The Investor
27 Oct 2026, 09:51
Public Storage Edges 0.01% Higher Premarket as Q3 Core FFO Grows and 2026 Guidance Is Raised
Public Storage (NYSE: PSA) shares were nearly flat, up about 0.01% in premarket trading, after the company reported modest Core FFO growth and raised its full-year 2026 outlook.
Third-quarter Core FFO increased 0.7% year over year to $4.34 per share from $4.31. Net income fell 35.5% to $1.69 per share from $2.62, but management highlighted improving operating trends in churn, occupancy and move-in rates.
Public Storage also raised guidance after stronger year-to-date performance. Same-store NOI growth is now expected between -0.8% and 0.2%, improved from the prior range of -2.0% to -0.3%. Core FFO guidance was increased to $16.90-$17.10 per share from $16.75-$17.05.
Growth activity remained significant. The company completed the acquisitions of National Storage Affiliates and Public Storage Canada, adding more than 1,100 stores to its platform. Excluding those deals, it acquired 25 facilities for $258.4 million during the quarter.
The company also strengthened its financing position through equity and debt issuance, including about $399 million of expected proceeds from forward share-sale agreements and new U.S. and Canadian senior notes.
The essentially unchanged premarket move suggests investors are balancing the improved outlook and stronger operating trends against only modest Core FFO growth and the sharp year-over-year decline in reported net income.
Public Storage (NYSE: PSA) shares were nearly flat, up about 0.01% in premarket trading, after the company reported modest Core FFO growth and raised its full-year 2026 outlook.
Third-quarter Core FFO increased 0.7% year over year to $4.34 per share from $4.31. Net income fell 35.5% to $1.69 per share from $2.62, but management highlighted improving operating trends in churn, occupancy and move-in rates.
Public Storage also raised guidance after stronger year-to-date performance. Same-store NOI growth is now expected between -0.8% and 0.2%, improved from the prior range of -2.0% to -0.3%. Core FFO guidance was increased to $16.90-$17.10 per share from $16.75-$17.05.
Growth activity remained significant. The company completed the acquisitions of National Storage Affiliates and Public Storage Canada, adding more than 1,100 stores to its platform. Excluding those deals, it acquired 25 facilities for $258.4 million during the quarter.
The company also strengthened its financing position through equity and debt issuance, including about $399 million of expected proceeds from forward share-sale agreements and new U.S. and Canadian senior notes.
The essentially unchanged premarket move suggests investors are balancing the improved outlook and stronger operating trends against only modest Core FFO growth and the sharp year-over-year decline in reported net income.
