PSA

EX-99.1

2 psa-102626xex99_1.htm

EX-99.1

Document

PUBLIC STORAGE REPORTS THIRD QUARTER 2026 RESULTS AND RAISES GUIDANCE

FRISCO, Texas, October 26, 2026 — Public Storage (the “Company”) (NYSE: PSA) announced today its results for the quarter ended September 30, 2026, and its increased outlook for full-year 2026. Net income and core funds from operations (“Core FFO”) per share for the quarter are presented below:

Three Months Ended September 30,

Change

Nine Months Ended September 30,

Change

Metric (per share)

2026

2025

$

%

2026

2025

$

%

Net Income

$1.69

$2.62

$(0.93)

(35.5)%

$6.92

$6.42

$0.50

7.8%

Core FFO

$4.34

$4.31

$0.03

0.7%

$12.74

$12.71

$0.03

0.2%

Highlights for the quarter:

•Increased outlook for the full-year 2026, including Same Store NOI by 90bps and Core FFO per share by $0.10, following strong year-to-date performance and reaffirming optimism for the remainder of 2026.

•Closed the acquisitions of National Storage Affiliates and Public Storage Canada, adding over 1,100 stores to the PS Next™ operating platform as part of our PS4.0™ strategy to drive shareholder value.

•Acquired 25 self-storage facilities with 1.7 million net rentable square feet for $258.4 million, excluding the impacts of NSA and PS Canada. Year to date, including activity subsequent to September 30, 2026, the Company acquired or was under contract to acquire 65 self-storage facilities with 4.7 million net rentable square feet, for $713.2 million.

•Expanded the Company’s financial flexibility by executing forward sale agreements under its ATM program totaling 1.2 million shares (at a weighted price of $326.51 per share) during the year, securing approximately $399 million in future settlement proceeds, to further bolster its value creation engine.

•Completed inaugural Canadian public offering of C$400 million principal amount of senior notes, bearing interest at an interest rate of 4.54%.

•Completed a public offering of $900 million aggregate principal amount of senior notes at an interest rate of 4.85%, after giving effect to related derivative hedging activities.

•Published our annual Corporate Sustainability Report and earned the distinction of being named a Great Place to Work Certification™ for the 5th consecutive year.

“Public Storage’s third quarter performance was better than expected and demonstrates the strength and scalability of our platform as well as improving industry fundamentals. We continue to post encouraging trends on churn, occupancy, and move-in rates, which drove positive Same Store revenue, NOI and Core FFO per share growth,” said Tom Boyle, Chief Executive Officer. “The successful completion of the National Storage Affiliates and Public Storage Canada acquisitions marks an important advancement of our PS4.0 strategy. We are moving quickly to integrate these portfolios, deploy the operational advantages of PS Next, and capture the significant value creation opportunities available across our broader North American footprint.”

1

2026 Guidance Public Storage raised its previously provided guidance for net operating income growth (Same Store and Non-Same Store), and Core FFO per share as included in the table below.

2026 Guidance

Current

Prior

Guidance Adjustment

Low

High

Low

High

(Dollar amounts in thousands, except per share data)

Same Store:

Revenue growth

—%

0.5%

(0.7)%

0.3%

0.5%

Expense growth

1.5%

2.5%

2.0%

3.0%

(0.5)%

Net operating income growth

(0.8)%

0.2%

(2.0)%

(0.3)%

0.9%

Non-Same Store:

Non-Same Store net operating income

$355,000

$363,000

$343,000

$357,000

$9,000

Core FFO per share:

$16.90

$17.10

$16.75

$17.05

$0.10

*Additional guidance assumptions can be found in the Company’s accompanying quarterly financial supplement.

*As described in more detail in the accompanying quarterly financial supplement, consistent with applicable SEC rules, the Company does not provide guidance for GAAP net income per share, the most comparable GAAP financial measure, or a reconciliation of estimated 2026 Core FFO per share to estimated GAAP net income per share because it is unable to reasonably predict certain items that are included in GAAP net income, including gains or losses on sales of real estate investments and foreign exchange.

*Guidance adjustment column represents the absolute nominal change between midpoints of current and prior issued guidance.

*Non-Same Store net operating income excludes the impact of NSA and PS Canada.

Operating Results “Our continued focus on enhancing the customer experience is driving encouraging momentum across the portfolio,” said Ayash Basu, Chief Revenue and Marketing Officer. “During the third quarter, we saw lower customer churn, higher occupancy and strong move-in rates, contributing to an improving same-store revenue growth trajectory and results ahead of our expectations. We are encouraged by the momentum entering the fourth quarter and remain optimistic about these trends through