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2026", "period_start": "2025-10-01", "period_end": "2026-09-30", "period_type": "trailing twelve months", "source_accession": "0001628280-26-067286", "derived_from": [ "0001628280-26-007696", "0001628280-26-067286" ], "income_statement": { "self_storage_revenue": 4651103000, "total_revenues": 5032604000, "net_income": 1920718000, "net_income_allocable_to_common_shareholders": 1696306000 }, "cash_flow": { "operating_cash_flow": 3005678000 }, "derivation": "Not printed by either filing. Each figure is the FY2025 amount from the FY2025 10-K plus the nine months ended September 30, 2026 less the nine months ended September 30, 2025, both from the Q3 2026 10-Q. Flow items only; no per-share figure is derived." }, "notes": [ "Public Storage is a self-storage real estate investment trust, so this record uses a REIT layout: revenues split between self-storage facilities and ancillary operations, the cost of operating each, segment net operating income (NOI), funds from operations (FFO and Core FFO), dividends per common share, and debt and equity. Gross profit and free cash flow are not presented because the company does not report them.", "Annual figures come from the FY2025 Form 10-K (accession 0001628280-26-007696): income statement and cash flows for 2025, 2024 and 2023, and balance sheets at December 31, 2025 and 2024. FY2023 therefore carries no balance sheet. Quarterly, nine-month and September 30, 2026 balance sheet figures come from the Q3 2026 Form 10-Q (accession 0001628280-26-067286).", "The statements print dollar amounts and share counts in thousands; every figure here is restated in actual US dollars and actual shares. Per-share amounts are in dollars as printed. common_shares_issued is the issued share count printed in the balance sheet caption.", "Sign conventions follow the statements: cash outflows, allocations of net income to noncontrolling interests and preferred shareholders, and losses are negative. income_tax_benefit_or_provision is positive for a benefit and negative for a provision; foreign_currency_exchange_gain_loss is positive for a gain.", "total_debt is notes payable plus the unsecured credit facility and commercial paper line. At September 30, 2026 it is $11,992.0 million of notes payable (which include the fully drawn $500 million term loan) plus $200.0 million of commercial paper. The December 31, 2025 and 2024 balance sheets print no credit facility or commercial paper line, so total_debt equals notes payable at those dates.", "The third quarter of 2026 includes two acquisitions: National Storage Affiliates Trust (NSA), which closed July 22, 2026 for total consideration of $6,442.8 million in common shares, operating partnership units, preferred shares and units, and cash, and PS Canada, which closed September 1, 2026 for $934 million in operating partnership units and cash. They account for most of the increase in total assets, depreciation and amortization, transaction and integration expense ($114.6 million in the quarter), preferred equity and noncontrolling interests between December 31, 2025 and September 30, 2026.", "The Q3 2026 10-Q reclassified prior-period presentation: transaction and integration expense is now shown separately on the income statement, real property held for sale is shown separately on the balance sheet, and capital expenditures are shown by major type in investing activities. The company states these changes had no effect on total assets, total liabilities, total equity, total expenses, net income or the cash flow subtotals. Every December 31, 2025 balance sheet line carried here is identical in the 10-K and in the 10-Q comparative column.", "Because of that reclassification, the capital expenditure categories for the nine-month periods (10-Q) do not line up with the annual categories (10-K). For example, the 10-K shows no property enhancement capital expenditures for 2025, while the 10-Q's nine months ended September 30, 2025 shows $17.5 million. The acquisition cash line is also labeled differently: the 10-K's 'Acquisition of real estate facilities and intangible assets' versus the 10-Q's 'Cash disbursed for acquisitions, net of cash acquired', so they are kept under separate names.", "operating_income appears only for the 10-Q periods, because the 10-Q income statement prints an operating income subtotal and the 10-K income statement does not.", "Diluted EPS is computed on net_income_for_diluted_eps. In 2026 it adds back $0.8 million (third quarter) and $2.3 million (nine months) for the assumed conversion of noncontrolling interest shares, per the 10-Q's net income per share note. For 2025 and earlier periods it equals net income allocable to common shareholders.", "FFO and Core FFO are non-GAAP measures taken from the reconciliations in management's discussion and analysis. The FY2025 10-K presents 'FFO allocable to common shares' and FFO per diluted common share. The Q3 2026 10-Q presents 'FFO allocable to common shareholders and unit holders' and FFO per share and unit, computed