Public Storage Q2 same-store revenue falls 0.6%; raises 2026 outlook
PSA•Drivers of the quarter
- Same-store weakness - Co said Q2 same-store revenue and net operating income declined due to lower realized annual rent per occupied square foot and higher operating expenses
- Acquisitions and expansion - Co completed NSA merger and agreed to acquire PS Canada, expanding portfolio and expecting future synergies and accretion to FFO
- Non-same store growth - Revenues and net operating income from non-same store facilities grew over 20% in Q2, reflecting impact of acquisitions and development activity
Key details and analyst coverage
| Metric | Actual |
|---|---|
| Q2 Revenue | $1.007 bln |
| Q2 EPS | $2.55 |
| Q2 Core FFO Per Share | $4.17 |
| Q2 FFO Per Share | $4.21 |
- The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 7 "strong buy" or "buy", 14 "hold" and no "sell" or "strong sell"
- The average consensus recommendation for the specialized REITs peer group is "buy"
- Wall Street's median 12-month price target for Public Storage is $338.00, about 2.6% above its July 29 closing price of $329.44
- The stock recently traded at 32 times the next 12-month earnings vs. a P/E of 27 three months ago
