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Public Storage Q3 Core FFO company lifts 2026 outlook as portfolio expands 

By Reuters News


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

  • Oct 26 - Easterly Government Properties Q3 Core FFO tops estimates

  • Oct 23 - First Capital Q3 net interest income rises on higher yields, asset balances

  • Oct 26 - Surgery Partners to be taken private by Bon Secours affiliate in $5.7 billion deal


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(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.)

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