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# Public Storage's Per-Share Profit Fell A Third, Yet Core FFO Edged Up As NSA Costs Hit
- URL: https://www.bullished.co/public-storages-per-share-profit-fell-a-third-yet-core-ffo-edged-up-as-nsa-costs-hit-5c4a6f33/
- Published: 2026-10-26T21:11:19.000Z
- Updated: 2026-10-26T21:11:19.000Z
- Description: Merger costs and a tax release pushed the self-storage landlord's two profit measures in opposite directions in the third quarter.
- Author: Matteo Parrino
- Tags: Deals, PSA, Industry: Real Estate

[Public Storage](https://www.bullished.co/tag/psa/), the real estate investment trust that owns and runs self-storage facilities, posted [net income of $1.69 per diluted share](https://www.sec.gov/Archives/edgar/data/0001393311/000162828026067286/psa-20260930.htm?ref=bullished.co) for the third quarter, down 35.5% from $2.62 a year earlier. Its adjusted Core FFO measure edged up 0.7%, to $4.34 from $4.31, as the company reported results Monday.

## Why the two measures split

The gap comes from the National Storage Affiliates (NSA) deal, which closed July 22\. The quarter carried a $114.6 million increase in transaction and integration expense, or $0.60 per share, plus a $122.3 million jump in depreciation. Core FFO adds the deal costs back.

It also subtracts a $22.8 million tax benefit. A $16.7 million release of a valuation allowance on deferred tax assets, tied to deferred tax liabilities booked in the NSA deal, turned a $2.8 million tax provision a year ago into a $15.0 million benefit. Shares of the stock are not part of this comparison; the filing's pro forma and nine-month figures are separate.

## Growth bought, not grown

Same-store revenue rose 0.5% in the quarter and was roughly unchanged over nine months. The lift came from acquisitions: [Acquired Facilities revenue](https://www.sec.gov/Archives/edgar/data/0001393311/000162828026067286/psa-20260930.htm?ref=bullished.co) climbed to $174.2 million from $70.8 million, and the NSA and PS Canada properties added $58.6 million of net operating income.

The company's own count of facilities it bought since the start of 2024 now stands at 881, costing $11.6 billion. The PS Canada purchase, from a seller group that includes board member Tamara Hughes Gustavson and her adult children, closed at $934 million, with up to 768,000 more OP Units possible as an earn-out. The NSA accounting is preliminary, with $451.5 million booked to goodwill.

## Debt due in November

The company has $650.0 million of notes due November 9, 2026, and $1.2 billion due across April and September 2027\. In its [earnings release](https://www.sec.gov/Archives/edgar/data/0001393311/000162828026067283/psa-102626xex99%5F1.htm?ref=bullished.co), it raised 2026 Core FFO guidance by $0.10 a share at the midpoint, and said commercial paper outstanding was $375 million as of October 26.

At Monday's market close the company was valued at $57.9 billion.

Management discusses the quarter on a call Tuesday at 11:00 a.m. CT.

### Sources

- [10-Q Filing — Public Storage (PSA)](https://www.sec.gov/Archives/edgar/data/0001393311/000162828026067286/psa-20260930.htm?ref=bullished.co) — SEC EDGAR
- [10-Q Filing — Public Storage (PSA), Q2 FY2026 filed 2026-07-29 (comparison basis)](https://www.sec.gov/Archives/edgar/data/0001393311/000162828026050612/psa-20260630.htm?ref=bullished.co) — SEC EDGAR
- [Earnings release (8-K Item 2.02, psa-102626xex99\_1.htm) — Public Storage, filed 2026-10-26](https://www.sec.gov/Archives/edgar/data/0001393311/000162828026067283/psa-102626xex99%5F1.htm?ref=bullished.co) — SEC EDGAR
- [Public Storage: Q3 Earnings Snapshot | king5.com](https://www.king5.com/article/syndication/associatedpress/public-storage-q3-earnings-snapshot/616-b13a89f0-ca96-4409-893d-d22623cdd908?ref=bullished.co) — Associated Press
- [Public Storage Stock Before Q3 Earnings: Smart Buy or Risky Move?](https://finance.yahoo.com/markets/stocks/articles/public-storage-stock-q3-earnings-124900695.html?ref=bullished.co) — Yahoo Finance
- [Public Storage Q3 earnings grow amid reduced churn, guidance raised (PSA:NYSE) | Seeking Alpha](https://seekingalpha.com/news/4657525-public-storage-q3-earnings-grow-amid-reduced-churn-guidance-raised?ref=bullished.co) — seekingalpha.com
- [Public Storage (PSA) Stock Price, News, Quote & History - Yahoo Finance](https://ca.finance.yahoo.com/quote/PSA/?ref=bullished.co) — Yahoo Finance
- [Ellison v. Public Storage, Inc. et al](https://www.law360.com/cases/6a99d2c69d22a5b9efc8b6b8?ref=bullished.co) — law360.com

### More on Public Storage

- [Public Storage Lifts Core FFO Guidance To $16.90–$17.10 A Share After Closing Two Big Deals](https://www.bullished.co/public-storage-lifts-core-ffo-guidance-to-16-90-17-10-a-share-after-closing-two-big-deals-e7a41ad5/)

[All Public Storage (PSA) coverage →](https://www.bullished.co/tag/psa/)