Public Storage Raises 2026 Core FFO Guidance After Strong Q2, NSA Deal Closes
PSA sits 28% above its 52-week low of $256.54.
Summary
Public Storage reported Q2 Core FFO of $4.17 per share, down 2.6% year-over-year but ahead of prior guidance trajectory. The company raised its full-year 2026 Core FFO outlook to $16.75-$17.05, a $0.22 midpoint increase, citing strong first-half performance and $0.02 of accretion from the NSA and PS Canada acquisitions. Same-store revenue growth guidance improved to a midpoint of -0.2%, up 90 basis points from prior, while expense growth expectations ticked slightly higher; Q2 same-store revenue fell 0.6%. The quarter included $222.5 million in acquisitions of 20 facilities, and the company executed forward equity sales under its ATM program, securing $258 million in future proceeds. Subsequent to quarter-end, the all-stock NSA merger closed, adding over 1,000 properties, and a $900 million senior notes offering was completed at 4.855%. The raised guidance and completion of transformative M&A signal improving operating momentum and a larger, more diversified portfolio, with the stock trading near its 52-week high.
At the time of this announcement, PSA was trading at $329.44 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $61.4B. The 52-week trading range was $256.54 to $335.55. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: BusinessWire.