” rating in a research report on Tuesday, June 23rd. Seven research analysts have rated the stock with a Buy rating and fourteen have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $326.16.
Check Out Our Latest Analysis on PSA
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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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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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.
Today, Cadeler published its interim financial results for the first half of 2026 reporting strong financial performance, with both revenue and EBITDA more than doubling compared to Cadeler’s results for the first half of 2025 (when adjusting for one-off termination fees in the comparative period). The results demonstrate that Cadeler’s fleet strategy is delivering as intended, positioning the company to support customers through the next phase of offshore wind development.
Revenue for the first six months of 2026 more than doubled to EUR 408 million, an increase of EUR 220 million compared to revenue of EUR 188 million for the same period last year, while EBITDA for the first six months of 2026 also more than doubled to EUR 208 million, an increase of EUR 106 million compared to EBITDA of EUR 102 million for the same period last year (in each case, when adjusting for one-off termination fees of EUR 111 million in the comparative period).
Profit for the period rose to EUR 88 million, a year-on-year increase of EUR 31 million (54%) from profit of EUR 57 million in the comparative period, adjusted for the termination fees identified above. The increase was mainly driven by fleet expansion and a higher number of contracted days. Fleet utilisation of Cadeler’s ten vessels remained stable at 66% for the period, compared to 67% in the same period last year.
Cadeler maintains its full-year 2026 guidance, with revenue expected to be in the range of EUR 854 to 944 million, and EBITDA to be within the range of EUR 420 to 510 million. Cadeler’s acquisition of Menck on 11 August 2026 is expected to impact the consolidated Cadeler group’s revenue and EBITDA guidance for 2026. Cadeler is reviewing the extent of that impact and will provide an update in due course.
Mikkel Gleerup, CEO of Cadeler, comments:
“These results demonstrate that our fleet strategy is delivering as intended, providing the flexibility, reliability and operational capabilities required to support the next phase of offshore wind development as customers place increasing emphasis on the resilience of their supply chains and certainty of delivery. As our fleet, project portfolio and organisation have continued to grow, Cadeler has remained focused on disciplined execution, adapting quickly to changing project requirements and supporting our customers across multiple installation projects in H1 2026.”
Demonstrating Cadeler’s customer value proposition
For Cadeler, the defining theme of the first half of 2026 was execution. Cadeler operated its fleet at a new scale, with ten vessels in active operation, and demonstrated the benefits of that scale through greater flexibility and redundancy to mitigate operational risks across multiple projects. When project requirements changed, Cadeler rapidly redeployed vessels, helping customers maintain project momentum and mitigate the risk of delays.
Cadeler also commenced its first full-scope monopile foundation transportation & installation (T&I) campaign at Ørsted’s Hornsea 3 offshore wind farm which, when complete, will be the world’s single largest offshore wind farm. With this campaign, Cadeler is proving the capabilities it has invested in over recent years to support its ambition of becoming the leading provider of integrated foundation T&I solutions.
In July 2026, subsequent to the reporting period, Cadeler took delivery, within budget and on schedule, of Wind Ace, Cadeler’s eleventh wind installation vessel and second of three A-class newbuilds. Following her mobilisation, Wind Ace will be deployed on ScottishPower Renewables’ East Anglia TWO offshore wind farm in the UK, where Cadeler will provide transportation and installation of both foundations and wind turbines.
Further investing in Cadeler’s full-scope foundation capabilities
In the first half of 2026, Cadeler has also invested significantly in deepening and broadening its capabilities in full-scope foundation T&I.
In March 2026, the company completed a private placement raising approximately EUR 175 million before transaction costs. This enabled the subsequent order, after the reporting period, of two T-class newbuilds, expanding Cadeler’s foundation installation capabilities. Cadeler has also announced its intention to enter the scour protection segment with the potential acquisition of a scour protection vessel.
Mikkel Gleerup comments:
“As offshore wind projects increase in scale and complexity, developers are placing greater emphasis on resilient supply chains and experienced partners with the right capabilities. Continued investment in our fleet strengthens our ability to meet these evolving needs, capture the strong underlying demand in the market and generate attractive and sustainable returns for our shareholders.”
In August 2026, after the reporting period, Cadeler announced the strategic acquisition of Menck, a leading global provider of specialist equipment and engineering solutions for offshore foundation installation. The acquisition marks a step-change in the development of Cadeler's offshore foundation T&I capabilities and will enable Cadeler to deliver a complete and integrated approach to project execution.
A strong order book and positive industry outlook
Cadeler’s order book for 2026 is substantially secured. Notable contract awards in 2026 include:
In February, Nexra, Cadeler’s dedicated offshore wind service platform, signed a firm contract for a 3-4 month O&M project in Taiwan commencing in March 2026, with a value exceeding EUR 20 million.In March, Nexra secured two additional firm contracts: a second 3-4 month O&M project for Wind Maker in Taiwan, and a 1-2 month project for Wind Zaratan in Japan, both completed in 2026.In addition, in January 2026, Cadeler signed a preferred supplier agreement (PSA) with an undisclosed client for the transportation and installation of monopiles and transition pieces at a large offshore wind farm in Europe. The project is expected to commence in H1 2028 and will use two Cadeler vessels, including a newbuild A-class vessel. The agreement is subject to client FID.
As of 25 August 2026, Cadeler’s total order backlog stands at nearly EUR 2.5 billion.
Mikkel Gleerup comments:
“We are seeing increasingly positive momentum across our key markets, particularly in the UK, the North Sea and Asia-Pacific. Governments show strong ambitions for offshore wind, and the undersupply of capable installation vessels is expected to increase further as the existing fleet ages and becomes less efficient. With our expanded fleet, strong order backlog and growing capabilities, Cadeler is well positioned to capture these opportunities and support the next phase of offshore wind development.”
Earnings call
In connection with the release of Cadeler's H1 2026 Financial Report, Mikkel Gleerup, Chief Executive Officer, and Peter Brogaard Hansen, Chief Financial Officer, will host a live video webcast presentation for the investment community.
Date: 25 August 2026
Time: 08:00 AM EDT / 1:00 PM UK / 2:00 PM CET
The Interim Report earnings presentation is open to all interested parties and may include forward-looking information. Please register in advance here: https://cadeler-H1-2026-earnings-presentation.open-exchange.net/.
A replay of the webcast and the presentation slides will be made available on Cadeler’s Investor Relations website following the presentation, available here: http://www.cadeler.com/investor. The full H1 2026 Interim Report is also available at the same link.
About Cadeler
Cadeler A/S (Cadeler) is a global leader in offshore wind turbine transport and installation. The company owns and operates the industry’s largest fleet of jack-up offshore wind installation vessels and is expanding its capabilities into full-scope foundation transport and installation, as well as operations & maintenance. With its modern fleet and depth of expertise across onshore and offshore operations, Cadeler supports the safe, efficient and reliable delivery of offshore wind projects worldwide. Cadeler is listed on the New York Stock Exchange (ticker: CDLR) and the Oslo Stock Exchange (ticker: CADLR). For more information, please visit www.cadeler.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260824046544/en/
Advisors Capital Management LLC bought a new stake in shares of Public Storage (NYSE:PSA – Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 1,700 shares of the real estate investment trust’s stock, valued at approximately $541,000.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. 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 acquiring an additional 43 shares in the last quarter. Harvest Fund Management Co. Ltd purchased a new position in shares of Public Storage in the 3rd quarter valued at approximately $27,000. Bayban acquired a new stake in Public Storage in the fourth quarter valued at about $26,000. Meeder Asset Management Inc. purchased a new position in shares of Public Storage during the 2nd quarter worth approximately $36,000. Finally, Wealth Watch Advisors INC purchased a new position in shares of Public Storage during the 3rd quarter worth approximately $34,000. Hedge funds and other institutional investors own 78.79% of the company’s stock.
