Public Storage raised its 2026 core FFO guidance to a range of $16.75 to $17.05 per share, with a midpoint of $16.90, following the close of the National Storage Affiliates transaction and improving operating trends. The company reported second-quarter core FFO of $4.17 per share, with same-store revenue down 0.6% and same-store net operating income down 2.2%, both ahead of internal expectations. Management highlighted the rapid integration of the 1,100-store NSA portfolio, the announced $1.2 billion acquisition of Public Storage Canada, and a turn in leading indicators, including positive average move-in rents for the first time since 2021. The updated guidance reflects a smaller headwind from Los Angeles pricing restrictions, now seen at minus 50 basis points versus the prior minus 80 basis points, and a modest financing benefit from recent acquisitions. The company expects same-store revenue growth to turn positive in the fourth quarter, though Sunbelt markets are still projected to remain in negative territory through year-end.
Public StorageRaised 2026 core FFO guidance and reported Q2 core FFO above expectations, with improving operating trends and integration of NSA portfolio.
National Storage Affiliates Trust