Analyst Consensus ?
ConsensusHold34 ratings
Bullish1132.3%
Neutral2161.8%
Bearish25.9%
1 unmapped firm rating excluded from the percentages.
Public Storage · PSA · FY2026 Q1 · Calendar Q2 2026
Public Storage Beats Q1 2026 Estimates on Higher Rents and Lower Churn
Public Storage's Q1 2026 results reinforce the early thesis of its PS 4.0 strategy: leveraging technology and disciplined capital allocation to drive per-share earnings growth despite a soft same-store environment. Core FFO of $4.22 per share beat consensus, supported by higher rental rates and reduced churn. EPS of $2.71 exceeded the $2.42 estimate by 12%. The pending National Storage Affiliates acquisition expands scale through a 46% joint-venture structure, while the PSNext digital platform and Welltower data-science partnership aim to improve pricing, occupancy, and acquisition targeting. Management acknowledged near-term headwinds — Sunbelt supply, Los Angeles emergency restrictions, and a potential Q2/Q3 revenue growth slowdown — but expressed confidence in long-term self-storage demand fundamentals underpinned by affordability and demographic trends. The stock initially…
Reported After market closeNYSEReal Estate
$61.62B market cap
100quality score
Company context
Snapshot as of publicationPublic Storage (PSA), an esteemed Real Estate Investment Trust (REIT) and a constituent of both the S&P 500 and FT Global 500 indices, concentrates its operations on the acquisition, development, ownership, and management of self-storage properties. By September 30, 2020, the company's substantial holdings included 2,504 self-storage facilities located across 38 U.S. states, collectively providing around 171 million net rentable square feet. Additionally, Public Storage held an approximate 35% common equity interest in Shurgard Self Storage SA (Euronext Brussels:SHUR), an entity that owned and operated 239 self-storage sites under the Shurgard brand in seven Western European countries, encompassing approximately 13 million net rentable square feet. Concurrently, it maintained an approximate 42% common equity interest in PS Business Parks, Inc. (NYSE:PSB), which, as of the same reporting date, managed roughly 28 million rentable square feet of commercial properties. The company's main office is situated in Glendale, California.
Earnings scorecard
Reported versus consensus
Reported EPS
$2.71
Consensus $2
EPS surprise
+12.0%
Reported versus consensus
Reported revenue
$1.22B
Consensus $1.22B
Revenue surprise
+0.2%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$329.44Current
$228Low
$321.36Average
$378High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Jul 29, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| UBS | Neutral | Neutral | Maintain | Jul 10, 2026 |
| Barclays | Equal Weight | Overweight | Downgrade | Jul 10, 2026 |
| Scotiabank | Sector Outperform | Sector Outperform | Maintain | Jul 8, 2026 |
| Evercore ISI Group | In Line | In Line | Maintain | Jul 6, 2026 |
| Truist Securities | Buy | Buy | Maintain | Jun 23, 2026 |
| Citigroup | Buy | Buy | Maintain | Jun 16, 2026 |
| Mizuho | Neutral | Neutral | Maintain | May 27, 2026 |
| RBC Capital | Sector Perform | Sector Perform | Maintain | Apr 29, 2026 |
| JP Morgan | Neutral | Neutral | Maintain | Mar 23, 2026 |
| Wells Fargo | Equal Weight | Overweight | Downgrade | Feb 5, 2026 |
| Wolfe Research | Peer Perform | Outperform | Downgrade | Jan 26, 2026 |
| Argus Research | Hold | Hold | Maintain | Aug 14, 2025 |
| BMO Capital | Market Perform | Outperform | Downgrade | Jun 20, 2025 |
| B of A Securities | Buy | Buy | Maintain | May 13, 2025 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Oct 2, 2024 |
| Jefferies | Buy | Buy | Maintain | Sep 18, 2024 |
| Raymond James | Strong Buy | Market Perform | Upgrade | Mar 28, 2024 |
