Public Storage

Public Storage is a real estate investment trust (REIT) based in Frisco, Texas, and the largest owner and operator of self-storage facilities in the United States. Customers rent storage units, usually by the month. After it bought National Storage Affiliates (NSA) in July 2026, it operates more than 4,500 locations with more than 327 million square feet under the Public Storage brand.

On September 1, 2026, it also bought PS Canada, which owns 68 facilities in Canada. Public Storage also earns money from tenant insurance and storage products.

The market prices Public Storage for weak rent growth in self-storage. Same store revenue fell in the first half of 2026, because realized rent per occupied square foot fell while costs rose. In Q3 2026, same store revenue rose 0.5% and same store net operating income was flat. Public Storage raised its 2026 guidance for same store revenue to a range from flat to a 0.5% gain.

Public Storage also grows by purchase: it bought NSA in an all-stock deal and PS Canada for about $1.2 billion, which add debt, new shares and integration work. For the gap to close, same store revenue growth must rise in 2027. Public Storage must reach its raised 2026 Core FFO guidance of $16.90 to $17.10 per share. Its operating platform must also raise the margins of the NSA properties, as management expects, with $110 million to $130 million of yearly synergies within three to four years.

The Q4 2026 report and the 2027 outlook, expected in early 2027, are the next test. If these checks pass, the gap can close over the next four to six quarters. The main reason it may not close is a longer period of flat or falling rents.

1. Oct 26, 2026Passed

   Q3 2026 earnings: same store revenueSame store revenue near flat or better and Core FFO on track for the $16.75 to $17.05 guidance pass; a guidance cut fails.Outcome: Same store revenue rose 0.5%, Core FFO was $4.34 per share and Public Storage raised its 2026 Core FFO guidance to $16.90 to $17.10 per share.
2. Jan 26, 2027 · est.Pending

   Q4 2026 results and the 2027 outlookA 2027 outlook with same store revenue growth and a gain in Core FFO from NSA passes; an outlook for another year of falling same store revenue fails.

Every passed and failed checkpoint across all picks

• October 29, 2026Public Storage Operating Company, a subsidiary, sold $500 million of 5.600% senior notes due 2036, which Public Storage guarantees. The sale closed on November 6, 2026. Public Storage plans to use the money to repay commercial paper and part of the $650 million of 1.500% notes due in 2026.
• October 26, 2026Public Storage reported Q3 2026 results. Core FFO was $4.34 per share, up from $4.31. Same store revenue rose 0.5%, same store net operating income was flat and average occupancy was 92.2%. Net income fell to $1.69 per share, from $2.62, mostly because of $114.6 million of transaction and integration costs for NSA and PS Canada and higher depreciation. Public Storage raised its 2026 Core FFO guidance to $16.90 to $17.10 per share and its same store revenue guidance to flat to plus 0.5%.
• October 5, 2026Public Storage said that it will report Q3 2026 results after the market closes on October 26, 2026, with a conference call on October 27.

Last earnings

October 26, 2026 (8-K on sec.gov)

Next earnings

Expected about January 26, 2027. The company has not confirmed the date.

• 8-KOther company newsFiled November 9, 2026 · Read it on sec.gov
• 8-KNew material agreement and New debt or financial obligationFiled November 6, 2026 · Read it on sec.gov
• 8-KNew material agreementFiled October 30, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Sep 30, 2026Filed October 26, 2026 · psa-20260930
• 8-KEarnings releaseFiled October 26, 2026 · Press release and exhibits
• 8-KNew material agreement and New debt or financial obligationFiled September 16, 2026 · Read it on sec.gov
• 8-KInvestor disclosureFiled September 14, 2026 · psa-20260914
• 8-KNew material agreementFiled September 10, 2026 · Read it on sec.gov
• 8-KInvestor disclosure and Other company newsFiled September 1, 2026 · Read it on sec.gov
• 8-KChange of directors or officersFiled August 10, 2026 · Read it on sec.gov

Every filing on SEC EDGAR (CIK 1393311)

• Same store revenue fell in the first half of 2026 and rose only 0.5% in Q3 2026. If rents stay weak in 2027, same store revenue and net operating income can fall while costs rise.
• The NSA and PS Canada purchases add many properties, a joint venture and a new country. Transaction and integration costs were $114.6 million in Q3 2026. Integration problems or weaker results can make the deals add less to Core FFO than planned.
• Interest expense rose 29% in Q3 2026, to $102.5 million, because Public Storage added debt for its purchases. Higher interest rates make new debt more costly.

Public Storage funds itself mostly with unsecured notes, preferred shares and common equity. At September 30, 2026, notes payable were $11.99 billion and cash and equivalents were $560 million. Read more

Yield at the current rate

3.6% (current annual rate, at today’s price)

Dividend yield

3.6% (last 12 months, at today’s price of $335.73)

Paid per share

$12.00 in the last 12 months (4 payments)

Current annual rate

$12.00 ($3.00 × 4 a year)

Payout ratio

133% of the last fiscal year’s earnings (the year that ended December 31, 2025)

Latest ex-dividend date

September 15, 2026, $3.00 per share

Dividends per share by year

From 2020 to 2025, the dividend grew by about 8.4% a year. From 2015 to 2025, the dividend grew by about 6.3% a year.

One-off payments far above the usual dividend are left out of these numbers.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.