Analyst Consensus ?
ConsensusHold26 ratings
Bullish934.6%
Neutral1453.9%
Bearish311.5%
1 unmapped firm rating excluded from the percentages.
Public Storage · PSA-PG · FY2026 Q1 · Calendar Q2 2026
Public Storage keeps guidance as PSNext and NSA add scale
Public Storage's Q1 analysis points to a constructive operating and capital-allocation setup: PSNext, the NSA transaction and lending expansion support growth, while guidance remains maintained. The key counterweight is near-term same-store revenue pressure from uneven demand, Sunbelt supply and Los Angeles impacts.
Reported Session unavailableNYSEReal Estate
$57.07B 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
—
Event window
SPY move
—
Same window
Abnormal move
—
Stock minus SPY
Volume
—
Versus trailing sessions
Subsequent drift
—
Up to 20 sessions
Price and volume data were unavailable at publication time.
Ask FN2 about PSA-PG FY2026 Q1
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How did the market react to PSA-PG FY2026 Q1 earnings, and why?What changed in PSA-PG's guidance and outlook in FY2026 Q1?Give me the bull and bear case for PSA-PG after FY2026 Q1 earnings.
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Transcript intelligence
What changed
The current quarter added the National Storage Affiliates transaction, progress integrating assets onto PSNext, a larger development pipeline and a data-science partnership with Welltower. Management also reported a $500 million 10-year unsecured note issuance after the quarter and an earlier-than-expected property-tax appeal win.
Guidance delta
Maintained; management expects revenue growth to dip briefly before resuming momentum.
Key takeaways
- Q1 core FFO was $4.22 per share and exceeded prior expectations.
- The NSA transaction is expected to generate $110–$130 million of synergies.
- PSNext remains central to pricing, demand management and cost efficiency.
- Management described the balance sheet as strong, with debt/EBITDA at 2.9x.
- The lending platform was described as a complementary growth opportunity.
Management priorities
- Integrate NSA assets onto PSNext and complete rebranding in Q3.
- Pursue additional acquisitions, including off-market micro-market opportunities.
- Advance the $618 million development pipeline.
- Scale the lending platform.
- Use Welltower data-science capabilities to improve market targeting.
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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-PG the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationPublic Storage functions as a leading real estate investment trust (REIT), recognized as a constituent of both the S&P 500 and FT Global 500. Its primary business involves acquiring, developing, possessing, and operating self-storage properties. By December 31, 2023, the company's holdings encompassed direct interests in 3,044 self-storage locations situated across 40 U.S. states, providing roughly 218 million net rentable square feet. Additionally, it held a 35% common equity stake in Shurgard Self Storage Limited (Euronext Brussels: SHUR), an entity that owned 275 self-storage facilities under the Shurgard brand, totaling approximately 15 million net rentable square feet throughout seven Western European countries. The firm's corporate base is situated in Glendale, California.
Historical context
All PSA-PG earningsReal Estate peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| GLPI Gaming and Leisure Properties, Inc. | FY2026 Q3 · Calendar Q4 2026 | -11.5% | -1.3% | GLPI Keeps Guidance, Advances Development Despite Bally’s Risks |
| FRT Federal Realty Investment Trust | FY2026 Q3 · Calendar Q4 2026 | +3.9% | -1.1% | Federal Realty raises 2026 FFO outlook as leasing stays strong |
| WY Weyerhaeuser Company | FY2026 Q3 · Calendar Q4 2026 | +128.3% | +3.0% | Weyerhaeuser: Timberlands Strengthen as Growth Projects Advance |
| DLR-PL Digital Realty Trust, Inc. | FY2026 Q3 · Calendar Q4 2026 | -8.4% | — | Digital Realty raises guidance as AI demand lifts leasing and backlog |
| DLR-PK Digital Realty Trust, Inc. | FY2026 Q3 · Calendar Q4 2026 | -8.4% | — | Digital Realty Q3: Record Leasing and Higher FFO Guidance |
Latest beats and misses
Who reports nextBeat on EPS
- CHDFY2026 Q3 · October 30, 2026+2.2% EPS+1.2% move
- AZNFY2026 Q3 · October 30, 2026+7.3% EPS+7.0% move
- FRTFY2026 Q3 · October 30, 2026+3.9% EPS-1.1% move
- CVXFY2026 Q3 · October 30, 2026+8.4% EPS+1.8% move
- BTSGFY2026 Q3 · October 30, 2026+14.2% EPS+11.1% move
- EXCFY2026 Q3 · October 30, 2026+10.4% EPS+0.5% move
Missed on EPS
- GLPIFY2026 Q3 · October 29, 2026-11.5% EPS-1.3% move
- LYBFY2026 Q3 · October 30, 2026-1.2% EPS+5.0% move
- CCJFY2026 Q3 · October 30, 2026-101.4% EPS-7.9% move
- VALEFY2026 Q3 · October 29, 2026-24.6% EPS+1.9% move
- DLR-PLFY2026 Q3 · October 29, 2026-8.4% EPS— move
- DLR-PKFY2026 Q3 · October 29, 2026-8.4% EPS— move
Get the PSA-PG recap when the next report posts
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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 2026-11-01. For educational purposes only; not investment advice.