Public Storage Q3 Net Income Falls 32% on Higher Costs; REIT Raises 2026 Core FFO Guidance

Public Storage (PSA) reported third-quarter net income allocable to common shareholders of $312.281 million, down 32.3 percent from $461.408 million a year earlier, the real estate investment trust said Monday. Income per common share fell to $1.69 from $2.62, while total revenue rose to $1.366 billion from $1.224 billion. Funds from operations allocable to common shares and units declined 5.3 percent to $722.212 million, or $3.81 per share and unit, from $4.33. Core FFO, which excludes certain items, rose 8.2 percent to $822.758 million, or $4.34 per share and unit, up from $4.31. For the first nine months, net income rose 9.8 percent to $1.23 billion and revenue climbed to $3.81 billion from $3.60 billion. Public Storage raised its 2026 Core FFO outlook to $16.90 to $17.10 per share from a prior $16.75 to $17.05 range. It now projects same-store net operating income growth of negative 0.8 percent to positive 0.2 percent, an improvement from its earlier negative 2.0 percent to negative 0.3 percent forecast. PSA traded at $305.00 on the New York Stock Exchange, down $1.97, or 0.64 percent.