Public Storage Q3 Core FFO company lifts 2026 outlook as portfolio expands
Overview
US self-storage REIT's Q3 core FFO per share rose 0.7% yr/yr
Company raised full-year 2026 guidance for same store NOI and core FFO per share
Completed acquisitions of National Storage Affiliates and Public Storage Canada, adding over 1,100 stores
Outlook
Public Storage raised 2026 Core FFO per share guidance to $16.90-$17.10 from $16.75-$17.05
Company now expects 2026 Same Store net operating income growth of (0.8)% to 0.2%
Company anticipates 2026 Non-Same Store NOI of $355 mln to $363 mln, up from prior $343 mln to $357 mln
Result Drivers
PORTFOLIO EXPANSION - Co said acquisitions of National Storage Affiliates and Public Storage Canada added over 1,100 stores and advanced its PS4.0 strategy
OPERATING TRENDS - Co cited lower customer churn, higher occupancy and strong move-in rates as contributing to improved same-store revenue growth, per Chief Revenue and Marketing Officer Ayash Basu
NON-SAME STORE GROWTH - Co reported 90.8% revenue growth and 91.8% net operating income growth from non-same store facilities in Q3
Company press release:
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 Core FFO Per Share | $4.34 |
Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 6 "strong buy" or "buy", 16 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the specialized reits peer group is "buy."
Wall Street's median 12-month price target for Public Storage is $330.00, about 6.5% above its October 23 closing price of $309.89
The stock recently traded at 30 times the next 12-month earnings vs. a P/E of 31 three months ago
Reuters Recommended Reads
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)