Public Storage same-store revenue and NOI rise 0.5% in third quarter; guidance raised

Public Storage reported third quarter 2026 results on October 26, 2026. Across its 2,755 same-store facilities, revenue and net operating income (NOI) each rose 0.5% from a year earlier, and direct NOI, a non-GAAP subtotal of NOI, was flat. Same-store repairs and maintenance expense rose 17.4% and marketing expense rose 12.5%.

Core funds from operations (FFO) were $4.34 a share, from $4.31. Net income per diluted share fell to $1.69 from $2.62, and the company’s FFO reconciliation lists a transaction and integration expense line in the quarter. It completed its all-stock acquisition of National Storage Affiliates on July 22 and its US $1.2 billion acquisition of Public Storage Canada, including assumed debt, on September 1. The release says the two deals add over 1,100 stores.

The company raised its 2026 core FFO guidance to $16.90 to $17.10 a share, from $16.75 to $17.05, and now expects same-store NOI growth of (0.8)% to 0.2%.