Wall Street Analyst Weigh In PSA has been the topic of a number of analyst reports. Evercore set a $316.00 price target on Public Storage in a research note on Monday, July 6th. Citigroup boosted their price objective on shares of Public Storage from $325.00 to $363.00 and gave the stock a “buy” rating in a report on Tuesday, June 16th. Scotiabank raised their price target on Public Storage from $345.00 to $346.00 and gave the company an “outperform” rating in a research report on Tuesday. Jefferies Financial Group boosted their target price on shares of Public Storage from $350.00 to $355.00 and gave the company a “buy” rating in a research note on Wednesday, May 20th. Finally, BMO Capital Markets boosted their price target on Public Storage from $305.00 to $340.00 and gave the company a “market perform” rating in a report on Monday, June 15th. Seven analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the stock. Based on data from MarketBeat, Public Storage presently has a consensus rating of “Hold” and an average target price of $326.16.
View Our Latest Analysis on Public Storage Insiders Place Their Bets In other Public Storage 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 11.10% of the company’s stock.
Public Storage Price Performance Shares of NYSE PSA opened at $322.76 on Friday. Public Storage has a 1-year low of $256.54 and a 1-year high of $335.55. The firm has a market capitalization of $56.68 billion, a PE ratio of 30.80, a P/E/G ratio of 3.80 and a beta of 0.96. 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 business’s fifty day moving average price is $322.35 and its two-hundred day moving average price is $306.22.
Public Storage (NYSE:PSA – Get Free Report) last released its quarterly earnings results on Wednesday, July 29th. The real estate investment trust reported $4.17 EPS for the quarter, topping the consensus estimate of $2.53 by $1.64. Public Storage had a net margin of 41.80% and a return on equity of 40.98%. The business had revenue of $1.23 billion during the quarter, compared to analyst estimates of $1.23 billion. During the same quarter in the prior year, the firm earned $4.28 earnings per share. 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. On average, research analysts expect that Public Storage will post 16.93 EPS for the current year.
Public Storage Announces Dividend The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 6th. Investors of record on Tuesday, September 15th will be paid a $3.00 dividend. 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 3.7%. Public Storage’s dividend payout ratio (DPR) is currently 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.
See Also Five stocks we like better than Public Storage Blueprint for a Boom: SEC Clears the Crypto Runway Ross Stores Just Flipped the Off-Price Retail Story After TJX’s Marmaxx Miss Advance Auto Parts Plunged, But Its Turnaround Is Still Working Is Palo Alto Networks Priced for Perfection Again as AI Security Demand Accelerates? Want to see what other hedge funds are holding PSA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Public Storage (NYSE:PSA – Free Report).
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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.
Featured Stories Five stocks we like better than Public Storage Blueprint for a Boom: SEC Clears the Crypto Runway Ross Stores Just Flipped the Off-Price Retail Story After TJX’s Marmaxx Miss Advance Auto Parts Plunged, But Its Turnaround Is Still Working Is Palo Alto Networks Priced for Perfection Again as AI Security Demand Accelerates?
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Allworth Financial LP purchased a new position in Public Storage (NYSE:PSA – Free Report) during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 9,406 shares of the real estate investment trust’s stock, valued at approximately $2,994,000.
Other institutional investors and hedge funds also recently bought and sold shares of the company. Bayban acquired a new position in shares of Public Storage in the 4th quarter worth $26,000. Harvest Fund Management Co. Ltd purchased a new stake in shares of Public Storage during the third quarter valued at $27,000. Bruce G. Allen Investments LLC boosted its position in shares of Public Storage by 89.6% in the 2nd quarter. Bruce G. Allen Investments LLC now owns 91 shares of the real estate investment trust’s stock valued at $29,000 after purchasing an additional 43 shares during the period. Wealth Watch Advisors INC acquired a new position in shares of Public Storage in the 3rd quarter valued at $34,000. Finally, Meeder Asset Management Inc. purchased a new position in Public Storage in the 2nd quarter worth about $36,000. 78.79% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In Several research firms have issued reports on PSA. Raymond James Financial started coverage on Public Storage in a report on Thursday, July 16th. They set a “market perform” rating on the stock. Barclays raised their target price on shares of Public Storage from $349.00 to $350.00 and gave the stock an “equal weight” rating in a report on Wednesday. Jefferies Financial Group boosted 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. BNP Paribas Exane boosted their price target on shares of Public Storage from $331.00 to $335.00 and gave the company an “outperform” rating in a report on Friday, May 22nd. Finally, Royal Bank Of Canada upped their price target on shares of Public Storage from $305.00 to $318.00 and gave the company a “sector perform” rating in a research report on Friday, July 31st. Seven analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the stock. Based on data from MarketBeat.com, Public Storage currently has a consensus rating of “Hold” and an average price target of $326.16.
View Our Latest Stock Report on PSA Public Storage Trading Up 0.0% Shares of NYSE:PSA opened at $322.76 on Friday. The firm has a fifty day moving average of $322.35 and a two-hundred day moving average of $306.22. The firm has a market capitalization of $56.68 billion, a P/E ratio of 30.80, a price-to-earnings-growth ratio of 3.80 and a beta of 0.96. Public Storage has a 12-month low of $256.54 and a 12-month high of $335.55. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 2.06.
Public Storage (NYSE:PSA – Get Free Report) last posted its quarterly earnings results on Wednesday, July 29th. The real estate investment trust reported $4.17 earnings per share for the quarter, topping analysts’ consensus estimates of $2.53 by $1.64. Public Storage had a net margin of 41.80% and a return on equity of 40.98%. The business had revenue of $1.23 billion for the quarter, compared to the consensus estimate of $1.23 billion. During the same period in the prior year, the business posted $4.28 earnings per share. Public Storage’s revenue for the quarter was down .5% compared to the same quarter last year. Public Storage has set its FY 2026 guidance at 16.750-17.050 EPS. On average, equities analysts expect that Public Storage will post 16.93 EPS for the current fiscal year.
Public Storage Dividend Announcement The company 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 $3.00 dividend. This represents a $12.00 annualized dividend and a yield of 3.7%. The ex-dividend date of this dividend is Tuesday, September 15th. Public Storage’s dividend payout ratio is presently 114.50%.
Insiders Place Their Bets In other news, insider Nathaniel A. Vitan sold 1,414 shares of the firm’s stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $327.53, for a total transaction of $463,127.42. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 11.10% of the stock is currently owned by insiders.
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.
Featured Stories Five stocks we like better than Public Storage Blueprint for a Boom: SEC Clears the Crypto Runway Ross Stores Just Flipped the Off-Price Retail Story After TJX’s Marmaxx Miss Advance Auto Parts Plunged, But Its Turnaround Is Still Working Is Palo Alto Networks Priced for Perfection Again as AI Security Demand Accelerates?
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Capital Financial Group Inc. Co. ADV acquired a new position in Public Storage (NYSE:PSA – Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 3,096 shares of the real estate investment trust’s stock, valued at approximately $985,000.
Other large investors have also recently made changes to their positions in the company. Bruce G. Allen Investments LLC raised its holdings in Public Storage by 89.6% in the 2nd quarter. Bruce G. Allen Investments LLC now owns 91 shares of the real estate investment trust’s stock worth $29,000 after purchasing an additional 43 shares in the last quarter. Harvest Fund Management Co. Ltd bought a new stake in shares of Public Storage during the 3rd quarter valued at about $27,000. Bayban bought a new stake in shares of Public Storage during the 4th quarter valued at about $26,000. Wealth Watch Advisors INC bought a new stake in shares of Public Storage during the 3rd quarter valued at about $34,000. Finally, Raiffeisen Bank International AG increased its position in shares of Public Storage by 35.2% during the fourth quarter. Raiffeisen Bank International AG now owns 142 shares of the real estate investment trust’s stock valued at $37,000 after buying an additional 37 shares during the period. 78.79% of the stock is currently owned by institutional investors.
