Public Storage lifts 2026 outlook as portfolio expands
PSA•Public Storage reported Q3 core FFO per share of $4.34, up 0.7% year over year, and raised its 2026 core FFO and same-store NOI guidance. Acquisitions of National Storage Affiliates and Public Storage Canada added more than 1,100 stores.
1. Quarterly results
Public Storage’s Q3 core FFO per share rose 0.7% year over year to $4.34.
2. Raised 2026 outlook
The company raised its 2026 core FFO per-share guidance to $16.90-$17.10 from $16.75-$17.05. It now expects same-store NOI growth of (0.8)% to 0.2% and non-same-store NOI of $355 million to $363 million, up from its prior forecast of $343 million to $357 million.
3. Portfolio and operating trends
Completed acquisitions of National Storage Affiliates and Public Storage Canada added more than 1,100 stores and advanced the company’s PS4.0 strategy. Public Storage cited lower customer churn, higher occupancy and strong move-in rates as contributing to improved same-store revenue growth. Non-same-store facilities recorded 90.8% revenue growth and 91.8% NOI growth in Q3.
