10-Q · April 27, 2026
Public Storage reported Q1 2026 revenue of $1,128,125,000 (up 2.3% vs Q1 2025) and diluted EPS of $2.71 (up $0.67, +32.8% vs $2.04 in Q1 2025). Same-store revenues were essentially flat ($1,000,833,000 vs…
Earnings analysis · 10-Q
PSA earnings analysis
Filed July 29, 2026 · Our reading of the company's report
The latest report
Public Storage generated approximately $1.233 billion of Q2 revenue, up about $31.8 million year over year, while calculated consolidated gross margin declined to 72.1% from roughly 73.5% as operating costs grew faster…
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Public Storage generated approximately $1.233 billion of Q2 revenue, up about $31.8 million year over year, while calculated consolidated gross margin declined to 72.1% from roughly 73.5% as operating costs grew faster than revenue. GAAP diluted EPS increased to $2.55 from $1.76 year over year but declined from $2.71 in Q1; the year-over-year GAAP gain was primarily driven by a $17.2 million foreign-currency gain versus a $146.1 million prior-year loss, while Core FFO per share fell to $4.17 from $4.28. Acquisitions, developments and ancillary insurance offset weak same-store trends, but elevated debt, near-term maturities and execution risk from the NSA integration temper the outlook.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $2.55
- Gross margin
- 72.1%
What stood out
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Revenue grew while GAAP EPS rose sharply
Total revenue was $1.233 billion, derived from $1.140 billion of self-storage revenue and $92.9 million of ancillary revenue, versus $1.201 billion in the comparable prior-year quarter. GAAP diluted EPS rose $0.79 year over year to $2.55 from $1.76.
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Non-same-store assets drove growth
Acquired Facilities produced $78.9 million of revenue, up 37.0%, and $50.9 million of NOI, up 34.8%. Developed and Expanded Facilities added $51.3 million of revenue, up 15.6%, and $32.8 million of NOI, up 9.0%.
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Ancillary reinsurance growth was strong
Ancillary NOI increased $7.5 million to $56.6 million. Tenant reinsurance premium revenue increased $7.3 million, or 11.8%, to $68.9 million.
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Substantial liquidity supports investment
Liquidity included $259.9 million of cash, $3.0 billion of revolver capacity, a $500 million delayed-draw term loan and $1.0 billion of commercial-paper capacity at June 30, 2026. There were no revolver borrowings outstanding.
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NSA closing materially expands platform
The July 22 NSA merger expanded the combined platform to over 4,500 locations and approximately 327 million net rentable square feet. The related JV included $800 million of participating NSA unitholder equity, $200 million of company equity and a $237 million mezzanine loan.
What to watch
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Core FFO declined as FX boosted GAAP EPS
Core FFO per share fell 2.6% year over year to $4.17 from $4.28, despite GAAP EPS increasing to $2.55. The GAAP increase included a $17.2 million foreign-currency gain versus a $146.1 million loss in the prior-year quarter.
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Same-store NOI remains under pressure
Same Store Facilities revenue decreased 0.6% to $1.007 billion and NOI declined 2.2% to $746.4 million. Realized annual rent per occupied square foot declined 0.8% to $21.89, while same-store operating costs rose 4.4%.
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Higher interest expense and refinancing needs
Interest expense increased $13.2 million year over year to $86.1 million, and debt outstanding was $10.3 billion at June 30, 2026. The company has $650.0 million of unsecured notes due November 9, 2026 and $700.0 million due April 16, 2027.
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New NSA integration risk-factor update
The updated risk factors add NSA integration risk: management must integrate a combined company of over 4,500 locations and approximately 327 million rentable square feet, including a new JV initially capitalized with an $800 million participating-unitholder interest and a $237 million mezzanine loan.
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Development pipeline may dilute near-term returns
Development remains capital intensive: the company estimates $691.7 million of aggregate development and expansion cost, including $431.6 million remaining to be spent primarily over the next 18 to 24 months. Newly developed assets typically require at least three to four years to stabilize.
Management's outlook
The 10-Q does not provide a numeric EPS, Core FFO, or total-revenue range. Management expects 2026 Same Store Facilities revenue to be modestly below 2025, expects approximately $15-$20 million of corporate-transformation costs over the next three years, and estimates annual savings of approximately $3-$5 million beginning in 2026. It expects approximately $182 million of 2026 maintenance capex and approximately $60 million of energy-efficiency spending.
Earlier filings 4
10-K · February 12, 2026
Public Storage (PSA) emphasizes scale, brand and technology as its primary moat, operating 3,171 consolidated facilities (229 million net rentable sq ft) and claiming ~9% of U.S. self-storage square footage at December…
10-Q · October 29, 2025
Public Storage reported quarter revenues of $1,224,043,000 (up $36,285,000 or 3.1% year‑over‑year) and diluted EPS of $2.62 (up $0.46 or 21.3% YoY). Operating margin was essentially stable at 46.7% (down ~0.2ppt YoY)…
10-Q · April 30, 2025
Public Storage reported Q1 revenue of $1,183.2M, up $25.96M (+2.2%) year-over-year, driven by self-storage and ancillary growth, while diluted EPS fell to $2.04 from $2.60 a year earlier. Operating cash flow remained…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.