Insider Buying and Selling at Public Storage In related news, insider Nathaniel A. Vitan sold 1,414 shares of the company’s stock in a transaction dated 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 legal filing with the SEC, which is available at this hyperlink. 11.10% of the stock is owned by insiders.
Public Storage Price Performance Shares of NYSE PSA opened at $324.34 on Tuesday. The company has a 50 day simple moving average of $322.41 and a two-hundred day simple moving average of $305.08. Public Storage has a fifty-two week low of $256.54 and a fifty-two week high of $335.55. The company has a market capitalization of $56.96 billion, a price-to-earnings ratio of 30.95, a P/E/G ratio of 3.84 and a beta of 0.96. The company has a debt-to-equity ratio of 2.06, a quick ratio of 0.66 and a current ratio of 0.66. Public Storage (NYSE:PSA – Get Free Report) last issued its quarterly earnings results on Wednesday, July 29th. The real estate investment trust reported $4.17 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 firm 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 business’s revenue for the quarter was down .5% compared to the same quarter last year. Public Storage has set its FY 2026 guidance at 16.750-17.050 EPS. Analysts expect that Public Storage will post 16.93 EPS for the current fiscal year.
Public Storage Announces Dividend The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 6th. Stockholders of record on Tuesday, September 15th will be paid a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date of this dividend is Tuesday, September 15th. Public Storage’s dividend payout ratio is currently 114.50%.
Analysts Set New Price Targets Several research analysts have recently issued reports on the company. Citigroup increased their target price on Public Storage from $325.00 to $363.00 and gave the stock a “buy” rating in a research report on Tuesday, June 16th. JPMorgan Chase & Co. lifted their price target on Public Storage from $291.00 to $338.00 and gave the company a “neutral” rating in a research report on Thursday, June 11th. UBS Group upped their price target on Public Storage from $314.00 to $326.00 and gave the stock a “neutral” rating in a research note on Friday, July 10th. Weiss Ratings upgraded Public Storage from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday, June 12th. Finally, Raymond James Financial began coverage on shares of Public Storage in a report on Thursday, July 16th. They set a “market perform” rating on the stock. Seven research analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $326.05.
Check Out Our Latest Report on PSA
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.
See Also Five stocks we like better than Public Storage Commodities Are Booming, But These 3 ETFs Tell Different Stories 3 Active ETFs Making Big Moves in August This ETF Is Outperforming by Avoiding the S&P 500’s Biggest Problem Birkenstock Beats the Skeptics—But Not on EPS Want to see what other hedge funds are holding PSA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Public Storage (NYSE:PSA – Free Report).
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Asset Management One Co. Ltd. raised its holdings in shares of Public Storage (NYSE: PSA) by 0.8% in the undefined quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 297,835 shares of the real estate investment trust's stock after purchasing an additional
Investors with an interest in REIT and Equity Trust - Other stocks have likely encountered both Ryman Hospitality Properties (RHP) and Public Storage (PSA). But which of these two stocks offers value investors a better bang for their buck right now?
Public Storage demonstrates robust FFO and FAD, ensuring strong coverage of both common and preferred dividends. PSA's recent acquisition of National Storage is expected to be FFO-accretive, supporting ongoing dividend coverage and growth. I favor PSA's Series N preferred stock, offering a 6.45% yield and significant upside potential if interest rates decline.
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.
On August 05, 2026, we conducted a DCF analysis for Public Storage (PSA), a company that has seen a year-to-date price increase of 28.3%. Despite this strong pe
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.
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CHICAGO--(BUSINESS WIRE)--ComEd yesterday joined Solar Landscape and Public Storage to announce plans to develop 60 rooftop community solar projects —with 10 already livened—across northern Illinois in the next two years, marking one of the largest community solar installations in Illinois. Together, the projects will deliver 44 Megawatts (MW) of community solar energy, boosting grid capacity and creating opportunities for customers to lower their energy costs. ComEd has one of the largest comm.
Key Takeaways Public Storage missed Q2 core FFO estimates as same-store NOI declined despite higher revenue.PSA's non-same-store properties posted strong revenue and NOI growth, offsetting mature portfolio weakness.PSA raised 2026 core FFO guidance and improved same-store revenue and NOI expectations. Public Storage (PSA - Free Report) reported second-quarter 2026 core funds from operations (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 net operating income (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.
PSA'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 PSA'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.
PSA'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.
PSA 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 SheetPSA ended June with $10.3 billion of total indebtedness and approximately $3.8 billion of liquidity. Net debt to EBITDA improved to 2.9X from 3.1X 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, PSA issued an additional $900 million of senior notes at an effective rate of 4.855%.
PSA 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%.
PSA’s Zacks RankPublic Storage currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Other REITsDigital Realty Trust (DLR - Free Report) reported second-quarter 2026 core FFO per share, excluding net promote, of $2.13, up 13.9% from a year ago. The figure surpassed the Zacks Consensus Estimate by 7.6%. Strong bookings, a record backlog and sharp renewal rent increases supported the quarter.
Prologis (PLD - Free Report) reported second-quarter 2026 core FFO per share of $1.63, outpacing the Zacks Consensus Estimate of $1.53. Results reflected strengthening demand, disciplined execution and expanding capabilities across logistics, data centers and energy.
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 (PSA) released its 8-K filing on July 29, 2026, announcing its financial results for the quarter ended June 30, 2026, and a revised outlook for t
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.
For the quarter ended June 2026, Public Storage (PSA - Free Report) reported revenue of $1.23 billion, up 2.7% over the same period last year. EPS came in at $4.17, compared to $1.76 in the year-ago quarter.
The reported revenue compares to the Zacks Consensus Estimate of $1.21 billion, representing a surprise of +1.59%. The company delivered an EPS surprise of -1.88%, with the consensus EPS estimate being $4.25.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how Public Storage performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Square foot occupancy: 92.5% compared to the 92.4% average estimate based on two analysts.Revenues- Ancillary operations: $92.93 million versus $90.75 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +12.7% change.Revenues- Self-storage facilities: $1.14 billion compared to the $1.14 billion average estimate based on two analysts. The reported number represents a change of +1.9% year over year.Net Earnings Per Share (Diluted): $2.55 versus the two-analyst average estimate of $2.53.View all Key Company Metrics for Public Storage here>>>
Shares of Public Storage have returned +3.8% over the past month versus the Zacks S&P 500 composite's +1.9% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
FRISCO, Texas--(BUSINESS WIRE)--Public Storage (the “Company”) (NYSE: PSA) announced today its results for the quarter ended June 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 Months Ended June 30, Change Six Months Ended June 30, 2026 Change Metric (per share) 2026 2025 $ % 2026 2025 $ % Net Income $2.55 $1.76 $0.79 44.9% $5.26 $3.79 $1.47 38.8% Core FFO $4.17 $4.28 $(0.11) (.
Arrowstreet Capital Limited Partnership lowered its holdings in Public Storage (NYSE:PSA – Free Report) by 65.1% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 126,080 shares of the real estate investment trust’s stock after selling 235,145 shares during the quarter. Arrowstreet Capital Limited Partnership owned 0.07% of Public Storage worth $34,153,000 as of its most recent filing with the SEC.
