Public Storage announced its financial results for the quarter ended September 30, 2026, and updated its outlook for the full year. The company reported net income of $1.69 per share for the third quarter of 2026, a decrease of 35.5% compared to the same period in 2025. However, Core Funds From Operations (Core FFO) per share increased by 0.7% year-over-year to $4.34.
For the nine months ended September 30, 2026, net income per share rose 7.8% to $6.92, while Core FFO per share increased by 0.2% to $12.74.
The company raised its guidance for 2026, citing strong year-to-date performance. The updated guidance projects Same Store Net Operating Income (NOI) growth of 0.9% and Core FFO per share of $16.90 to $17.05, an increase of $0.10 from the previous range.
Public Storage also completed two major acquisitions as part of its PS4.0 strategy. On July 22, 2026, the company acquired National Storage Affiliates (NSA) in an all-stock transaction, expanding its portfolio to over 4,500 locations. On September 1, 2026, the company acquired Public Storage Canada for $1.2 billion, including assumed debt, adding 68 properties with 5.3 million square feet. The company expects to generate approximately $110 million to $130 million in run-rate synergies from the NSA acquisition within the next three to four years.
In other business, the company acquired 25 self-storage facilities with 1.7 million net rentable square feet for $258.4 million during the quarter. Year-to-date, the company has acquired or is under contract to acquire 65 facilities with 4.7 million square feet for $713.2 million.
Regarding its balance sheet, Public Storage reported total indebtedness of $12.2 billion as of September 30, 2026. The company has approximately $4.1 billion in liquidity, consisting of cash, undrawn credit facility capacity, and expected retained cash flow over the next twelve months.
