Public Storage announced it will release its third quarter 2026 earnings results after the market close on Monday, October 26, 2026. Management will host a conference call the following day to review performance and discuss material business information.

Earnings call details

The conference call is scheduled for Tuesday, October 27, 2026, at 11:00 am (CT). Participants can join via domestic or international dial-in numbers or access the live webcast through the company's investor relations event calendar. A replay of the call will be available until November 10, 2026.

Replay access

For those unable to attend the live session, a replay will be accessible starting shortly after the call concludes. The replay remains available through November 10, 2026.

Company profile

Public Storage is a member of the S&P 500 and operates as a real estate investment trust (REIT) focused on self-storage facilities. As of September 1, 2026, the company owned and/or operated 4,647 self-storage facilities across 41 states and Puerto Rico, totaling approximately 329 million net rentable square feet.

The company also maintains a significant international presence:

• Canada: Owns 68 self-storage facilities with approximately 5.3 million net rentable square feet.
• Europe: Holds a 35% common equity interest in Shurgard Self Storage Limited, which operates 335 facilities across seven Western European countries with approximately 19 million net rentable square feet.

Public Storage (NYSE: PSA) and Extra Space Storage Inc. (NYSE: EXR) raised their full-year 2026 Core FFO guidance following second-quarter results, though their operational drivers and dividend payout structures differ significantly.

Public Storage’s annualized dividend of $12.00 represents 71.0% of its revised Core FFO midpoint. Extra Space’s annualized dividend of $6.48 covers 77.8% of its guidance midpoint. The divergence highlights contrasting operating performances: Public Storage raised guidance while same-store net operating income (NOI) fell, whereas Extra Space lifted outlooks alongside positive same-store growth.

Divergent Operating Performance

Public Storage reported second-quarter Core FFO of $4.17 per share, down 2.6% from $4.28 a year earlier. Same-store revenue declined 0.6%, and same-store NOI dropped 2.2% as direct operating costs rose 4.3%. Average same-store occupancy held at 92.5%.

Despite the headwinds, Public Storage raised its full-year Core FFO guidance to $16.75 to $17.05 from $16.35 to $17.00. The midpoint increased by 22.5 cents to $16.90. The company attributed part of the uplift to two cents of accretion from financing its National Storage Affiliates and Public Storage Canada acquisitions.

Extra Space delivered stronger operational metrics. Second-quarter Core FFO rose 4.9% year-over-year to $2.15 per share. Same-store revenue grew 2.4%, while operating expenses fell 0.5%, driving a 3.5% increase in same-store NOI. Ending same-store occupancy reached 94.2%.

The company raised its full-year Core FFO guidance to $8.25 to $8.40 from $8.05 to $8.35, a midpoint increase of 12.5 cents. It also lifted its same-store revenue growth range to 1.0% to 2.0% from negative 0.5% to positive 1.5%.

Financing Activity

Both companies executed significant financing moves in the second quarter. Public Storage expanded its bank capacity by replacing a $1.5 billion revolver with a $3.0 billion unsecured revolving facility and adding a $500 million delayed-draw term loan. It also established a $1.0 billion commercial paper program. On July 20, Public Storage Operating Company issued $400 million of 4.700% notes due 2032 and $500 million of 5.150% notes due 2036. These notes included a special mandatory redemption clause if the National Storage Affiliates acquisition failed to close; the deal closed on July 22, voiding the provision.

Extra Space priced $550 million of 4.900% senior notes due 2032 on June 24, completing the offering on July 6. As of June 30, the company had $850 million outstanding under its $1.0 billion commercial paper program. Its combined weighted-average interest rate on debt stood at 4.3%, with a weighted-average maturity of approximately four years. Eighty-eight point four percent of debt was effectively fixed-rate, net of variable-rate receivables.

What the Numbers Show

The payout ratios for both companies rely on issuer-defined Core FFO measures that are not strictly comparable. Public Storage excludes foreign-currency gains/losses, preferred-security redemption charges, and transaction costs. Extra Space excludes non-core revenues/expenses and merger-related non-cash items. While Public Storage’s lower payout ratio suggests greater coverage, it reflects a business model absorbing negative same-store NOI growth through acquisition accretion and financing efficiency. Extra Space’s higher ratio is supported by organic operational improvement, indicating different strategic paths for sustaining dividends.