A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Harvest Fund Management Co. Ltd acquired a new position in Public Storage during the third quarter worth about $27,000. Bayban acquired a new stake in shares of Public Storage during the 4th quarter valued at approximately $26,000. Wealth Watch Advisors INC acquired a new stake in shares of Public Storage during the 3rd quarter valued at approximately $34,000. Raiffeisen Bank International AG boosted its stake in shares of Public Storage by 35.2% during the 4th quarter. Raiffeisen Bank International AG now owns 142 shares of the real estate investment trust’s stock worth $37,000 after acquiring an additional 37 shares in the last quarter. Finally, Knuff & Co LLC purchased a new stake in shares of Public Storage during the 4th quarter worth approximately $38,000. 78.79% of the stock is owned by institutional investors and hedge funds.
Insider Activity In other news, insider Nathaniel A. Vitan sold 950 shares of the company’s stock in a transaction on Friday, June 12th. The stock was sold at an average price of $324.81, for a total value of $308,569.50. Following the sale, the insider directly owned 1,414 shares in the company, valued at $459,281.34. This represents a 40.19% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 11.10% of the stock is owned by corporate insiders.
Analyst Upgrades and Downgrades PSA has been the subject of several research analyst reports. Citigroup raised their price objective on Public Storage from $325.00 to $363.00 and gave the company a “buy” rating in a research note on Tuesday, June 16th. Barclays reiterated an “equal weight” rating and set a $349.00 target price on shares of Public Storage in a research report on Friday, July 10th. Truist Financial upped their target price on Public Storage from $302.00 to $338.00 and gave the company a “buy” rating in a report on Tuesday, June 23rd. Raymond James Financial assumed coverage on Public Storage in a research report on Thursday, July 16th. They issued a “market perform” rating for the company. Finally, The Goldman Sachs Group reaffirmed a “buy” rating and set a $341.00 price target on shares of Public Storage in a research note on Wednesday, April 29th. Seven analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $325.37.
Read Our Latest Analysis on PSA
Public Storage Stock Up 2.2% PSA stock opened at $331.02 on Wednesday. The company has a debt-to-equity ratio of 2.02, a current ratio of 0.56 and a quick ratio of 0.56. The company’s 50 day simple moving average is $316.58 and its 200-day simple moving average is $300.98. Public Storage has a 12 month low of $256.54 and a 12 month high of $335.05. The firm has a market capitalization of $58.11 billion, a PE ratio of 34.16, a P/E/G ratio of 4.36 and a beta of 0.96.
Public Storage (NYSE:PSA – Get Free Report) last issued its quarterly earnings data on Monday, April 27th. The real estate investment trust reported $2.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.42 by $0.29. The firm had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.22 billion. Public Storage had a return on equity of 37.78% and a net margin of 39.16%.The company’s quarterly revenue was down .1% compared to the same quarter last year. During the same period in the previous year, the firm posted $4.12 EPS. Equities analysts expect that Public Storage will post 16.94 earnings per share for the current fiscal year.
Public Storage Dividend Announcement The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were given a $3.00 dividend. This represents a $12.00 annualized dividend and a dividend yield of 3.6%. The ex-dividend date was Monday, June 15th. Public Storage’s dividend payout ratio is currently 123.84%.
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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Bank of Nova Scotia lifted its position in shares of Public Storage (NYSE:PSA – Free Report) by 14.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 37,245 shares of the real estate investment trust’s stock after buying an additional 4,630 shares during the quarter. Bank of Nova Scotia’s holdings in Public Storage were worth $10,089,000 at the end of the most recent quarter.
Several other institutional investors have also recently made changes to their positions in PSA. Bayban purchased a new position in Public Storage during the 4th quarter valued at about $26,000. Harvest Fund Management Co. Ltd purchased a new position in Public Storage during the third quarter valued at approximately $27,000. Wealth Watch Advisors INC bought a new position in Public Storage in the third quarter worth approximately $34,000. Raiffeisen Bank International AG raised its stake in Public Storage by 35.2% in the fourth quarter. Raiffeisen Bank International AG now owns 142 shares of the real estate investment trust’s stock worth $37,000 after buying an additional 37 shares in the last quarter. Finally, Knuff & Co LLC purchased a new position in Public Storage in the fourth quarter valued at about $38,000. Hedge funds and other institutional investors own 78.79% of the company’s stock.
Insiders Place Their Bets In other Public Storage news, insider Nathaniel A. Vitan sold 950 shares of Public Storage stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $324.81, for a total transaction of $308,569.50. Following the completion of the transaction, the insider owned 1,414 shares in the company, valued at approximately $459,281.34. This trade represents a 40.19% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 11.10% of the company’s stock.
Wall Street Analyst Weigh In PSA has been the subject of a number of recent research reports. Raymond James Financial started coverage on shares of Public Storage in a report on Thursday, July 16th. They issued a “market perform” rating for the company. Weiss Ratings upgraded shares of Public Storage from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday, June 12th. Scotiabank lifted their price objective on shares of Public Storage from $342.00 to $345.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 8th. Barclays reiterated an “equal weight” rating and set a $349.00 price objective on shares of Public Storage in a research note on Friday, July 10th. Finally, JPMorgan Chase & Co. increased their target price on shares of Public Storage from $291.00 to $338.00 and gave the company a “neutral” rating in a research report on Thursday, June 11th. Seven investment analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $325.37.
Get Our Latest Research Report on PSA
Public Storage Trading Up 0.2% NYSE PSA opened at $323.05 on Monday. The company has a fifty day simple moving average of $315.35 and a two-hundred day simple moving average of $300.14. Public Storage has a 12-month low of $256.54 and a 12-month high of $331.79. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 2.02. The stock has a market cap of $56.71 billion, a P/E ratio of 33.34, a P/E/G ratio of 4.34 and a beta of 0.96.
Public Storage (NYSE:PSA – Get Free Report) last posted its quarterly earnings results on Monday, April 27th. The real estate investment trust reported $2.71 earnings per share for the quarter, beating the consensus estimate of $2.42 by $0.29. Public Storage had a return on equity of 37.78% and a net margin of 39.16%.The business had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.22 billion. During the same quarter in the previous year, the business earned $4.12 EPS. The company’s quarterly revenue was down .1% compared to the same quarter last year. On average, analysts forecast that Public Storage will post 16.94 earnings per share for the current year.
Public Storage Announces Dividend The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were paid a $3.00 dividend. The ex-dividend date was Monday, June 15th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.7%. Public Storage’s dividend payout ratio is presently 123.84%.
Public Storage 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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Cetera Investment Advisers grew its stake in Public Storage (NYSE:PSA – Free Report) by 21.3% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 86,334 shares of the real estate investment trust’s stock after purchasing an additional 15,134 shares during the period. Cetera Investment Advisers’ holdings in Public Storage were worth $23,386,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Prestige Wealth Management Group LLC boosted its position in Public Storage by 2,925.3% in the first quarter. Prestige Wealth Management Group LLC now owns 2,269 shares of the real estate investment trust’s stock valued at $615,000 after buying an additional 2,194 shares in the last quarter. Lasalle Investment Management Securities LLC increased its holdings in shares of Public Storage by 1.0% during the first quarter. Lasalle Investment Management Securities LLC now owns 484,663 shares of the real estate investment trust’s stock worth $131,286,000 after buying an additional 4,670 shares in the last quarter. ABN Amro Investment Solutions lifted its stake in shares of Public Storage by 10.7% in the 1st quarter. ABN Amro Investment Solutions now owns 8,623 shares of the real estate investment trust’s stock valued at $2,336,000 after acquiring an additional 836 shares during the last quarter. Cassaday & Co Wealth Management LLC bought a new position in shares of Public Storage in the 1st quarter valued at $76,000. Finally, Johnson Financial Group Inc. boosted its holdings in shares of Public Storage by 12.9% during the 1st quarter. Johnson Financial Group Inc. now owns 7,639 shares of the real estate investment trust’s stock valued at $2,069,000 after acquiring an additional 873 shares in the last quarter. 78.79% of the stock is owned by institutional investors.