| Goldman Sachs | Buy | Buy | Maintain | Jan 11, 2024 |
| Stifel | Buy | Buy | Maintain | Sep 13, 2023 |
| Berenberg | Hold | Hold | Maintain | Oct 7, 2021 |
| SunTrust Robinson Humphrey | Hold | Hold | Maintain | May 11, 2020 |
| CFRA | Sell | Hold | Downgrade | Feb 28, 2020 |
| Bank of America | Neutral | Buy | Downgrade | Nov 19, 2019 |
| Stifel Nicolaus | Buy | Buy | Maintain | Oct 30, 2019 |
| Baird | Neutral | Underperform | Upgrade | Aug 21, 2019 |
| KeyBanc | Underweight | Upgrade | Jun 11, 2019 | |
| Argus | Buy | Buy | Maintain | May 5, 2018 |
| FBR Capital | Perform | Market Perform | Maintain | Jun 23, 2016 |
| BB&T Capital | Underweight | Underweight | Maintain | Nov 10, 2015 |
| Cantor Fitzgerald | Hold | Buy | Downgrade | Jun 19, 2015 |
| Macquarie | Neutral | Neutral | Maintain | Sep 10, 2013 |
| Imperial Capital | In Line | In Line | Maintain | Feb 25, 2013 |
| Deutsche Bank | Hold | Hold | Maintain | Jan 9, 2013 |
| ISI Group | Hold | Hold | Maintain | Aug 3, 2012 |
| Credit Suisse | Outperform | Neutral | Upgrade | Mar 15, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $329.44. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| UBS | Analyst unavailable | $326 | $319.35 | -1.0% | Jul 10, 2026 |
| Scotiabank | Analyst unavailable | $345 | $323.47 | +4.7% | Jul 8, 2026 |
| Evercore ISI | Analyst unavailable | $316 | $323.02 | -4.1% | Jul 6, 2026 |
| Truist Financial | Michael Lewis | $338 | $320.22 | +2.6% | Jun 23, 2026 |
| Mizuho Securities | Analyst unavailable | $316 | $304.47 | -4.1% | May 27, 2026 |
| UBS | Michael Goldsmith | $314 | $295.28 | -4.7% | May 18, 2026 |
| Barclays | Brendan Lynch | $349 | $308.98 | +5.9% | May 7, 2026 |
| Evercore ISI | Analyst unavailable | $306 | $300.42 | -7.1% | May 4, 2026 |
| Goldman Sachs | Analyst unavailable | $341 | $294.09 | +3.5% | Apr 29, 2026 |
| RBC Capital | Brad Heffern | $305 | $297.14 | -7.4% | Apr 29, 2026 |
| Barclays | Analyst unavailable | $352 | $309.22 | +6.8% | Apr 20, 2026 |
| William Blair | Analyst unavailable | $305 | $288.33 | -7.4% | Mar 16, 2026 |
| Goldman Sachs | Caitlin Burrows | $330 | $305 | +0.2% | Feb 20, 2026 |
| Evercore ISI | Analyst unavailable | $302 | $300.35 | -8.3% | Feb 17, 2026 |
| Wells Fargo | Eric Luebchow | $295 | $288.5 | -10.5% | Feb 5, 2026 |
| Deutsche Bank | Analyst unavailable | $285 | $293.89 | -13.5% | Jan 20, 2026 |
| Truist Financial | Analyst unavailable | $317 | $293.89 | -3.8% | Jan 20, 2026 |
| Barclays | Analyst unavailable | $331 | $276.33 | +0.5% | Jan 13, 2026 |
| UBS | Analyst unavailable | $276 | $265.68 | -16.2% | Jan 8, 2026 |
| Mizuho Securities | Ravi Vaidya | $285 | $276.63 | -13.5% | Dec 5, 2025 |
| Morgan Stanley | Analyst unavailable | $290 | $276.63 | -12.0% | Dec 5, 2025 |
| Evercore ISI | Analyst unavailable | $309 | $272.98 | -6.2% | Dec 1, 2025 |
| Truist Financial | Analyst unavailable | $315 | $274.38 | -4.4% | Nov 25, 2025 |
| Evercore ISI | Analyst unavailable | $315 | $275.38 | -4.4% | Nov 3, 2025 |
| Wells Fargo | Analyst unavailable | $330 | $302.24 | +0.2% | Oct 27, 2025 |
| Deutsche Bank | Analyst unavailable | $325 | $294.42 | -1.3% | Oct 13, 2025 |
| Evercore ISI | Analyst unavailable | $317 | $293.96 | -3.8% | Oct 3, 2025 |
| Evercore ISI | Analyst unavailable | $312 | $292.32 | -5.3% | Sep 15, 2025 |
| Barclays | Brendan Lynch | $354 | $308.21 | +7.5% | Mar 12, 2025 |
| Scotiabank | Analyst unavailable | $333 | $311.3 | +1.1% | Mar 5, 2025 |
| Deutsche Bank | Omotayo Okusanya | $299 | $288.99 | -9.2% | Jan 10, 2025 |
| BMO Capital | John Kim | $370 | $334.22 | +12.3% | Dec 4, 2024 |
| Goldman Sachs | Caitlin Burrows | $377 | $360.72 | +14.4% | Sep 18, 2024 |
| Wolfe Research | Eric Wolfe | $378 | $341.72 | +14.7% | Aug 29, 2024 |
| Evercore ISI | Steve Sakwa | $334 | $342.59 | +1.4% | Aug 28, 2024 |
