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Public Storage (PSA)
NYSE:PSA
Earnings Data
Report Date
May 05, 2026After Close (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
2.42Last Year’s EPS
2.04Same Quarter Last Year
Based on 16 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Neutral
The call balanced clear strategic and operational strengths against near-term performance headwinds. Highlights include sector-leading historical performance, a strong balance sheet and liquidity position, sizable non-same-store NOI contribution (20% growth in 2025), a deep acquisition and development pipeline, major digital and sustainability investments, and an articulated PS4.0 strategy with leadership continuity and refreshed incentives. Lowlights include negative same-store revenue/NOI trends, a modest decline in 2026 core FFO guidance (midpoint -1.7%), continued move-in rent pressure (January down ~7% and mid-single-digit guidance), regulatory/regional disruptions (notably Los Angeles), transaction market frictions (large underwriting vs. lower close rate), and near-term development/supply pressure in select Sunbelt markets. Overall, the company highlights long-term optionality and defensive financial positioning while acknowledging short-term operating and regulatory challenges.Company Guidance
Core FFO & Full-Year Results
Q4 core FFO of $4.26 per share; full-year 2025 core FFO of $16.97 per share (reported at the high end of guidance).
Non-Same-Store Outperformance Driving Growth
Non-same-store NOI grew ~20% in 2025 and is guided to grow ~16% year-over-year in 2026, contributing materially to overall FFO accretion and offsetting same-store weakness.
Accretive Acquisitions and Development Pipeline
2025 acquisitions totaled $953 million (Q4 acquisitions $131 million) at stabilized yields in the high-6% range; development openings were $409 million in 2025 with a development pipeline of $610 million targeting ~8% stabilized yields and $416 million unfunded.
Strong Balance Sheet & Liquidity
Available liquidity of ~$1.8 billion (cash + line) plus approximately $600 million/year of annual free cash flow; debt + preferred to EBITDA ~4.2x and debt + preferred to enterprise value in the low-20% range.
Digital, Operational & Sustainability Investments
Built an omnichannel digital ecosystem with >85% of customers using self-help tools; completed a $600 million Property of Tomorrow program (rebrand/modernization) and committed to solar on nearly half the portfolio by end of 2026.
Portfolio Expansion & Historical Performance
Invested >$12 billion expanding the portfolio by 763 assets; from 2023–2025 led the sector in same-store revenue growth, NOI growth and NOI margins; five-year total shareholder return outperformed peers at 18.6%.
Leadership Transition & PS4.0 Strategy
Announced CEO succession (Tom Boyle) and new President/CFO (Joe Fisher) and unveiled PS4.0 (PS Next operating platform, value creation engine, own-it culture) to accelerate organic and external growth and to integrate AI and data science into operations.
PSA Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
PSA Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 12, 2026 | $292.37 | $300.35 | +2.73% |
Oct 29, 2025 | $286.02 | $277.80 | -2.88% |
Jul 30, 2025 | $282.57 | $266.21 | -5.79% |
Apr 30, 2025 | $291.16 | $290.75 | -0.14% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Public Storage (PSA) report earnings?
Public Storage (PSA) is schdueled to report earning on May 05, 2026, After Close (Confirmed).
What is Public Storage (PSA) earnings time?
Public Storage (PSA) earnings time is at May 05, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is PSA EPS forecast?
PSA EPS forecast for the fiscal quarter 2026 (Q1) is 2.42.