Public Storage Q1 Beats, Announces $10.5B Deal

Public Storage reported Q1 2026 adjusted EPS $4.22, beating expectations, while revenue of $1.2 bn missed the $1.22 bn consensus.
Net income rose 32.8% YoY to $2.71 per share; Core FFO increased 2.4% to $4.22, surpassing the $2.38 estimate.
Same‑store facilities (84% of portfolio) posted NOI $739.4 m (+0.4%), occupancy 91.5% and operating costs fell 1.6% to $229.3 m.
Company reaffirmed 2026 Core FFO guidance $16.35‑$17.00 and announced a $10.5 bn all‑stock acquisition of National Storage Affiliates, closing Q3 2026.