Analyst Consensus ?
ConsensusHold26 ratings
Bullish934.6%
Neutral1453.9%
Bearish311.5%
1 unmapped firm rating excluded from the percentages.
Public Storage · PSA-PK · FY2026 Q2 · Calendar Q3 2026
Public Storage raises guidance as acquisitions and digital tools support growth
Public Storage's raised guidance and improving operating indicators support a constructive near-term view, but the thesis depends on executing the NSA and Canada integrations while managing expenses and regional supply pressure.
Reported After market closeNYSEReal Estate
$35.34B market cap
85quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$2.55
Consensus $2.53
EPS surprise
+0.8%
Reported versus consensus
Reported revenue
$1.23B
Consensus $1.23B
Revenue surprise
-0.1%
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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Volume
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Subsequent drift
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Up to 20 sessions
Price and volume data were unavailable at publication time.
Ask FN2 about PSA-PK FY2026 Q2
Transcript, numbers and history already loaded
How did the market react to PSA-PK FY2026 Q2 earnings, and why?What changed in PSA-PK's guidance and outlook in FY2026 Q2?Give me the bull and bear case for PSA-PK after FY2026 Q2 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with the prior quarter, management shifted from maintained to raised guidance, citing the completed NSA transaction, the planned Canada acquisition, improved occupancy, positive move-in rent growth, and expanded digital and AI initiatives. The development outlook increased to $692 million across 47 projects, while integration and expense risks became more prominent.
Guidance delta
Raised: management increased guidance for revenue, NOI, and core FFO, with core FFO projected at $16.90 per share.
Key takeaways
- Management raised guidance across revenue, NOI, and core FFO after reporting Q2 2026 results.
- NSA integration and the planned Canada acquisition are central to the PS4.0 growth strategy.
- Occupancy improved to 92.5% and move-in rents turned positive year over year.
- Digital adoption, PSNext, and AI-powered customer service were emphasized as operating levers.
- Integration work, higher financing costs, property taxes, and Sunbelt supply remain risks.
Management priorities
- Complete NSA integration and bring 14,000 units back online.
- Close and integrate the Public Storage Canada acquisition into PSNext.
- Advance the $692 million development pipeline and target 8% yields.
- Expand the lending platform and third-party management portfolio.
- Continue investing in AI, digital tools, and the Own It culture.
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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-PK 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-PK earningsReal Estate peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| 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 |
| AMT American Tower Corporation | FY2026 Q3 · Calendar Q4 2026 | — | -2.4% | AMT Raises Outlook as CoreSite Growth Offsets Tower-Sector Headwinds |
| 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 |
| PSA-PO Public Storage | FY2026 Q3 · Calendar Q4 2026 | -32.1% | — | Public Storage raises guidance again as demand strengthens |
Latest beats and misses
Who reports nextBeat on EPS
- RCLFY2026 Q3 · October 27, 2026+3.0% EPS+5.5% move
- AITFY2027 Q1 · October 27, 2026+2.8% EPS-8.3% move
- LECOFY2026 Q3 · October 27, 2026+6.0% EPS+9.2% move
- LOGIFY2027 Q2 · October 27, 2026+12.7% EPS+1.8% move
- CSGPFY2026 Q3 · October 27, 2026+12.8% EPS-5.0% move
- CNCFY2026 Q3 · October 27, 2026+506.1% EPS+1.0% move
Missed on EPS
- 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
- SHGFY2026 Q3 · October 27, 2026-4.5% EPS-1.4% move
- XYLFY2026 Q3 · October 27, 2026-0.7% EPS-14.2% move
- HSBCFY2026 Q3 · October 27, 2026-4.5% EPS-5.7% move
Get the PSA-PK 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 · 2026-08-14T20:16:42.885129+00:00
- FN2 earnings calendar · 2026-09-03T01:23:14.877038+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.