Public Storage's first quarter 2026 Core FFO of $4.22 beat estimates while the company announced a $10.5B acquisition.

Public Storage reported first-quarter 2026 total revenues of $1.22 billion and Core FFO of $4.22 per share, representing 2.4% year-over-year growth. The company reaffirmed its full-year 2026 guidance for Core FFO per share, with a range of $16.35 to $17.00.

Key Highlights

• The company announced a definitive agreement to acquire National Storage Affiliates Trust in an all-stock transaction with an enterprise value of approximately $10.5 billion.
• Same-store net operating income (NOI) grew by 0.4% year-over-year, driven by a 1.6% decrease in direct operating costs which offset flat same-store revenue.
• Same-store NOI margin expanded by 0.4% to 77.1% compared to the prior year's quarter, while average occupancy for the quarter was 91.5%.