Form 10-Q · Quarterly report
Public Storage 10-Q, filed Jul 29, 2026
- Filed
- CIK
- 0001393311
- Accession no.
- 0001628280-26-050612
Summary
Public Storage reported second-quarter 2026 net income allocable to common shareholders of $450.3 million ($2.55 per diluted share) versus $309.0 million ($1.76) a year earlier, with same-store revenues down 0.6% and same-store cost of operations up 4.4%, while growth came from acquired, developed, and expanded facilities. The company also closed its all-stock merger with National Storage Affiliates Trust on July 22, 2026 and announced an agreement to acquire PS Canada.
Key points
- Same-store realized annual rent per occupied square foot fell 0.8% in the quarter and average occupancy rose 0.2% versus the prior-year period.
- Under the merger, NSA common shareholders received 0.1400 of a Public Storage common share (or OP unit) per NSA share; the combined company owns and/or manages over 4,500 locations and about 327 million net rentable square feet.
- Net operating income from acquired, developed, and expanded facilities rose 23.3% ($15.8 million) in the quarter and 26.3% ($34.3 million) in the six months.
- Public Storage entered a $3.0 billion revolver maturing 2030 and a $500 million delayed draw term loan at SOFR plus 0.700%, and may issue up to $1 billion of commercial paper.
Written by an AI model from the filing text. It can be incomplete or wrong; the filing on SEC.gov is the record.
From the filing
ITEM 2. Management’s Discussion Overview Our self-storage operations generate most of our net income, and our earnings growth is impacted by the levels of organic growth within our Same Store Facilities (as defined below) as well as within our Acquired Facilities and Developed and Expanded Facilities (both as defined below). During the three and six months ended June 30, 2026, revenues generated by our Same Store Facilities decreased by 0.6% ($5.9 million) and 0.3% ($6.1 million), respectively, as compared to the same periods in 2025. …
An excerpt of the text as filed with the SEC, cut for length.
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