Analyst Ratings Changes A number of equities research analysts recently weighed in on PSA shares. JPMorgan Chase & Co. boosted their price objective on Public Storage from $291.00 to $338.00 and gave the stock a “neutral” rating in a research report on Thursday, June 11th. BNP Paribas Exane increased their target price on Public Storage from $331.00 to $335.00 and gave the company an “outperform” rating in a research report on Friday, May 22nd. Royal Bank Of Canada lifted their price target on Public Storage from $301.00 to $305.00 and gave the company a “sector perform” rating in a research note on Wednesday, April 29th. Truist Financial boosted their price target on Public Storage from $302.00 to $338.00 and gave the stock a “buy” rating in a report on Tuesday, June 23rd. Finally, The Goldman Sachs Group reaffirmed a “buy” rating and issued a $341.00 price objective on shares of Public Storage in a research note on Wednesday, April 29th. Seven investment analysts have rated the stock with a Buy rating and fourteen have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $325.37.
Read Our Latest Stock Report on PSA
Public Storage Stock Performance Shares of Public Storage stock opened at $323.05 on Monday. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 2.02. Public Storage has a twelve month low of $256.54 and a twelve month high of $331.79. The stock has a market cap of $56.71 billion, a price-to-earnings ratio of 33.34, a P/E/G ratio of 4.34 and a beta of 0.96. The company’s fifty day moving average is $315.35 and its 200 day moving average is $300.14.
Public Storage (NYSE:PSA – Get Free Report) last posted its quarterly earnings data on Monday, April 27th. The real estate investment trust reported $2.71 earnings per share for the quarter, beating analysts’ consensus estimates of $2.42 by $0.29. The business had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.22 billion. Public Storage had a return on equity of 37.78% and a net margin of 39.16%.Public Storage’s quarterly revenue was down .1% on a year-over-year basis. During the same period in the prior year, the business posted $4.12 earnings per share. Sell-side analysts forecast that Public Storage will post 16.94 EPS for the current year.
Public Storage Dividend Announcement The business also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were paid a $3.00 dividend. The ex-dividend date of this dividend was Monday, June 15th. This represents a $12.00 annualized dividend and a dividend yield of 3.7%. Public Storage’s dividend payout ratio is presently 123.84%.
Insider Buying and Selling at Public Storage In other news, insider Nathaniel A. Vitan sold 950 shares of the firm’s stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $324.81, for a total transaction of $308,569.50. Following the completion of the transaction, the insider directly owned 1,414 shares in the company, valued at $459,281.34. This trade represents a 40.19% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 11.10% of the company’s stock.
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.
Read More Five stocks we like better than Public Storage RTX and Lockheed Earnings: Can Strong Guidance Reset the Defense Trade? These 4 Earnings Reports Expose the Market’s Growing Economic Divide Broadcom May Be the Biggest Winner From Alphabet’s Earnings Volatility Is Back and These 3 Market Tollbooths Are Best Positioned to Profit Want to see what other hedge funds are holding PSA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Public Storage (NYSE:PSA – Free Report).
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Investors with an interest in REIT and Equity Trust - Other stocks have likely encountered both Ryman Hospitality Properties (RHP - Free Report) and Public Storage (PSA - Free Report) . But which of these two stocks presents investors with the better value opportunity right now? Let's take a closer look.
There are plenty of strategies for discovering value stocks, but we have found that pairing a strong Zacks Rank with an impressive grade in the Value category of our Style Scores system produces the best returns. The Zacks Rank favors stocks with strong earnings estimate revision trends, and our Style Scores highlight companies with specific traits.
Ryman Hospitality Properties has a Zacks Rank of #2 (Buy), while Public Storage has a Zacks Rank of #3 (Hold) right now. This means that RHP's earnings estimate revision activity has been more impressive, so investors should feel comfortable with its improving analyst outlook. But this is just one factor that value investors are interested in.
Value investors are also interested in a number of tried-and-true valuation metrics that help show when a company is undervalued at its current share price levels.
Our Value category highlights undervalued companies by looking at a variety of key metrics, including the popular P/E ratio, as well as the P/S ratio, earnings yield, cash flow per share, and a variety of other fundamentals that have been used by value investors for years.
RHP currently has a forward P/E ratio of 14.26, while PSA has a forward P/E of 18.60. We also note that RHP has a PEG ratio of 2.32. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. PSA currently has a PEG ratio of 4.24.
Another notable valuation metric for RHP is its P/B ratio of 10.55. Investors use the P/B ratio to look at a stock's market value versus its book value, which is defined as total assets minus total liabilities. By comparison, PSA has a P/B of 11.13.
Based on these metrics and many more, RHP holds a Value grade of B, while PSA has a Value grade of D.
RHP stands above PSA thanks to its solid earnings outlook, and based on these valuation figures, we also feel that RHP is the superior value option right now.
The upcoming report from Public Storage (PSA - Free Report) is expected to reveal quarterly earnings of $4.25 per share, indicating a decline of 0.7% compared to the year-ago period. Analysts forecast revenues of $1.21 billion, representing an increase of 1% year over year.
The current level reflects a downward revision of 0.7% in the consensus EPS estimate for the quarter over the past 30 days. This demonstrates how the analysts covering the stock have collectively reappraised their initial projections over this period.
Prior to a company's earnings release, it is of utmost importance to factor in any revisions made to the earnings projections. These revisions serve as a critical gauge for predicting potential investor behaviors with respect to the stock. Empirical studies consistently reveal a strong link between trends in earnings estimate revisions and the short-term price performance of a stock.
While investors usually depend on consensus earnings and revenue estimates to assess the business performance for the quarter, delving into analysts' forecasts for certain key metrics often provides a more comprehensive understanding.
In light of this perspective, let's dive into the average estimates of certain Public Storage metrics that are commonly tracked and forecasted by Wall Street analysts.
Based on the collective assessment of analysts, 'Revenues- Self-storage facilities' should arrive at $1.14 billion. The estimate indicates a change of +1.8% from the prior-year quarter.
Analysts expect 'Revenues- Ancillary operations' to come in at $90.75 million. The estimate indicates a year-over-year change of +10.1%.
The average prediction of analysts places 'Square foot occupancy' at 92.4%. Compared to the present estimate, the company reported 92.2% in the same quarter last year.
According to the collective judgment of analysts, 'Depreciation and amortization' should come in at $293.81 million.
View all Key Company Metrics for Public Storage here>>>
Shares of Public Storage have experienced a change of -1.8% in the past month compared to the +0.6% move of the Zacks S&P 500 composite. With a Zacks Rank #3 (Hold), PSA is expected to mirror the overall market performance in the near future. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .
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.
FRISCO, Texas--(BUSINESS WIRE)--Public Storage (NYSE: PSA, the “Company”), the leading owner and operator of self-storage facilities, today announced that it has completed the acquisition of National Storage Affiliates Trust (“NSA”). The transaction enhances Public Storage's leadership as a premier global self-storage platform, with over 4,500 properties spanning 327 million rentable square feet across the United States, a significant and long-standing presence in Europe with Shurgard, and an a.
On July 16, 2026, Public Storage (PSA) shares rose 3.1% to a current price of $324.50. The stock is currently trading within a 52-week range of $256.54 to $331.
On July 15, 2026, we present a DCF analysis for Public Storage (PSA), a company currently trading at $318.93. The stock has shown a year-to-date increase of 25.
