Public Storage
What the filings actually show.
Public Storage Q2 2026 revenue $1.23B (+2.6% YoY). Same-store revenue declined 0.6% YoY and same-store NOI fell 2.2%, while average occupancy rose 20bps to 92.5%. Realized annual rent per occupied sqft was $21.89, down 0.8% YoY, but move-in rents turned positive at +1.6% YoY — the first positive reading since 2021. Core FFO $4.17/diluted share. Facility count 3,584 across 40 states with ~259M rentable sqft at 30 Jun 2026 — these are pre-close figures; PSA closed its NSA acquisition on 22 Jul 2026, after quarter-end.
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 — scale that will first appear on the Q3 2026 balance sheet. PSA also raised its full-year 2026 guidance alongside Q2 results and agreed to acquire Public Storage Canada for US$1.2B. 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.
Q2 2026 10-Q covering the period ending 2026-06-30; results and raised guidance released 2026-07-29. Same-store metrics in Item 2 of the 10-Q; facility count in Item 1. The supplemental investor disclosure carries the realized-rent-per-sqft detail referenced here.
↗ https://www.sec.gov/Archives/edgar/data/0001393311/000162828026050612/psa-20260630.htm