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Public Storage (PSA) Q3 FY2026 Financial Statements: Revenue $1.37B, Net income to common shareholders $312.28M

CIK 0001393311 · NYSE · Latest period: Q3 FY2026 (ended 2026-09-30, 10-Q accession 0001628280-26-067286) · Annual report: FY2025 10-K (filed 2026-02-12, accession 0001628280-26-007696) · Next expected filing: 10-K ~2027-02-11

More for Public Storage: Company index · 10-K and 10-Q summary · 8-K filings and events

PeriodQ3 FY2026

Published

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%.

MetricAmountvs. year ago
Revenue$1,366,190,000up 11.6%
Net income to common shareholders$312,281,000down 32.3%
Diluted EPS$1.69down 35.5%
Core FFO per share and unit$4.34up 0.7%
FFO per share and unit$3.81down 12.0%

Figures link to the filing they came from. Wherever the SEC filing tags a number, that number is linked: click it and the filing opens at the exact line that prints it. Figures calculated here, such as margins, free cash flow and trailing-twelve-month totals, have no line in a filing to point to and are not linked.

About this file

TickerPSA
CIK0001393311
CompanyPublic Storage
Business typereit
Schema templatereit: self-storage revenues and cost of operations, segment net operating income, FFO and Core FFO, dividends per common share, debt and equity
Reporting currencyUSD
Converted to USDno
Unitsactual US dollars (not thousands); share counts in actual shares; per-share amounts in dollars per share

PSA annual income statement, balance sheet and cash flow

FY2025FY2024FY2023
Period start2025-01-012024-01-012023-01-01
Period end2025-12-312024-12-312023-12-31
Period typefiscal yearfiscal yearfiscal year
Source accession10-K10-K10-K
Income statement
Total revenues4,824,113,0004,695,616,0004,517,690,000
Self storage revenue4,489,413,0004,395,993,0004,259,613,000
Ancillary revenue334,700,000299,623,000258,077,000
Self storage cost of operations1,177,038,0001,136,720,0001,061,950,000
Ancillary cost of operations132,937,000121,281,00085,996,000
Depreciation and amortization1,151,840,0001,129,766,000970,056,000
Real estate acquisition and development expense19,550,00015,506,00026,451,000
General and administrative106,682,000106,677,00080,632,000
Interest expense304,495,000287,401,000201,132,000
Total expenses2,892,542,0002,797,351,0002,426,217,000
Interest and other income63,099,00067,212,00085,590,000
Equity in earnings of unconsolidated real estate entities9,604,00019,821,00027,897,000
Foreign currency exchange gain loss-215,583,000102,244,000-51,197,000
Gain on sale of real estate1,113,0001,537,00017,178,000
Income before income taxes1,789,804,0002,089,079,0002,170,941,000
Income tax benefit or provision7,228,000-4,669,000-10,821,000
Net income1,797,032,0002,084,410,0002,160,120,000
Allocation to noncontrolling interests-12,684,000-12,399,000-11,793,000
Net income allocable to public storage shareholders1,784,348,0002,072,011,0002,148,327,000
Allocation to preferred shareholders-194,703,000-194,703,000-194,703,000
Net income allocable to common shareholders1,585,585,0001,872,685,0001,948,741,000
Net income for diluted EPS1,585,585,0001,872,685,0001,948,741,000
Basic EPS9.0410.6811.11
Diluted EPS9.0110.6411.06
Basic weighted average shares175,447,000175,351,000175,472,000
Diluted weighted average shares175,902,000176,038,000176,143,000
Allocation to restricted share units and unvested ltip units-4,060,000-4,623,000-4,883,000
Balance sheet
Cash and equivalents318,095,000447,416,000
Total real estate facilities net18,804,558,00018,360,653,000
Investments in unconsolidated real estate entities388,586,000382,490,000
Goodwill and other intangible assets net251,613,000282,187,000
Total assets20,208,604,00019,754,934,000
Notes payable10,253,881,0009,353,034,000
Total liabilities10,866,770,0009,941,282,000
Preferred shares at liquidation preference4,350,000,0004,350,000,000
Total public storage shareholders equity9,248,128,0009,712,606,000
Noncontrolling interests93,706,000101,046,000
Total equity9,341,834,0009,813,652,000
Total debt10,253,881,0009,353,034,000
Common shares issued175,500,243175,408,393
Cash flow
Operating cash flow3,186,449,0003,128,255,0003,246,648,000
Capital expenditures to maintain real estate facilities-218,464,000-239,655,000-236,572,000
Capital expenditures for property enhancements0-126,757,000-159,939,000
Capital expenditures for energy efficiencies-70,914,000-53,612,000-64,626,000
Development and expansion of real estate facilities-310,737,000-326,854,000-364,445,000
Acquisition of real estate facilities and intangible assets-945,585,000-267,473,000-473,176,000
Investing cash flow-1,685,089,000-1,002,638,000-3,538,502,000
Repayments of notes payable-651,517,000-808,505,000-8,259,000
Issuance of notes payable net of issuance costs1,356,420,0001,151,022,0002,181,273,000
Repurchase of common shares0-200,000,0000
Distributions paid to shareholders and unitholders-2,303,381,000-2,301,935,000-2,305,322,000
Financing cash flow-1,630,681,000-2,078,576,000-112,928,000
Acquisition of breit simply storage net of cash acquired-2,178,151,000
Reit metrics
Self storage net operating income3,312,375,0003,259,273,0003,197,663,000
Ancillary net operating income201,763,000178,342,000172,081,000
Ffo allocable to common2,780,451,0003,025,914,0002,924,288,000
Core ffo allocable to common2,985,489,0002,935,068,0002,975,932,000
Ffo per diluted share15.8117.1916.60
Core ffo per diluted share16.9716.6716.89
Dividends per common share121212

