Public Storage · NYSE:PSA
Public Storage — Q1 2026 Earnings Presentation
12 slides from Public Storage's earnings presentation, Apr 28, 2026
Slide 1: Public Storage Reports First Quarter 2026 Results
Date: April 27, 2026 Location: Frisco, TX Contact: Brandon Reagan breagan@publicstorage.com News Release PUBLIC STORAGE REPORTS FIRST QUARTER 2026 RESULTS Public Storage (the “Company”) (NYSE: PSA) announced today its results for the quarter ended March 31, 2026 and its updated outlook for full-year
Slide 2: 2026 Guidance
2026 Guidance Public Storage has reaffirmed its previously provided guidance for NOI Growth (Same Store and Non-Same Store) and Core FFO per share as included in the table below. 2026 Guidance Low High (Dollar amounts in thousands, except per share data) Same Store: Revenue growth (2.2)% —% Expense
Slide 3: Investment and Third-Party Management Activity
Investment and Third-Party Management Activity NSA Merger: On March 16, 2026, the Company announced that it had entered into a merger agreement to acquire National Storage Affiliates Trust (“NSA”), a Maryland real estate investment trust, listed on the New York Stock Exchange, in an all-stock transa
Slide 4: Supplemental Information
Supplemental Information This press release, our Form 10-Q for the first quarter of 2026, the accompanying quarterly financial supplement, and additional information about Public Storage are available on our website, www.publicstorage.com. Definitions (unaudited) Annual contract rent: Represents the
Slide 5: Realized annual rent per occupied square foot
Realized annual rent per occupied square foot: Computed by dividing rental income, before late charges and administrative fees, by the weighted average occupied square feet for the period. This measure excludes late charges and administrative fees in order to provide a better measure of our ongoing
Slide 6: First Quarter Conference Call
First Quarter Conference Call A conference call is scheduled for April 28, 2026 at 11:00 a.m. (CT) to discuss the first quarter earnings results. The domestic dial-in number is (877) 407-9039, and the international dial-in number is (201) 689-8470. A simultaneous audio webcast may be accessed by usi
Slide 7: Important Additional Information and Where to Find It
Important Additional Information and Where to Find It In connection with the proposed transaction between NSA and Public Storage, Public Storage intends to file with the SEC a registration statement on Form S-4 (the “Registration Statement”) that will include a proxy statement of NSA that also const
Slide 8: Selected Financial Data: Same Store Operating Performance
PUBLIC STORAGE SELECTED FINANCIAL DATA Same Store Operating Performance (Unaudited – amounts in thousands except per square foot data) Three Months Ended March 31, 2026 2025 Change (c) (Dollar amounts in thousands, except for per square foot data) Revenues (a): Rental income $ 966,713 $ 965,525 0.1%
Slide 9: Selected Consolidated Income Statement Data
PUBLIC STORAGE SELECTED CONSOLIDATED INCOME STATEMENT DATA (Unaudited – Amounts in thousands, except per share data) Three Months Ended March 31, 2026 2025 Revenues: Self-storage facilities $ 1,128,125 $ 1,102,998 Ancillary operations 89,616 80,186 Total revenues 1,217,741 1,183,184 Expenses: Self-s
Slide 10: Reconciliation of Net Income to FFO and Core FFO
PUBLIC STORAGE SELECTED FINANCIAL DATA Reconciliation of Net Income to FFO and Core FFO and FFO to Funds Available for Distribution (Unaudited – amounts in thousands except per share data) Three Months Ended March 31, Percentage 2026 2025 Change Reconciliation of Net Income to FFO and Core FFO (a):
Slide 11: Reconciliation of Self-Storage Net Operating Income to Net Income
PUBLIC STORAGE SELECTED FINANCIAL DATA Reconciliation of Self-Storage Net Operating Income to Net Income (Unaudited – amounts in thousands) Three Months Ended March 31, 2026 2025 Self-storage revenues for: Same Store Facilities $ 1,000,833 $ 1,001,021 Acquired Facilities 75,004 55,405 Newly Develope
Slide 12: Selected Consolidated Balance Sheet Data
PUBLIC STORAGE SELECTED CONSOLIDATED BALANCE SHEET DATA (Unaudited – Amounts in thousands, except share and per share data) March 31, December 31, 2026 2025 ASSETS Cash and equivalents $ 134,609 $ 318,095 Real estate facilities, at cost: Land 5,962,189 5,952,072 Buildings 24,251,342 24,126,185 Total