Public Storage (PSA) Earnings Call Transcripts

Public Storage's Latest Earnings Call - Q2 FY2026

In the second quarter of 2026, Public Storage (PSA:US) reported core FFO of $4.17 per share, reflecting a year-over-year decline, primarily due to higher financing costs and G&A. However, management raised guidance across key metrics, indicating a positive trajectory for the second half of the year, with revenue and NOI growth now forecasted at a midpoint of -0.2% and -1.1%, respectively. The company highlighted the successful integration of the NSA acquisition and the strategic entry into the Canadian market as catalysts for future growth, signaling a strong operational momentum moving forward.

Reported metrics

Guidance from management

Management raised guidance for 2026, now forecasting revenue growth at -0.2% and NOI growth at -1.1%, with expectations for positive revenue growth by Q4 2026.

What management said

Yes, Michael, I think you've covered that actually pretty well. We are building -- putting the building blocks in place, and we have more of them in place now than we have in the past. And continue to do that, and we are encouraged by the core trends we're seeing in the business as well.

Yes, I think it's a combination of a couple of things. One, what you just highlighted around longer-term tenants continuing to stay with us, which we are seeing in the portfolio and churn is down, which is helpful, no question. And then the second thing is, that is a lagging indicator of where move-in rents were as well. And so as we move higher here in moving rents, you'd expect to see that decline start to moderate...

What analysts pressed on

Analysts expressed concerns regarding the ongoing challenges in Sunbelt markets, particularly with Tampa and Miami showing declines in NOI. They also inquired about the potential impact of the L.A. rent restrictions on future revenue growth and the integration of NSA properties into the Public Storage platform.

Main topics on the call

• Acquisition of NSA and Public Storage Canada — Public Storage successfully closed the NSA transaction, integrating 1,100 stores and 575,000 units, which management describes as a 'major milestone for public storage.' The acquisition of Public Storage Canada is expect...
• Improvement in Core Metrics — Management reported a positive turn in core metrics, with average move-in rents increasing by 1.6% and occupancy rising to 92.5%. This is the first time since 2021 that both new move-in rates and occupancy were up year-o...
• Guidance Raise — Public Storage raised its guidance for 2026, forecasting revenue and NOI growth at -0.2% and -1.1%, respectively, an improvement from previous estimates. Management noted, 'Our updated guidance implies an improvement fro...
• Focus on Customer Experience — The company emphasized its commitment to enhancing customer experience, which has led to a significant reduction in churn and improved customer sentiment. Management stated, 'Listening to our customers and getting more o...

Read the full Public Storage transcript (Q2 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 34 Public Storage earnings call transcripts on record, spanning February 26, 2020 to July 30, 2026. Based on this history, Public Storage reports quarterly. The most recent call on file is dated July 30, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

PSA

Exchange

NYSE

Country

US

Sector

Real Estate

Industry

Specialized REITs

Calls on record

34

First call

February 26, 2020

Most recent

July 30, 2026

Reporting cadence

quarterly