Public Storage Q2 2026: revenue up 2.6%, Core FFO slips, guidance raised
Public Storage's second quarter mixes a stronger headline with a weaker core: revenue rose 2.6% to $1.23 billion, yet same-store revenue fell and Core FFO per share slipped 2.6% to $4.17. Management still raised 2026 Core FFO guidance to $16.75–$17.05. Read the quarter as a portfolio-building story, not a rent-pricing one.
1 · Expected vs. Actual
Free preview belowGAAP diluted EPS jumped 44.9% to $2.55 from $1.76, but a $17.2 million foreign currency gain versus a $146.1 million loss a year ago did most of that work. Core FFO per share, the REIT metric management steers by, fell 2.6% to $4.17. Against the $2.61 consensus figure we were given, GAAP EPS came in $0.06 light, though the two numbers may not be measured on the same basis.
Revenue rose 2.6% to $1.23 billion from $1.20 billion a year ago, but almost none of that came from existing stores: same-store revenue fell 0.6% to $1.01 billion. Growth came from acquired, newly developed and expanded facilities, plus ancillary operations, which rose 12.7% to $92.9 million.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-09-17
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