Analyst Consensus ?
ConsensusHold25 ratings
Bullish936.0%
Neutral1352.0%
Bearish312.0%
1 unmapped firm rating excluded from the percentages.
Public Storage · PSA-PS · FY2026 Q2 · Calendar Q3 2026
Public Storage raises FY2026 outlook as acquisitions scale
The quarter strengthens the near-term operating case: management raised FY2026 guidance and pointed to acquisitions, digital adoption and improving move-in rents as growth supports. Execution and regional demand remain key tests.
Reported After market closeNYSEReal Estate
$56.83B 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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Stock minus SPY
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-PS FY2026 Q2
Transcript, numbers and history already loaded
How did the market react to PSA-PS FY2026 Q2 earnings, and why?What changed in PSA-PS's guidance and outlook in FY2026 Q2?Give me the bull and bear case for PSA-PS 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 Q1, guidance sentiment moved from maintained to raised. NSA and Canada transactions are now live; management also highlighted Ellie AI, improving move-in rents, and a $692M development pipeline.
Guidance delta
Raised: FY2026 core FFO is now forecast at $16.90 per share, with same-store revenue expected to turn positive in Q4.
Key takeaways
- Management raised FY2026 guidance across revenue, NOI and core FFO.
- The NSA and Public Storage Canada acquisitions are live and expected to add revenue and cost synergies.
- Digital adoption is deepening, including the Ellie AI customer-service platform.
- Improving move-in rents and demographic demand support the growth outlook, but regional performance remains uneven.
Management priorities
- Integrate NSA and Canadian assets through the PSNext operating platform.
- Continue acquisitions using data-science and AI-driven underwriting.
- Advance the $692M development pipeline toward stabilization.
- Expand the lending platform and third-party management 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 |
| 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-PS the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationPublic Storage (PSA-PS), a distinguished real estate investment trust (REIT) recognized within both the S&P 500 and FT Global 500, focuses on the acquisition, development, ownership, and operation of self-storage properties. As of September 30, 2020, its extensive portfolio included interests in 2,504 self-storage facilities across 38 U.S. states, offering roughly 171 million net rentable square feet. Furthermore, the company held an approximate 35% common equity stake in Shurgard Self Storage SA (Euronext Brussels:SHUR), which managed 239 self-storage locations under the "Shurgard" brand, providing about 13 million net rentable square feet throughout seven Western European nations. Public Storage also maintained an approximate 42% common equity interest in PS Business Parks, Inc. (NYSE:PSB), an entity that owned and operated approximately 28 million rentable square feet of commercial space on the same date. Its main office is located in Glendale, California.
Historical context
All PSA-PS 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
- 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
- HCAFY2026 Q3 · October 27, 2026+8.6% EPS-3.3% 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-PS 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 · 2026-08-14T20:16:37.220679+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.