Analyst Consensus ?
ConsensusHold26 ratings
Bullish934.6%
Neutral1453.9%
Bearish311.5%
1 unmapped firm rating excluded from the percentages.
Public Storage · PSA-PF · FY2026 Q1 · Calendar Q2 2026
Public Storage starts 2026 with stable guidance and new growth levers
Public Storage's unchanged guidance and improving occupancy and churn trends support a constructive operating picture, but the next phase depends on executing NSA integration and converting PSNext, data science, development, and lending initiatives into durable growth.
Reported Session unavailableNYSEReal Estate
$52.44B market cap
85quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$2.71
Consensus $2.36
EPS surprise
+14.8%
Reported versus consensus
Reported revenue
$1.22B
Consensus $1.21B
Revenue surprise
+0.4%
Reported versus consensus
Market reaction
unavailable
Stock move
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Event window
SPY move
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Same window
Abnormal move
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Stock minus SPY
Volume
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Versus trailing sessions
Subsequent drift
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Up to 20 sessions
Price and volume data were unavailable at publication time.
Ask FN2 about PSA-PF FY2026 Q1
Transcript, numbers and history already loaded
How did the market react to PSA-PF FY2026 Q1 earnings, and why?What changed in PSA-PF's guidance and outlook in FY2026 Q1?Give me the bull and bear case for PSA-PF after FY2026 Q1 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
The quarter added emphasis on the NSA joint venture, its integration and expected synergies, the Welltower data science partnership, and the planned expansion of lending. Management also reported a $3 million property-tax appeal benefit ahead of the previously expected timing.
Guidance delta
Management left guidance unchanged.
Key takeaways
- Core FFO increased year over year, while occupancy improved modestly and churn fell materially.
- Management emphasized PS 4.0, the PSNext platform, and the National Storage Affiliates joint venture.
- Welltower data science, acquisitions, development, and lending were identified as growth levers.
Management priorities
- Integrate NSA properties onto PSNext and complete rebranding by Q3.
- Use data science and PSNext to improve market selection, pricing, and operating efficiency.
- Continue disciplined capital deployment across acquisitions, development, and the lending business.
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Try FN2 freeEarnings History
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Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Stifel | Buy | Buy | Maintain | Sep 12, 2023 |
| Truist Securities | Buy | Buy | Maintain | Aug 28, 2023 |
| JP Morgan | Overweight | Overweight | Maintain | Jun 12, 2023 |
| Raymond James | Perform | Outperform | Downgrade | Jan 9, 2023 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Oct 12, 2022 |
| Evercore ISI Group | In Line | In Line | Maintain | Sep 18, 2022 |
| UBS | Neutral | Neutral | Maintain | Jul 24, 2022 |
| Jefferies | Buy | Buy | Maintain | Jun 29, 2022 |
| BMO Capital | Outperform | Market Perform | Upgrade | May 18, 2022 |
| Goldman Sachs | Neutral | Neutral | Maintain | May 11, 2022 |
| Citigroup | Neutral | Neutral | Maintain | Nov 17, 2021 |
| Wolfe Research | Outperform | Peer Perform | Upgrade | Oct 17, 2021 |
| Berenberg | Hold | Hold | Maintain | Oct 7, 2021 |
| Wells Fargo | Underweight | Underweight | Maintain | Jun 1, 2021 |
| SunTrust Robinson Humphrey | Hold | Hold | Maintain | May 10, 2020 |
| B of A Securities | Buy | Neutral | Upgrade | Mar 23, 2020 |
| CFRA | Sell | Hold | Downgrade | Feb 27, 2020 |
| Argus Research | Buy | Buy | Maintain | Dec 1, 2019 |
| Baird | Neutral | Underperform | Upgrade | Aug 20, 2019 |
| Keybanc | Underweight | Upgrade | Jun 10, 2019 | |
| Barclays | Underweight | Equal Weight | Downgrade | Mar 25, 2019 |
| Cantor Fitzgerald | Hold | Buy | Downgrade | Jun 18, 2015 |
| RBC Capital | Sector Perform | Underperform | Upgrade | Aug 18, 2013 |
| Imperial Capital | In Line | In Line | Maintain | Feb 24, 2013 |
| Deutsche Bank | Hold | Hold | Maintain | Jan 8, 2013 |
| ISI Group | Hold | Hold | Maintain | Aug 2, 2012 |
| Credit Suisse | Outperform | Neutral | Upgrade | Mar 14, 2012 |
Track every rating change on PSA-PF the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationPublic Storage, a member of the S&P 500 and FT Global 500, is a REIT that primarily acquires, develops, owns and operates self-storage facilities. At September 30, 2020, we had: (i) interests in 2,504 self-storage facilities located in 38 states with approximately 171 million net rentable square feet in the United States, (ii) an approximate 35% common equity interest in Shurgard Self Storage SA (Euronext Brussels:SHUR) which owned 239 self-storage facilities located in seven Western European nations with approximately 13 million net rentable square feet operated under the Shurgard brand and (iii) an approximate 42% common equity interest in PS Business Parks, Inc. (NYSE:PSB) which owned and operated approximately 28 million rentable square feet of commercial space at September 30, 2020. Our headquarters are located in Glendale, California.
Historical context
All PSA-PF earningsReal Estate peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| AMT American Tower Corporation | FY2026 Q3 · Calendar Q4 2026 | 0.0% | -2.4% | American Tower raises outlook as CoreSite and tower demand remain resilient |
| ARE Alexandria Real Estate Equities, Inc. | FY2026 Q3 · Calendar Q4 2026 | -13401.8% | -5.9% | ARE leasing strengthened, but 2027 expirations remain a risk |
| CSGP CoStar Group, Inc. | FY2026 Q3 · Calendar Q4 2026 | +12.8% | -5.0% | CoStar posts record Q3 and raises EBITDA outlook |
| PSA-PL Public Storage | FY2026 Q3 · Calendar Q4 2026 | -32.1% | — | Public Storage raises guidance as retention and pricing improve |
| PSA-PN Public Storage | FY2026 Q3 · Calendar Q4 2026 | -32.1% | — | Public Storage raises guidance as operating trends improve |
Latest beats and misses
Who reports nextBeat on EPS
- HLTFY2026 Q3 · October 27, 2026+3.4% EPS-2.1% move
- SPGIFY2026 Q3 · October 27, 2026+3.4% EPS-0.4% move
- PYPLFY2026 Q3 · October 27, 2026+10.7% EPS+2.0% move
- CMSAFY2026 Q3 · October 27, 2026+6.7% EPS0.0% move
- ITWFY2026 Q3 · October 27, 2026+2.4% EPS-0.1% move
- IQVFY2026 Q3 · October 27, 2026+2.5% EPS-0.7% move
Missed on EPS
- ARCCFY2026 Q3 · October 27, 2026-3.4% EPS-0.5% move
- WSOFY2026 Q3 · October 27, 2026-8.0% EPS-1.4% move
- IVZFY2026 Q3 · October 27, 2026-2.7% EPS-0.4% move
- SHWFY2026 Q3 · October 27, 2026-1.6% EPS-2.7% move
- BAFY2026 Q3 · October 27, 2026-33.4% EPS-10.7% move
- AREFY2026 Q3 · October 26, 2026-13401.8% EPS-5.9% move
Get the PSA-PF recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-28. For educational purposes only; not investment advice.