FRISCO, Texas--(BUSINESS WIRE)--Public Storage (NYSE: PSA) announced today that National Storage Affiliates Trust (“NSA”) common shareholders voted to approve Public Storage’s proposed acquisition of NSA at a special meeting of NSA’s shareholders held earlier on July 14, 2026. The final voting results will be reported as part of a Form 8-K to be filed by NSA with the U.S. Securities and Exchange Commission.
Having previously secured approval for the transaction from holders of a majority of the NSA operating partnership units (excluding those NSA operating partnership units held, directly or indirectly, by NSA or any of its subsidiaries), the parties have now obtained the required approvals from NSA equity holders that are conditions to the completion of the transaction.
Public Storage expects the transaction to close on July 22, 2026, subject to the satisfaction of customary closing conditions.
Goldman Sachs & Co. LLC, Wells Fargo, and Eastdil Secured are serving as financial advisors, Wachtell, Lipton, Rosen & Katz is serving as legal advisor, DLA Piper is serving as real estate financing counsel, and Kekst CNC is serving as strategic communications advisor to Public Storage.
Morgan Stanley & Co. LLC is acting as exclusive financial advisor, Clifford Chance US LLP is serving as legal advisor, and Joele Frank, Wilkinson Brimmer Katcher is serving as strategic communications advisor to NSA.
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.
This communication contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and in Section 21E of the Securities Exchange Act of 1934, as amended, which are based on current expectations, estimates and projections about the industry and markets in which National Storage Affiliates Trust (“NSA”) and Public Storage operate, as well as beliefs and assumptions of NSA and Public Storage. Words such as “anticipate,” “become,” “believe,” “could,” “estimate,” “expect,” “forecast,” “intend,” “may,” “outlook,” “plan,” “potential,” “possible,” “predict,” “project,” “target,” “seek,” “shall,” “should,” “will,” or “would,” including variations of such words and similar expressions, are intended to identify forward-looking statements. All statements that address operating performance, events or developments that NSA or Public Storage expects or anticipates will occur in the future are forward-looking statements, including statements relating to any possible transaction between NSA and Public Storage, rent and occupancy growth, acquisition and development activity, acquisition and disposition activity, general conditions in the geographic areas where NSA and Public Storage operate, NSA’s and Public Storage’s respective debt, capital structure and financial position and NSA’s and Public Storage’s respective ability to form new ventures. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other factors that are difficult to predict and may cause the actual results to differ materially from future results expressed or implied by such forward-looking statements.
Important factors, risks and uncertainties that could cause actual results to differ materially from such plans, estimates or expectations include but are not limited to: (i) the parties’ ability to complete the proposed transaction on the proposed terms or on the anticipated timeline, or at all, including risks and uncertainties related to the parties’ ability to satisfy the conditions to consummating the proposed transaction; (ii) the inability to realize the anticipated benefits of the proposed transaction, including as a result of delay in completing the proposed transaction; (iii) the risk that NSA’s business will not be integrated successfully with Public Storage’s or that such integration may be more difficult, time-consuming or costly than expected; (iv) significant transaction costs and/or unknown or inestimable liabilities; (v) potential litigation relating to the proposed transaction that could be instituted against NSA or its trustees, managers or officers, including resulting expense or delay and the effects of any outcomes related thereto; (vi) the risk that disruptions from the proposed transaction, including diverting the attention of NSA and Public Storage management from ongoing business operations, will harm NSA’s and Public Storage’s businesses during the pendency of the proposed transaction or otherwise; (vii) certain restrictions during the pendency of the business combination that may impact NSA’s and Public Storage’s ability to pursue certain business opportunities or strategic transactions; (viii) the possibility that the business combination may be more expensive to complete than anticipated, including as a result of unexpected factors or events; (ix) the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement, including in circumstances requiring NSA to pay a termination fee; (x) the effect of the announcement of the proposed transaction on the ability of NSA and Public Storage to operate their respective businesses and retain and hire key personnel, and to maintain favorable business relationships; (xi) risks related to the market value of Public Storage common stock to be issued in the proposed transaction; (xii) other risks related to the completion of the proposed transaction and actions related thereto; (xiii) potential business uncertainty, including changes to existing business relationships, during the pendency of the business combination or otherwise that could affect NSA’s or Public Storage’s financial performance; (xiv) legislative, regulatory and economic developments; (xv) unpredictability and severity of local, regional, national and international economic, political and catastrophic climates, conditions and events, including but not limited to acts of terrorism, outbreaks of war or hostilities or pandemics, as well as management’s response to any of the aforementioned factors; (xvi) changes in global financial markets, interest rates and foreign currency exchange rates; (xvii) increased or unanticipated competition affecting NSA’s or Public Storage’s properties; (xviii) risks associated with acquisitions, dispositions and development of properties, including increased development costs due to additional regulatory requirements related to climate change; (xix) maintenance of Real Estate Investment Trust status, tax structuring and changes in income tax laws and rates; (xx) risks related to NSA’s and Public Storage’s investments in ventures, including NSA’s and Public Storage’s respective abilities to establish new ventures; (xxi) environmental uncertainties, including risks of natural disasters; (xxii) those risks and uncertainties set forth in NSA’s and Public Storage’s Annual Reports on Form 10-K for the year ended December 31, 2025 under the headings “Forward-Looking Statements” and “Cautionary Statement Regarding Forward-Looking Statements,” respectively, and “Risk Factors,” as such risk factors may be amended, supplemented or superseded from time to time by other reports filed by NSA or Public Storage, as the case may be, with the Securities and Exchange Commission (the “SEC”) from time to time, which are available via the SEC’s website at www.sec.gov; and (xxiii) those risks that are described in the Registration Statement and Proxy Statement/Prospectus that were filed with the SEC in connection with the proposed transaction and available from the sources indicated below. There can be no assurance that the proposed transaction will be completed, or if it is completed, that it will close within the anticipated time period. These factors should not be construed as exhaustive and should be read in conjunction with the other forward-looking statements. Forward-looking statements relate only to events as of the date on which the statements are made. Neither NSA nor Public Storage undertakes 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. If one or more of these or other risks or uncertainties materialize, or if NSA’s and Public Storage’s underlying assumptions prove to be incorrect, NSA’s, Public Storage’s and the combined company’s actual results may vary materially from what NSA or Public Storage may have expressed or implied by these forward-looking statements. NSA and Public Storage caution not to place undue reliance on any of NSA’s or Public Storage’s forward-looking statements. Furthermore, new risks and uncertainties arise from time to time, and it is impossible for us to predict those events or how they may affect NSA or Public Storage.
FRISCO, Texas--(BUSINESS WIRE)--Public Storage (NYSE:PSA, the “Company”) announced today that the Company's subsidiary, Public Storage Operating Company (“PSOC”), has priced a public offering of $900 million aggregate principal amount of fixed-rate senior notes (the “Notes”). The Notes will be guaranteed by the Company. The Notes will be issued in two tranches with a weighted average effective interest rate of 4.855%, inclusive of the impact of the interest rate swaps noted below. The first tra.
FRISCO, Texas--(BUSINESS WIRE)--Public Storage (NYSE:PSA) announced today it intends to release its second quarter 2026 earnings results after the market close on Wednesday, July 29, 2026. A conference call is scheduled for Thursday, July 30, 2026, at 11:00 a.m. (CT) to discuss these results. Live conference call Domestic dial-in number: (877) 407-9039 International dial-in number: (201) 689-8470 Webcast: Event Calendar Conference call replay Domestic dial-in number: (844) 512-2921 Intern.
Public Storage demonstrates sector-leading scale, strong margins, and a fortress A-rated balance sheet in the self-storage REIT space. Recent results show stabilizing fundamentals: improved occupancy, lower churn, and better-than-expected move-in rents, supporting same-store NOI amidst normalization. The pending National Storage Affiliates acquisition is set to deepen Sunbelt exposure, deliver $120M in cost synergies, and drive 2–3% FFO/share accretion by year 3.
