Public Storage (PSA) Q1 FY26 earnings call

Earnings call· Mar 2026 (Q1 FY26)· Real Estate· Apr 28, 2026

Source: earnings call transcript

Public Storage launched its PS 4.0 strategy, marked by the announced acquisition of National Storage Affiliates (NSA) and continued advancement of its PS Next operating platform. The company reported better-than-expected Q1 results, driven by strong same-store NOI and improved occupancy, despite an uneven operating environment. Management remains optimistic about long-term fundamentals and value creation through strategic investments.

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PSA operating KPIs by quarter

PSA operating KPIs stated on its earnings calls, by fiscal quarter
KPI	Dec 2024 Q4 FY24	Mar 2025 Q1 FY25	Change vs prior quarter
Properties Non-same-store	500+ Our outsized non-same-store portfolio of over 500 properties is poised to be a strong contributor again in 2025 with $454 million of NOI assumed at the midpoint. Source: earnings call transcript	520 Revenue growth in our non-same-store pool, which comprises 520 properties and 21% of our portfolio, accelerated to nearly 11%, as it continues to be an engine of growth. Source: earnings call transcript	—

Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.

Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.