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# Public Storage Lifts Core FFO Guidance To $16.90–$17.10 A Share After Closing Two Big Deals
- URL: https://www.bullished.co/public-storage-lifts-core-ffo-guidance-to-16-90-17-10-a-share-after-closing-two-big-deals-e7a41ad5/
- Published: 2026-10-26T20:22:55.000Z
- Updated: 2026-10-26T20:22:55.000Z
- Description: The self-storage REIT raised its 2026 Core FFO and same-store income outlook, while third-quarter net income per share fell to $1.69.
- Author: Matteo Parrino
- Tags: Earnings, PSA, Industry: Real Estate

Public Storage raised its 2026 outlook for Core FFO per share — the cash earnings measure REITs favor — to [$16.90 to $17.10](https://www.sec.gov/Archives/edgar/data/0001393311/000162828026067283/psa-102626xex99%5F1.htm?ref=bullished.co), from $16.75 to $17.05, the company said Monday. The increase comes after it closed the National Storage Affiliates and Public Storage Canada purchases, even as third-quarter net income per share dropped to $1.69 from $2.62 a year earlier.

## Cash earnings edge up, net income drops

Core FFO per share rose to $4.34 in the third quarter from $4.31 a year earlier. Net income per share fell 35.5%, in a quarter that carried $114.6 million of transaction and integration expense tied to the two deals.

Same Store net operating income growth is now guided to a range of a [0.8% decline](https://finance.yahoo.com/real-estate/articles/wise-retain-public-storage-stock-130500751.html?ref=bullished.co) to 0.2% growth, versus a 2.0% decline to a 0.3% decline before. Same Store revenue growth is guided to flat to 0.5%, from a 0.7% decline to 0.3% growth, and expense growth to 1.5% to 2.5%. The company does not provide guidance for net income per share.

In the quarter, Same Store revenue rose 0.5% to $1.02 billion, and average occupancy was 92.2%, up from 91.9%. Same Store net operating income also rose 0.5%.

## A self-storage landlord doubles down on size

Public Storage is a real estate investment trust that owns, develops and operates self-storage facilities rented month to month. CEO Tom Boyle said the quarter was "better than expected," citing "encouraging trends on churn, occupancy, and move-in rates."

The all-stock NSA deal closed on July 22, taking the portfolio to more than 4,500 locations. Management expects about $110 million to $130 million of run-rate synergies within three to four years. The PS Canada purchase closed on September 1 for [US $1.2 billion](https://finance.yahoo.com/real-estate/articles/wise-retain-public-storage-stock-130500751.html?ref=bullished.co) including assumed debt, adding 68 properties, with sellers eligible for an earn-out of up to 768,000 PS OP Units.

Zacks Equity Research noted in a Yahoo Finance commentary that second-quarter same-store revenue fell 0.6%.

## $12.2 billion of debt

Total indebtedness was $12.2 billion at September 30, with $650 million, or 5.3%, maturing in the fourth quarter. The company reported about $4.1 billion of liquidity.

President and CFO Joe Fisher said year to date it had completed $6.2 billion of debt capital markets activity and $6.0 billion of common share and partnership unit issuance or committed issuance, which fully funded both acquisitions. Net debt to EBITDA was 3.4x, versus 3.0x a year earlier, and credit ratings held at A2 from Moody's and A from S&P.

Management holds a conference call on Tuesday at 11:00 a.m. CT to discuss the results.

### Sources

- [8-K Filing — Public Storage (PSA)](https://www.sec.gov/Archives/edgar/data/0001393311/000162828026067283/psa-20261026.htm?ref=bullished.co) — SEC EDGAR
- [Exhibit psa-102626xex99\_1.htm — Public Storage 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0001393311/000162828026067283/psa-102626xex99%5F1.htm?ref=bullished.co) — SEC EDGAR
- [Is it Wise to Retain Public Storage Stock in Your Portfolio Now?](https://finance.yahoo.com/real-estate/articles/wise-retain-public-storage-stock-130500751.html?ref=bullished.co) — Yahoo Finance