Form 10-Q · Quarterly report
Public Storage 10-Q, filed Oct 26, 2026
- Filed
- CIK
- 0001393311
- Accession no.
- 0001628280-26-067286
Summary
Public Storage reported third-quarter 2026 net income allocable to common shareholders of $312.3 million, or $1.69 per diluted share, down from $461.4 million a year earlier, with FFO per share falling 12.0% to $3.81, as higher depreciation, transaction and integration, and interest expenses offset a $76.5 million increase in self-storage net operating income. The company closed its acquisition of National Storage Affiliates Trust on July 22, 2026 and of PS Canada on September 1, 2026, and issued $900 million of senior notes in July and C$400 million of senior notes in September.
Key points
- Same-store revenues rose 0.5% ($4.8 million) for the three months ended September 30, 2026 and were relatively unchanged for the nine-month period versus 2025.
- Nine-month net income allocable to common shareholders was $1.2 billion, or $6.92 per diluted share, versus $1.1 billion, or $6.42 per diluted share, a year earlier; nine-month FFO per share rose 7.9% to $12.39.
- The $900 million senior notes issued July 20, 2026 carried an effective interest rate of 4.855% and yielded $886 million of net proceeds; the C$400 million notes issued September 16, 2026 bear 4.540% and yielded C$398.5 million.
- As of September 30, 2026, forward sale agreements under the ATM program covered 1,230,141 common shares for expected net proceeds of about $399.2 million.
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). Revenues generated by our Same Store Facilities increased by 0.5% ($4.8 million) for the three months ended September 30, 2026 and remained relatively unchanged for the nine months ended September 30, 2026, 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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