Public Storage reported second quarter revenue of $1.233 billion, roughly in line with the $1.23 billion consensus estimate. The company posted Core Funds from Operations (FFO) of $4.17 per share, missing the analyst expectation of $4.25.

Key Highlights

  • Core FFO per share declined 2.6% year-over-year to $4.17, missing consensus estimates of $4.25.
  • Full-year 2026 Core FFO guidance was raised to a new range of $16.75 - $17.05 per share, up from the prior range of $16.35 - $17.00.
  • Same-store net operating income (NOI) fell 2.2% in the quarter, a significant miss compared to the pre-earnings expectation for 2.6% growth.
  • The company closed its merger with National Storage Affiliates (NSA) subsequent to quarter-end and entered into a US$1.2 billion agreement to acquire Public Storage Canada.