Public Storage (PSA) on Monday, reported lower net income for the third quarter of 2026 compared with the same period a year earlier.
Net income allocable to common shareholders declined 32.3 percent to $312.281 million from $461.408 million in the third quarter of 2025. Income per common share fell to $1.69 from $2.62. Total revenues increased to $1.366190 billion from $1.224043 billion.
FFO allocable to common shares and units declined 5.3 percent to $722.212 million from $762.657 million, while FFO per share and unit fell to $3.81 from $4.33. Core FFO increased 8.2 percent to $822.758 million from $760.154 million, with Core FFO per share and unit rising to $4.34 from $4.31.
For the first nine months, net income allocable to common shareholders increased 9.8 percent to $1.23 billion from $1.12 billion, while total revenues rose to $3.81 billion from $3.60 billion.
Public Storage raised its 2026 guidance and now expects Core FFO per share of $16.90 to $17.10, compared with its previous forecast of $16.75 to $17.05. The company expects Same Store net operating income growth of negative 0.8 percent to positive 0.2 percent, improved from its prior forecast of negative 2.0 percent to...