Public Storage
What the filings actually show.
Public Storage Q1 2026 revenue $1.22B. Facility count 3,176, rentable sqft 229.8M, same-store occupancy 91.3%, same-store realized rent per occupied sqft declined 0.3% YoY. Revenue per sqft (annual) $21.16. The 10-Q narrative emphasises operational stability and the pending NSA acquisition.
What this REIT does that the others don't.
Largest US self-storage REIT by owned facility count and rentable square footage. PSA's strategy is scale + operational efficiency — the company runs the second-highest revenue-per-sqft of the major REITs behind CubeSmart, with a portfolio mix that skews to mature, high-occupancy facilities in coastal markets.
What to watch through the year.
The PSA-NSA acquisition is the headline 2026 catalyst, and it completed on 22 Jul 2026. Announced March 2026 at $10.5B (each NSA share converted to 0.1400 PSA shares); NSA shareholders approved the deal 14 Jul 2026 and it closed 22 Jul 2026. Post-close, the combined company operates over 4,500 self-storage properties and 327M rentable sqft, with materially expanded value-tier exposure via NSA's portfolio. It is the largest self-storage M&A transaction since Extra Space's $12.7B acquisition of Life Storage in 2023, which remains the sector's largest.
Where these numbers come from.
Q1 2026 10-Q filed 2026-04-27. Period ending 2026-03-31. Same-store metrics in Item 2 of the 10-Q; facility count in Item 1. Supplemental investor presentation (filed alongside) has the per-sqft detail referenced here.
↗ https://www.sec.gov/Archives/edgar/data/0001393311/000162828026027487/psa-20260331.htm