Public Storage Q3 2026: revenue up 11.6%, Core FFO beats, guidance raised
Public Storage's Q3 2026 was a tale of two earnings lines: revenue jumped 11.6% to $1.37 billion and Core FFO per share edged up 0.7% to $4.34, while GAAP EPS fell 35.5% to $1.69 on acquisition costs and depreciation. Read the Core FFO line for the operating business and the GAAP line for what the two big acquisitions cost to digest.
1 · Expected vs. Actual
Free preview belowGAAP EPS of $1.69 was down 35.5% from $2.62 and below the $2.42 consensus EPS estimate, largely because the quarter carried $114.6 million of transaction and integration expense against nothing a year ago, plus depreciation and amortization of $412.6 million versus $290.4 million. Core FFO per share, which strips those items out, rose 0.7% to $4.34 — that is the line that tracks the rental business, and it went the other way from GAAP.
Revenue rose 11.6% to $1.37 billion from $1.22 billion a year earlier, but almost none of that came from the core. Same-store revenue — 2,755 facilities, about 71% of U.S. rentable square feet — grew just 0.5%, while revenue and NOI from the non-same-store pool rose 90.8% and 91.8%. Self-storage brought in $1.25 billion and ancillary operations $112.1 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 2026-10-26
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