over diluted common shares plus operating partnership units (189.6 million in the third quarter of 2026), and restates its 2025 comparative columns on that basis. The 10-Q's Core FFO also excludes NSA and PS Canada transaction and integration costs. Annual and interim FFO figures are therefore on slightly different bases.", "Self-storage and ancillary net operating income come from the segment note (10-K Note 15, 10-Q Note 16). In both, NOI is revenue less cost of operations.", "dividends_per_common_share is the per-share distribution to common shareholders shown in the consolidated statements of equity: $12.00 for each of 2023, 2024 and 2025, $3.00 in each third quarter, and $9.00 in each nine-month period.", "The trailing twelve months to September 30, 2026 are derived, not reported: FY2025 plus the nine months of 2026 less the nine months of 2025." ], "uncertainties": [ "No three-month cash flow figures are presented for either third quarter. The Q3 2026 10-Q prints cash flows only for the nine months, and the six-month statement needed to derive the quarter is not among the filings used here.", "There is no balance sheet for the third quarter of 2025. The Q3 2026 10-Q prints balance sheets only at September 30, 2026 and December 31, 2025.", "The NSA purchase price allocation is preliminary, per Note 3 of the Q3 2026 10-Q. The open items are real property held for sale and property tax liabilities, so the September 30, 2026 balance sheet amounts tied to the acquisition may change during the measurement period.", "Annual FFO and Core FFO (10-K basis: per diluted common share) and interim FFO and Core FFO (10-Q basis: per diluted share and operating partnership unit, with a broader Core FFO exclusion list) are not strictly comparable." ], "headline": { "period": "Q3 FY2026", "period_end_words": "September 30, 2026", "metrics": [ { "label": "Revenue", "format": "usd", "value": 1366190000, "text": "$1.37 billion", "exact": "$1,366,190,000", "compact": "$1.37B", "abs": "$1.37 billion", "prior_value": 1224043000, "prior": "$1.22 billion", "priorabs": "$1.22 billion", "yoy": "up 11.6%", "source": { "array": "quarterly", "field": "income_statement.total_revenues", "index": 0, "period_label": "Q3 FY2026", "period_end": "2026-09-30", "period_start": "2026-07-01", "span_days": 91, "source_accession": "0001628280-26-067286", "prior_index": 1, "prior_period_label": "Q3 FY2025", "prior_period_end": "2025-09-30", "prior_period_start": "2025-07-01", "prior_span_days": 91, "prior_source_accession": "0001628280-26-067286", "gap_days": 365 } }, { "label": "Net income to common shareholders", "format": "usd", "value": 312281000, "text": "$312.28 million", "exact": "$312,281,000", "compact": "$312.28M", "abs": "$312.28 million", "prior_value": 461408000, "prior": "$461.41 million", "priorabs": "$461.41 million", "yoy": "down 32.3%", "source": { "array": "quarterly", "field": "income_statement.net_income_allocable_to_common_shareholders", "index": 0, "period_label": "Q3 FY2026", "period_end": "2026-09-30", "period_start": "2026-07-01", "span_days": 91, "source_accession": "0001628280-26-067286", "prior_index": 1, "prior_period_label": "Q3 FY2025", "prior_period_end": "2025-09-30", "prior_period_start": "2025-07-01", "prior_span_days": 91, "prior_source_accession": "0001628280-26-067286", "gap_days": 365 } }, { "label": "Diluted EPS", "format": "eps", "value": 1.69, "text": "$1.69", "exact": "$1.69", "compact": "$1.69", "abs": "$1.69", "prior_value": 2.62, "prior": "$2.62", "priorabs": "$2.62", "yoy": "down 35.5%", "source": { "array": "quarterly", "field": "income_statement.diluted_eps", "index": 0, "period_label": "Q3 FY2026", "period_end": "2026-09-30", "period_start": "2026-07-01", "span_days": 91, "source_accession": "0001628280-26-067286", "prior_index": 1, "prior_period_label": "Q3 FY2025", "prior_period_end": "2025-09-30", "prior_period_start": "2025-07-01", "prior_span_days": 91, "prior_source_accession": "0001628280-26-067286", "gap_days": 365 } }, { "label": "Core FFO per share and unit", "format": "eps", "value": 4.34, "text": "$4.34", "exact": "$4.34", "compact": "$4.34", "abs": "$4.34", "prior_value": 4.31, "prior": "$4.31", "priorabs": "$4.31", "yoy": "up 0.7%", "source": { "array": "quarterly", "field": "reit_metrics.core_ffo_per_diluted_share", "index": 0, "period_label": "Q3 FY2026", "period_end": "2026-09-30", "period_start": "2026-07-01", "span_days": 91, "source_accession": "0001628280-26-067286", "prior_index": 1, "prior_period_label": "Q3 FY2025", "prior_period_end": "2025-09-30", "prior_period_start": "2025-07-01", "prior_span_days": 91, "prior_source_accession": "0001628280-26-067286", "gap_days": 365 } }, { "label": "FFO per share and unit", "format": "eps", "value": 3.81, "text": "$3.81", "exact": "$3.81", "compact": "$3.81", "abs": "$3.81", "prior_value": 4.33, "prior": "$4.33", "priorabs": "$4.33", "yoy": "down 12.0%", "source": { "array": "quarterly", "field": "reit_metrics.ffo_per_diluted_share", "index": 0, "period_label": "Q3 FY2026", "period_end": "2026-09-30", "period_start": "2026-07-01", "span_days": 