Public Storage (PSA)
NYSE:PSA
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Earnings Data
Report Date
Aug 04, 2026After Close (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
2.5Last Year’s EPS
1.76Same Quarter Last Year
Moderate Buy
Based on 11 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented a constructive strategic narrative and several tangible financial and operational positives: modest FFO growth (+2.4%), same-store NOI improvement (+0.4%), strong non-same store NOI (+27%) and ancillary (+12%), tight expense control (-1.1%), a strong balance sheet and liquidity position, and a transformative acquisition (NSA) with meaningful projected synergies. Management also stressed platform investments (PSNext, PS 4.0, Welltower partnership) expected to drive long-term per-share value. Offsetting these positives are near-term operational headwinds—lower move-ins, regional supply pressure in Sunbelt markets, the LA state-of-emergency drag (assumed -80 bps), and the fact that guidance was not raised because revenue is expected to soften midyear and NSA integration introduces timing risk. Overall, positives (financial outperformance, strategic M&A, balance sheet strength, and platform initiatives) outweigh the near-term lowlights, but management’s cautious stance on guidance reflects prudence around busy-season and integration timing.Company Guidance
Core FFO Growth
Core FFO of $4.22 per share, up $0.10 or 2.4% year‑over‑year, driven by better-than-expected same-store NOI and strong non-same store and ancillary contributions.
Same-Store Operating Performance
Same-store revenue flat and same-store NOI up 0.4% year‑over‑year; occupancy improved by 0.4% year‑over‑year (versus guidance assumed flat) and move-out activity materially declined, reducing churn.
Better-Than-Expected Move-In Pricing
Move-in rents came in at -2.4% (better than the prior expectation of down mid-single digits), with move-in rates improving through April toward flat/to a touch positive.
Strong Non-Same Store and Ancillary Growth
Non-same store NOI growth of 27% and ancillary income growth of 12% in the quarter materially lifted results; using a peer-like same-store definition would have added ~50 basis points to NOI.
Expense Control and One-Time Benefits
Overall expense growth was -1.1% for the quarter. The quarter included an earlier-than-expected property tax appeal win of ≈$3 million; PSNext contributed to negative growth in payroll, R&M, utilities, and marketing.
Balance Sheet and Liquidity Strength
Available liquidity of $1.3 billion (cash + revolver) plus ~ $600 million of annual free cash flow; subsequent $500 million 10-year unsecured notes at 5% used to pay down revolver. Debt/EBITDA 2.9x; debt+preferred/EBITDA 4.2x; debt+preferred/enterprise value in the low-20% range.
Strategic M&A: NSA Transaction and Expected Synergies
Announced acquisition of National Storage Affiliates (over 1,000 assets) with Public Storage wholly owning 46% of the portfolio; expected synergies of $110M–$130M over time, 2026 breakeven, and $0.35–$0.50 per share accretion by stabilization (2028–2029).
Platform and Data Investments (PS 4.0 / PSNext / Welltower)
Launched PS 4.0 and advanced PSNext; strategic data science partnership with Welltower; improved digital and targeted marketing (Google/website conversion, lifetime value modeling) and a visible customer‑experience focus.
Active Capital Deployment and Development Pipeline
Year-to-date acquisition activity of ~$186 million (acquired or under contract); development openings of $45 million in Q1 and a pipeline of $618 million with stabilized yields targeting ~8% and $416 million unfunded.
Lending Platform Growth Potential
Lending outstanding ~$143 million at ~7.9% with management estimating the lending platform could grow to $500 million–$1 billion over time while remaining disciplined on underwriting.
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 |
|---|---|---|---|
Apr 27, 2026 | $305.48 | $297.14 | -2.73% |
Feb 12, 2026 | $289.42 | $297.32 | +2.73% |
Oct 29, 2025 | $283.14 | $275.00 | -2.88% |
Jul 30, 2025 | $279.72 | $263.53 | -5.79% |
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 Aug 04, 2026, After Close (Confirmed).
What is Public Storage (PSA) earnings time?
Public Storage (PSA) earnings time is at Aug 04, 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 (Q2) is 2.5.