FRISCO, Texas--(BUSINESS WIRE)--Public Storage (NYSE:PSA) announced today the release of its 2026 Sustainability Report. The report highlights the Company's continued dedication to sustainability, and details how its engaged and talented team, innovative and efficient operations, and disciplined financial strategy support long-term resilience, growth, and value creation. Our continuous focus on advancing sustainability initiatives goes hand-in-hand with enhancing the next era of leadership and.
Key Takeaways PSA expanded its unsecured revolving credit facility to $3B, maturing in June 2030.PSA added a $500M delayed draw term loan and launched a $1B commercial paper program.PSA gains liquidity, lower borrowing costs and flexibility to support future growth initiatives. Public Storage Inc. (PSA - Free Report) has strengthened its financial flexibility through a series of financing initiatives. The company has increased its unsecured revolving credit facility to $3 billion, replacing the current $1.5 billion arrangement, which was scheduled to mature on June 1, 2027. The new revolver allows borrowings in U.S. dollars and certain foreign currencies, maturing on June 25, 2030, with an extension option through June 25, 2031.
The credit facility also includes an option to increase the total commitments by an additional $2 billion, subject to obtaining lender commitments. The arrangement lowers the current interest by 15 basis points, bearing at SOFR plus 0.650% based on the company’s current credit ratings.
PSA also closed a delayed draw term loan facility amounting to $500 million and established an unsecured commercial paper program for $1 billion. The term loan facility carries a caveat to be drawn in up to four advances through Dec. 22, 2026, maturing on June 25, 2031, bearing interest at SOFR plus 0.700% based on the company’s current credit ratings. The commercial paper notes issued under the commercial paper program are fully and unconditionally guaranteed by PSA.
The spread applicable to both the revolver and term loan facility is subject to change based on Public Storage’s credit ratings.
Final Take on Public StorageThese financing arrangements highlight lender confidence in Public Storage’s financial strength and operating platform. The expanded credit facility, new term loan and commercial paper program provide the company with greater financial flexibility to support future growth initiatives.
With enhanced liquidity and lower borrowing costs, Public Storage is well-positioned to pursue value-accretive investment opportunities, strengthen its balance sheet and continue delivering long-term value to shareholders.
Over the past three months, shares of this Zacks Rank #3 (Hold) company have gained 20.6% compared with the industry’s growth of 12.4%.
Image Source: Zacks Investment Research
Stocks to ConsiderSome better-ranked stocks from the broader REIT sector are Lamar Advertising (LAMR - Free Report) and Cousins Properties (CUZ - Free Report) , each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for LAMR’s 2026 FFO per share has been revised upward 2.2% to $8.81 over the past two months.
The consensus estimate for CUZ’s 2026 FFO per share has been raised by a cent over the past week to $2.94.
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.
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.
, /PRNewswire/ -- Former Attorney General of Louisiana Charles C. Foti, Jr., Esq. and the law firm of Kahn Swick & Foti, LLC ("KSF") are investigating the proposed sale of National Storage Affiliates Trust (NYSE: NSA) to Public Storage (NYSE: PSA). Under the terms of the proposed transaction, shareholders of National will receive 0.14 of a share of Public Storage common stock or partnership units for each share or unit of National that they own. KSF is seeking to determine whether this consideration and the process that led to it are adequate, or whether the consideration undervalues the Company.
If you believe that this transaction undervalues the Company and/or if you would like to discuss your legal rights regarding the proposed sale, you may, without obligation or cost to you, e-mail or call KSF Managing Partner Lewis S. Kahn ([email protected]) toll free at any time at 855-768-1857, or visit https://www.ksfcounsel.com/cases/nyse-nsa/ to learn more.
To learn more about KSF, whose partners include the Former Louisiana Attorney General, visit www.ksfcounsel.com.
Kahn Swick & Foti, LLC
1100 Poydras St., Suite 960
New Orleans, LA 70163
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.
Key Takeaways Public Storage plans a $1.2B acquisition of Public Storage Canada, entering major Canadian markets.The 68-property portfolio has 5.3M square feet and first-quarter 2026 occupancy of 83.1%.PSA expects a high-5% NOI yield and potential double-digit internal rates of return over time. Public Storage (PSA - Free Report) is taking a major step beyond its core U.S. footprint with a planned $1.2 billion acquisition of Public Storage Canada. The deal gives PSA an immediate presence in several major Canadian markets, including Toronto, Vancouver, Montreal, Calgary and Ottawa, instead of building that network one property at a time.
The move is expected to benefit Public Storage by adding a well-known self-storage brand in markets with strong population growth, high household incomes and relatively lower storage supply than the United States. The portfolio includes 68 properties and 5.3 million net rentable square feet, with first-quarter 2026 occupancy of 83.1%, leaving room for better pricing and operations over time.
Public Storage expects the acquisition to deliver a going-in NOI yield in the high-5% range and potential double-digit internal rates of return over the long run. The company also plans to use its PS Next operating platform to improve revenue management, control costs, enhance customer experience and grow tenant reinsurance income.
The consideration will comprise $889 million in Public Storage OP units and $310 million in cash, subject to adjustments. Sellers may also receive up to $288 million in additional OP units if certain NOI performance targets are met.
The Canada deal comes as Public Storage is already pursuing another large transaction. Its pending acquisition of National Storage Affiliates Trust is valued at about $10.5 billion. Together, these moves show a clear focus on scale and market reach. In first-quarter 2026, PSA reported core FFO of $4.22 per share, up 2.4% from a year earlier.
For investors, the key point is that Public Storage is not just buying assets; it is buying future growth channels. Canada gives PSA a solid platform in attractive urban markets, while the use of operating partnership units helps preserve balance sheet flexibility. However, the deal still needs to close, and execution will matter, but it adds another reason to watch Public Storage as a large, disciplined player in self-storage.
Over the past three months, shares of this Zacks Rank #3 (Hold) company have rallied 19.5%, outperforming the industry's growth of 10.2%.
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Stocks to ConsiderSome better-ranked stocks from the broader REIT sector are Equinix, Inc. (EQIX - Free Report) and Prologis, Inc. (PLD - Free Report) , each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for Equinix’s 2026 FFO per share is pinned at $42.93. This indicates projected year-over-year growth of 12%.
The Zacks Consensus Estimate for Prologis’ 2026 FFO per share is pegged at $6.18. This calls for year-over-year growth of 6.37%.
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.
Investors interested in stocks from the REIT and Equity Trust - Other sector have probably already heard of American Tower (AMT - Free Report) and Public Storage (PSA - Free Report) . But which of these two companies is the best option for those looking for undervalued stocks? Let's take a closer look.
There are plenty of strategies for discovering value stocks, but we have found that pairing a strong Zacks Rank with an impressive grade in the Value category of our Style Scores system produces the best returns. The proven Zacks Rank emphasizes companies with positive estimate revision trends, and our Style Scores highlight stocks with specific traits.
American Tower and Public Storage are sporting Zacks Ranks of #2 (Buy) and #3 (Hold), respectively, right now. The Zacks Rank favors stocks that have recently seen positive revisions to their earnings estimates, so investors should rest assured that AMT has an improving earnings outlook. But this is just one factor that value investors are interested in.
Value investors also try to analyze a wide range of traditional figures and metrics to help determine whether a company is undervalued at its current share price levels.
The Style Score Value grade factors in a variety of key fundamental metrics, including the popular P/E ratio, P/S ratio, earnings yield, cash flow per share, and a number of other key stats that are commonly used by value investors.