PSA quarterly income statement, balance sheet and cash flow

Q3 FY2026Q3 FY2025
Fiscal quarter33
Period start2026-07-012025-07-01
Period end2026-09-302025-09-30
Period typethree monthsthree months
Source accession10-Q10-Q
Income statement
Self storage revenue1,254,111,0001,138,837,000
Ancillary revenue112,079,00085,206,000
Total revenues1,366,190,0001,224,043,000
Self storage cost of operations333,194,000294,465,000
Ancillary cost of operations43,698,00036,385,000
Depreciation and amortization412,614,000290,364,000
Real estate acquisition and development expense4,291,0002,837,000
General and administrative38,257,00028,783,000
Transaction and integration expense114,642,0000
Interest expense102,534,00079,692,000
Total expenses1,049,230,000732,526,000
Operating income316,960,000491,517,000
Interest and other income14,943,00021,012,000
Equity in earnings of unconsolidated real estate entities-5,470,0003,674,000
Foreign currency exchange gain loss9,868,000899,000
Gain on sale of real estate27,011,000502,000
Income before income taxes363,312,000517,604,000
Income tax benefit or provision15,036,000-2,831,000
Net income378,348,000514,773,000
Allocation to noncontrolling interests-11,422,000-3,710,000
Net income allocable to public storage shareholders366,926,000511,063,000
Allocation to preferred shareholders-54,050,000-48,678,000
Net income allocable to common shareholders312,281,000461,408,000
Net income for diluted EPS313,085,000461,408,000
Basic EPS1.702.63
Diluted EPS1.692.62
Basic weighted average shares184,159,000175,456,000
Diluted weighted average shares185,110,000175,884,000
Allocation to restricted share units and unvested ltip units-595,000-977,000
Balance sheet
Cash and equivalents560,379,000
Total real estate facilities net25,126,038,000
Investments in unconsolidated real estate entities883,398,000
Goodwill and other intangible assets net1,355,953,000
Total assets28,997,613,000
Notes payable11,992,033,000
Unsecured credit facility and commercial paper200,000,000
Total liabilities13,777,654,000
Preferred shares at liquidation preference4,719,878,000
Total public storage shareholders equity14,502,357,000
Noncontrolling interests717,602,000
Total equity15,219,959,000
Total debt12,192,033,000
Common shares issued186,843,230
Reit metrics
Self storage net operating income920,917,000844,372,000
Ancillary net operating income68,381,00048,821,000
Ffo allocable to common722,212,000762,657,000
Core ffo allocable to common822,758,000760,154,000
Ffo per diluted share3.814.33
Core ffo per diluted share4.344.31
Diluted weighted average shares and units189,619,000176,227,000
Dividends per common share33

