Public Storage (PSA) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Public Storage published the results on October 26, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Public Storage reports EPS two ways: GAAP, under the accounting rules every US filer follows, and Core FFO per share, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Public Storage is a REIT. Revenue here is the line it calls "total revenues": self-storage rent plus ancillary operations (tenant reinsurance, merchandise and management fees). The release reports in thousands; figures here are in millions.
• EPS is net income per diluted common share. The adjusted figure is Core FFO per diluted share and unit, Public Storage's own non-GAAP measure.
• Public Storage closed its all-stock acquisition of National Storage Affiliates on July 22, 2026 and bought Public Storage Canada on September 1, 2026, so Q3 2026 includes facilities that Q3 2025 did not.

Source: Public Storage Q3 2026 results, October 26, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Public Storage splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Public Storage's Self-storage facilities revenue was $1.3 billion in Q3 2026, up 10% from $1.1 billion in Q3 2025, 92% of total revenue.
• Public Storage's Ancillary operations revenue was $112 million in Q3 2026, up 32% from $85.2 million in Q3 2025, 8% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

Public Storage gives no guidance for GAAP net income per share. Its full ranges are in a table in the release and are summarized in the expectations section below.

In its Q3 2026 release, Public Storage said:

“Increased outlook for the full-year 2026, including Same Store NOI by 90bps and Core FFO per share by $0.10, following strong year-to-date performance and reaffirming optimism for the remainder of 2026.”

“Public Storage raised its previously provided guidance for net operating income growth (Same Store and Non-Same Store), and Core FFO per share as included in the table below.”

“Non-Same Store net operating income excludes the impact of NSA and PS Canada.”

Source: Public Storage Q3 2026 release, Oct 26, 2026.

This is the company's own guidance as of Oct 26, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the PSA forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP total revenues and net income per diluted common share, each as first reported in that quarter's release.

We do not hold a confirmed date for Public Storage's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Oct 26, 2026

Public Storage reported total revenues of $1,366.2 million in Q3 2026, against $1,224 million a year earlier. Self-storage facilities, rent on spaces leased month to month for personal and business use, brought in $1,254.1 million, and ancillary operations $112.1 million. (Public Storage Q3 2026 release, Oct 26, 2026; Public Storage Form 10-K, 2025, Feb 12, 2026)

Public Storage's 2,755 same store facilities, about 71% of the net rentable square feet in its U.S. consolidated portfolio, grew revenues 0.5% to $1,021.9 million. Average occupancy was 92.2%, against 91.9%, and realized annual rent per occupied square foot $22.29, against $22.24. Management cited lower customer churn, higher occupancy and strong move-in rates. (Public Storage Q3 2026 release, Oct 26, 2026)

Most of the growth came from outside the same store pool. Revenues from acquired facilities rose to $174.2 million from $70.8 million after Public Storage closed the all-stock acquisition of National Storage Affiliates on July 22, 2026 and bought Public Storage Canada, 68 properties, for US $1.2 billion including assumed debt on September 1, 2026. Revenues from the non-same store pool grew 90.8% in the quarter. (Public Storage Q3 2026 release, Oct 26, 2026)

Within ancillary operations, tenant reinsurance premiums rose 20.4% to $77.1 million and management fees 90.1% to $28.6 million. Ancillary operations now include the acquired businesses, and Public Storage manages the PS-NSA joint venture, 313 former NSA properties in which it owns 20%. (Public Storage Form 10-Q, Q3 2026, Oct 26, 2026)

At September 30, 2026 Public Storage owned interests in 4,347 self-storage facilities with about 308.3 million net rentable square feet in 42 U.S. states, Puerto Rico and Canada, and held about 35% of Shurgard Self Storage, which owns 338 facilities in seven Western European countries. (Public Storage Form 10-Q, Q3 2026, Oct 26, 2026)

Public Storage's net income per diluted share fell to $1.69 from $2.62 in Q3 2026, while Core FFO per share rose to $4.34 from $4.31. GAAP results carried $114.6 million of transaction and integration expense tied to the NSA and PS Canada deals, $0.60 per share in Public Storage's reconciliation, and depreciation and amortization rose to $412.6 million from $290.4 million as the acquired facilities were added. (Public Storage Q3 2026 release, Oct 26, 2026; Public Storage Form 10-Q, Q3 2026, Oct 26, 2026)

FFO adds back real estate depreciation and removes gains on property sales; on that basis FFO per share was $3.81, against $4.33. Core FFO also removes the transaction costs, foreign currency gains, executive severance and CEO transition costs of $7.5 million, and a $22.8 million income tax benefit. (Public Storage Q3 2026 release, Oct 26, 2026)

The NSA deal was paid largely in stock: 11,217,966 common shares, 4,125,017 operating partnership units and preferred shares, plus cash. Diluted weighted average common shares rose to 185,110 thousand from 175,884 thousand, and preferred dividends took $54.0 million of net income before common shareholders. (Public Storage Form 10-Q, Q3 2026, Oct 26, 2026; Public Storage Q3 2026 release, Oct 26, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Public Storage gives full-year guidance in its release on a Core FFO basis and does not guide GAAP net income per share. For 2026 it raised Core FFO per share to $16.90 to $17.10, from $16.75 to $17.05, and same store net operating income growth to (0.8)% to 0.2%, from (2.0)% to (0.3)%. (Public Storage Q3 2026 release, Oct 26, 2026)

The same store revenue growth range moved to 0% to 0.5%, from (0.7)% to 0.3%, and expense growth to 1.5% to 2.5%, from 2.0% to 3.0%. Non-same store NOI guidance, $355.0 million to $363.0 million, excludes NSA and PS Canada. (Public Storage Q3 2026 release, Oct 26, 2026)

A consensus figure is the average of the models published by the analysts who cover Public Storage, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Public Storage's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning PSA is on is PSA a buy or a sell?, what analysts expect next is on the PSA forecast, and what the company does is on the Public Storage (PSA) stock page.

Every number on this page can be traced to a document Public Storage published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.