Public Storage raises 2026 core FFO per-share outlook to $17.10
Key Facts
Public Storage raised its 2026 core funds from operations per-share outlook to a range of $16.90–$17.10, from $16.75–$17.05, lifting the midpoint by $0.10 to $17.00, according to an earnings summary published by Investing.com. The outlook revision followed a quarter that management described as operationally better than expected, although the company’s results missed analysts’ estimates cited by the same source. Quarterly revenue was $1.37 billion, up 11.6% from $1.22 billion a year earlier, but below consensus of $1.35 billion. This distinguishes the company’s assessment of its operating performance from the comparison with market revenue expectations. The company also raised its 2026 same-store net operating income growth outlook to a range from a 0.8% decline to 0.2% growth, from a previous forecast of a decline of 2.0% to 0.3%.
The revised same-store forecast reflects an improved expected trajectory, but leaves room for a contraction at the bottom of the range. In the third quarter, same-store revenue increased 0.5% to $1.02 billion, and same-store net operating income rose 0.5% to $768.8 million, according to Investing.com. Average occupancy was 92.2%, compared with 91.9% in the same period a year earlier. These indicators show modest improvement at existing properties, alongside a year-over-year increase in occupancy. Overall revenue growth of 11.6% coincided with the company completing two acquisitions during the year, placing portfolio expansion in the context of the consolidated results.
Chief Executive Tom Boyle said third-quarter performance “was better than expected and demonstrates the strength and scalability of our platform, as well as improving industry fundamentals.” The company tied its operating assessment to the strength and scalability of its platform, while same-store figures showed limited annual growth in revenue and net operating income. Average occupancy rose alongside that growth, from 91.9% to 92.2%. These indicators came alongside revenue missing analysts’ consensus, illustrating the different comparison points for the quarter. The company raised its annual same-store net operating income forecast, while keeping the range between a slight decline and limited growth.
Public Storage closed its acquisition of National Storage Affiliates on July 22, 2026, and of Public Storage Canada on September 1, 2026, for $1.2 billion, according to Investing.com. The company expects the National Storage Affiliates deal to generate annualized operating cost savings of $110 million to $130 million over three to four years. In addition to the two deals, the company acquired 25 self-storage facilities in the third quarter, comprising 1.7 million rentable square feet, for $258.4 million. These transactions expand the asset base the company operates, while the savings target is tied to integrating National Storage Affiliates over the coming years. Same-store growth remains a different measure from portfolio growth resulting from added facilities and acquisitions.
The company’s shares closed at $306.97 on October 26, according to EL7 data. After the results were announced, the stock rose 0.19% in after-hours trading on Monday, according to Investing.com. That move was limited to after-hours trading, while the daily closing price was at the level stated above. The company had scheduled its third-quarter earnings review call for October 27, 2026, at 11:00 a.m. Central Time. The call follows the higher core FFO outlook and revised same-store forecast, as the company continues to integrate its acquisitions and targets National Storage Affiliates savings over three to four years.