91, "source_accession": "0001628280-26-067286", "prior_index": 1, "prior_period_label": "Q3 FY2025", "prior_period_end": "2025-09-30", "prior_period_start": "2025-07-01", "prior_span_days": 91, "prior_source_accession": "0001628280-26-067286", "gap_days": 365 } } ], "summary": "Public Storage reported $1.37 billion in revenue for Q3 FY2026, the quarter ended September 30, 2026, up 11.6% from a year earlier, in a quarter in which it completed its acquisitions of National Storage Affiliates Trust and PS Canada. Net income allocable to common shareholders was $312.28 million, down 32.3%, or $1.69 per diluted share against $2.62, as transaction and integration expense and higher depreciation and amortization tied to the acquisitions weighed on earnings. Core FFO, which excludes those transaction and integration costs, was $4.34 per diluted share and unit, up 0.7%, while FFO was $3.81, down 12.0%.", "qa": [ { "q": "How much revenue did Public Storage report in Q3 FY2026?", "a": "Public Storage reported $1.37 billion in total revenues for Q3 FY2026, the quarter ended September 30, 2026. That is up 11.6% from $1.22 billion in the same quarter a year earlier." }, { "q": "What was Public Storage's net income in Q3 FY2026?", "a": "Public Storage's net income allocable to common shareholders was $312.28 million for Q3 FY2026, down 32.3% from $461.41 million a year earlier. Transaction and integration expense and higher depreciation and amortization tied to its acquisitions of National Storage Affiliates Trust and PS Canada weighed on the result." }, { "q": "What was Public Storage's EPS in Q3 FY2026?", "a": "Public Storage earned $1.69 per diluted share for Q3 FY2026, the quarter ended September 30, 2026, against $2.62 in the same quarter a year earlier, down 35.5%." }, { "q": "What was Public Storage's Core FFO per share in Q3 FY2026?", "a": "Public Storage's Core FFO was $4.34 per diluted share and unit for Q3 FY2026, up 0.7% from $4.31 a year earlier. FFO, which includes the acquisition transaction and integration costs that Core FFO excludes, was $3.81, down 12.0% from $4.33." } ] }, "company_details": { "Name": "Public Storage", "Ticker": "PSA", "CIK": "0001393311", "Exchange": "NYSE", "State": "Texas", "Incorporation": "Maryland", "SIC": "6798", "Office": "Real Estate & Construction", "Industry": "Real Estate Investment Trusts" }, "next_filing": { "predicted_date": "2027-02-11", "predicted_type": "10-K" }, "fiscal_period": { "fiscal_year": 2026, "fiscal_period": "Q3", "tag": "FY26Q3", "period_end": "2026-09-30", "form": "10-Q", "accession": "0001628280-26-067286", "fiscal_year_end": "1231", "source": "facts" }, "source_filings": [ { "role": "annual", "current": false, "form": "10-K", "fiscal_year": 2025, "fiscal_period": "FY", "tag": "FY25", "period_end": "2025-12-31", "filed": "2026-02-12", "accession": "0001628280-26-007696", "url": "https://www.sec.gov/Archives/edgar/data/1393311/000162828026007696/psa-20251231.htm", "source": "reported" }, { "role": "quarterly", "current": true, "form": "10-Q", "fiscal_year": 2026, "fiscal_period": "Q3", "tag": "FY26Q3", "period_end": "2026-09-30", "filed": "2026-10-26", "accession": "0001628280-26-067286", "url": "https://www.sec.gov/Archives/edgar/data/1393311/000162828026067286/psa-20260930.htm", "source": "facts" } ], "figure_sources": { "about": "Where each figure in this file is printed in its SEC filing. 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A figure with no entry is not printed in a tagged filing, either because it was calculated (margins, free cash flow, trailing twelve months, a quarter derived by subtraction) or because it comes from an untagged earnings release.", "documents": { "d1": "https://www.sec.gov/Archives/edgar/data/1393311/000162828026007696/psa-20251231.htm", "d2": "https://www.sec.gov/Archives/edgar/data/1393311/000162828026067286/psa-20260930.htm" }, "annual": [ { "period_end": "2025-12-31", "income_statement": { "total_revenues": "d1#f-186", "self_storage_revenue": "d1#f-180", "ancillary_revenue": "d1#f-183", "self_storage_cost_of_operations": "d1#f-189", "ancillary_cost_of_operations": "d1#f-192", "depreciation_and_amortization": "d1#f-195", "real_estate_acquisition_and_development_expense": "d1#f-198", "general_and_administrative": "d1#f-201", "interest_expense": "d1#f-204", "total_expenses": "d1#f-207", "interest_and_other_income": "d1#f-210", 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"net_income_allocable_to_public_storage_shareholders": "d2#f-240", "allocation_to_preferred_shareholders": "d2#f-409", "net_income_allocable_to_common_shareholders": "d2#f-252", "net_income_for_diluted_eps": "d2#f-1317", "basic_eps": "d2#f-256", "diluted_eps": "d2#f-260", "basic_weighted_average_shares": "d2#f-264", "diluted_weighted_average_shares": "d2#f-268", "allocation_to_restricted_share_units_and_unvested_ltip_units": "d2#f-248" }, "reit_metrics": { "self_storage_net_operating_income": "d2#f-1392", "ancillary_net_operating_income": "d2#f-1412", "dividends_per_common_share": "d2#f-412" } } ] } }