PSA year-to-date income statement and cash flow

Nine months ended September 30, 2026Nine months ended September 30, 2025
Period start2026-01-012025-01-01
Period end2026-09-302025-09-30
Period typenine monthsnine months
Source accession10-Q10-Q
Income statement
Self storage revenue3,522,183,0003,360,493,000
Ancillary revenue294,629,000247,828,000
Total revenues3,816,812,0003,608,321,000
Self storage cost of operations946,693,000880,336,000
Ancillary cost of operations114,248,000100,366,000
Depreciation and amortization991,094,000856,295,000
Real estate acquisition and development expense11,906,00012,798,000
General and administrative108,290,00079,694,000
Transaction and integration expense119,329,0000
Interest expense267,333,000223,310,000
Total expenses2,558,893,0002,152,799,000
Operating income1,257,919,0001,455,522,000
Interest and other income39,598,00047,035,000
Equity in earnings of unconsolidated real estate entities6,310,0005,071,000
Foreign currency exchange gain loss68,728,000-213,866,000
Gain on sale of real estate27,355,000710,000
Income before income taxes1,399,910,0001,294,472,000
Income tax benefit or provision10,751,000-7,497,000
Net income1,410,661,0001,286,975,000
Allocation to noncontrolling interests-17,502,000-9,702,000
Net income allocable to public storage shareholders1,393,159,0001,277,273,000
Allocation to preferred shareholders-151,406,000-146,029,000
Net income allocable to common shareholders1,239,327,0001,128,606,000
Net income for diluted EPS1,241,644,0001,128,606,000
Basic EPS6.956.43
Diluted EPS6.926.42
Basic weighted average shares178,444,000175,439,000
Diluted weighted average shares179,371,000175,916,000
Allocation to restricted share units and unvested ltip units-2,426,000-2,638,000
Cash flow
Operating cash flow2,272,091,0002,452,862,000
Capital expenditures to maintain real estate facilities-117,175,000-121,791,000
Capital expenditures for property enhancements-34,336,000-17,514,000
Capital expenditures for energy efficiencies-47,382,000-49,986,000
Development and expansion of real estate facilities-189,992,000-237,998,000
Cash disbursed for acquisitions net of cash acquired-1,862,709,000-814,555,000
Investing cash flow-2,527,510,000-1,320,780,000
Repayments of notes payable-683,895,000-400,099,000
Issuance of term loan500,000,0000
Issuance of commercial paper200,000,0000
Issuance of notes payable net of issuance costs1,658,770,000866,532,000
Distributions paid to shareholders and unitholders-1,186,292,000-1,727,546,000
Financing cash flow497,703,000-1,283,038,000
Reit metrics
Self storage net operating income2,575,490,0002,480,157,000
Ancillary net operating income180,381,000147,462,000
Ffo allocable to common2,245,053,0002,022,570,000
Core ffo allocable to common2,308,245,0002,239,336,000
Ffo per diluted share12.3911.48
Core ffo per diluted share12.7412.71
Diluted weighted average shares and units181,147,000176,238,000
Dividends per common share99

PSA trailing twelve month income statement and cash flow

Twelve months ended September 30, 2026
Period start2025-10-01
Period end2026-09-30
Period typetrailing twelve months
Source accession10-Q
Derived from0001628280-26-007696; 0001628280-26-067286
Income statement
Self storage revenue4,651,103,000
Total revenues5,032,604,000
Net income1,920,718,000
Net income allocable to common shareholders1,696,306,000
Cash flow
Operating cash flow3,005,678,000
  • 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.

Adjustments

Splits appliednone
ADR ration/a
FXnone; Public Storage reports in US dollars

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.

Company details

NamePublic Storage
TickerPSA
CIK0001393311
ExchangeNYSE
StateTexas
IncorporationMaryland
SIC6798
OfficeReal Estate & Construction
IndustryReal Estate Investment Trusts

Fiscal period

Fiscal year2026
Fiscal periodQ3
TagFY26Q3
Period end2026-09-30
Form10-Q
Accession0001628280-26-067286
Fiscal year end1231
Sourcefacts

Source filings

RoleCurrentFormFiscal yearFiscal periodTagPeriod endFiledAccessionSource
annualno10-K2025FYFY252025-12-312026-02-120001628280-26-007696reported
quarterlyyes10-Q2026Q3FY26Q32026-09-302026-10-260001628280-26-067286facts

FAQ · Public Storage financial statements

How much revenue did Public Storage report in Q3 FY2026?

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.

What was Public Storage's net income in Q3 FY2026?

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.

What was Public Storage's EPS in Q3 FY2026?

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%.

What was Public Storage's Core FFO per share in Q3 FY2026?

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.

Where can I get Public Storage (PSA) financial data in machine-readable form?

Ticker Scout publishes Public Storage's financial statements as JSON at https://tickerscout.ai/psa/financials.json, free, with no API key and no signup. The 10-K and 10-Q narrative and the 8-K events digest are published as Markdown at https://tickerscout.ai/psa/narrative.md and https://tickerscout.ai/psa/events.md. Public Storage's SEC CIK is 0001393311. Every figure cites the SEC accession number it came from, so it can be checked against sec.gov.

When does Public Storage (PSA) next file with the SEC?

Public Storage (PSA) is expected to file its next Form 10-K with the SEC on or around February 11, 2027. That date is a projection rather than a company-announced date: it is derived from Public Storage's own filing history with the SEC, by taking the date the company filed the same fiscal period a year earlier and adding 52 weeks. The most recent periodic report on file is the 10-Q for Q3 FY2026, the period ended 2026-09-30, SEC accession 0001628280-26-067286.

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How this page was built

This page was built from two of Public Storage's own filings with the SEC, read one at a time. Nothing on it is taken from a pre-tagged dataset, a data vendor or another website. The figures are on the company's own fiscal calendar and in actual dollars, as the filings report them. Where the filings do not support a figure, the record says so instead of reporting a zero; this period names four such gaps.

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