| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 27 | 28.3x | 17.8x | Bottom tier | |
Growth | 36 | 3.0% | 7.1% | Bottom tier | |
Quality | 71 | 11.4% | 4.5% | Top tier | |
Safety | 65 | 3.1x | 2.6x | Around median | |
Capital Return | 76 | 4.05% | 2.12% | Top tier | |
Momentum | 57 | 10.5% | 2.9% | Around median | |
Sentiment | 46 | 6 | 3 | Around median |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Public Storage is a real estate investment trust specializing in self-storage, with a revenue model based primarily on renting storage units and managing pricing and occupancy through the PSNext platform. The core business is supported by additional sources including tenant insurance, third-party property management covering more than 460 properties, a lending platform with an outstanding balance of $173 million, as well as acquisitions, development, and expansion. In Q2 FY2026, properties outside the same-store portfolio and ancillary businesses were the leading sources of growth, with net operating income for the former rising 22% and the latter growing 15%.
In Q2 FY2026, Public Storage reported revenue of $1.2 billion according to EDGAR data, while the earnings release provided a more precise figure of $1.23 billion, matching analysts' expectations. Net income was $500.0 million and earnings per share were $2.55, equivalent to an approximate net income margin of 42% based on the rounded EDGAR figures. For comparison, the company generated revenue of $4.8 billion, net income of $1.8 billion, and earnings per share of $9.01 in FY2025.
The operating details presented a more mixed picture than the net results: Core FFO was approximately $4.17 per share and declined year over year due to higher financing costs and general and administrative expenses, while same-store revenue fell 0.6% and same-store net operating income declined 2.2%. In contrast, occupancy increased 20 basis points to 92.5%, and new customer rents grew 1.6%, marking the first time since 2021 that both occupancy and move-in rents increased year over year. This combination reflects the current improvement's reliance on a recovery in the core business alongside growth in non-same-store properties and ancillary businesses.
The average analyst target is $328.44, within a relatively wide range of $305 to $350, against a neutral consensus, and the average is close to the upper end of the 52-week range of $335.55 compared with a low of $256.54. A price-to-earnings ratio is not available in the provided data, so PSA's valuation centers on the company's ability to achieve Core FFO of $16.75 to $17.05 per share in FY2026 and realize gains from NSA and Public Storage Canada, balanced against same-store contraction and continued weakness in Sun Belt markets.
Figures in the text are as of 2026-08-27; the live price is shown at the top of the page.
Public Storage reported revenue of $1.2 billion according to EDGAR, net income of $500.0 million, and earnings per share of $2.55. Core FFO was approximately $4.17 per share, but declined year over year due to higher financing costs and general and administrative expenses. Operationally, occupancy increased to 92.5% and move-in rents grew 1.6%, despite a 0.6% decline in same-store revenue and a 2.2% decline in same-store net operating income.
Public Storage closed the transaction on July 22, 2026 and transferred approximately 1,100 locations and 575 thousand units to its systems overnight. The company began operating the portfolio immediately, completing more than 1,500 reservations and converting 265 thousand autopay accounts on the first day. The integration teams identified approximately 14 thousand units that could be returned to service during the second half of FY2026, in addition to opportunities for expansion and improvements in revenue, expenses, and tenant insurance.
The transaction is valued at $1.2 billion and includes a portfolio concentrated in major Canadian markets such as Toronto and Vancouver, with 83% occupancy and a 65% net operating income margin. It was planned to be financed with approximately $900 million in operating partnership units and $300 million in Canadian debt, with management expecting it to close during Q3 FY2026. The partnership units allow an equivalent amount of the NSA transaction to be financed with Canadian debt costing more than 100 basis points less than assumed U.S. financing.
Automated analysis for informational purposes only — not investment advice.
Management described demand as stable, while new customer rents increased 1.6% in Q2 FY2026 after declining 2.4% in Q1. Move-in rent growth reached 4% in June 2026, and the positive trend continued in July 2026, with occupancy rising approximately 30 basis points year over year. However, the improvement remained uneven, as markets such as Minneapolis, Chicago, San Francisco, Boston, and Washington achieved same-store revenue growth of between 3% and 5%, while several Sun Belt markets remained negative.
The company raised its Core FFO forecast to a range of $16.75–$17.05 per share, with a midpoint of $16.90, an increase of $0.22 from the previous forecast. At the midpoint of the range, it expects same-store revenue to decline 0.2% and same-store net operating income to decline 1.1%, improvements of 90 and 110 basis points, respectively, from the previous guidance. The outlook also assumes occupancy will rise 30 basis points year over year and same-store revenue growth will turn positive in Q4 FY2026.
Same-store expenses increased 4.4% in Q2 FY2026, with pressure from property taxes and marketing, while payroll savings offset part of the impact. Sun Belt markets are still absorbing new supply, with net operating income declines of approximately 10% in Tampa and 6% in Atlanta standing out. Recently built assets with low occupancy and large integration transactions may also reduce Core FFO in the near term before reaching targeted stabilized occupancy and returns.
