Public Storage raises 2026 guidance following Q3 earnings

Public Storage reported its third-quarter 2026 financial results, characterized by rising total revenues and an increase in full-year guidance. Total revenues grew to $1.366 billion, up from $1.224 billion in the same period the previous year.

Despite the revenue growth, net income allocable to common shareholders declined by 32.3 percent to $312.281 million. However, the company raised its 2026 Core Funds From Operations (FFO) per share guidance to a range of $16.90 to $17.10.

CEO H. Thomas Boyle noted that the company is seeing improved pricing power due to moderating new construction and higher customer retention. The company also highlighted the integration of recent large-scale acquisitions and the use of proprietary AI algorithms to accelerate property underwriting and deal timelines.