AMT currently has a forward P/E ratio of 17.10, while PSA has a forward P/E of 19.23. We also note that AMT has a PEG ratio of 0.76. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. PSA currently has a PEG ratio of 4.43.
Another notable valuation metric for AMT is its P/B ratio of 8.59. The P/B ratio pits a stock's market value against its book value, which is defined as total assets minus total liabilities. For comparison, PSA has a P/B of 11.51.
Based on these metrics and many more, AMT holds a Value grade of B, while PSA has a Value grade of D.
AMT stands above PSA thanks to its solid earnings outlook, and based on these valuation figures, we also feel that AMT is the superior value option right now.
Public Storage (PSA - Free Report) reported $1.22 billion in revenue for the quarter ended March 2026, representing a year-over-year increase of 2.9%. EPS of $4.22 for the same period compares to $2.04 a year ago.
The reported revenue represents a surprise of +0.97% over the Zacks Consensus Estimate of $1.21 billion. With the consensus EPS estimate being $4.13, the EPS surprise was +2.16%.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how Public Storage performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Square foot occupancy: 91.3% compared to the 92% average estimate based on two analysts.Revenues- Self-storage facilities: $1.13 billion versus the three-analyst average estimate of $1.12 billion. The reported number represents a year-over-year change of +2.3%.Revenues- Ancillary operations: $89.62 million versus the two-analyst average estimate of $85.7 million. The reported number represents a year-over-year change of +11.8%.Net Earnings Per Share (Diluted): $2.71 versus the three-analyst average estimate of $2.42.View all Key Company Metrics for Public Storage here>>>
Shares of Public Storage have returned +15.9% over the past month versus the Zacks S&P 500 composite's +9.3% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
Public Storage is rated Hold, reflecting balanced risk-reward as macro headwinds and Iran-driven risks weigh on near-term valuation. PSA maintains strong financials and is acquiring National Storage in a $10.5B all-stock deal to drive long-term synergies. Guidance anticipates flat to slightly negative Core FFO and NOI in 2026, with higher interest expenses and ongoing macroeconomic pressures impacting near-term results.
Key Takeaways Public Storage Q1 2026 core FFO of $4.22/share and revenues of $1.22B both topped estimates.PSA's non-same-store pool grew revenues 24.8% and NOI 27.5%; $70M incremental NOI expected beyond 2026.PSA targets an all-stock National Storage Affiliates deal expected to close in Q3 2026. Public Storage (PSA - Free Report) reported first-quarter 2026 core funds from operations (FFO) per share of $4.22, topping the Zacks Consensus Estimate of $4.13 by 2.2%. Core FFO per share increased 2.4% year over year.
Quarterly revenues came in at $1.22 billion, above the Zacks Consensus Estimate of $1.21 billion by 1% and up 2.9% from the year-ago quarter.
Weighted average same-store occupancy of 91.5% provided a steady operating base as lease-up assets added incremental growth.
Public Storage’s Same-Store Trends StabilizeSame-store revenues were essentially flat at $1.0 billion versus a year ago, reflecting modest pricing pressure offset by steadier move-in trends. Realized annual rental income per occupied square foot edged down 0.3% to $22.00, while the realized annual rental income per available square foot rose 0.1% to $20.12. Average same-store occupancy improved 0.4 percentage points to 91.5%, supporting cash-flow stability against a shifting demand backdrop.
Same-store net operating income increased 0.4% to $739.4 million. The same-store net operating income margin expanded 0.4 percentage points to 77.1%, aided by lower direct operating costs.
PSA's Lease-Up Pool Adds MomentumBeyond the same-store base, Public Storage continues to benefit from properties in various stages of acquisition, development and expansion. The company ended the quarter with 421 primarily non-same-store facilities totaling 37.7 million rentable square feet, representing about 16.4% of U.S. consolidated net rentable square feet.
This non-same-store pool generated $127.3 million of revenues, up 24.8% year over year, while NOI climbed 27.5% to $83.0 million. Management also quantified future upside, pointing to $70.0 million of incremental non-same-store NOI expected at stabilization beyond 2026.
Public Storage's Investment Activity Stays ActivePublic Storage completed targeted portfolio actions during the quarter while maintaining a sizable development pipeline. The company acquired three self-storage facilities (0.2 million net rentable square feet) for $20.8 million and completed three development and expansion projects that added 0.3 million net rentable square feet at a cost of $45.4 million.
At quarter end, it had 40 development and expansion projects in the pipeline expected to deliver 3.5 million net rentable square feet at an aggregate estimated cost of $618.4 million. The remaining $415.7 million of spend is expected to be incurred primarily over the next 18 to 24 months.
PSA's Ancillary Income & Other Quarterly TidbitsAncillary operations remained a meaningful contributor to top-line growth. Ancillary revenues increased to $89.6 million from $80.2 million in the year-ago quarter, led by tenant reinsurance premiums of $66.5 million and higher third-party property management revenues of $16.9 million. Ancillary net operating income rose to $55.4 million from $49.5 million.
General and administrative expenses jumped to $30.4 million from $25.2 million, while interest expense climbed to $80.0 million from $72.0 million. Real estate acquisition and development expense declined to $2.4 million from $7.4 million, partially offsetting the year-over-year increase across other cost categories.
Public Storage's Balance Sheet Remains ConservativePublic Storage exited the quarter with a strong liquidity position of $1.9 billion. The weighted average interest rate on total debt was approximately 3.3%, with a weighted average maturity of about 6.4 years, reflecting a well-structured debt ladder. Total indebtedness as of March 31, 2026 was $10.1 billion.
Leverage remained modest for the sector, with debt to EBITDA at 2.9X, and net debt and preferred equity to EBITDA at 4.1X. Subsequent to quarter end, Public Storage completed a $500 million senior notes offering at a fixed rate of 5% due Dec. 15, 2035, extending its maturity profile. PSA used a portion of the proceeds to repay the $325 million balance on its line of credit.
PSA Reaffirms 2026 Core FFO Outlook as NSA Deal NearsFor full-year 2026, PSA reiterated its core FFO per share guidance range of $16.35-$17.00. The Zacks Consensus Estimate is currently pegged at $16.95, which is toward the high end of the company’s guided range.
The company reiterated its full-year assumptions, including 2.2% decline-to-flat same-store revenue growth, a 1.5%-2.8% same-store expense increase and a fall of 3.9% to 0.5% in same-store NOI, reflecting a cautious view on the stabilized base. At the same time, management expects growth contributions from non-same-store assets, projecting $335 million to $355 million of non-same-store NOI and $222 million to $228 million of ancillary NOI.
Strategically, PSA is pursuing an all-stock acquisition of National Storage Affiliates Trust valued at an enterprise value of about $10.5 billion. The company expects the merger to add 35 to 50 cents to core FFO per share at stabilization and anticipates closing in the third quarter of 2026. The company also entered a strategic data science partnership with Welltower to advance the application of AI in capital allocation, while leadership changes took effect April 1, 2026, with Tom Boyle appointed CEO and Shank Mitra named chairman.
PSA’s Zacks RankPublic Storage currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Upcoming Earnings ReleasesWe now look forward to the earnings releases of other REITs — Extra Space Storage Inc. (EXR - Free Report) and Regency Centers Corporation (REG - Free Report) — which are slated to report on April 28 and 29, respectively.
The Zacks Consensus Estimate for Extra Space Storage’s first-quarter 2026 FFO per share stands at $2.01, indicating a marginal increase year over year. EXR currently has a Zacks Rank #3.
The Zacks Consensus Estimate for Regency Centers’ first-quarter 2025 FFO per share stands at $1.21, implying a 5.2% jump year over year. EXR currently has a Zacks Rank #3.
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.