| Scotiabank | Nicholas Yulico | $339 | $329.29 | +2.9% | Aug 22, 2024 |
| Bank of America Securities | Jeffrey Spector | $318 | $311.9 | -3.5% | Aug 5, 2024 |
| Truist Financial | Ki Bin Kim | $306 | $295.92 | -7.1% | Aug 1, 2024 |
| Scotiabank | Nicholas Yulico | $314 | $301.65 | -4.7% | Jul 19, 2024 |
| Barclays | Brendan Lynch | $327 | $288.67 | -0.7% | May 20, 2024 |
| Scotiabank | Nicholas Yulico | $289 | $288.1 | -12.3% | May 16, 2024 |
| Wells Fargo | Eric Luebchow | $310 | $280.64 | -5.9% | Apr 5, 2024 |
| Raymond James | Jonathan Hughes | $330 | $288.1 | +0.2% | Mar 28, 2024 |
| BMO Capital | John Kim | $330 | $277.31 | +0.2% | Mar 19, 2024 |
| Berenberg Bank | Keegan Carl | $357 | $329.03 | +8.4% | Nov 3, 2021 |
| Goldman Sachs | Caitlin Burrows | $335 | $309.55 | +1.7% | Aug 12, 2021 |
| Wells Fargo | Todd Stender | $228 | $281.09 | -30.8% | Jun 2, 2021 |
Track every rating change on PSA the moment it posts. Free to start.
Start freeMarket reaction
event-close to next-session close
Stock move
-2.7%
Event window
SPY move
-0.5%
Same window
Abnormal move
-2.2%
Stock minus SPY
Volume
1.6×
Versus trailing sessions
Subsequent drift
+3.2%
Up to 20 sessions
PSASPY benchmark
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Try FN2 freeTranscript intelligence
What changed
From the prior quarter, guidance sentiment improved from 'lowered' to 'maintained,' and the bullish score rose from 68 to 78. The most significant new developments are the National Storage Affiliates acquisition (structured as a joint venture with 46% ownership), the Welltower data-science partnership, and the introduction of large language model-driven customer interfaces within PSNext. The lending platform was disclosed at $150 million with a target of $500 million to $1 billion. Acquisitions totaled $186 million year-to-date with an additional $185 million closed after quarter-end, building on $953 million deployed across 2025. Core FFO was $4.22 per share, down slightly from $4.26 in Q4 2025.
Guidance delta
Management maintained previously issued 2026 core FFO guidance of $16.35 to $17.00 per share (midpoint $16.68), a slight decline from 2025's $16.97. The prior quarter's guidance had been lowered; this quarter's tone shifted to 'maintained.' Capex outlook remains increasing, reflecting continued investment in acquisitions, development ($618 million pipeline), and the lending platform.
Key takeaways
- Q1 results beat expectations with core FFO of $4.22 per share, driven by higher rental rates, lower churn, and strong non-same-store performance.
- The NSA acquisition is positioned as a cornerstone of the PS 4.0 value-creation engine, structured as a joint venture with 46% ownership.
- PSNext platform and the Welltower data-science partnership are expected to enhance pricing, occupancy, and acquisition targeting.
- Balance sheet described as a 'fortress' with low leverage and ample liquidity.
- Management sees continued near-term headwinds but believes long-term demand fundamentals remain compelling.
Management priorities
- Integrate NSA assets onto PSNext and complete rebranding in Q3 2026.
- Continue deploying capital to acquisitions, development, and the lending platform.
- Leverage Welltower partnership to enhance micro-market analytics and portfolio construction.
- Scale PSNext capabilities, including AI-driven customer interfaces.
- Maintain disciplined capital allocation to drive per-share earnings growth through 2027-2028.
Related earnings events
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- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-29T19:21:49.427681+00:00
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.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
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 . For educational purposes only; not investment advice.