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Public Storage
S&P 500
🏹 Trader: 🎯 Near 52W High View all →
$51.6B
Market Cap
28.8
P/E
3.86
PEG
11.6%
ROCE
18.8%
ROE
1.11
D/E
46.7%
OPM
-10.3%
% from 52W High
42
α RS
🔍 PSA is showing a high-conviction setup because it matches 7 of 39 tracked screener presets, Sector RRG has Industrials in the Improving quadrant with the trail still strengthening, and it's within 10.3% of its 52-week high. Net: Broad signal stack, not a recommendation. ? Conviction RRG 52W High
Sources
Conviction 7/39 · Industrials in Improving quadrant · 10.3% from 52W high
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🌏 Global Investor Returns
Currency-adjusted total returns for PSA including FX impact
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📈 Price History
Ratio Health
Excellent
Good
Average
Poor
By Category
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About

Public Storage, a member of the S&P 500, is a REIT that primarily acquires, develops, owns, and operates self-storage facilities. At June 30, 2026, The firm: (i) owned and/or operated 3,584 self-storage facilities located in 40 states with approximately 259 million net rentable square feet in the United States and (ii) owned a 35% common equity interest in Shurgard Self Storage Limited (Euronext Brussels: SHUR), which owned 335 self-storage facilities located in seven Western European countries with approximately 19 million net rentable square feet operated under the Shurgard brand. Public Storage is headquartered in Frisco, Texas. Public Storage was incorporated in 1972 in Maryland.

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Good quarter Investor Presentation One-Pager? Q2 2026
Same-Store Revenue
$1.01B
-0.6% YoY
Same-Store Net Operating Income
$746.4M
-2.2% YoY
Net Income per Share
$2.55
+44.9% YoY
Core FFO per Share
$4.17
-2.6% YoY
Same-Store Gross Margin after Indirect Costs
74.2%
-1.2pp YoY
Average Occupancy
92.5%
+0.2pp YoY
What Went Right
  • Move-in rents turned positive at +1.6% YoY, the first time since 2021 that both new move-in rates and occupancy were up YoY.
  • Closed the NSA merger: transitioned 1,100 stores and 575,000 units onto PSA systems overnight, completing 1,500 reservations and switching 265,000 auto-pay accounts on day one.
  • Raised full-year 2026 guidance: Core FFO midpoint up $0.22 to $16.90, and same-store revenue growth midpoint improved 90bps to -0.2%.
What to Watch
  • L.A. County pricing restrictions still create a -50bps same-store revenue headwind in 2026, though improved from -80bps originally.
  • Sun Belt markets remain weak: Tampa same-store NOI was down 10% and Atlanta down 6% per analyst commentary, with management expecting only sequential improvement, not positive growth until 2027.
  • Integration execution risk remains across NSA and PS Canada, including lifting PS Canada's 83% occupancy and 65% NOI margins to Public Storage platform levels.
Management Guidance
  • FY2026 same-store revenue growth guidance: -0.7% to +0.3%.
  • FY2026 same-store NOI growth guidance: -2.0% to -0.3%.
  • FY2026 Core FFO guidance raised to $16.75-$17.05 per share.
  • Q4 2026 same-store revenue growth expected to turn positive.
  • Financing benefits from NSA and PS Canada expected to add ~$0.02 per share to Core FFO in 2026.
Investor Lens
The thesis is stronger after this call: same-store leading indicators — occupancy, churn, and move-in rents — have inflected positively, and the closure of NSA plus the announced PS Canada acquisition add multi-year earnings building blocks. Balance sheet remains fortress-like with net debt/EBITDA at 2.9x and $3.8B of liquidity, supporting continued external growth. The main offsets are continued Sun Belt stress and L.A. restriction roll-off, but management's raised guidance and expectation of positive Q4 revenue growth signal the recovery is underway.
From investor presentation · AI-generated analysis · Not investment advice
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📈 STRONG Strong quarter: Core FFO $4.17/sh, FY26 guidance raised $0.22.
Revenue
Same-store revenue was $1.007B in Q2, down 0.6% YoY but ahead of internal expectations. Non-same-store NOI grew 22% and ancillary revenue grew 15%, helping lift overall results.
Profitability
Net income per share was $2.55, up 44.9% YoY, while Core FFO per share was $4.17, down 2.6% YoY. Management raised full-year Core FFO guidance to $16.75-$17.05.
Margins
Same-store gross margin after indirect costs was 74.2%, down 1.2pp YoY. Expenses grew 4.4% in the quarter, pressured by property taxes and marketing, partially offset by payroll savings from the machine-learning staffing model.
Balance Sheet
Net debt to EBITDA was 2.9x, with $3.8B of available liquidity plus roughly $600M of annual free cash flow. Year-to-date capital markets activity totalled about $12B, including $5.9B announced in Q2 and subsequent to quarter end.
Key Risks
L.A. restrictions still create a -50bps same-store revenue headwind in 2026. Sun Belt markets, including Tampa and Atlanta, remain negative on NOI. NSA and PS Canada integration and lease-up execution represent the main operational risks.
Outlook
Full-year guidance was raised across same-store revenue, NOI, and Core FFO, with Q4 expected to exit 2026 with positive same-store revenue growth. Management also expects continued contributions from non-same-store, ancillary, development, lending, and third-party management growth.
Generated by AI · Q2 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-07-30
Closed major NSA and Canada acquisitions, driving platform expansion and operational synergies. Raised 2026 guidance on improved move-in rates, occupancy, and strong non-same store growth. Balance sheet remains robust with $3.8B liquidity and A/A2 ratings.
Q1 2026 Q1 2026 2026-04-28
First quarter results exceeded expectations with 2.4% Core FFO growth, strong cost controls, and positive occupancy trends. The NSA acquisition and PS Next platform are set to drive future value, while guidance remains unchanged as the company enters the busy season.
Q4 2025 Q4 2025 2026-02-13
PS 4.0 ushers in new leadership, strategic focus, and operational upgrades, with strong liquidity and a robust balance sheet supporting continued acquisitions and development. 2026 guidance anticipates modest declines in same-store metrics but strong non-same-store growth and ongoing investment in technology and talent.
Q3 2025 Q3 2025 2025-10-30
Q3 2025 saw outperformance with raised guidance, driven by strong Same Store and Non-Same Store NOI growth, robust acquisitions, and digital transformation. Expense control and technology initiatives boosted margins, while industry supply constraints and a healthy acquisition pipeline support continued growth.
Q2 2025 Q2 2025 2025-07-31
Raised 2025 outlook on stabilizing operations and strong acquisition activity, with core FFO guidance increased and robust performance in key markets. Non-same-store and ancillary growth outperformed, while LA faces temporary headwinds from pricing restrictions.
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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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Investment Risk:
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