Recent Updates — PSA-PL

Public Storage reported third-quarter net income of $1.69 per share and Core Funds from Operations (Core FFO) of $4.34 per share, a 0.7% increase year-over-year. The company raised its full-year 2026 Core FFO guidance by $0.10 to the $16.90–$17.10 range and increased Same Store NOI outlook by 90 basis points following strong occupancy and move-in trends. During the quarter, Public Storage acquired 25 facilities for $258.4 million and completed major acquisitions of National Storage Affiliates and Public Storage Canada. The company also issued C$400 million in Canadian senior notes and $900 million in U.S. senior notes to fund growth. Public Storage is a REIT that primarily acquires, develops, owns, and operates self-storage facilities.

Public Storage reported second quarter 2026 results with net income per share of $2.55 and Core FFO per share of $4.17. The company raised its full-year 2026 guidance, increasing the midpoint for Core FFO per share to $16.90 from $16.68. Strategic activity included closing an all-stock merger with National Storage Affiliates Trust and entering a $1.2 billion agreement to acquire Public Storage Canada. Capital markets actions involved issuing $500 million in senior notes at 5.00% and establishing a new $3.0 billion revolving credit facility alongside a $1.0 billion commercial paper program. The company operates self-storage facilities.