Public Storage (PSA) Form 10-Q — Oct 26, 2026
Public Storage's Q3 2026 10-Q shows total revenues of $1.37 billion, up 10.1% year-over-year, driven largely by the NSA acquisition completed July 22, 2026 and the $934 million PS Canada acquisition completed September 1, 2026. Same-store revenue grew just 0.5% with NOI up 0.5%, while acquired-facility NOI jumped 148%. Despite top-line growth, net income allocable to common shareholders fell 32.3% to $312.3 million ($1.69 diluted EPS vs $2.62), and Q3 FFO per share dropped 12.0% to $3.81, weighed down by $114.6 million of transaction and integration expense, a $122.3 million increase in depreciation, and higher interest expense.
Key figures
- Eps
- 1.69
- Revenue
- 1366190000
- Net Income
- 378348000
- Total Debt
- 12094254000
- Revenue Yoy
- 10.1% (Q3); 4.8% (nine months: $3.82B vs $3.61B)
- Shares Outstanding
- 186843449
- Nsa goodwill
- 451500000
- Q3 ffo per share
- 3.81
- Total facilities
- 4,347 self-storage facilities (3,772 wholly-owned, 575 JV)
- Q3 2025 diluted eps
- 2.62
- Same store occupancy
- 92.2% (+0.3%)
- Dividend per share q3
- 3
- Q3 core ffo per share
- 4.34
- Nine month diluted eps
- 6.92
- Nine month ffo per share
- 12.39
- Ps canada purchase price
- 934427000
- Same store noi growth q3
- 0.5%
- Q3 ffo per share yoy change
- -12.0%
- Same store revenue growth q3
- 0.5%
- Cash acquisitions nine months
- 1862709000
- Nsa acquisition consideration
- $3.49B common shares + $1.22B OP units + preferred shares
- Q3 core ffo per share yoy change
- +0.7%
- Transaction integration expense q3
- 114642000
- Nine month ffo per share yoy change
- +7.9%
AI analysis
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